WUHAN, China, Aug. 13, 2014 /PRNewswire-FirstCall/ -- China
Automotive Systems, Inc. ("CAAS" or the "Company") (NASDAQ:
CAAS), a leading power steering components and systems supplier
in China, today announced its
unaudited financial results for the second quarter and six months
ended June 30, 2014.
Second Quarter 2014 Highlights
- Net sales increased by 18.0% to a second-quarter record of
$115.5 million, compared to
$97.9 million in the second quarter
of 2013.
- Gross margin was 18.7%, compared to 18.8% in the second quarter
of 2013 and 18.7% in the first quarter of 2014.
- Operating margin was 14.3%, compared to 8.0% in the second
quarter of 2013 and 8.5% in the first quarter of 2014.
- Net income attributable to parent company's common shareholders
was $11.0 million, or diluted
earnings per share of $0.39, compared
to net income attributable to parent company's common shareholders
of $5.0 million, or diluted earnings
per share of $0.18, in the second
quarter of 2013.
- Cash and cash equivalents and short-term investments were
$94.2 million and $89.5 million as of June
30, 2014 and December 31,
2013, respectively.
First Six Months of 2014 Highlights
- Net sales increased by 17.8% to a six-month record high of
$229.8 million, compared to
$195.1 million in the first six
months of 2013.
- Gross profit increased by 13.7% to $42.9
million, compared to $37.8
million in the first six months of 2013; gross margin was
18.7% in the first six months of 2014, compared to 19.4% in the
same period last year.
- Operating margin was 11.4%, compared to 8.8% in the first six
months of 2013.
- Diluted earnings per share attributable to parent company's
common shareholders was $0.63,
compared to $0.39 in the first six
months of 2013.
Mr. Qizhou Wu, chief executive
officer of CAAS, commented, "We are pleased to report that sales
grew by 18.0% in the second quarter of 2014 compared with the
second quarter of 2013. Sales set a new second-quarter record as
they exceeded the $100 million mark
for the first time. We continued to capture market share in the
growing passenger vehicle market in China, especially with our joint venture brand
customers, and sales continued to grow in the North American
market."
"Sales to North America
increased by 10.2% compared to the same period last year. Our key
customer, Chrysler, reported its 51st consecutive month
of year-over-year sales gains in June
2014. The JeepĀ® brand reported that June 2014's sales were
the highest June sales in its history. Jeep's 28% sales growth in
June was the highest rate among all of Chrysler's segments in
June 2014. RAMĀ® pickup truck sales
increased by 12% in June, its highest June sales in the last 10
years."
"We remain confident that we have the range of high-quality
steering products, and the ability to quickly create new steering
models such as our expanding line of electric power steering, to
further improve our leading market share in China."
Mr. Jie Li, chief financial
officer of CAAS, commented, "We generated positive cash flow from
operations as we sold more units in China and North
America. With our strong financial condition, CAAS announced
its first-ever cash dividend of US$0.18 per share in the second quarter of 2014
and it was paid in July. We continue to strengthen our financial
resources to support the expansion of our operations and introduce
new products to increase our growth. We are updating established
products and expanding our portfolio of new technology products,
especially our electric power steering offerings, to improve our
growth opportunities. We have increased our operating expenses more
slowly than sales in the second quarter to control costs. We
continue to focus our product development and operations to further
penetrate China and North America, the two largest vehicle markets
in the world."
Second Quarter of 2014
In the second quarter of 2014, net sales increased by 18.0% to a
second-quarter record of $115.5
million, compared to $97.9
million in the same quarter of 2013. The net sales increase
was mainly due to higher sales of passenger vehicles in
China and North America. Sales of certain new products
such as mid-level electric power steering ("EPS") units and
upgraded legacy products expanded the Company's market share in
China.
