XI'AN, China, May 16, 2017 /PRNewswire/ -- SkyPeople Fruit
Juice, Inc. (NASDAQ: SPU) ("SkyPeople" or "the Company"), a
producer of fruit juice concentrates, fruit juice beverages and
other fruit-related products, today announced its financial results
for the first three months ended March 31,
2017.
First Quarter 2017 Summary:
- Total revenue was $3.0
million
- Gross profit was $0.5
million
- Gross profit margin was 18%
- Net loss attributable to SkyPeople Fruit Juice, Inc.
stockholders was $2.6 million
- Cash, cash equivalents and restricted cash were $2.5 million as of March
31, 2017
"We recorded lower than expected operating results due to a
decrease in sales from apple product segment which has been
experiencing a severe contraction in supply and an erosion in
market pricing which has forced us to limit production. A limited
supply of available fresh fruit due to volatile weather conditions
led to a difficult growing season for our
other product categories. Also, online discounting has been
disruptive to our normal retail distribution model for our fruit
juice segment," said Mr. Hongke Xue, Chief Executive Officer of
SkyPeople.
"To address raw materials supply shortages, we are building a
vertically integrated supply chain to help ensure a steady supply
of fresh fruit. As major initiatives, we will be growing kiwi and
oranges for processing through our acquisition and leasing of
orchards in Mei County and Yidu, Hubei
Province, respectively. The new orchards will help secure
fresh fruit for our key kiwi product segment, diversify our product
offerings and strengthen our competitive positioning. We will
employ modern agricultural techniques to optimize our production
output and look to enhance our margins through best practices
commodities management," continued Mr. Hongke Xue.
"We are beginning to generate orders from several of the online
e-commerce platforms where we are currently marketing with
particular focus on our fruit juice beverage products. We plan to
aggressively pursue this distribution channel to regain our market
share and our previous volume
metrics. We also expect important synergies to develop from our
logistics trading center in Mei County that constitutes an
important commercial and logistics complex for all of our operating
businesses."
"We appreciate the support of our shareholders as we build our
business into a dynamic world-class company with new capabilities
that include e-commerce platforms, big data analytics, commodities
trading, innovative finance, international trade, and industrial
integration and management services. Our vision is to broaden and
diversify our core business with high margin growth opportunities
to generate a sustainable income stream for many years to come,"
Mr. Hongke Xue concluded.
First Quarter 2017 Financial Results
Revenue for the three months ended March
31, 2017 was $3.0 million, as
compared to revenue of $5.4 million
for the first three months of 2016. This decrease was primarily due
to a decrease in sales in the concentrated apple juice and apple
aroma business segment partially offset by increased revenues
from the concentrated kiwifruit juice and kiwifruit puree,
concentrated pear juice and fruit juice beverages segments.
Fiscal Year
Revenue by Segment (in thousands)
|
|
(In $000's, except
%'s)
|
Quarter Ended March
31,
|
|
|
|
2017
|
|
2016
|
|
% of
change
|
Concentrated apple
juice and apple aroma
|
1,019
|
|
5,259
|
|
(81%)
|
Concentrated
kiwifruit juice and kiwi puree
|
195
|
|
16
|
|
NMF
|
Concentrated pear
juice
|
923
|
|
157
|
|
488%
|
Fruit juice
beverages
|
822
|
|
2
|
|
NMF
|
Other – fruit related
products
|
-
|
|
2
|
|
NMF
|
Total
|
2,959
|
|
5,436
|
|
(46%)
|
|
NMF = Not meaningful
figure
|
Revenue by Segment. Sales from apple-related products
were $1.0 million for the three
months ended March 31, 2017, as
compared to sales of $5.3 million for
the same period of 2016. During the first three months of 2017, the
Company sold approximately 1,160 tons of concentrated apple juice
and apple aroma as compared to 4,796 tons of apple-related products
sold in in the same period of 2016. Most of our concentrated apple
juice was sold directly or indirectly to the international market.
