SHANGHAI, May 14, 2019 /PRNewswire/ -- Ossen
Innovation Co., Ltd. ("Ossen Innovation" or the "Company") (Nasdaq:
OSN), a China-based manufacturer
of an array of plain surface, rare earth and zinc coated
pre-stressed steel materials, today announced its financial results
for the fiscal year ended December 31,
2018.
"Ossen Innovation had a strong 2018 both in top line and bottom
line," commented Dr. Liang Tang,
Chairman of Ossen Innovation. "During the year, we focused on zinc
coated products, which had higher demand in China market, and contributed to our improved
results and overall momentum."
Twelve months
Ended December 31, 2018 Financial Results
|
|
|
|
For the Twelve
Months Ended December 31,
|
($ millions,
except per share data)
|
|
2018
|
|
2017
|
|
%
Change
|
Revenues
|
|
$136.1
|
|
$132.4
|
|
2.8%
|
Gross
profit
|
|
$20.5
|
|
$14.7
|
|
40.0%
|
Gross
margin
|
|
15.1%
|
|
11.1%
|
|
4.0%
|
Operating
income
|
|
$14.9
|
|
$8.1
|
|
85.4%
|
Operating
margin
|
|
11.0%
|
|
6.1%
|
|
4.9%
|
Net income
attributable to Ossen Innovation
|
|
$10.4
|
|
$5.3
|
|
94.2%
|
EPS (per ordinary
share)
|
|
$0.52
|
|
$0.27
|
|
92.6%
|
EPS (per
ADS*)
|
|
$1.56
|
|
$0.81
|
|
92.6%
|
|
* One ADS equals
to three ordinary shares.
|
For the twelve months ended December 31,
2018, revenues increased by $3.7
million, or 2.8%, to $136.1
million from $132.4 million
for 2017. This increase was mainly attributable to a 124.0%
increase in sales of zinc coated PC wires and PC strands, partially
offset by an 8.1% decrease in rare earth coated products, a 20.3%
decrease in plain surface products and a 43.4% decrease in other
products.
The sales of coated PC steel materials, including both rare
earth and zinc coated products, increased by $5.8 million, or 4.7%, to $130.2 million and accounted for 95.7% of total
sales for the twelve months ended December
31, 2018 from $124.4 million,
or 94.0% of total sales, for the same period of last year. This
increase in sales of coated PC steel materials was the result of
increase in sales for zinc coated products, partially offset by the
decrease in sales of rare earth coated products. Sales of
rare earth coated products decreased by $9.0
million, or 8.1%, to $103.4
million for the twelve months ended December 31, 2018 from $112.4 million for the same period of last year.
Sales of zinc coated products increased by $14.8 million, or 124.0%, to $26.8 million for the twelve months ended
December 31, 2018 from $12.0 million for the same period of last year.
The decrease of sales generated by rare earth coated products was
due to decreased market demand and the Company focused on the
production and sale of zinc coated products which had increased
market demand in 2018. Sales of plain surface PC strands and PC
wires decreased by $1.2 million, or
20.3%, to $4.8 million for the twelve
months ended December 31, 2018 from
$6.0 million for the same period of
last year. The decrease of sales generated by plain surface PC
strands and PC wires was primarily due to decreased market demand
during 2018. Other sales were $1.1
million for the twelve months ended December 31, 2018, compared to $1.9 million for the same period of last year.
This decrease was primarily due to fewer scrap materials sold in
2018 compared to 2017 and the decrease of service revenue.
The Company generated approximately 3.3% and 4.1%, respectively,
of total revenues during the years ended December 31, 2018 and 2017 from sales to
customers in international markets, including primarily
Vietnam, South Korea, Japan, New
Zealand, Australia,
Bangladesh, Brunei, Costa
Rica, South Africa,
Egypt, and Amman, primarily for use in the construction
of bridges.
Gross profit increased by $5.8
million, or 40.0%, to $20.5
million for the twelve months ended December 31, 2018 from $14.7 million for the same period of last year.
Gross margin increased by 400 basis points to 15.1% for the twelve
months ended December 31, 2018 from
11.1% for the same period of last year. The increase of gross
margin was primarily due to the increase of the prices of our
prestressed steel products.
Selling expenses decreased by $0.3
million, or 45.3%, to $0.3
million for the twelve months ended December 31, 2018 from $0.6 million for the same period of last year.
The decrease was due to lower freight and sales commission for
export sales and lower transportation cost for domestic sales as
more projects were in closer proximity in 2018. General and
administrative expenses decreased by $0.7
million, or 12.3%, to $5.3
million for the twelve months ended December 31, 2018 from $6.0 million for the same period of last year,
mainly due to lower research and development cost in 2018. As a
result, total operating expenses decreased by $1.0 million, or 15.3%, to $5.6 million for the twelve months ended
December 31, 2018 from $6.6 million for the same period of last
year.
Operating income increased by $6.8
million, or 85.4%, to $14.9
million for the twelve months ended December 31, 2018 from $8.1 million for the same period of last year.
This increase was primarily due to higher gross profit and lower
operating expenses. Operating margin was 11.0% for the twelve
months ended December 31, 2018,
compared to 6.1% for the same period of last year.
Net income increased by $5.5
million, or 93.0%, to $11.4
million for the twelve months ended December 31, 2018 from $5.9 million for the same period of last
year.
After deducting net income attributable to non-controlling
interest, net income attributable to Ossen Innovation increased by
$5.1 million, or 94.2%, to
$10.4 million for the twelve months
ended December 31, 2018 from
$5.3 million for the same period of
last year. Earnings per ordinary share, both basic and diluted,
were $0.52 for the twelve months
ended December 31, 2018, compared to
$0.27 for the same period of last
year. Earnings per ADS (one ADS equals to three ordinary shares),
both basic and diluted, were $1.56
and $0.81 for 2018 and 2017,
respectively.
"In 2018, the PRC steel industry completed the process of
reducing overcapacity which resulted in the increase of the average
steel price," continued Dr. Tang. "We expect to continue being
agile in responding to the market development and focusing on high
demand products to continue the momentum."
Balance Sheet and Cash Flows
As of December 31, 2018, the
Company had cash and restricted cash of $7.5
million, compared to $8.1
million at December 31, 2017. Accounts receivable were
$60.6 million as of December 31, 2018, compared to $51.7 million at December
31, 2017. The average days of sales of outstanding (DSO)
were 150 days for the twelve months ended December 31, 2018, compared to 123 days for the
year 2017. The balance of prepayment to suppliers for raw materials
totaled $70.0 million as of
December 31, 2018, compared to
$71.3 million at December 31, 2017. The Company had inventories of
$17.2 million as of December 31, 2018, compared to $13.5 million at the end of 2017. Total working
capital was $113.1 million as of
December 31, 2018, compared to
$114.7 million at December 31, 2017.
Net cash provided by operating activities was $7.6 million for the twelve months ended
December 31, 2018, compared to
$3.0 million of net cash used by
operating activities for the same period of last year. This was
mainly due to an increase in net income, an increase in customer
deposits, partially offset by an increase in accounts receivable
and an increase in inventories at the end of 2018. Net cash used in
investing activities was $72,305 for
the twelve months ended December 31,
2018, compared to $37,848 for
the same period of last year. Net cash used in financing activities
was $0.7 million for the twelve
months ended December 31, 2018,
compared to $3.8 million for the same
period of last year. The decrease in cash used in financing
activities was the result of an increase in proceeds from
short-term bank loans, a decrease in repayment of notes payable,
partially offset by a decrease in proceeds from notes payable.
Recent Developments
On August 15, 2018, Effectual
Strength Enterprises Limited ("Effectual Strength"), a British Virgin Islands company controlled by
the Company's chairman, Liang Tang,
purchased 600,000 shares from Fascinating Acme Development Limited,
an entity controlled by the spouse of Wei
Hua, our Chief Executive Officer, at a price of $2.582 per ADS, each ADS representing three
Ordinary Shares; and 600,000 shares from Gross Inspiration
Development Limited, an entity controlled by the spouse of
Xufeng Zhou, our senior manager, at
a price of $2.582 per ADS.
On October 2, 2018, Acme
Innovation Limited, a British Virgin
Islands company ("Acme") wholly owned by Pujiang
International Group Limited, a Cayman
Islands company ("Pujiang"), purchased 13,050,000 of our
ordinary shares from Effectual Strength in exchange for the
issuance of 54,404 shares of Pujiang to a British Virgin Islands
Company Elegant Kindness Limited ("Elegant Kindness"), an entity
wholly owned by Dr. Liang Tang.
Consequently, Acme now holds 13,050,000 of our ordinary shares.
On December 11, 2018, Pujiang, the
parent entity of Acme, submitted an application to the Hong Kong
Stock Exchange (the "HK Exchange"), seeking approval of a potential
listing of Pujiang's shares on the HK Exchange following a proposed
initial public offering of Pujiang's shares. Such application is
subject to the review of the HK Exchange.
On November 20, 2018, the Company
announced the completion of its 2018 annual general meeting of
shareholders. At the Annual Meeting, the Company's shareholders
re-elected seven directors, Dr. Liang Tang, Mr. Wei Hua,
Mr. Junhong Li, Mr. Xiaobing Liu, Ms. Yingli Pan,
and Mr. Zhongcai Wu to the Board of Directors and re-appointed BDO
China Shu Lun Pan Certified Public Accountants LLP as the Company's
independent registered accounting firm for the fiscal year
ending December 31, 2018.
About Ossen Innovation Co., Ltd.
Ossen Innovation Co., Ltd. manufactures and sells a wide variety
of plain surface pre-stressed steel materials and rare earth coated
and zinc coated pre-stressed steel materials. The Company's
products are mainly used in the construction of bridges, as well as
in highways and other infrastructure projects. Ossen has two
manufacturing facilities located in Ma'anshan, Anhui Province, and Jiujiang, Jiangxi Province.
Safe Harbor Statements
This press release may contain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements involve
inherent risks and uncertainties that could cause actual results to
differ materially from those projected or anticipated, including
risks outlined in the Company's public filings with the Securities
and Exchange Commission, including the Company's annual report on
Form 20-F, as amended. All information provided in this press
release is as of the date hereof. Except as required by law, the
Company undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements
are made or to reflect the occurrence of unanticipated
events.
For more information, please contact:
Wei Hua, Chief Executive
Officer
Email: int.tr@ossengroup.com
Phone: +86-21-6888-8886
Web: www.osseninnovation.com
Investor Relations
GIC IR
Phone: +1-917-207-2173
Email: info@goldenir.com
OSSEN INNOVATION
CO., LTD AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS AS
OF DECEMBER 31, 2018 AND 2017
|
|
|
December
31,
|
|
2018
|
|
2017
|
ASSETS
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
3,444,421
|
|
$
|
950,225
|
Restricted
cash
|
|
4,070,655
|
|
|
7,192,928
|
Accounts receivable,
net of allowance for doubtful accounts of $939,535 and $868,973 at
December 31, 2018 and 2017, respectively
|
|
60,586,869
|
|
|
51,699,930
|
Inventories
|
|
17,177,926
|
|
|
13,479,473
|
Advance to
suppliers
|
|
69,986,656
|
|
|
71,280,903
|
Other current
assets
|
|
26,496
|
|
|
37,390
|
Total
current assets
|
|
155,293,023
|
|
|
144,640,849
|
Property, plant and
equipment, net
|
|
3,371,387
|
|
|
4,031,534
|
Land use rights,
net
|
|
3,422,365
|
|
|
3,697,012
|
Deferred tax
assets
|
|
159,136
|
|
|
149,511
|
TOTAL
ASSETS
|
$
|
162,245,911
|
|
$
|
152,518,906
|
|
|
|
|
|
|
OSSEN INNOVATION
CO., LTD AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS AS
OF DECEMBER 31, 2018 AND 2017 (Continued)
|
|
|
December
31,
|
|
2018
|
|
2017
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
Notes payable-bank
acceptance notes
|
$
|
8,722,832
|
|
$
|
10,253,742
|
Short-term bank
loans
|
|
13,593,080
|
|
|
13,947,385
|
Accounts
payables
|
|
289,954
|
|
|
359,927
|
Customer
deposits
|
|
283,869
|
|
|
316,394
|
Taxes
payable
|
|
1,547,882
|
|
|
450,711
|
Other payables and
accrued liabilities
|
|
3,980,565
|
|
|
4,236,823
|
Customer deposits –
related parties
|
|
4,800,384
|
|
|
-
|
Due to
shareholder
|
|
1,695,259
|
|
|
351,499
|
Long-term bank loans
– current portion
|
|
7,269,027
|
|
|
-
|
Total
current liabilities
|
|
42,182,852
|
|
|
29,916,481
|
Long-term bank
loans
|
|
-
|
|
|
7,652,046
|
TOTAL
LIABILITIES
|
|
42,182,852
|
|
|
37,568,527
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
Ordinary shares,
$0.01 par value: 100,000,000 shares authorized; 20,000,000 shares
issued; 19,791,110 shares outstanding as both of December 31, 2018
and 2017
|
|
200,000
|
|
|
200,000
|
Additional paid-in
capital
|
|
33,971,455
|
|
|
33,971,455
|
Statutory
reserve
|
|
7,764,813
|
|
|
6,672,254
|
Retained
earnings
|
|
68,673,562
|
|
|
59,386,668
|
Treasury stock, at
cost: 208,890 shares as both of December 31, 2018 and
2017
|
|
(192,153)
|
|
|
(192,153)
|
Accumulated other
comprehensive income/(loss)
|
|
(4,044,969)
|
|
|
2,227,334
|
TOTAL
SHAREHOLDERS' EQUITY
|
|
106,372,708
|
|
|
102,265,558
|
Non-controlling
interest
|
|
13,690,351
|
|
|
12,684,821
|
TOTAL
EQUITY
|
|
120,063,059
|
|
|
114,950,379
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
$
|
162,245,911
|
|
$
|
152,518,906
|
OSSEN INNOVATION
CO., LTD AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER
31, 2018, 2017 AND 2016
|
|
|
Year Ended
December 31,
|
|
2018
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
REVENUES
|
$
|
136,104,867
|
|
$
|
132,375,915
|
|
$
|
117,029,154
|
COST OF GOODS
SOLD
|
|
115,585,803
|
|
|
117,721,799
|
|
|
100,932,528
|
GROSS
PROFIT
|
|
20,519,064
|
|
|
14,654,116
|
|
|
16,096,626
|
Selling
expenses
|
|
327,365
|
|
|
598,832
|
|
|
734,159
|
General and
administrative expenses
|
|
5,263,914
|
|
|
6,002,121
|
|
|
6,376,383
|
Total
Operating Expenses
|
|
5,591,279
|
|
|
6,600,953
|
|
|
7,110,542
|
|
|
|
|
|
|
|
|
|
INCOME FROM
OPERATIONS
|
|
14,927,785
|
|
|
8,053,163
|
|
|
8,986,084
|
Financial expenses,
net
|
|
(1,621,486)
|
|
|
(1,610,337)
|
|
|
(2,827,138)
|
Other income,
net
|
|
208,071
|
|
|
147,108
|
|
|
90,584
|
INCOME BEFORE
INCOME TAX
|
|
13,514,370
|
|
|
6,589,934
|
|
|
6,249,530
|
INCOME
TAX
|
|
(2,129,387)
|
|
|
(691,556)
|
|
|
(926,048)
|
NET
INCOME
|
|
11,384,983
|
|
|
5,898,378
|
|
|
5,323,482
|
LESS: NET INCOME
ATTRIBUTABLE TO NONCONTROLLING INTEREST
|
|
|
|
|
|
|
|
|
1,005,530
|
|
553,067
|
|
499,509
|
NET INCOME
ATTRIBUTABLE TO OSSEN INNOVATION CO.,LTD
AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
10,379,453
|
|
5,345,311
|
|
4,823,973
|
|
|
|
|
|
|
|
|
|
OTHER
COMPREHENSIVE INCOME (LOSS)
|
|
|
|
|
|
|
|
|
Foreign currency
translation gain (loss)
|
|
(6,272,303)
|
|
|
6,606,207
|
|
|
(6,975,100)
|
TOTAL OTHER
COMPREHENSIVE INCOME (LOSS)
|
|
(6,272,303)
|
|
|
6,606,207
|
|
|
(6,975,100)
|
COMPREHENSIVE
INCOME/(LOSS)
|
$
|
4,107,150
|
|
$
|
11,951,518
|
|
$
|
(2,151,127)
|
|
|
|
|
|
|
|
|
|
EARNINGS PER
ORDINARY SHARE
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
$
|
0.52
|
|
$
|
0.27
|
|
$
|
0.24
|
WEIGHTED AVERAGE
ORDINARY SHARES OUTSTANDING
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
19,791,110
|
|
|
19,791,110
|
|
|
19,804,164
|
OSSEN INNOVATION
CO., LTD AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF
SHAREHOLDER'S EQUITY
FOR THE YEARS
ENDED DECEMBER 31, 2018, 2017 AND 2016
|
|
|
Total Ossen
Innovation Co., Ltd. Shareholders' Equity
|
|
Ordinary
Shares
|
|
|
Additional
Paid-in
|
|
|
|
|
|
|
|
Accumulated
Other
|
|
|
|
|
|
Retained
|
|
|
Non
Controlling
|
|
|
Total
|
|
$0.01 Par
Value
|
|
|
Capital
|
|
Treasury
stock
|
|
|
Comprehensive
Income/(loss)
|
|
|
Statutory
Reserve
|
|
|
Earnings
|
|
|
Interest
|
|
|
|
|
Shares
|
|
Amount
|
|
|
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January
1, 2016
|
20,000,000
|
|
|
200,000
|
|
|
33,971,455
|
|
(171,210)
|
|
|
(155,343)
|
|
|
2,596,227
|
|
|
5,631,373
|
|
|
50,258,265
|
|
|
11,632,245
|
|
|
104,134,222
|
Net income
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
4,823,973
|
|
|
499,509
|
|
|
5,323,482
|
Transfer to statutory
reserve
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
491,649
|
|
|
(491,649)
|
|
|
|
|
|
-
|
Common shares
repurchase
|
-
|
|
|
-
|
|
|
-
|
|
(37,680)
|
|
|
(36,810)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
|
|
(36,810)
|
Foreign currency
translation adjustment
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
(6,975,100)
|
|
|
-
|
|
|
-
|
|
|
|
|
|
(6,975,100)
|
Balance at
December 31, 2016
|
20,000,000
|
|
$
|
200,000
|
|
$
|
33,971,455
|
|
(208,890)
|
|
$
|
(192,153)
|
|
$
|
(4,378,873)
|
|
$
|
6,123,022
|
|
$
|
54,590,589
|
|
$
|
12,131,754
|
|
$
|
102,445,794
|
Net income
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
5,345,311
|
|
|
553,067
|
|
|
5,898,378
|
Transfer to statutory
reserve
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
549,232
|
|
|
(549,232)
|
|
|
|
|
|
-
|
Foreign currency
translation adjustment
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
6,606,207
|
|
|
-
|
|
|
-
|
|
|
|
|
|
6,606,207
|
Balance at
December 31, 2017
|
20,000,000
|
|
$
|
200,000
|
|
$
|
33,971,455
|
|
(208,890)
|
|
$
|
(192,153)
|
|
$
|
2,227,334
|
|
$
|
6,672,254
|
|
$
|
59,386,668
|
|
$
|
12,684,821
|
|
$
|
114,950,379
|
Net income
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
10,379,453
|
|
|
1,005,530
|
|
|
11,384,983
|
Transfer to statutory
reserve
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1,092,559
|
|
|
(1,092,559)
|
|
|
|
|
|
-
|
Foreign currency
translation adjustment
|
-
|
|
|
-
|
|
|
-
|
|
-
|
|
|
-
|
|
|
(6,272,303)
|
|
|
-
|
|
|
-
|
|
|
|
|
|
(6,272,303)
|
Balance at
December 31, 2018
|
20,000,000
|
|
$
|
200,000
|
|
$
|
33,971,455
|
|
(208,890)
|
|
$
|
(192,153)
|
|
$
|
(4,044,969)
|
|
$
|
7,764,813
|
|
$
|
68,673,562
|
|
$
|
13,690,351
|
|
$
|
120,063,059
|
OSSEN INNOVATION
CO., LTD. AND
SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS
FOR THE YEARS
ENDED DECEMBER 31, 2018, 2017 AND 2016
|
|
|
|
Year Ended
December 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
2016
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
$
|
11,384,983
|
|
$
|
5,898,378
|
|
$
|
5,323,482
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization
|
|
|
641,647
|
|
|
796,566
|
|
|
883,755
|
Changes in
operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
(Increase)
Decrease In:
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
(8,886,939)
|
|
|
(14,401,465)
|
|
|
5,949,508
|
Inventories
|
|
|
(3,698,453)
|
|
|
12,519,709
|
|
|
1,277,040
|
Advance to
suppliers
|
|
|
1,294,247
|
|
|
(24,551,618)
|
|
|
9,000,804
|
Other current
assets
|
|
|
10,894
|
|
|
(6,023)
|
|
|
745,284
|
Deferred tax
assets
|
|
|
(9,625)
|
|
|
16,440
|
|
|
(27,562)
|
Notes
receivable - bank acceptance notes
|
|
|
-
|
|
|
15,280,381
|
|
|
(7,270,152)
|
Increase
(Decrease) In:
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
(69,973)
|
|
|
(1,144,936)
|
|
|
(394,537)
|
Customer
deposits
|
|
|
(32,524)
|
|
|
180,490
|
|
|
(173,243)
|
Income tax
payable
|
|
|
1,097,171
|
|
|
(144,084)
|
|
|
180,545
|
Other payables
and accrued expenses
|
|
|
(256,258)
|
|
|
2,496,349
|
|
|
70,804
|
Customer deposits -
RPT
|
|
|
4,800,384
|
|
|
-
|
|
|
-
|
Due to related
party
|
|
|
-
|
|
|
(3,912)
|
|
|
(61,883)
|
Due to
shareholder
|
|
|
1,343,760
|
|
|
44,000
|
|
|
25,000
|
Net cash provided
by/ (used in) operating activities
|
|
|
7,619,314
|
|
|
(3,019,725)
|
|
|
15,528,845
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Purchases of
plant and equipment
|
|
|
(72,305)
|
|
|
(37,848)
|
|
|
(17,537)
|
Net cash used in
investing activities
|
|
|
(72,305)
|
|
|
(37,848)
|
|
|
(17,537)
|
|
|
|
|
|
|
|
|
|
|
OSSEN INNOVATION
CO., LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF
CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2018, 2017
AND 2016 (Continued)
|
|
|
|
Year Ended
December 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
2016
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Proceeds from
short-term bank loans
|
|
|
17,900,302
|
|
|
13,497,882
|
|
|
20,422,885
|
Repayments of
short-term bank loans
|
|
|
(17,543,051)
|
|
|
(17,380,550)
|
|
|
(20,068,975)
|
Proceeds from
long-term bank loans
|
|
|
-
|
|
|
-
|
|
|
7,530,007
|
Proceeds from
notes payable-bank acceptance notes
|
|
|
9,063,444
|
|
|
14,662,757
|
|
|
17,846,117
|
Repayment of
notes payable-bank acceptance notes
|
|
|
(10,120,846)
|
|
|
(14,588,702)
|
|
|
(20,029,819)
|
Repurchase of
common share
|
|
|
-
|
|
|
-
|
|
|
(36,810)
|
Repayments of
bond payable
|
|
|
-
|
|
|
-
|
|
|
(15,273,177)
|
Net cash used in
financing activities
|
|
|
(700,151)
|
|
|
(3,808,613)
|
|
|
(9,609,772)
|
|
|
|
|
|
|
|
|
|
|
INCREASE
(DECREASE) IN CASH, CASH
EQUIVALENTS, AND
RESTRICTED CASH
|
|
|
6,846,858
|
|
|
(6,866,186)
|
|
|
5,901,536
|
Effect of
exchange rate changes on cash,
cash equivalents, and
restricted cash
|
|
|
(7,474,935)
|
|
|
8,088,466
|
|
|
(8,573,383)
|
Cash, cash
equivalents and restricted cash
at beginning of
period
|
|
|
8,143,153
|
|
|
6,920,873
|
|
|
9,592,720
|
CASH, CASH
EQUIVALENTS AND
RESTRICTED CASH AT
END OF PERIOD
|
|
$
|
7,515,076
|
|
$
|
8,143,153
|
|
$
|
6,920,873
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTARY CASH
FLOW INFORMATION
|
|
|
|
|
|
|
|
|
|
Cash paid during
the periods:
|
|
|
|
|
|
|
|
|
|
Income taxes
paid
|
|
$
|
1,019,270
|
|
$
|
840,670
|
|
$
|
740,873
|
Interest
paid
|
|
$
|
1,388,283
|
|
$
|
1,397,635
|
|
$
|
2,311,039
|
Non-cash
transactions:
|
|
|
|
|
|
|
|
|
|
Appropriation to
statutory reserve
|
|
$
|
1,092,559
|
|
$
|
549,232
|
|
$
|
491,649
|
View original
content:http://www.prnewswire.com/news-releases/ossen-innovation-announces-full-year-2018-financial-results-300848759.html
SOURCE Ossen Innovation Co., Ltd.