ZHEJIANG, China, March 31, 2016 /PRNewswire/ -- SORL Auto
Parts, Inc. (NASDAQ: SORL) ("SORL" or the "Company"), a
leading manufacturer and distributor of automotive brake systems as
well as other key safety-related auto parts in China, announced today its financial results
for the fourth quarter of 2015 and the year ended December 31, 2015.
Fourth Quarter 2015 Financial Highlights
- Net sales for the 2015 fourth quarter was $56.9 million;
- Gross profit margin was 27.2%;
- Net Income attributable to stockholders was $5.9 million, or $0.31 per diluted share, compared with
$4.3 million, or $0.20 per diluted share in the fourth quarter of
2014;
- Cash, cash equivalents and short-term investments were
$91.2 million with a current ratio of
2.7 to 1 at December 31, 2015.
2015 Full Year Highlights
- Net sales were $218.7 million
compared to SORL's record high of $237.7
million in 2014;
- Gross margin was 27.2% compared with 28.1% a year ago;
- Net income attributable to stockholders for fiscal 2015 was
$13.3 million, or $0.69 per diluted share compared with
$13.8 million, or $0.71 per diluted share, in 2014.
Mr. Xiaoping Zhang, SORL's Chief
Executive Officer and Chairman, stated, "We once again outperformed
the overall commercial vehicle market in China by maintaining profitable operations and
increasing operating cash flow generation in a challenging
environment. Chinese economic growth deceleration in 2015
negatively impacted commercial vehicle sector. While overall
commercial vehicle sales declined by 9.97% in 2015, the medium- and
heavy-duty truck markets sustained double digit reductions in
sales. The decline in real estate development and infrastructure
projects has reduced the demand for new trucks and aftermarket
parts."
"In this environment, we have continued to build our portfolio
of more advanced and higher-margin products to maintain our
leadership position in the commercial vehicle braking market.
Strict cost controls and enhanced production techniques are helping
us maintain our gross margin, among the highest in the industry,"
Mr. Zhang concluded.
Fourth Quarter 2015 Financial Results
For the fourth quarter of 2015, net sales decreased by 10.0% to
$56.9 million from the fourth-quarter
record high of $63.2 million in 2014.
Revenues from the Company's domestic OEM customers were
$25.5 million, a decrease of 7.6%
from $27.6 million in the fourth
quarter of 2014. The lower OEM sales were mainly due to lower sales
of trucks in the fourth quarter of 2015. Total truck sales,
excluding electric- powered vehicles, declined by 15.1% led by a
reduction of 26.0% in the heavy-duty segment. Sales from
China's domestic aftermarket
decreased to $16.0 million, compared
with $18.4 million in the same
quarter of 2014. Aftermarket sales decreased as economic growth
slowed and lower real estate and infrastructure construction
lowered truck traffic reducing the demand for parts. Revenues from
international markets decreased 11.0% to $15.3 million, compared to $17.2 million in the same quarter of 2014 due to
lower commercial vehicle production and currency depreciation in
several overseas markets.
The gross profit for the fourth quarter of 2015 decreased by
12.0% to $15.8 million from
$17.5 million a year ago. Gross
margin was 27.2% compared with 27.7% in the fourth quarter of
2014.
In the fourth quarter of 2015, operating expenses decreased to
$7.8 million from $12.5 million in the same quarter of 2014. The
decrease reflected reduced general and administrative and research
and development expenses partially offset by higher selling
expenses. As a percentage of revenue, operating expenses were 13.8%
in the fourth quarter of 2015, compared with 19.8% in the fourth
quarter of 2014.
- Selling and distribution expenses were $7.4 million, or 13.1% of quarterly revenues,
compared with $5.6 million, or 8.9% a
year ago. The higher selling and distribution expenses were mainly
due to the higher compensation to the sales team for outperforming
the market and increasing the company's market share.
- General and administrative ("G&A") expenses in the fourth
quarter of 2015 were -1.7 million, compared with $5.2 million, or 8.2% a year ago. The reduction
in G&A expenses was mainly due to large amount of aged
receivables was collected in the quarter which reversed bad debt
provisions in the G&A expenses.
- Research and development ("R&D") expenses were $1.5 million in the fourth quarter of 2015
compared with $1.7 million in the
fourth quarter of 2014. As a percentage of revenue, R&D
expenses were 2.7% in the fourth quarter of 2015 compared with 2.6%
of revenue in the fourth quarter of 2014.