According to the data provided by the Chinese Customs, the amount
of exported concentrated apple juice from China declined by 11.9% in the first two
months of year 2017 as compared to the same period of 2016. Over
the past three years, the purchase price of fresh apples has
increased, but the sales price of concentrated apple related
products has remained low. Because
of the negative trends in the international market, and lower
operating margins, our YingKou and Huludao Wonder factories did not
operate their apple juice production facilities in fiscal 2016
which resulted in a lower inventory of concentrated apple
juice.
Sales from concentrated kiwifruit juice and kiwifruit puree were
$0.2 million for the three months
ended March 31, 2017, as compared to
sales of $16,000 for the same period
of 2016. The increase was due to an increase in products sold in
the first quarter of 2017 as compared to same period of 2016 due to
a rise in customer demand.
Sales of concentrated pear juice were $0.9 million for the three months ended
March 31, 2017, as compared to sales
of $0.2 million for the same period
of 2016. During the first three months of 2017, the Company sold
approximately 1,160 tons of concentrated pear juice as compared to
199 tons concentrated pear juice sold in the same period of 2016.
The increase in sales was mainly due an improved inventory of
concentrated pear juice in the first quarter of 2017.
Sales from our fruit juice beverages segment were $0.8 million for the three months ended
March 31, 2017, as compared to sales
of $2,000 for the same period of
2016. The increase in revenues was primarily due to an increase in
advertising and marketing which resulted in increased sales.
Sales from our other - fruit related products segment were nil
for the three months ended March 31,
2017, as compared to sales of $2,000 for the same period of 2016. The amount of
sales in this business segment is expected to be unstable and is
generally not indicative of this segment's future sales.
Gross Profit. Gross profit was $0.5 million for the three months ended
March 31, 2017, as compared to
$43,000 for the same period of 2016,
mainly due to an increase in the gross profit of the fruit juice
beverage and concentrated pear juice segments. The consolidated
gross profit margin was 18% for the three months ended March 31, 2017 as compared to 1% for the same
period of 2016 primarily due to the higher period-over-period gross
margin of these same segments partially offset by the gross profit
margin of the concentrated apple juice segment. The Company did not
have any inventory of concentrated apple juice during the first
quarters of 2017 and 2016 and had to purchase concentrated apple
juice at prevailing market prices to satisfy customer demand, which
resulted in a low gross margin for both periods. The gross profit
margin of the concentrated kiwifruit juice and kiwifruit puree
segment was 23% for the first quarter of 2017 as compared to a
negative 48% for the same period of 2016, primarily due to an
increase in production during the first quarter of 2017.
|
Quarter Ended March
31,
|
(In $000's, except
%'s)
|
2017
|
|
2016
|
|
Gross
profit
|
|
Gross
margin
|
|
Gross
profit
|
|
Gross
margin
|
Concentrated apple
juice and apple aroma
|
29
|
|
3%
|
|
45
|
|
1%
|
Concentrated
kiwifruit juice and kiwi puree
|
45
|
|
23%
|
|
(8)
|
|
(48%)
|
Concentrated pear
juice
|
126
|
|
14%
|
|
4
|
|
2%
|
Fruit juice
beverages
|
335
|
|
41%
|
|
1
|
|
26%
|
Other – fruit related
products
|
-
|
|
-
|
|
1
|
|
NMF
|
Total
|
535
|
|
18%
|
|
43
|
|
1%
|
|
NMF = Not meaningful
figure
|
Operating expenses for the three months ended March 31, 2017 were $3.1
million, as compared to $1.5
million for the same period of 2016. General and
administrative expenses increased to $2.9
million for the first quarter of 2017 as compared to
$0.7 million for the same period of
2016, mainly due to an increase in the amortization cost of
intangible assets in the first quarter of 2017 as compared to the
same period of 2016. The Company began the amortization of land
lease rights in Hedetang Foods Industry (Yidu) Co, Shaanxi
Guoweimei Kiwi Deep Processing Company and Trading Market Mei
County beginning in the fourth quarter of 2016. Selling expenses
decreased to $0.2 million for the
first quarter of 2017, as compared to $0.9
million for the same period of in 2016, mainly due to the
reduced amount of sales in the current quarter.
