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Kandi Technologies Reports Fourth Quarter And Full Year 2013 Financial Results

-EV sales achieved 193.7% gains in Q4 -Q4 Revenue Increased 92.2% YoY to $50.6 Million -Full Year Revenue Grew 46.5% YoY to $94.5 Million

JINHUA, China, March 17, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), today announced its financial results for the fourth quarter and full year ending December 31, 2013.

Fourth Quarter 2013 Highlights

  • Revenues rose 92.0% to $50.6 million from $26.3 million in the fourth quarter of 2012. EV sales increased significantly to $40.0 million, a 193.7% jump from the same period last year. During the quarter, the Company sold 3,568 units of pure electronic vehicles
  • Gross profit increased 152.0% to $11.4 million from $4.5 million in the same period last year
  • GAAP net loss was ($14.7 million) compared to a net income of $2.2 million in the same period of last year, mainly due to increases of non-cash charges, such as change of fair value of financial derivatives, higher income tax, general and administrative expenses, and interest expenses
  • Non-GAAP net income* was $4.6 million, up nearly 259% year-over-year from $1.3 million.

Full Year 2013 Highlights

-- Total revenues grew 46.5% to $94.5 million from $64.5 million in 2012

  • ATV sales increased 62.6% to 10.4 million
  • EV sales were up 144.9% to $46.6 million and the Company sold 4,694 units in the full year of 2013
  • UTV sales grew 262.1% to $1.2 million

-- Gross profit increased 68.6% to $21.7 million compared to $12.9 million in 2012 -- Gross margin increased about three hundred basis points to 23.0% -- GAAP net loss in 2013 was ($21.1 million) due to a significant increase in the fair value of financial derivatives, general and administrative expenses, and interest expenses compared to net income of $6.0 million in 2012 -- Non-GAAP net income* increased 23.9% to $5.2 million from $4.2 million from the previous year

*Non-GAAP net income is defined as excluding the change of the fair value of financial derivatives, the effects of option related expenses, the stock award expense, the Convertible Note's interest expense, and the effect caused by amortization of discount on Convertible Notes. We supply non-GAAP information because we believe it allows our investors to obtain a clearer understanding of our operations.

Mr. Xiaoming Hu, Chairman and Chief Executive Officer of Kandi Technologies commented, "We are very pleased to deliver an excellent financial performance for 2013, especially a robust Q4 result. As we have predicted in the past that 2013 was truly a breakthrough year for Kandi and our shareholders. The newly launched Public EV Sharing System in Hangzhou has been well received and highly recognized by our customers and various local governments as another innovative EV business model by Kandi. This EV sharing project was featured in the various national and international media outlets, such as China Central Television (CCTV), Associated Press (AP) and Bloomberg. During the year, we have formed and completed a strategic EV joint venture with Geely Auto which has already produced a profound impact on improving and expanding our EV business by a better consolidation of brands, resources and expertise to gain more market shares in China's pure EV sector."

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