Financial expenses were $0.4
million, compared with $0.4
million in the fourth quarter of 2014.
Income before income taxes was $6.2
million for the fourth quarter of 2015, including a
$3.2 million loss on the sale of a
subsidiary, compared to $5.7 million
for the same quarter of 2014. The increase in income before income
taxes reflected lower operating expenses during the fourth quarter
of 2015 compared to the fourth quarter of 2014. The pretax income
margin was 11.0% in the fourth quarter of 2015, compared with 9.0%
in the fourth quarter of 2014.
The provision for income taxes was $0.2
million in the fourth quarter of 2015 from $1.3 million in the fourth quarter of last
year.
Net income attributable to stockholders for the fourth quarter
of 2015 was $5.9 million, or
$0.31 per basic and diluted share,
compared with $4.0 million, or
$0.20 per basic and diluted share a
year ago.
Full Year 2015 Financial Results
SORL's net sales for the fiscal year ended December 31, 2015 decreased 8.0% to $218.7 million from last year's record yearly
high of $237.7 million in 2014.
For the fiscal year ended December 31,
2015, the Company's sales to domestic OEM market decreased
by 10.9% to $99.9 million from
$112.1 million in 2014. The 'pre-buy'
of the less expensive Chinese commercial vehicles compatible with
the National III emission standard resulted in higher sales during
2014, before the nationwide enforcement of the more stringent and
more expensive National IV emission standard on January 1, 2015. The reduction in sales in the
second half of 2015 was due to a growing number of localities
requiring commercial vehicles to comply with the National IV
emission standard. Aftermarket sales decreased by 6.3% to
$57.7 million from $61.6 million in the 2014 year. Lower real estate
and infrastructure construction resulted in less truck traffic,
especially heavy-duty trucks, requiring fewer replacement parts.
International sales decreased by 4.7% to $61.0 million compared with $64.0 million last year as truck production
declined and currencies depreciated in certain foreign markets.
SORL's gross profit decreased 11.2% to $59.4 million in 2015 from $66.9 million in 2014 due to the decrease in
sales. Gross margin was 27.2% compared with 28.1% in 2014.
SORL's operational expenses decreased to $44.7 million in 2015 from $49.3 million in 2014.
- Selling expenses decreased by approximately $1.0 million compared with 2014 primarily due to
decreased freight and packaging expenses. As a percentage of sales
revenue, selling expenses were 10.4% for the year ended
December 31, 2015 compared with 10.0%
in 2014.
- G&A expenses decreased by $3.9
million in 2015 mainly due to lower sales. G&A expenses
decreased to 6.4% of sales revenue for the year ended December 31, 2015, as compared to 7.6% for the
2014 year. The decrease in G&A expenses was mainly due to
the successful collection of aged receivables which reversed total
bad debt provision account under the G&A expenses.
- R&D costs decreased by $0.2
million from 2014 as SORL continued to build new products
and advance traditional technologies. The Company's focus was on
developing electronically controlled products to enhance braking
performance in 2015 especially as the Company expands its global
presence. As a percentage of sales revenue, R&D expenses were
3.3% for the year ended December 31,
2015 compared with 3.2% in the 2014 year.
Financial expenses increased to $1.3
million from $1.1 million in
2014, mainly due to higher short term bank loans.
Income before provision for income taxes was $16.6 million in 2015 including a $3.2 million loss from the sale of a subsidiary,
compared with $18.0 million in 2014.
The pretax income margin was 7.6% in both periods.
The provision for income taxes was $2.0
million, or a 13.0% tax rate in 2015, as compared to
$2.9 million, or a 15.9% tax rate in
2014.
The net income attributable to stockholders in 2015 was
$13.3 million, compared with
$13.8 million in 2014. Earnings per
share, both basic and diluted, for the full year ended December 31, 2015 and 2014, were $0.69 and $0.71 per
share, respectively.
Balance Sheet
As of December 31, 2015, the
Company had cash, cash equivalents, and short-term investments of
$91.2 million compared to
$48.8 million on December 31, 2014. Inventory was $73.7 million compared to $84.2 million on December
31, 2014. Short term bank loans were $23.4 million compared to $9.5 million on December
31, 2014. Total equity increased to $222.4 million at December
31, 2015 compared with $220.2
million at December 31, 2014.
On December 31, 2015, working capital
was $169.8 million with a current
ratio of 2.7 to 1. Net cash flow from operating activities
increased to $39.3 million from
$22.6 million in 2014.
Recent Events
The Special Committee of its Board of Directors received a
letter from Mr. Xiaoping Zhang,
Chairman and Chief Executive Officer of the Company, Ms.
Shuping Chi and Mr. Xiaofeng Zhang, directors of the Company
(collectively, the "Consortium Members") that they are withdrawing
the non-binding going private proposal dated October 30, 2015. The Consortium Members stated
in the letter that due to concerns over recent market conditions,
they had determined not to proceed with the Proposal.
Business Outlook
For the fiscal year 2016, management expects net sales to be
approximately $200 million and net
income to be approximately $11.5
million. These targets are based on the Company's current
views on the operating and market conditions, which are subject to
change.
"We remain cautiously optimistic, although the recent strength
in the heavy-duty truck and excavator markets may signal the
beginning of higher construction spending which will increase the
need for our products. We continue to build our product portfolio
to capture market share in China,
the second largest commercial vehicle market globally, even as we
expand overseas. We also continue to focus on reducing our costs to
ensure we are cost leaders in a competitive market environment,"
Ms. Jinrui Yu, SORL's Chief
Operating Officer, stated.
Conference Call
Management will host a conference call on Thursday, March 31, 2016 at 8:00 A.M. EDT/ 8:00
P.M. Beijing Time to discuss its 2015 fourth quarter and
year end results. Listeners may access the call by dialing U.S.
toll free
number +1-877-407-0778 and +1-201-689-8565 for
international callers, and Mainland China toll free
+86-400-120-2840. A live web cast of the conference call will also
be available at http://www.sorl.cn.
A replay of the call will be available shortly after the
conference call through 11:59 P.M. EDT on May 1, 2016, or 0:59
A.M. Beijing Time on May 2,
2016. The replay dial-in numbers are: U.S. toll free
number +1-877-660-6853 or the international
number +1-201-612-7415; using Conference ID "13633689" to
access the replay.
About SORL Auto Parts, Inc.
As a global tier one supplier of brake and control systems to
the commercial vehicle industry, SORL Auto Parts, Inc. is the
market leader for commercial vehicles brake systems, such as trucks
and buses in China. The Company
distributes products both within China and internationally under the SORL
trademark. SORL is listed among the top 100 auto component
suppliers in China, with a product
range that includes 65 categories with over 2000 specifications in
brake systems and others. The Company has four authorized
international sales centers in UAE, India, the United
States and Europe. SORL is
working to establish a broader global sales network. For more
information, please visit http://www.sorl.cn.
Safe Harbor Statement
This press release may include certain statements that are not
descriptions of historical facts, but are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements can be identified by
the use of forward-looking terminology such as "expects,"
"anticipates," "believes," "targets," "goals," "projects,"
"intends," "plans," "seeks," "estimates," "may," "will," "should"
or similar expressions. For example, when the Company describes the
evaluation of the preliminary non-binding proposal letter, it is
using forward-looking statements. These forward-looking statements
may also include statements about the Company's proposed
discussions related to its business or growth strategy, which are
subject to change. Such information is based upon expectations of
the Company's management that were reasonable when made, but may
prove to be incorrect. All of such assumptions are inherently
subject to uncertainties and contingencies beyond the Company's
control and upon assumptions with respect to future business
decisions, which are subject to change. The Company does not
undertake to update the forward-looking statements contained in
this press release. These risks and uncertainties may include, but
are not limited to general political, economic and business
conditions which may impact the demand for commercial vehicles or
passenger vehicles in China and
the other significant markets where the Company's products are
sold, uncertainty regarding such political, economic and business
conditions, trends in consumer debt levels and bad debt write-offs,
general uncertainty related to possible recessions, natural
disasters, the political stability of China and the impact of any of those events on
demand for commercial or passenger vehicles, changes in consumer
confidence, new product development and introduction, competitive
products and pricing, seasonality, availability of alternative
sources of supply in the case of the loss of any significant
supplier or any supplier's inability to fulfill the Company's
orders, cost of labor and raw materials, the loss of or curtailed
sales to significant customers, the Company's dependence on key
employees and officers, the ability to secure and protect
trademarks, patents and other intellectual property rights,
potential effects of competition in the Company's business, the
dependency of the Company upon the normal operation of its sole
manufacturing facility, potential effect of the economic and
currency instability in China and
countries to which the Company sold its products, the ability of
the Company to successfully manage its expenses on a continuing
basis, the continued availability to the Company of financing and
credit on favorable terms, business disruptions, disease, general
risks associated with doing business in China or other countries including, without
limitation, foreign trade policies, import duties, tariffs, quotas,
political and economic stability, and the other factors discussed
in the Company's Annual Report on Form 10-K and other filings with
the Securities and Exchange Commission. For additional information
regarding known material factors that could cause the Company's
results to differ from its projected results, please see its
filings with the SEC, including its Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.