Loss from continuing operations after taxes for the three months
ended March 31, 2017 was $2.6 million, as compared to loss from continuing
operations of $1.1 million for the
same period of 2016. The increase in loss from operations was
mainly due to the 46% decrease in revenue and a substantial
increase in total operating expenses due to an increase in the
amortization cost of intangible assets in the current quarter.
Net loss attributable to SkyPeople Fruit Juice shareholders for
the three months ended March 31, 2017
was $2.6 million, as compared to net
loss of $1.1 million for the same
period of 2016. Diluted loss per share from continued operations
was $0.62 for the first quarter of
2017 as compared to diluted earnings per share from continued
operations of $0.30 for the same
period of 2016.
Financial Condition
As of March 31, 2017, the Company
had $2.5 million in cash, cash
equivalents and restricted cash, an increase from $1.1 million as of December 31, 2016. The Company had working
capital of $23.7 million as of
March 31, 2017 as compared to working
capital of $24.7 million as of
December 31, 2016. As of March 31, 2017, the Company had total liabilities
of $94.6 million, which included
$29.5 million in short-term bank
loans and $16.6 million in capital
lease obligations. Stockholders' equity attributable to SkyPeople
Fruit Juice was $133.0 million as of
March 31, 2017 as compared to
$135.0 million as of December 31, 2016.
During the first quarter of 2017, net cash used in the Company's
operating activities was $0.8
million, as compared to net cash provided by operating
activities of $0.4 million for the
same period of 2016. Net cash used in investing activities were
$0.1 million for the first three
months of 2017 as compared to net cash used in investing activities
of $2.8 million for the same period
of 2016. Cash generated by the Company's financing activities was
$2.0 million for the first three
months of 2017 as compared to cash a net cash inflow of
$4.0 million for the same period of
2016. The Company expects projected cash flows from operations,
anticipated cash receipts, cash on hand, and trade credit will
provide the necessary capital to meet its projected operating cash
requirements for at least the next twelve months, which does not
take into account any potential expenditures related to the
potential expansion of its current production capacity.
Project Updates
The Company entered into a Letter of Intent with the People's
Government of Suizhong County fruit to establish a fruit and
vegetable industry chain and processing zone in Suizhong County,
Liaoning Province, China. The Company has made partial payment to
acquire the land use right from the local government, purchase
equipment and build facilities. As of the date of this report, the
Company has finished construction of an office building, dormitory,
refrigeration storage facility and a warehouse. However, due to
heavy competition in the concentrated fruit juice business in
China, construction work on this
project is currently suspended.
The Company is developing an orange processing and distribution
center pursuant to its investment/service agreement with the Yidu
Municipal People's Government in Hubei
Province, China. Pursuant
to the agreement, the Company will be responsible for an investment
amount of approximately $48 million
which will be mainly used to establish the distribution center and
the orange processing facility on project land of approximately 280
mu (approximately 46 acres). Also, the Company and the Yidu
Municipal People's Government has agreed to discuss the investment
amount and location associated with establishing an R&D center
and an orange plantation. On November 23,
2015, the Company started the construction of the Yidu
project. The Company plans to finish the construction of the
infrastructure of office building, R&D center, fruit juice
production facility, cold storage facility and other construction
work in the second quarter of 2017. The orange plantation is
planned to be operational in the second quarter of 2017 and the
distribution center is planned to be completed by the fourth
quarter of 2017.