Gross profit increased by 17.4% to $21.6
million in the second quarter of 2014, compared to
$18.4 million in the second quarter
of 2013. The gross margin was 18.7% in the second quarter of 2014,
versus 18.8% in the second quarter of 2013 and 18.7% in the first
quarter of 2014. The gross profit mainly increased due to the
greater volume of units sold.
Selling expenses increased by 13.9% to $4.3 million in the second quarter of 2014,
compared to $3.8 million in the
second quarter of 2013. Selling expenses represented 3.7% of net
sales in the second quarter of 2014, compared to 3.9% in the second
quarter of 2013. The increase was mainly due to higher warehousing,
transporting and travel expenses related to the higher volume
sold.
General and administrative expenses ("G&A expenses")
increased by 17.4% to $3.8 million in
the second quarter of 2014, compared to $3.2
million in the same quarter of 2013. The increase was mainly
due to higher personnel costs. G&A expenses represented 3.3% of
net sales in both the second quarter of 2014 and the second quarter
of 2013.
Research and development expenses ("R&D expenses") increased
by 12.2% to $5.2 million in the
second quarter of 2014, compared to $4.6
million in the second quarter of 2013. The increase in
R&D expenses was mainly due to higher expenditures for the
development of our EPS products, and included higher
personnel-related expenses and mold improvement expenses. R&D
expenses represented 4.5% of net sales in the second quarter of
2014, which was a decrease from 4.7% in the second quarter of
2013.
Income from operations increased by 111.5% to $16.5 million in the second quarter of 2014,
compared to $7.8 million in the same
quarter of 2013. The increase in income from operations was
primarily due to higher gross profit, and a $7.5 million gain on other sales mainly from the
sales of idle land use rights. As a percentage of net sales, the
operating margin was 14.3% in the second quarter of 2014, compared
to 8.0% in the second quarter of 2013.
Net financial expenses in the second quarter of 2014 were nil
compared with expense of $0.1 million
in the second quarter of 2013. The decrease was mainly due lower
interest income from a decline in time deposits, and an increase in
gain on foreign currency exchange.
Income before income tax expenses and equity in earnings of
affiliated companies was $16.6
million in the second quarter of 2014, compared to
$7.7 million in the second quarter of
2013. The increase of $8.9 million in
the second quarter of 2014 was mainly due to an increase in
operating income of $8.7 million.
Net income attributable to parent company's common shareholders
was $11.0 million in the second
quarter of 2014, compared to net income attributable to parent
company's common shareholders of $5.0
million in the corresponding quarter of 2013. Diluted
earnings per share were $0.39 in the
second quarter of 2014, compared to diluted earnings per share of
$0.18 in the second quarter of 2013.
The weighted average number of diluted common shares outstanding
was 28,064,376 in the second quarter of 2014, compared to
28,048,789 in the second quarter of 2013.
First Six Months of 2014
Net sales increased by 17.8% to a six-month record high of
$229.8 million, compared to
$195.1 million in the first six
months of 2013. Six-month gross profit was $42.9 million, compared to $37.8 million in the corresponding period last
year. Six-month gross margin was 18.7%, compared to 19.4% for the
corresponding period in 2013. The gain on other sales of
$9.1 million in the first six months
of 2014 consisted of income from the sale of idle land use
rights, which represented a pre-tax gain of $7.5 million calculated as the difference between
the selling price and net book value of related land use rights.
Income from operations was $26.3
million, compared to $17.2
million in the first six months of 2013. Operating margin
was 11.4%, compared to 8.8% for the corresponding period of 2013.
Net income attributable to parent company's common shareholders was
$17.8 million in the first six months
of 2014, compared to $10.9 million in
the corresponding period in 2013. Diluted earnings per share were
$0.63 in the first six months of
2014, compared to diluted earnings per share of $0.39 for the corresponding period in 2013.