Copies of filings made with the SEC are available through the SEC's
electronic data gathering analysis retrieval system (EDGAR)
at http://www.sec.gov.
Contact Information
Raymond Lin
+86-139-6777-6556
+86-577-6581-7721
ljf@sorl.com.cn
Phyllis Huang
+86-151-6770-5972
+86-577-6581-7721
phyllis@sorl.com.cn
Investor Relations
sorl@compassbell.com
-Tables Follow -
SORL Auto Parts,
Inc. and Subsidiaries
|
Consolidated
Balance Sheets
|
Audited
|
|
|
December 31,
2015
|
|
December 31,
2014
|
|
|
|
|
|
Assets
|
|
|
|
|
Current
Assets
|
|
|
|
|
Cash and cash
equivalents
|
US$
|
30,230,828
|
US$
|
14,009,597
|
Accounts receivable,
net
|
|
71,823,328
|
|
68,171,387
|
Bank acceptance notes
from customers
|
|
22,870,791
|
|
17,626,704
|
Short-term
investments
|
|
61,007,709
|
|
34,838,757
|
Inventories
|
|
73,661,860
|
|
84,186,766
|
Prepayments,
including $0 and $83,206
due from related parties at December 31,
2015 and 2014, respectively.
|
|
3,350,607
|
|
4,663,002
|
Current portion of
prepaid capital lease
interest
|
|
93,458
|
|
282,280
|
Restricted
cash
|
|
785,999
|
|
-
|
Other current
assets
|
|
1,241,864
|
|
1,282,182
|
Deferred tax
assets
|
|
2,909,729
|
|
1,868,371
|
Total Current
Assets
|
|
267,976,173
|
|
226,929,046
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
37,561,905
|
|
43,550,927
|
Land use rights,
net
|
|
13,232,149
|
|
14,421,729
|
Intangible assets,
net
|
|
23,854
|
|
37,661
|
Security deposits on
lease agreement
|
|
1,759,975
|
|
1,867,719
|
Non-current portion
of prepaid capital
lease interest
|
|
-
|
|
99,180
|
Total Non-Current
Assets
|
|
52,577,883
|
|
59,977,216
|
Total
Assets
|
US$
|
320,554,056
|
US$
|
286,906,262
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
Accounts payable and
bank acceptance
notes to vendors, including $1,113,786
and $136,609 due to related parties at
December 31, 2015 and 2014, respectively.
|
US$
|
35,292,277
|
US$
|
13,867,316
|
Deposits received
from customers
|
|
20,012,087
|
|
19,045,172
|
Short-term bank
loans
|
|
23,367,207
|
|
9,539,476
|
Income tax
payable
|
|
-
|
|
1,101,103
|
Accrued
expenses
|
|
13,870,587
|
|
13,561,163
|
Current portion of
capital lease obligations
|
|
3,519,949
|
|
3,735,438
|
Other current
liabilities, including $0 and
$17,681 due to related parties at
December 31, 2015 and 2014,
respectively.
|
|
2,067,449
|
|
2,131,527
|
Total
Current Liabilities
|
|
98,129,556
|
|
62,981,195
|
|
|
|
|
|
Non-Current
Liabilities
|
|
|
|
|
Non-current portion
of capital lease
obligations
|
|
-
|
|
3,735,437
|
Total Non-Current
Liabilities
|
|
-
|
|
3,735,437
|
Total
Liabilities
|
|
98,129,556
|
|
66,716,632
|
|
|
|
|
|
Equity
|
|
|
|
|
Preferred stock - no
par value; 1,000,000
authorized; none issued and outstanding
as of December 31, 2015 and 2014
|
|
-
|
|
-
|
Common stock - $0.002
par value; 50,000,000 authorized,
|
|
|
|
|
19,304,921 issued and
outstanding as of
|
|
|
|
|
December 31, 2015 and
December 31, 2014
|
|
38,609
|
|
38,609
|
Additional paid-in
capital
|
|
42,199,014
|
|
42,199,014
|
Reserves
|
|
13,207,972
|
|
12,019,532
|
Accumulated other
comprehensive income
|
|
15,662,639
|
|
27,516,206
|
Retained
earnings
|
|
129,055,099
|
|
116,935,053
|
Total SORL Auto
Parts, Inc. Stockholders' Equity
|
|
200,163,333
|
|
198,708,414
|
Non-controlling
Interest In Subsidiaries
|
|
22,261,167
|
|
21,481,216
|
Total
Equity
|
|
222,424,500
|
|
220,189,630
|
Total Liabilities
and Equity
|
US$
|
320,554,056
|
US$
|
286,906,262
|
SORL Auto Parts,
Inc. and Subsidiaries
|
Consolidated
Statements of Income and Comprehensive Income
|
For Years Ended on
December 31, 2015 and 2014 Audited
|
|
|
2015
|
|
2014
|
|
|
|
|
|
Sales
|
US$
|
218,656,886
|
US$
|
237,654,865
|
Include: sales to
related parties
|
|
7,781,763
|
|
1,618,349
|
Cost of
sales
|
|
159,246,468
|
|
170,793,868
|
Gross
profit
|
|
59,410,418
|
|
66,860,997
|
|
|
|
|
|
Expenses:
|
|
|
|
|
Selling and
distribution expenses
|
|
22,681,469
|
|
23,676,176
|
General and
administrative expenses
|
|
14,100,715
|
|
18,011,110
|
Impairment on
long-lived assets
|
|
561,847
|
|
-
|
Research and
development expenses
|
|
7,358,563
|
|
7,601,342
|
Total operating
expenses
|
|
44,702,594
|
|
49,288,628
|
|
|
|
|
|
Other operating
income
|
|
3,204,286
|
|
2,270,147
|
|
|
|
|
|
Loss on disposal of
subsidiary
|
|
(3,170,821)
|
|
-
|
|
|
|
|
|
Income from
operations
|
|
14,741,289
|
|
19,842,516
|
|
|
|
|
|
Interest
income
|
|
1,102,447
|
|
-
|
Government
grants
|
|
768,607
|
|
301,572
|
Other
income
|
|
2,217,204
|
|
304,540
|
Interest
expenses
|
|
(1,269,091)
|
|
(1,119,250)
|
Other
expenses
|
|
(1,000,613)
|
|
(1,632,869)
|
|
|
|
|
|
Income before
provision for income taxes
|
|
16,559,843
|
|
18,040,398
|
|
|
|
|
|
Provision for income
taxes
|
|
2,034,776
|
|
2,872,912
|
|
|
|
|
|
Net income
|
US$
|
14,525,067
|
US$
|
15,167,486
|
|
|
|
|
|
Net income
attributable to non-controlling interest In
subsidiaries
|
|
1,216,581
|
|
1,366,456
|
|
|
|
|
|
Net income
attributable to common stockholders
|
US$
|
13,308,486
|
US$
|
13,801,030
|
|
|
|
|
|
Comprehensive
income:
|
|
|
|
|
|
|
|
|
|
Net income
|
US$
|
14,525,067
|
US$
|
15,167,486
|
Foreign currency
translation adjustments
|
|
(13,194,113)
|
|
5,518,183
|
Comprehensive
income
|
|
1,330,954
|
|
20,685,669
|
Comprehensive income
attributable to non-controlling
interest in subsidiaries
|
|
(123,965)
|
|
1,834,153
|
Comprehensive income
attributable to common
shareholders
|
US$
|
1,454,919
|
US$
|
18,851,516
|
|
|
|
|
|
Weighted average
