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Kandi Technologies Reports Third Quarter 2013 Financial Results

Stocks in this article: KNDI

-Third quarter revenue increased 34.3% YoY to $17.15 Million -Third quarter gross profit increased 27.6% YoY to $4.11 Million -ATV and Go-Kart sales increased significantly in the third quarter

JINHUA, China, Nov. 14, 2013 (GLOBE NEWSWIRE) --- Kandi Technologies, Corp. (the 'Company' or 'Kandi') (Nasdaq:KNDI), today announced its unaudited financial results for the third quarter and nine months ended September 30, 2013.

Financial Highlights:

  • Revenue for the third quarter was $17.15 million, an increase of 34.3% year-over-year from $12.77 million last year
  • In the third quarter, ATV sales significantly grew 101.8% to $3.50 million, Go-Kart sales grew 52.4% to $9.91 million, and EV sales grew 2.5% to $2.85 million as compared to the same period of 2012
  • The Company sold 494 electronic vehicles in Q3, compared to 471 last year
  • Gross profit for the third quarter was $4.11 million, an increase of 27.6% year-over-year from $3.22 million last year
  • Gross margin was 24.0%, compared to 25.3% in the third quarter of 2012
  • GAAP net loss in the third quarter was ($7.69 million) due to a significant increase in the fair value of financial derivatives compared to net income of $0.59 million in the same period last year
  • Net cash flow provided by operating activities was $20.93 million for the nine months ended September 30, 2013 compared to net cash flow used in operating activities of ($13.74) for the same period in 2012

Mr. Xiaoming Hu, Chairman and Chief Executive Officer of Kandi Technologies, commented, "We had a very busy and productive third quarter and were excited about Kandi's several achievements. At the end of July, the Public EV Sharing System in Hangzhou was launched. The first pure EV smart vertical parking and charging facility started its operation and we delivered the first 100 pure EVs for the trial operation of the system. Due to the attack of a typhoon in the Hangzhou area, the system is a bit behind schedule, and as of today, there are two parking/charging facilities completed and in use. There are 30 locations already chosen for building the facilities, of which 18 locations have begun construction. Additionally, Kandi established the new wholly owned subsidiary in Changxing and completed its ownership transfer to the JV Company."

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