As of June 30, 2014, total cash
and cash equivalents and short-term investments were $94.2 million, compared to $89.5 million as of December 31, 2013. Working capital was
$181.9 million as of June 30, 2014, compared to $179.3 million as of December 31, 2013. Cash flow from operations was
$7.7 million for the six months ended
June 30, 2014. Total parent company
stockholders' equity was $237.4
million as of June 30, 2014,
compared to $226.7 million as of
December 31, 2013.
Business Outlook
Management reiterates its revenue guidance of 15% year-over-year
growth for the full year 2014. This target is based on the
Company's current views on operating and market conditions, which
are subject to change.
Conference Call
Management will conduct a conference call on August 13, 2014 at 8:00
A.M. EDT/8:00 P.M. Beijing
Time to discuss these results. A question and answer session will
follow management's presentation. To participate, please call
the following numbers 10 minutes before the call start time and ask
to be connected to the "China Automotive Systems" conference
call:
Phone Number: +1-877-407-8031 (North
America)
Phone Number: +1-201-689-8031 (International)
A telephone replay of the call will be available after the
conclusion of the conference call through 11:59 P.M. EDT on September 16, 2014. The dial-in details for the
replay are:
U.S. Toll Free Number +1-877-660-6853
International dial-in number +1-201-612-7415
Use Conference ID "13587802" to access the replay.
About China Automotive Systems, Inc.
Based in Hubei Province,
the People's Republic of China,
China Automotive Systems, Inc. is a leading supplier of power
steering components and systems to the Chinese automotive industry,
operating through eight Sino-foreign joint ventures. The Company
offers a full range of steering system parts for passenger
automobiles and commercial vehicles. The Company currently offers
four separate series of power steering with an annual production
capacity of over 4.5 million sets of steering gears, columns and
steering hoses. Its customer base is comprised of leading auto
manufacturers, such as China FAW Group, Corp., Dongfeng Auto Group
Co., Ltd., BYD Auto Company Limited, Beiqi Foton Motor Co., Ltd.
and Chery Automobile Co., Ltd. in China, and Chrysler N.A. in North America. For more information, please
visit: http://www.caasauto.com.
Forward-Looking Statements
This press release contains statements that are "forward-looking
statements" as defined under the Private Securities Litigation
Reform Act of 1995. Forward-looking statements represent our
estimates and assumptions only as of the date of this press
release. These forward-looking statements include statements
regarding the qualitative and quantitative effects of the
accounting errors, the periods involved, the nature of the
Company's review and any anticipated conclusions of the Company or
its management and other statements that are not historical facts.
Our actual results may differ materially from the results described
in or anticipated by our forward-looking statements due to certain
risks and uncertainties. As a result, the Company's actual results
could differ materially from those contained in these
forward-looking statements due to a number of factors, including
those described under the heading "Risk Factors" in the Company's
Form 10-K annual report filed with the Securities and Exchange
Commission on March 31, 2014, and in
documents subsequently filed by the Company from time to time with
the Securities and Exchange Commission. We expressly disclaim any
duty to provide updates to any forward-looking statements made in
this press release, whether as a result of new information, future
events or otherwise.
For further information, please contact:
Jie Li
Chief Financial Officer
China Automotive Systems, Inc.