common share - basic
|
|
19,304,921
|
|
19,304,921
|
|
|
|
|
|
Weighted average
common share - diluted
|
|
19,304,921
|
|
19,304,921
|
|
|
|
|
|
EPS -
basic
|
US$
|
0.69
|
US$
|
0.71
|
|
|
|
|
|
EPS -
diluted
|
US$
|
0.69
|
US$
|
0.71
|
SORL Auto Parts,
Inc. and Subsidiaries
|
Consolidated
Statements of Cash Flows
|
For Years Ended
December 31, 2015 and 2014
|
Audited
|
|
|
2015
|
|
2014
|
|
|
|
|
|
Cash Flows From
Operating Activities
|
|
|
|
|
Net Income
|
US$
|
14,525,067
|
US$
|
15,167,486
|
Adjustments to
reconcile net income to net
cash from operating activities
|
|
|
|
|
Allowance for
doubtful accounts
|
|
2,042,952
|
|
2,658,641
|
Depreciation and
amortization
|
|
7,409,441
|
|
7,386,953
|
Deferred income
tax
|
|
(1,183,270)
|
|
(431,640)
|
(Gain) or loss on
disposal of property and
equipment
|
|
(47,556)
|
|
53,052
|
Write-down of
inventory
|
|
-
|
|
139,572
|
Loss on disposal of
subsidiary
|
|
3,170,821
|
|
-
|
Impairment on
long-lived assets
|
|
561,847
|
|
-
|
|
|
|
|
|
Changes in assets
and liabilities:
|
|
|
|
|
Account
receivable
|
|
(10,617,554)
|
|
(11,017,981)
|
Bank acceptance notes
from customers
|
|
(6,446,881)
|
|
3,067,636
|
Other currents
assets
|
|
(412,073)
|
|
1,200,416
|
Inventories
|
|
5,100,033
|
|
(5,836,031)
|
Prepayments
|
|
299,376
|
|
(776,251)
|
Prepaid capital lease
interest
|
|
273,896
|
|
459,134
|
Accounts payable and
bank acceptance notes to
vendors
|
|
22,657,753
|
|
211,449
|
Income tax
payable
|
|
(1,372,293)
|
|
585,087
|
Deposits received
from customers
|
|
2,126,933
|
|
4,670,996
|
Other current
liabilities and accrued
expenses
|
|
1,225,759
|
|
5,022,675
|
Net Cash Flows
Provided By (Used In) Operating
Activities
|
|
39,314,251
|
|
22,561,194
|
|
|
|
|
|
Cash Flows From
Investing Activities
|
|
|
|
|
Change in short-term
investments
|
|
(29,015,636)
|
|
(34,371,133)
|
Acquisition of
property and equipment
|
|
(3,062,369)
|
|
(4,003,170)
|
Proceeds of disposal
of property and
equipment
|
|
47,571
|
|
63,460
|
Change in restricted
cash
|
|
(809,344)
|
|
-
|
Cash paid for
disposal of subsidiary
|
|
(99,915)
|
|
-
|
Net Cash Flows
Used In Investing Activities
|
|
(32,939,693)
|
|
(38,310,843)
|
|
|
|
|
|
Cash Flows From
Financing Activities
|
|
|
|
|
Proceeds from bank
loans
|
|
38,313,044
|
|
34,318,277
|
Repayment of bank
loans
|
|
(24,218,204)
|
|
(29,524,282)
|
Repayment of capital
lease
|
|
(3,624,493)
|
|
(3,685,299)
|
Net Cash Flows
Provided By Financing
Activities
|
|
10,470,347
|
|
1,108,696
|
|
|
|
|
|
Effects on changes in
foreign exchange rate
|
|
(623,674)
|
|
408,566
|
|
|
|
|
|
Net change in cash
and cash equivalents
|
|
16,221,231
|
|
(14,232,387)
|
|
|
|
|
|
Cash and cash
equivalents- beginning of the
year
|
|
14,009,597
|
|
28,241,983
|
|
|
|
|
|
Cash and cash
equivalents - end of the year
|
US$
|
30,230,828
|
US$
|
14,009,596
|
|
|
|
|
|
|
|
|
|
|
Supplemental Cash
Flow Disclosures:
|
|
|
|
|
Interest
paid
|
US$
|
1,108,388
|
US$
|
1,135,177
|
Income taxes
paid
|
US$
|
4,590,244
|
US$
|
2,714,779
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/sorl-auto-parts-reports-the-fourth-quarter-and-fiscal-year-2015-results-300244006.html
SOURCE SORL Auto Parts, Inc.