The Company is developing a kiwi processing and trading center
pursuant to its investment agreement with the Managing Committee of
Mei County National Kiwi Fruit Wholesale Trading Center, which has
been authorized by the People's Government of Mei County,
China. Pursuant to the agreement,
the Company will be responsible for construction and financing with
an investment amount of approximately $72
million for buildings and equipment on a total planned area
of 286 mu (approximately 47 acres). As of the date of
this report, the Company is in the process of building fruit juice
production lines, a vegetable and fruit flash freeze facility, an
R&D center and an office building. The Company plans to
complete the construction of these facilities in the second quarter
of 2017.
As of the date of this report, the Mei County National Kiwi
Fruit Wholesale Trading Center has started normal operations. There
are a number of enterprises operating in the trading center
including 12 express delivery companies, 12 logistic companies,
four on-line sales companies, two packing companies and three
agriculture companies. In addition, all government departments that
are relevant to the operations of the Mei County National Kiwi
Fruit Wholesale Trading Center have moved into the trading center.
The Company is expected to have completed its investment in the
trading center in the second quarter of 2017, and believes that it
will generate income from the trading center through various means,
such as rental income from cold storage and shops, income from
logistic service, etc.
Recent Events
On April 13, 2017, the Company
announced that it has entered into a definitive agreement with
institutional investors to purchase shares of common stock for
aggregate gross proceeds of $2,672,500 in a registered direct offering. The
closing of the offering occurred on April
13, 2017. The Company intends to use the net proceeds from
the transaction to fund working capital and other general corporate
purposes.
On April 12, 2017, the Company
announced that on April 10, 2017,
Xi'an Hedetang E-Commerce Co., Ltd. ("Hedetang E-Commerce"), an
indirect holding company of SkyPeople Fruit Juice, Inc., signed a
one-year service agreement to market its products on the open
platform Xunqin Mall with Shenzhen Weipin Zhiyuan Information
Technology Co., Ltd. ("Shenzhen Weipin"), one of whose shareholders
is China Continent Insurance. The brands to be marketed are the
Company's Hedetang and Hede Jiachuan products. The Company
believes that joining Xunqin Mall can help the Company to grow
faster, improve operating efficiencies and promote regional
sales.
On March 23, 2017, the Company
announced that on March 20, 2017, its
wholly owned subsidiaries, Hedetang Foods (China) Co. Ltd. ("Hedetang China") and
Hedetang Farm Products Trading Market (Mei County) Co. Ltd.,
("Hedetang Farm") entered into an agreement with Xi'an Taizhan
Financial Management Co., Ltd. ("Taizhan") to jointly establish a
new company currently named China Agricultural Commodity Trading
Market Co., Ltd. (the "China Agricultural Commodity Trading
Center") in Mei County, Shaanxi
Province, China. Once
established, the China Agricultural Commodity Trading Center will
become an innovative platform that promotes agricultural e-commerce
trading, industrial integration and modernization, and financial
innovation.
On March 17, 2017, the Company
announced that on March 13, 2017, the
Board of Directors approved Future World Trading (Hong Kong) Limited's, a wholly owned
subsidiary of the company, acquisition of Shaanxi Quangoutong
E-commerce Inc. ("Quangoutong"), an e-commerce company and a wholly
owned subsidiary of SkyPeople International Holdings
Group Limited, which is the major shareholder of the Company. The
relevant agreement was signed on March 16,
2017. Quangoutong owns certain permits and licenses from
local governments in China to
conduct certain on-line financial service businesses in
China. The purchase price for
Quangoutong will be nominal as it has divested itself of several of
its traditional businesses and all of its assets and debts. The
FinTech industry is an emerging sector that utilizes computer
programs and innovative technology to support the delivery of
payment and financial services. The Company believes that the
acquisition of Quangoutong will bring an innovative business
development and sales model to SkyPeople.
On March 15, 2017, the Company
announced that on March 13, 2017,
Xi'an Hedetang E-Commerce Co., Ltd. ("Hedetang E-Commerce"), a
wholly-owned subsidiary of the Company signed a one-year business
agreement with the Jiangsu Nongmuren Agricultural Products
("Nongmuren") e-commerce Platform. The Nongmuren E-Commerce
Platform is a unique food quality-focused platform that integrates
the Internet of Things ("IoT"), e-commerce and Internet
advertising. It implements food safety supervision through the
entire agricultural supply chain to ensure farm-to-table
information traceability. The platform mainly works with
county-level local food production and processing enterprises that
produce famous specialty agricultural
goods. Nongmuren anticipates having hundreds of
millions of registered users in the next three years. Hedetang
E-Commerce plans to sell the Company's products through this
platform, which will expand the Company's distribution channel.
On March 6, 2017, the Company
announced that on March 1, 2017,
Hedetang Foods, a wholly-owned subsidiary of SkyPeople Fruit Juice,
Inc., signed a one-year business agreement with China Aigo O2O
Technology Inc. (Beijing) and
joined the latter's Aigo Integrity Alliance. The Aigo
Integrity Alliance is a smart Online to Offline (O2O) platform
owned by China Aigo O2O Technology (Beijing), which is the most valued subsidiary
of the Aigo Network Technology Co. The Aigo Integrity Alliance has
invested heavily to build an O2O platform and developed five
unique, world-leading patented technologies in the Mobile Internet
arena. Hedetang Foods plans to sell its fruit juice through this
platform, which will expand the Company's distribution channel.
About SkyPeople Fruit Juice, Inc.
SkyPeople Fruit Juice, Inc., a Florida company, through its wholly-owned
subsidiary Pacific Industry Holding Group Co., Ltd. ("Pacific"), a
Vanuatu company, and SkyPeople
Juice International Holding (HK) Ltd., a company organized under
the laws of Hong Kong Special Administrative Region of the People's Republic of China and a wholly
owned subsidiary of Pacific, holds 99.78% ownership interest in
SkyPeople Juice Group Co., Ltd. ("SkyPeople (China)"). SkyPeople (China), together with its operating
subsidiaries in China, is engaged
in the production and sales of fruit juice concentrates, fruit
beverages, and other fruit related products in the PRC and overseas
markets. Its fruit juice concentrates are sold to domestic
customers and exported directly or via distributors. Fruit juice
concentrates are used as a basic ingredient component in the food
industry. Its brands, "Hedetang" and "SkyPeople," which are
registered trademarks in the PRC, are positioned as high quality,
healthy and nutritious end-use juice beverages. For more
information, please visit http://www.skypeoplefruitjuice.com.
Safe Harbor Statement
Certain of the statements made in this press release are
"forward-looking statements" within the meaning and protections of
Section 27A of the Securities Act of 1933, as amended and Section
21E of the Securities Exchange Act of 1934, as amended, or the
Exchange Act. Forward-looking statements include statements with
respect to our beliefs, plans, objectives, goals, expectations,
anticipations, assumptions, estimates, intentions, and future
performance, and involve known and unknown risks, uncertainties and
other factors, which may be beyond our control, and which may cause
the actual results, performance, capital, ownership or achievements
of the Company to be materially different from future results,
performance or achievements expressed or implied by such
forward-looking statements. All statements other than statements of
historical fact are statements that could be forward-looking
statements. You can identify these forward-looking statements
through our use of words such as "may," "will," "anticipate,"
"assume," "should," "indicate," "would," "believe," "contemplate,"
"expect," "estimate," "continue," "plan," "point to," "project,"
"could," "intend," "target" and other similar words and expressions
of the future.
All written or oral forward-looking statements attributable
to us are expressly qualified in their entirety by this cautionary
notice, including, without limitation, those risks and
uncertainties described in our annual report on Form 10-K for the
year ended December 31, 2016 and
otherwise in our SEC reports and filings, including the final
prospectus for our offering. Such reports are available upon
request from the Company, or from the Securities and Exchange
Commission, including through the SEC's Internet website at
http://www.sec.gov. We have no obligation and do not undertake to
update, revise or correct any of the forward-looking statements
after the date hereof, or after the respective dates on which any
such statements otherwise are made.
-Financial Tables Follow-
SKYPEOPLE FRUIT
JUICE, INC.
|
CONSOLIDATED
BALANCE SHEETS
|
(Unaudited)
|
|
|
|
|
|
|
|
March
31,
|
|
December 31,
|
|
2017
|
|
2016
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
Cash and cash
equivalents
|
$
|
2,459,424
|
|
$
|
1,143,585
|
Accounts
receivable, net of allowance of $4,843,809 as of
March 31, 2017 and December 31,
2016, respectively
|
|
5,863,873
|
|
|
7,325,773
|
Other
receivables
|
|
29,830,980
|
|
|
28,417,194
|
Inventories
|
|
2,818,225
|
|
|
3,041,300
|
Deferred tax
assets
|
|
3,566,442
|
|
|
3,566,442
|
Advances to suppliers
and other current assets
|
|
57,167,955
|
|
|
58,132,189
|
TOTAL CURRENT
ASSETS
|
|
101,706,899
|
|
|
101,626,483
|
|
|
|
|
|
|
PROPERTY, PLANT AND
EQUIPMENT, NET
|
|
82,298,162
|
|
|
81,523,569
|
LAND USE RIGHT,
NET
|
|
31,888,862
|
|
|
31,854,360
|
LONG TERM
ASSETS
|
|
2,804,632
|
|
|
2,789,390
|
DEPOSITS
|
|
44,213,325
|
|
|
43,867,228
|
TOTAL
ASSETS
|
$
|
262,911,880
|
|
$
|
261,661,030
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
Accounts
payable
|
$
|
17,391,177
|
|
$
|
16,569,988
|
Accrued
expenses
|
|
27,443,847
|
|
|
27,449,664
|
Income tax
payable
|
|
3,623,076
|
|
|
3,590,084
|
Advances from
customers
|
|
4,149
|
|
|
696
|
Short-term bank
loans
|
|
29,524,734
|
|
|
29,364,279
|
TOTAL CURRENT
LIABILITIES
|
|
77,986,983
|
|
|
76,974,711
|
|
|
|
|
|
|
NON-CURRENT
LIABILITIES
|
|
-
|
|
|
|
Obligations under
capital leases
|
|
16,585,674
|
|
|
14,494,003
|
TOTAL NON-CURRENT
LIABILITIES
|
|
16,585,674
|
|
|
14,494,003
|
TOTAL
LIABILITIES
|
|
94,572,657
|
|
|
91,468,714
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
SkyPeople Fruit
Juice, Inc, Stockholders' equity
|
|
|
|
|
|
Series B Preferred
stock, $0.001 par value; 10,000,000 shares authorized; None issued
and outstanding as of March 31, 2017 and December 31, 2016,
respectively
|
|
-
|
|
|
-
|
Common stock, $0.001
par value; 8,333,333 shares authorized; 4,311,090 and 4,061,090
shares issued and outstanding as of March 31, 2017 and December 31,
2016, respectively
|
|
4,311
|
|
|
4,061
|
Additional paid-in
capital
|
|
108,732,710
|
|
|
105,366,887
|
Retained
earnings
|
|
97,587,103
|
|
|
100,237,011
|
Accumulated other
comprehensive loss
|
|
(73,341,154)
|
|
|
(70,579,747)
|
Total SkyPeople Fruit
Juice, Inc. stockholders' equity
