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2011Q1 Harbin Electric Reports Financial Results
Author:Sino-report    Source:Harbin Electric    Number of clicks :     Update time:2011-05-24 00:10
Sino-report Data Center May 2011

HARBIN, China, May 11, 2011 /PRNewswire-Asia-FirstCall/ -- Harbin Electric, Inc., ("Harbin Electric" or the "Company"; Nasdaq:HRBN), a leading developer and manufacturer of a wide array of electric motors in the People's Republic of China, yesterday reported its first quarter 2011 financial results and filed its quarterly report on SEC Form 10-Q for the three months endedMarch 31, 2011.

Quarterly Financial Summary

 
1Q11
1Q10

YoY% Change

Revenue
$103,829,424
$105,485,157
-1.6%

Gross Profit

$30,203,788
$35,742,070
-15.5%

Gross Profit Margin

29.1%
33.9%
 

Operating Income

$16,251,878
$27,731,117
-41.4%

Operating Margin

15.7%
26.3%
 

Net Income Attributable to Controlling Interest

$10,805,672
$20,553,688
-47.4%

Net Profit Margin

10.4%
19.5%
 

Diluted EPS  Attributable to Controlling Interest

$0.34
$0.66
-48.5%

Gross Profit Margin

The following table presents the revenue contribution and the gross profit margin by each product line and the corporate average gross margin for the three months ended March 31, 2011 and 2010.

Product Line

 Percent of Total Revenues 
 Gross Profit Margin 
1Q11
1Q10
1Q11
1Q10

Linear Motors and Related Systems

18%
19%
45.6%
59.8%

Specialty Micro-Motors

15%
15%
32.1%
38.2%

Rotary Motors

66%
64%
23.5%
25.0%
Weihai
21%
21%
11.7%
12.7%
Xi'an
45%
43%
29.1%
31.1%
Others
1%
2%
42.8%
41.3%
Total/Average
100%
100%
29.1%

33.9%

 

HARBIN ELECTRIC, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

AS OF MARCH 31, 2011 AND DECEMBER 31, 2010

 
 March 31, 
 
 December 31, 
 
2011
 
2010
 
(Unaudited)
 
 
ASSETS
 
 
 

CURRENT ASSETS:

 
 
 

Cash and cash equivalents

$
122,826,445
 
$
98,753,870

Restricted cash

 
15,516,875
 
 
1,061,900

Notes receivable

 
8,670,460
 
 
1,845,883

Accounts receivable, net

 
80,398,060
 
 
85,899,332

Inventories, net

 
55,888,992
 
 
62,843,556

Other assets, current

 
3,032,428
 
 
2,501,695

Advances on inventory purchases

 
22,670,251
 
 
15,893,866

Total current assets

 
309,003,511
 
 
268,800,102

PLANT AND EQUIPMENT, net

 
183,934,350
 
 
173,074,138

Debt issuance costs, net

 
455,137
 
 
496,804

Advances on plant and equipment purchases

 
36,128,919
 
 
48,830,831

Advances on intangible assets

 
3,912,302
 
 
3,645,361
Goodwill
 
55,209,362
 
 
54,919,738

Other intangible assets, net

 
22,796,478
 
 
23,147,079

Other assets, non-current

 
3,710,119
 
 
1,403,326

Total other assets

 
122,212,317
 
 
132,443,139
 
 
 
 
 
 

Total assets

$
615,150,178
 
$
574,317,379
 
 
 
 
 
 

LIABILITIES AND SHAREHOLDERS' EQUITY

 
 
 
 
 
 
 
 
 
 
 

CURRENT LIABILITIES:

 
 
 
 
 

Notes payable - short term

$
31,033,750
 
$
2,123,800

Accounts payable

 
21,605,725
 
 
26,881,540

Short term loans

 
30,615,900
 
 
29,490,480

Customer deposits

 
20,082,582
 
 
14,621,882

Accrued liabilities and other payables

 
12,806,811
 
 
17,934,047

Taxes payable

 
9,947,773
 
 
8,205,807

Amounts due to original shareholders

 
762,500
 
 
758,500

Total current liabilities

 
126,855,041
 
 
100,016,056
 
 
 
