This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Kandi Technologies Reports Fourth Quarter And Full Year 2013 Financial Results

Stocks in this article: KNDI

-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."

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,827.75 +12.81 0.07%
S&P 500 2,072.83 +5.80 0.28%
NASDAQ 4,787.3170 +29.0650 0.61%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs