SAN FRANCISCO and SHENZHEN, China, March
24, 2016 /PRNewswire/ -- Highpower International, Inc.
(NASDAQ: HPJ), a developer, manufacturer, and
marketer of lithium and nickel-metal hydride (Ni-MH) rechargeable
batteries, and a battery management systems and battery recycling
provider, today announced its financial results for the fiscal
fourth quarter and year ended December 31,
2015.
Fiscal Year 2015 Operating and Financial Highlights (all
results are compared to prior year period)
- Net sales were $146.2 million
compared to $147.1 million.
- Lithium battery net sales increased 14.9% to $78.6 million from $68.4
million.
- Gross margin was 19.1%, compared to 20.5%, due to a decrease in
the average selling price of both Ni-MH batteries and lithium
batteries, and increased labor costs.
- EBITDA increased 20.7% to $10.3
million, compared to $8.6
million; Adjusted EBITDA was $10.1
million compared to $9.7
million.
- Net income attributable to the Company increased 40.0% to
$3.9 million, or $0.25 per diluted share, compared to $2.8 million, or $0.18 per diluted share. Non-GAAP net income
attributable to the Company was to $3.6
million, or $0.23 per diluted
share, compared to $3.9 million, or
$0.26 per diluted share.
- Received order from a global consumer electronics company to
provide lithium polymer batteries for smartphone backup power
products.
- Received "The Best Design Company of China's Energy Storage Industry" award.
- Secured a contract to produce a 100KWH energy storage system
(ESS) for China Southern Power Grid.
- Granted US patent for its safety technology on rechargeable
battery.
Fiscal 2015 Fourth Quarter Operating and Financial Highlights
(all results are compared to prior year
period)
- Net sales increased 7.2% to $37.9
million from $35.3 million,
primarily due to increased revenue contributions from the lithium
batteries as a result of the increased battery sales into the
electric bus and high end consumer electronic device markets.
- Gross margin was 17.5% compared to 20.1%.
- Net income attributable to the Company was $166,973, or $0.01
per diluted share, compared to $2.0
million, or $0.13 per diluted
share.
Management Commentary
Mr. George Pan, Chairman and CEO
of Highpower International, commented, "We were pleased to report
positive operating results for fiscal 2015 despite the reduction in
average selling prices of both Ni-MH and lithium batteries during
the year. We were able to achieve double-digit growth in net sales
of lithium batteries as a result of growing global demand for
mobile/portable products and electrical vehicles. We continue to
work on advancing our lithium battery technology through R&D
investment and to extend our sales and marketing efforts for our
products worldwide. Highpower has been recognized by many reputable
global companies as their approved vendor, but we also continue to
seek a number of opportunities within China, which possesses a vast market for both
consumer electronics and electrical vehicles. As we take an
aggressive yet responsible approach to expanding into these areas
in China, we expect to continue to
strengthen Highpower's brand, extend our sales channels and
ultimately increase profitability."
Fiscal 2015 Fourth Quarter and Year-end Financial
Review
Net Sales
Net sales for the fourth quarter ended December 31, 2015 increased 7.2% to $37.9 million from $35.3
million for the same period in 2014. The increase in net
sales was mainly due to increased revenue contributions from the
lithium batteries segment as a result of the increased battery
sales into the electric bus and high end consumer electronic device
markets.
Net sales for FY 2015 were $146.2
million compared to $147.1
million in the prior fiscal year. The decrease was due to a
$10.2 million increase in net sales
of lithium batteries offset by a $10.4
million decrease in net sales of Ni-MH batteries and a
$0.7 million decrease in new material
business.
Gross Profit
For the fourth quarter ended December 31,
2015, the Company's gross profit was $6.6 million compared to $7.1 million for the same period in 2014.
Gross profit for FY 2015 was $27.9
million compared to $30.2
million in the prior fiscal year. The decrease was primarily
due to a decrease in the average selling price of both Ni-MH
batteries and lithium batteries, coupled with increased labor
costs.
Gross Margin
Gross margin was 17.5% for the fourth quarter ended December 31, 2015 compared to 20.1% in the same
period in 2014.
For FY 2015, gross margin was 19.1% compared to 20.5% in FY
2014.
Research and Development (R&D)
R&D spending was $2.0 million,
or 5.3% of net sales, for the fourth quarter ended December 31, 2015 compared to $1.9 million, or 5.3% of net sales, for the same
period in 2014.
R&D spending was $7.6 million,
or 5.2% of net sales, for FY 2015 compared to $7.7 million, or 5.2% of net sales, in FY
2014.
Selling & Distribution
Selling and distribution expenses were $1.6 million, or 4.3% of net sales, for the
fourth quarter ended December 31,
2015, compared to $1.7
million, or 4.9% of net sales, for the same period in
2014.
For FY 2015, selling and distribution expenses were $6.7 million, or 4.6% of net sales, compared to
$6.6 million, or 4.5% of net sales,
in the prior fiscal year. The increase was due to the expanded
marketing effort for the Company's lithium batteries, which
included participation in industry trade shows and international
travels to promote and sell products abroad.
General & Administrative
For the fourth quarter ended December 31,
2015, general and administrative expenses were $3.2 million, or 8.3% of net sales, compared to
$2.7 million, or 7.7% of net sales,
in the prior year period.
General and administrative expenses in FY 2015 remained flat at
$12.9 million, or 8.8% of net sales,
which compares to $12.9 million, or
8.8% of net sales, in FY 2014.
Net Income
For the fourth quarter of 2015, net income attributable to the
Company was $166,973, or $0.01 per share based on 15.2 million weighted
average diluted shares outstanding, compared to $2.0 million, or $0.13 per share based on 15.5 million weighted
average diluted shares outstanding, for the same period in
2014.
Net income attributable to the Company for FY 2015 increased
40.0% to $3.9 million, or
$0.25 per share based on 15.3 million
weighted average diluted shares outstanding, from $2.8 million, or $0.18 per share based on 15.2 million weighted
average diluted shares outstanding, in FY 2014.
EBITDA
EBITDA for the fourth quarter ended December 31, 2015, was $1.8 million, compared to $3.3 million in the prior year period.
For FY 2015, EBITDA increased 20.7% to $10.3 million from $8.6
million in FY 2014.
A table reconciling EBITDA, a non-GAAP (Generally Accepted
Accounting Principles) financial measure, to the appropriate GAAP
measure is included with the Company's financial information
below.
Balance Sheet Highlights
($ in millions,
except per share data)
|
|
|
12/31/2015
|
12/31/2014
|
Cash
|
|
|
$5.8
|
$14.6
|
Total Current
Assets
|
|
|
$80.7
|
$89.2
|
Total
Assets
|
|
|
$134.2
|
$146.2
|
Total Current
Liabilities
|
|
|
$91.2
|
$101.4
|
Total
Liabilities
|
|
|
$91.3
|
$104.4
|
Shareholders'
Equity
|
|
|
$42.9
|
$41.8
|
Total Liabilities and
Shareholders' Equity
|
|
|
$134.2
|
$146.2
|
Book Value Per
Share
|
|
|
$2.84
|
$2.77
|
Conference Call Details
The Company announced that it will discuss financial results in
a conference call on March 24, 2016,
at 11:00 a.m. Eastern time /
8:00 a.m. Pacific time to discuss
these results.
The dial-in numbers are:
Live Participant Dial
In (Toll
Free):
|
877-407-3108
|
Live Participant Dial
In
(International):
|
201-493-6797
|
To listen to the live webcast, please go to at
www.highpowertech.com and click on the conference call link, or go
to: http://highpowertech.equisolvewebcast.com/q4-2015. This webcast will be archived and
accessible through the Company's website for approximately 30 days
following the call. The Company will also have an accompanying
slide presentation available in PDF format on its homepage prior to
the conference call.
About Highpower International, Inc.
Highpower International was founded in 2001 and produces
high-quality Nickel-Metal Hydride (Ni-MH) and lithium-based
rechargeable batteries used in a wide range of applications such as
electric buses, bikes, energy storage systems, power tools, medical
equipment, digital and electronic devices, personal care products,
and lighting, etc. Highpower's target customers are Fortune 500
companies and top 10 companies in each vertical segment. With
advanced manufacturing facilities located in Shenzhen, Huizhou, and Ganzhou of China, Highpower is committed to clean
technology, not only in the products it makes, but also in the
processes of production. The majority of Highpower International's
products are distributed to worldwide markets mainly in
the United States, Europe, China
and Southeast Asia.
Use of Non-GAAP Measures
The Company has supplemented its reported GAAP (generally
accepted accounting principles) financial information with non-GAAP
measures. EBITDA was derived by taking earnings before interest
expense (net), taxes, depreciation and amortization. Adjusted
EBITDA and Non-GAAP net income exclude stock-based compensation
expense. Adjusted EBITDA, as defined above, may not be similar
to Adjusted EBITDA measures used by other companies. The
presentation of this additional information is not meant to be
considered in isolation or as a substitute for results prepared in
accordance with U.S. GAAP. The Company believes these non-GAAP
measures are useful to investors as they provide a basis for
evaluating the Company's operating results in the ordinary course
of its operations.
These non-GAAP measures are not based on any comprehensive set
of accounting rules or principles. The Company believes that
non-GAAP measures have limitations in that they do not reflect all
of the amounts associated with its results of operations as
determined in accordance with U.S. GAAP and that these measures
should only be used to evaluate the Company's results of operations
in conjunction with, and not in lieu of, the corresponding GAAP
measures. These non-GAAP financial measures are reconciled in the
accompanying tables to the most directly comparable measures as
reported in accordance with GAAP.
Forward Looking
Statements
This press release contains "forward-looking statements" within
the meaning of the "safe-harbor" provisions of the Private
Securities Litigation Reform Act of 1995 that are not
historical facts. These statements can be identified by the
use of forward-looking terminology such as "believe," "expect,"
"may," "will," "should," "project," "plan," "seek," "intend," or
"anticipate" or the negative thereof or comparable terminology, and
include discussions of strategy, and statements about industry
trends and the Company's future performance, operations and
products. Such statements involve known and unknown risks,
uncertainties and other factors that could cause the Company's
actual results to differ materially from the results expressed or
implied by such statements, including, without limitation,
fluctuations in the cost of raw materials; our dependence on, or
inability to attract additional, major customers for a significant
portion of our net sales; our ability to increase manufacturing
capabilities to satisfy orders from new customers; our ability to
maintain increased margins; our dependence on the growth in demand
for portable electronic devices and energy storage systems and
transportation products and the success of manufacturers of the end
applications that use our battery products; our responsiveness to
competitive market conditions; our ability to successfully
manufacture our products in the time frame and amounts expected;
the market acceptance of our battery products, including our
lithium products; our ability to successfully develop products for
and penetrate the electric transportation market; our ability to
continue R&D development to keep up with technological changes.
For a discussion of these and other risks and
uncertainties see "Risk Factors" and "Management's Discussion
and Analysis of Financial Condition and Results of Operations" in
the Company's public filings with the SEC. Although the Company
believes that the expectations reflected in such forward-looking
statements are reasonable, there can be no assurance that such
expectations will prove to be correct. The Company has no
obligation to update the forward-looking information contained in
this press release.
CONTACT:
Highpower International, Inc.
Henry Sun
CFO
+86-755-8968-6521
ir@highpowertech.com
INVESTOR RELATIONS:
The Equity Group Inc.
In China
Katherine Yao, Senior Associate
+86-10-6587-6435
kyao@equityny.com
In U.S.
Adam Prior, Senior Vice
President
(212) 836-9606
aprior@equityny.com
HIGHPOWER
INTERNATIONAL, INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
|
(Stated in US
Dollars except Number of Shares)
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
For the years
ended
|
|
December
31,
|
December
31,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
$
|
|
$
|
|
$
|
|
$
|
Net
sales
|
37,850,736
|
|
35,318,656
|
|
146,181,011
|
|
147,088,166
|
Cost of
sales
|
(31,240,809)
|
|
(28,233,409)
|
|
(118,234,935)
|
|
(116,937,363)
|
Gross
profit
|
6,609,927
|
|
7,085,247
|
|
27,946,076
|
|
30,150,803
|
|
|
|
|
|
|
|
|
Research and
development expenses
|
(1,995,873)
|
|
(1,864,656)
|
|
(7,631,181)
|
|
(7,709,618)
|
Selling and
distribution expenses
|
(1,620,103)
|
|
(1,729,195)
|
|
(6,728,692)
|
|
(6,551,755)
|
General and
administrative expenses
|
(3,151,313)
|
|
(2,714,540)
|
|
(12,895,649)
|
|
(12,893,378)
|
Foreign currency
transaction gain
|
571,934
|
|
(60,426)
|
|
2,474,154
|
|
273,900
|
|
|
|
|
|
|
|
|
Loss on derivative
instruments
|
-
|
|
1,943
|
|
-
|
|
(54,406)
|
Total operating
expenses
|
(6,195,355)
|
|
(6,366,874)
|
|
(24,781,368)
|
|
(26,935,257)
|
|
|
|
|
|
|
|
|
Income from
operations
|
414,572
|
|
718,373
|
|
3,164,708
|
|
3,215,546
|
|
|
|
|
|
|
|
|
Gain on change of
fair value of warrant liability
|
(14,560)
|
|
1,318,065
|
|
927,125
|
|
106,278
|
Other
income
|
447,275
|
|
214,025
|
|
1,189,326
|
|
1,707,516
|
Interest
expenses
|
(211,470)
|
|
(310,078)
|
|
(1,002,151)
|
|
(1,838,155)
|
Income before
taxes
|
635,817
|
|
1,940,385
|
|
4,279,008
|
|
3,191,185
|
|
|
|
|
|
|
|
|
Income taxes
expenses
|
(624,530)
|
|
38,554
|
|
(818,736)
|
|
(590,318)
|
Net
income
|
11,287
|
|
1,978,939
|
|
3,460,272
|
|
2,600,867
|
|
|
|
|
|
|
|
|
Less: net loss
attributable to non-controlling interest
|
(155,686)
|
|
(22,781)
|
|
(393,812)
|
|
(152,369)
|
Net income
attributable to the Company
|
166,973
|
|
2,001,720
|
|
3,854,084
|
|
2,753,236
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
|
|
|
|
|
|
Net income
|
11,287
|
|
1,978,939
|
|
3,460,272
|
|
2,600,867
|
Foreign currency
translation loss
|
(1,032,199)
|
|
184,828
|
|
(3,055,839)
|
|
(156,926)
|
Comprehensive
income
|
(1,020,912)
|
|
2,163,767
|
|
404,433
|
|
2,443,941
|
|
|
|
|
|
|
|
|
Less: comprehensive
loss attributable to non-
controlling interest
|
(175,530)
|
|
51,120
|
|
(453,756)
|
|
(89,093)
|
Comprehensive income
attributable to the Company
|
(845,382)
|
|
2,112,647
|
|
858,189
|
|
2,533,034
|
|
|
|
|
|
|
|
|
Earnings per share of
common stock attributable to
the Company
|
|
|
|
|
|
|
|
- Basic
|
0.01
|
|
0.13
|
|
0.26
|
|
0.19
|
- Diluted
|
0.01
|
|
0.13
|
|
0.25
|
|
0.18
|
|
|
|
|
|
|
|
|
Weighted average
number of common stock
outstanding
|
|
|
|
|
|
|
|
- Basic
|
15,101,679
|
|
15,055,346
|
|
15,096,166
|
|
14,739,073
|
- Diluted
|
15,153,745
|
|
15,541,398
|
|
15,286,196
|
|
15,154,239
|
HIGHPOWER
INTERNATIONAL, INC.AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(Stated in US
Dollars except Number of Shares)
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
|
$
|
|
$
|
ASSETS
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
Cash
|
|
5,849,967
|
|
14,611,892
|
|
Restricted
cash
|
|
11,656,204
|
|
15,396,827
|
|
Accounts receivable,
net
|
|
36,139,866
|
|
32,316,607
|
|
Notes
receivable
|
|
1,757,709
|
|
621,110
|
|
Prepayments
|
|
5,354,552
|
|
3,283,520
|
|
Other
receivables
|
|
706,352
|
|
665,828
|
|
Inventories
|
|
19,218,331
|
|
22,268,069
|
|
|
|
|
|
|
|
Total Current
Assets
|
|
80,682,981
|
|
89,163,853
|
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
47,464,186
|
|
50,437,718
|
|
Land use right,
net
|
|
3,963,003
|
|
4,305,317
|
|
Intangible asset,
net
|
|
550,000
|
|
600,000
|
|
Deferred tax
assets
|
|
1,544,314
|
|
1,647,184
|
|
|
|
|
|
TOTAL
ASSETS
|
|
134,204,484
|
|
146,154,072
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
Accounts
payable
|
|
36,077,396
|
|
44,562,647
|
|
Deferred
income
|
|
879,944
|
|
1,887,409
|
|
Short-term
loan
|
|
13,839,341
|
|
15,195,040
|
|
Notes
payable
|
|
30,490,166
|
|
29,903,248
|
|
Other payables and
accrued liabilities
|
|
6,292,492
|
|
5,896,547
|
|
Income taxes
payable
|
|
1,783,013
|
|
1,968,656
|
|
Current portion of
long-term loan
|
|
1,845,245
|
|
1,959,248
|
|
|
|
|
|
|
|
Total Current
Liabilities
|
|
91,207,597
|
|
101,372,795
|
|
|
|
|
|
|
|
Warrant
Liability
|
|
140,549
|
|
1,067,674
|
|
Long-term
loan
|
|
-
|
|
1,959,247
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
91,348,146
|
|
104,399,716
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
Preferred
stock
|
|
|
|
|
|
(Par value: $0.0001,
Authorized: 10,000,000 shares, Issued and outstanding:
none)
|
|
-
|
|
-
|
|
Common
stock
|
|
|
|
|
|
(Par value: $0.0001,
Authorized: 100,000,000 shares, 15,101,679 shares issued and
outstanding at December 31, 2015 and 15,084,746 shares issued and
outstanding at
December 31, 2014)
|
|
1,510
|
|
1,508
|
|
Additional paid-in
capital
|
|
11,227,979
|
|
10,530,430
|
|
Statutory and other
reserves
|
|
4,042,429
|
|
3,611,501
|
|
Retained
earnings
|
|
24,098,175
|
|
20,675,021
|
|
Accumulated other
comprehensive income
|
|
2,632,762
|
|
5,628,657
|
|
|
|
|
|
Total equity for the
Company's stockholders
|
|
42,002,855
|
|
40,447,117
|
|
|
|
|
|
Non-controlling
interest
|
|
853,483
|
|
1,307,239
|
|
|
|
|
|
TOTAL
EQUITY
|
|
42,856,338
|
|
41,754,356
|
|
|
|
|
|
TOTAL LIABILITIES
AND EQUITY
|
|
134,204,484
|
|
146,154,072
|
HIGHPOWER
INTERNATIONAL, INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(Stated in US
Dollars)
|
|
|
|
For the years
ended December 31,
|
|
2015
|
|
2014
|
|
$
|
|
$
|
Cash flows from
operating activities
|
|
|
|
Net income
|
3,460,272
|
|
2,600,867
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
4,939,882
|
|
4,201,533
|
Allowance for doubtful
accounts
|
949
|
|
768
|
Loss on disposal of
property, plant and equipment
|
233,296
|
|
227,264
|
Loss on derivative
instruments
|
-
|
|
62,801
|
Deferred income
tax
|
9,107
|
|
(845,068)
|
Share based
payment
|
653,017
|
|
1,288,916
|
Gain on change of fair
value of warrant liability
|
(927,125)
|
|
(106,278)
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts
receivable
|
(5,446,752)
|
|
1,472,589
|
Notes
receivable
|
(1,222,793)
|
|
388,137
|
Prepayments
|
(2,352,669)
|
|
1,661,111
|
Other
receivable
|
(82,649)
|
|
391,965
|
Inventories
|
1,831,737
|
|
(2,602,659)
|
Accounts
payable
|
(3,322,054)
|
|
5,672,372
|
Deferred
income
|
1,890,332
|
|
1,880,776
|
Other payables and
accrued liabilities
|
755,757
|
|
(1,867,493)
|
Income taxes
payable
|
(74,111)
|
|
691,949
|
Net cash flows
(used in) provided by operating activities
|
346,196
|
|
15,119,550
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
Acquisition of plant
and equipment
|
(11,256,553)
|
|
(8,881,328)
|
Net cash flows
used in investing activities
|
(11,256,553)
|
|
(8,881,328)
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
Proceeds from
short-term bank loans
|
14,430,014
|
|
20,346,228
|
Repayment of
short-term bank loans
|
(13,438,449)
|
|
(41,122,204)
|
Repayment of long-term
bank loans
|
(1,924,002)
|
|
(1,952,362)
|
Proceeds from notes
payable
|
63,544,496
|
|
52,258,487
|
Repayment of notes
payable
|
(61,118,292)
|
|
(47,536,694)
|
Proceeds from issuance
of capital stock and warrants, net
|
44,534
|
|
4,633,164
|
Change in restricted
cash
|
2,966,205
|
|
13,038,071
|
Net cash flows
provided by (used in) financing activities
|
4,504,506
|
|
(335,310)
|
Effect of foreign
currency translation on cash and cash equivalents
|
(2,356,074)
|
|
735,521
|
Net (decrease)
increase in cash and cash equivalents
|
(8,761,925)
|
|
6,638,433
|
Cash and cash
equivalents - beginning of year
|
14,611,892
|
|
7,973,459
|
Cash and cash
equivalents - end of year
|
5,849,967
|
|
14,611,892
|
|
|
|
|
Supplemental
disclosures for cash flow information:
|
|
|
|
Cash paid
for:
|
|
|
|
Income
taxes
|
883,740
|
|
743,437
|
Interest
expenses
|
1,004,205
|
|
1,912,584
|
Non-cash
transactions
|
|
|
|
Reduction of property,
plant and equipment cost by realizing deferred income
|
2,547,545
|
|
672,675
|
HIGHPOWER
INTERNATIONAL, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES (Unaudited)
|
(Stated in
US Dollars)
|
|
|
|
|
|
Reconciliation of Net
Income to EBITDA / Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
For the years
ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
$
|
|
$
|
|
$
|
|
$
|
Net income (loss)
attributable to the Company
|
|
166,973
|
|
2,001,720
|
|
3,854,084
|
|
2,753,236
|
Non-GAAP Net
Income (1)
|
|
298,789
|
|
907,602
|
|
3,579,976
|
|
3,935,874
|
|
|
|
|
|
|
|
|
|
Interest expenses,
net
|
|
145,743
|
|
248,759
|
|
713,566
|
|
1,007,832
|
Income tax
expenses
|
|
624,530
|
|
(38,554)
|
|
818,736
|
|
590,318
|
Depreciation and
Amortization
|
|
901,286
|
|
1,040,149
|
|
4,939,882
|
|
4,201,533
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
1,838,532
|
|
3,252,074
|
|
10,326,268
|
|
8,552,919
|
Adjusted
EBITDA(2)
|
|
1,970,348
|
|
2,157,956
|
|
10,052,160
|
|
9,735,557
|
|
|
|
|
|
|
|
|
|
(1) See table below
for reconciliation of net income attributable to the Company to
Non-GAAP net income attributable to the Company.
|
(2) Excludes
share-based compensation expense as set forth in the following
table.
|
HIGHPOWER
INTERNATIONAL, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES (Unaudited)
|
(Stated in US
Dollars)
|
|
Reconciliation of Net
Income Attributable to the Company to Non-GAAP Net Income
Attributable to the Company
|
|
|
|
|
|
|
|
Three months
ended
|
|
For the years
ended
|
December
31,
|
December
31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
$
|
|
$
|
|
$
|
|
$
|
Net income
attributable to the Company
|
|
166,973
|
|
2,001,720
|
|
3,854,084
|
|
2,753,236
|
Stock-based
compensation expense
|
|
117,256
|
|
223,947
|
|
653,017
|
|
1,288,916
|
Gain on change of
fair value of warrant liability
|
|
14,560
|
|
(1,318,065)
|
|
(927,125)
|
|
(106,278)
|
Non-GAAP net income
attributable to the Company
|
|
298,789
|
|
907,602
|
|
3,579,976
|
|
3,935,874
|
|
|
|
|
|
|
|
|
|
Basic net income per
share of common stock attributable to the
Company
|
|
0.01
|
|
0.13
|
|
0.26
|
|
0.19
|
Stock-based
compensation expense
|
|
0.01
|
|
0.01
|
|
0.04
|
|
0.09
|
Gain on change of
fair value of warrant liability
|
|
0.00
|
|
(0.09)
|
|
(0.06)
|
|
(0.01)
|
Non-GAAP income per
share of common stock attributable to the
Company
|
|
0.02
|
|
0.05
|
|
0.24
|
|
0.27
|
|
|
|
|
|
|
|
|
|
Diluted net income
per share of common stock attributable to the
Company
|
|
0.01
|
|
0.13
|
|
0.25
|
|
0.18
|
Stock-based
compensation expense
|
|
0.01
|
|
0.01
|
|
0.04
|
|
0.09
|
Gain on change of
fair value of warrant liability
|
|
0.00
|
|
(0.08)
|
|
(0.06)
|
|
(0.01)
|
Non-GAAP income per
share of common stock attributable to the
Company
|
|
0.02
|
|
0.06
|
|
0.23
|
|
0.26
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding
|
|
|
|
|
|
|
|
|
-Basic
|
|
15,101,679
|
|
15,055,346
|
|
15,096,166
|
|
14,739,073
|
-Diluted
|
|
15,153,745
|
|
15,541,398
|
|
15,286,196
|
|
15,154,239
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/highpower-international-reports-financial-results-for-the-fiscal-fourth-quarter-and-year-ended-december-31-2015-300240963.html
SOURCE Highpower International, Inc.