– 2 nd quarter revenue increased 9.9% YoY to $12.2 Million – – 2 nd quarter gross margin increased to 23.1% from 16.2% for the same period of 2012 – – 2 nd quarter Operating Income Increased 279.1 % YoY to $0.7 Million – – EV sales increased 40.0% to $2.0 Million in 2 nd quarter – – Company's legacy business experienced solid gains in the 2 nd quarter – JINHUA, China, Aug. 14, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), today announced its financial results for the second quarter and six months ended June 30, 2013. Financial Highlights:
- Revenue for the second quarter grew 9.9% to $12.2 million from $11.1 million last year and revenue in the first half grew 5.5% to $26.8 million from $25.4 as compared to the period the year before;
- ATV unit sales grew significantly to 3546 units, up 81.5% from 1954 units in the same period last year, while go-kart unit sales jumped 112.4% in the second quarter to 8500 units up from 4001 units in last year's second quarter;
- Gross margin for the second quarter increased to 23.1% from 16.2% compared to the second quarter of 2012. Gross margin for the first half increased to 23.0% compared to 20.2% for the first half of 2012;
- Operating income rose 279.1% to $0.7 million compared with $0.2 million in the same period of last year;
- Non-GAAP adjusted net income in the second quarter, excluding the stock award expense and the change in the fair value of warrants, was $73,785, a significant change from a net loss of $99,273 for the same period of 2012
- On a GAAP basis, net loss for the second quarter was ($1.0 million), decreased from a net income of $0.9 million for the same period of last year due to the change in the fair value of warrants.