|
|
132,982,970
|
|
|
135,028,212
|
Non-controlling
interests
|
|
35,356,253
|
|
|
35,164,104
|
TOTAL
EQUITY
|
|
168,339,223
|
|
|
170,192,316
|
TOTAL LIABILITIES AND
EQUITY
|
$
|
262,911,880
|
|
$
|
261,661,030
|
|
|
|
|
|
|
The accompanying
notes in the 2017 first quarter 10-Q as filed with the SEC are an
integral part of these consolidated financial statements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SKYPEOPLE FRUIT
JUICE, INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(LOSS)
|
(Unaudited)
|
|
|
|
|
|
|
|
For the three month
Ended
|
March
31,
|
|
2017
|
|
2016
|
Revenue
|
$
|
2,958,834
|
|
$
|
5,436,308
|
Cost of goods
sold
|
|
2,424,220
|
|
|
5,393,484
|
Gross
profit
|
|
534,614
|
|
|
42,824
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
General and
administrative expenses
|
|
2,855,329
|
|
|
679,944
|
Selling
expenses
|
|
194,879
|
|
|
861,140
|
Total operating
expenses
|
|
3,050,208
|
|
|
1,541,084
|
|
|
|
|
|
|
Loss from
operations
|
|
(2,515,594)
|
|
|
(1,498,260)
|
|
|
|
|
|
|
Other income
(expenses)
|
|
|
|
|
|
Interest
income
|
|
1,040
|
|
|
131,024
|
Subsidy
income
|
|
-
|
|
|
531,445
|
Interest
expenses
|
|
(30,796)
|
|
|
(208,665)
|
Consulting fee
related to capital lease
|
|
172,147
|
|
|
(9,159)
|
Total other income
(expenses)
|
|
142,391
|
|
|
444,645
|
|
|
|
|
|
|
Loss from
Continuing Operations before Income Tax
|
|
(2,373,203)
|
|
|
(1,053,615)
|
Income tax
provision
|
|
61,422
|
|
|
-
|
Loss from
Continuing Operations before Minority Interest
|
|
(2,434,625)
|
|
|
(1,053,615)
|
|
|
|
|
|
|
Less: Net income
attributable to non-controlling interests
|
|
(166,598)
|
|
|
(12,465)
|
|
|
|
|
|
|
Loss from
Continuing Operations
|
|
(2,601,223)
|
|
$
|
(1,066,080)
|
|
|
|
|
|
|
Discontinued
Operations (Note 11)
|
|
|
|
|
|
Loss from
discontinued operations
|
|
(48,685)
|
|
|
-
|
NET LOSS
ATTRIBUTABLE TO SKYPEOPLE FRUIT JUICE, INC.
STOCKHOLDERS
|
$
|
(2,649,908)
|
|
$
|
(1,066,080)
|
|
|
|
|
|
|
Other
comprehensive income (loss)
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
626,056
|
|
$
|
20,698,646
|
Comprehensive
income
|
|
(1,857,254)
|
|
|
19,645,031
|
Comprehensive expense
attributable to non-controlling interests
|
$
|
(124,897)
|
|
$
|
(4,997,409 )
|
COMPREHENSIVE
INCOME (LOSS) ATTRIBUTABLE TO SKYPEOPLE FRUIT JUICE, INC.