 
 
 

LONG TERM LIABILITIES:

 
 
 
 
 

Long term loans

 
50,250,000
 
 
50,070,000

Warrant liability

 
1,960,285
 
 
1,526,530
 
 
 
 
 
 

Total liabilities

 
179,065,326
 
 
151,612,586
 
 
 
 
 
 

COMMITMENTS AND CONTINGENCIES

 
 
 
 
 
 
 
 
 
 
 

SHAREHOLDERS' EQUITY:

 
 
 
 
 

Common Stock, $0.00001 par value, 100,000,000 shares authorized,

 
 
 
 
 

31,250,820 shares issued and outstanding as of March 31, 2011

 
 
 
 
 

and December 31, 2010

 
312
 
 
312
Paid-in-capital
 
218,323,640
 
 
218,212,343

Retained earnings

 
145,481,692
 
 
136,149,513

Statutory reserves

 
34,602,860
 
 
33,129,367

Accumulated other comprehensive income

 
34,809,336
 
 
32,360,515

Total shareholders' equity

 
433,217,840
 
 
419,852,050
 
 
 
 
 
 

NONCONTROLLING INTERESTS

 
2,867,012
 
 
2,852,743
 
 
 
 
 
 

Total liabilities and shareholders' equity

$
615,150,178
 
$
574,317,379
 
 
 
 
 
 
 
 

HARBIN ELECTRIC, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME (LOSS)

FOR THE THREE MONTHS ENDED MARCH 31, 2011 AND 2010

(Unaudited)
 
2011
 
2010
REVENUES
$
103,829,424
 
$
105,485,157
 
 
 
 
 
 

COST OF SALES

 
73,625,636
 
 
69,743,087
 
 
 
 
 
 

GROSS PROFIT

 
30,203,788
 
 
35,742,070
 
 
 
 
 
 

RESEARCH AND DEVELOPMENT EXPENSE

 
3,878,528
 
 
594,195
 
 
 
 
 
 

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

 
10,073,382
 
 
7,416,758
 
 
 
 
 
 

INCOME FROM OPERATIONS

 
16,251,878
 
 
27,731,117
 
 
 
 
 
 

OTHER EXPENSE (INCOME)

 
 
 
 
 

Other income, net

 
(1,121,201)
 
 
(1,119,286)

Interest expense, net

 
1,923,950
 
 
1,646,923

Change in fair value of warrants

 
433,755
 
 
234,078

Total other expense, net

 
1,236,504
 
 
761,715
 
 
 
 
 
 

INCOME BEFORE PROVISION FOR INCOME TAXES

 
15,015,374
 
 
26,969,402
 
 
 
 
 
 

PROVISION FOR INCOME TAXES

 
4,195,433
 
 
4,063,361
 
 
 
 
 
 

NET INCOME BEFORE NONCONTROLLING INTEREST

 
10,819,941
 
 
22,906,041
 
 
 
 
 
 

LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST

 
14,269
 
 
2,352,353
 
 
 
 
 
 

NET INCOME ATTRIBUTABLE TO CONTROLLING INTEREST

 
10,805,672
 
 
20,553,688
 
 
 
 
 
 

OTHER COMPREHENSIVE INCOME (LOSS)

 
 
 
 
 

Foreign currency translation adjustment

 
2,448,821
 
 
91,596

Foreign currency translation adjustment attributable to noncontrolling interest

 
-
 
 
(802
 
 
 
 
 
 

COMPREHENSIVE INCOME

$
13,254,493
 
$
20,644,482
 
 
 
 
 
 

EARNINGS PER SHARE

 
 
 
 
 
Basic
 
 
 
 
 

Weighted average number of shares

 
31,250,820
 
 
31,067,471

Earnings per share before noncontrolling interest

$
0.35
 
$
0.74

Earnings per share attributable to controlling interest

$
0.35
 
$
0.66

Earnings per share attributable to noncontrolling interest

$
-
 
$
0.08
 
 
 
 
 
 
Diluted
 
 
 
 
 