STOCKHOLDERS
|
|
(1,982,151)
|
|
|
14,647,622
|
Loss per
share:
|
|
|
|
|
|
Basic loss per share
from continued operations
|
|
(0.63)
|
|
|
(0.30)
|
Basic loss per share
from discontinued operations
|
|
(0.01)
|
|
|
-
|
Basic loss per share
from net income
|
|
(0.64)
|
|
|
(0.30)
|
Diluted Loss per
share:
|
|
|
|
|
|
Diluted loss per
share from continued operations
|
|
(0.62)
|
|
|
(0.30)
|
Diluted loss per
share from discontinued operations
|
|
(0.01)
|
|
|
-
|
Diluted loss per
share from net income
|
|
(0.63)
|
|
|
(0.30)
|
Weighted average
number of shares outstanding
|
|
|
|
|
|
Basic
|
|
4,147,201
|
|
|
3,548,183
|
Diluted
|
|
4,209,701
|
|
|
3,548,183
|
|
|
|
|
|
|
The accompanying
notes in the 2017 first quarter 10-Q as filed with the SEC are an
integral part of these consolidated financial
statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SKYPEOPLE FRUIT
JUICE, INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited)
|
|
For the three months ended
March 31,
|
|
2017
|
|
2016
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
Net loss
|
$
|
(2,649,908)
|
|
$
|
(1,066,080)
|
Adjustments to
reconcile net income to net cash provided by operating
activities
|
|
|
|
|
|
Depreciation and
amortization
|
|
798,511
|
|
|
2,745,539
|
Deferred income tax
assets
|
|
-
|
|
|
(11,666)
|
Provisions provided
for bad debt expenses
|
|
(4,503)
|
|
|
-
|
Changes in operating
assets and liabilities
|
|
-
|
|
|
|
Accounts
receivable
|
|
1,509,312
|
|
|
(1,852,548)
|
Other
receivable
|
|
(1,437,626)
|
|
|
(2,572,743)
|
Advances to suppliers
and other current assets
|
|
624,779
|
|
|
3,135,265
|
Inventories
|
|
240,154
|
|
|
(836,764)
|
Accounts
payable
|
|
313,214
|
|
|
4,200,224
|
Accrued
expenses
|
|
695,701)
|
|
|
(989,025)
|
Income tax
payable
|
|
(737,480)
|
|
|
(3,473,175)
|
Advances from
customers
|
|
3,455
|
|
|
1,116,238
|
Net cash (used in)
provided by operating activities
|
|
(644,391)
|
|
|
395,265
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
Additions to
property, plant and equipment
|
|
-
|
|
|
(2,527,423)
|
Prepayment for other
assets
|
|
-
|
|
|
(257,189)
|
Prepayments for
deposit on equipment
|
|
(106,597)
|
|
|
-
|
Net cash used in
investing activities
|
|
(106,597)
|
|
|
(2,784,612)
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
Issue of common
stock
|
|
-
|
|
|
16,641,394
|
Repayment from
related party loan
|
|
(31,565)
|
|
|
(1,233,968)
|
Proceeds (repayments)
long term debt
|
|
2,016,329
|
|
|
|
Payment for capital
lease
|
|
-
|
|
|
(11,391,267)
|
Net cash provided by
financing activities
|
|
1,984,764
|
|
|
4,016,159
|
|
|
|
|
|
|
Effect of change in
exchange rate
|
|
82,063
|
|
|
8,427,051
|
|
|
|
|
|
|
NET INCREASE IN
CASH AND CASH EQUIVALENTS
|
|
1,315,839
|
|
|
10,053,863
|
Cash and cash
equivalents, beginning of period
|
|
1,143,585
|
|
|
50,006,914
|
Cash and cash
equivalents, end of period
|
$
|
2,459,424
|
|
$
|
60,060,777
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURES OF CASH FLOW INFORMATION
|
|
|
|
|
|
Cash paid for
interest
|
$
|
30,796
|
|
$
|
208,665
|
Cash paid for income
taxes
|
$
|
61,422
|
|
$
|
1,259,559
|
|
|
|
|
|
|
SUPPLEMENTARY
DISCLOSURE OF SIGNIFICANT NON-CASH TRANSACTION
|
|
|
|
|
|
Transferred from
other assets to property, plant and equipment and construction
in process
|
$
|
106,597
|
|
$
|
2,342,127
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying
notes in the 2017 first quarter 10-Q as filed with the SEC are an
integral part of these consolidated financial statements
|
For more information, please contact:
COMPANY
Cindy Liu,
Investor Relations Manager
SkyPeople Fruit Juice, Inc.
Tel: China + 86 -
29-8837-7161
Email: skypeople_annie@163.com
Web:
http://www.skypeoplefruitjuice.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/skypeople-fruit-juice-reports-first-quarter-2017-financial-results-300458801.html
SOURCE SkyPeople Fruit Juice, Inc.