Weighted average number of shares

 
31,364,025
 
 
31,353,863

Earnings per share before noncontrolling interest

$
0.34
 
$
0.73

Earnings per share attributable to controlling interest

$
0.34
 
$
0.66

Earnings per share attributable to noncontrolling interest

$
-
 
$
0.07
 
 
 
 
 
 
 
 
 
2011
 
2010

CASH FLOWS FROM OPERATING ACTIVITIES:

 
 
 

Net income attributable to noncontrolling interest

$
14,269
 
$
2,352,353

Net income attributable to controlling interest

 
10,805,672
 
 
20,553,688

Consolidated net income

 
10,819,941
 
 
22,906,041

Adjustments to reconcile net income to cash provided by (used in) operating activities:

 
 
 
 
 
Depreciation
 
2,387,899
 
 
1,888,108

Amortization of intangible assets

 
457,261
 
 
365,848

Amortization of debt issuance costs

 
41,667
 
 
140,968

Amortization of debt discount

 
-
 
 
910,535

Provision for accounts receivable and other receivable

 
1,722,518
 
 
45,384

Provision for inventory reserve

 
641,455
 
 
-

Share-based compensation

 
111,297
 
 
254,669

Loss on disposal of equipment

 
14,541
 
 
45,880

Change in fair value of warrants

 
433,755
 
 
234,078

Foreign exchange loss

 
180,000
 
 
-

Change in operating assets and liabilities

 
 
 
 
 

Notes receivable

 
(6,796,655)
 
 
(104,501)

Accounts receivable

 
4,201,653
 
 
(11,637,766)
Inventories
 
6,690,949
 
 
(665,548)

Other assets, current

 
(609,383)
 
 
1,044,592

Advances on inventory purchases

 
(6,670,625)
 
 
699,662

Other assets, non-current

 
(2,303,088)
 
 
371,477

Accounts payable

 
(5,399,547)
 
 
2,039,115

Customer deposits

 
5,365,939
 
 
(786,773)

Other payables & accrued liabilities

 
(5,256,274)
 
 
(1,599,798)

Taxes payable

 
2,695,385
 
 
1,192,964

Net cash provided by operating activities

 
8,728,688
 
 
17,344,935
 
 
 
 
 
 

CASH FLOWS FROM INVESTING ACTIVITIES:

 
 
 
 
 

Payment for advances on intangible assets

 
(246,905)
 
 
-

Payment for advances on equipment purchases

 
(5,528)
 
 
22,623

Purchase of intangible assets

 
-
 
 
(68,236)

Purchase of plant and equipment

 
(278,296)
 
 
(1,466,942)

Disposal of plant and equipment

 
26,152
 
 
10,467

Additions to construction-in-progress

 
(77,681)
 
 
121,648

Payment to original shareholders for acquisition

 
-
 
 
(27,938,951)

Net cash provided by (used in) investing activities

 
(582,258)
 
 
(29,319,391)
 
 
 
 
 
 

CASH FLOWS FROM FINANCING ACTIVITIES:

 
 
 
 
 

(Increase) decrease in restricted cash

 
(14,402,000)
 
 
516,941

Payment on notes payable

 
-
 
 
(3,800,000)

Proceeds from notes payable-short term

 
30,400,000
 
 
1,019,218

Payment on notes payable-short term

 
(1,596,000)
 
 
(2,053,100)

Proceeds from short term loan-bank

 
9,120,000
 
 
3,372,950

Repayment of short term loan-bank

 
(8,056,000)
 
 
(2,199,750)

Proceeds from short term loan-other

 
-
 
 
35,531

Net cash provided by (used in) financing activities

 
15,466,000
 
 
(3,108,210)
 
 
 
 
 
 

EFFECTS OF EXCHANGE RATE CHANGE ON CASH

 
460,145
 
 
(2,637)
 
 
 
 
 
 

INCREASE (DECREASE) IN CASH

 
24,072,575
 
 
(15,085,303)
 
 
 
 
 
 

Cash and cash equivalents, beginning of period

 
98,753,870
 
 
92,902,400
 
 
 
 
 
 

Cash and cash equivalents, end of period

$
122,826,445
 
$
77,817,097
 
 
 
 
 
 
 
 
 
 
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