Email: jieli@chl.com.cn
Kevin Theiss
Investor Relations
Grayling
Tel: +1-646-284-9409
Email: kevin.theiss@grayling.com
(Tables Follow)
China
Automotive Systems, Inc. and Subsidiaries
Condensed
Unaudited Consolidated Balance Sheets
(In thousands of
USD unless otherwise indicated)
|
|
|
June 30,
2014
|
|
December 31,
2013
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
55,757
|
|
$
|
53,979
|
Pledged cash
deposits
|
|
|
26,959
|
|
|
33,963
|
Short-term
investments
|
|
|
38,472
|
|
|
35,510
|
Accounts and notes
receivable, net - unrelated parties
|
|
|
285,182
|
|
|
267,639
|
Accounts and notes
receivable, net - related parties
|
|
|
24,658
|
|
|
17,194
|
Advance payments and
others - unrelated parties
|
|
|
2,441
|
|
|
3,156
|
Advance payments and
others - related parties
|
|
|
625
|
|
|
866
|
Inventories
|
|
|
63,308
|
|
|
51,392
|
Assets held for
sale
|
|
|
-
|
|
|
925
|
Current deferred tax
assets
|
|
|
6,032
|
|
|
5,783
|
Total current
assets
|
|
|
503,434
|
|
|
470,407
|
Non-current
assets:
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
83,698
|
|
|
80,018
|
Intangible assets,
net
|
|
|
1,424
|
|
|
686
|
Other receivables,
net - unrelated parties
|
|
|
441
|
|
|
252
|
Other receivables,
net - related parties
|
|
|
61
|
|
|
108
|
Advance payment for
property, plant and equipment - unrelated parties
|
|
|
3,633
|
|
|
3,488
|
Advance payment for
property, plant and equipment - related parties
|
|
|
1,522
|
|
|
2,097
|
Long-term
investments
|
|
|
4,114
|
|
|
4,023
|
Goodwill
|
|
|
642
|
|
|
-
|
Non-current deferred
tax assets
|
|
|
4,660
|
|
|
4,528
|
Total
assets
|
|
$
|
603,629
|
|
$
|
565,607
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Bank and government
loans
|
|
$
|
42,840
|
|
$
|
37,381
|
Accounts and notes
payable - unrelated parties
|
|
|
207,889
|
|
|
198,419
|
Accounts and notes
payable - related parties
|
|
|
4,921
|
|
|
4,634
|
Customer
deposits
|
|
|
1,723
|
|
|
1677
|
Accrued payroll and
related costs
|
|
|
6,201
|
|
|
7,052
|
Accrued expenses and
other payables
|
|
|
43,968
|
|
|
29,062
|
Accrued pension
costs
|
|
|
5,086
|
|
|
4,626
|
Taxes
payable
|
|
|
8,287
|
|
|
7,792
|
Amounts due to
shareholders/directors
|
|
|
376
|
|
|
312
|
Current deferred tax
liabilities
|
|
|
217
|
|
|
117
|
Total current
liabilities
|
|
|
321,508
|
|
|
291,072
|
Long-term
liabilities:
|
|
|
|
|
|
|
Advances
payable
|
|
|
2,867
|
|
|
2,764
|
Non-current deferred
tax liabilities
|
|
|
339
|
|
|
-
|
Total
liabilities
|
|
$
|
324,714
|
|
$
|
293,836
|
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
Common stock, $0.0001
par value - Authorized - 80,000,000 shares; Issuedā 28,260,302 and
28,260,302 shares at June 30, 2014
and December 31, 2013, respectively
|
|
$
|
3
|
|
$
|
3
|
Additional paid-in
capital
|
|
|
34,518
|
|
|
39,565
|
Retained
earnings-
|
|
|
|
|
|
|
Appropriated
|
|
|
10,178
|
|
|
10,048
|
Unappropriated
|
|
|
163,674
|
|
|
146,023
|
Accumulated other
comprehensive income
|
|
|
30,044
|
|
|
32,061
|
Treasury stock ā
217,283 and 217,283 shares at June 30, 2014 and December 31, 2013,
respectively
|
|
|
(1,000)
|
|
|
(1,000)
|
Total parent company
stockholders' equity
|
|
|
237,417
|
|
|
226,700
|
Non-controlling
interests
|
|
|
41,498
|
|
|
45,071
|
Total stockholders'
equity
|
|
|
278,915
|
|
|
271,771
|
Total liabilities and
stockholders' equity
|
|
$
|
603,629
|
|
$
|
565,607
|
China
Automotive Systems, Inc. and Subsidiaries
Condensed
Unaudited Consolidated Statements of Operations and Comprehensive
Income
(Unaudited, in
thousands of USD, except share and per share
amounts)
|
|
|
Three Months Ended
June 30,
|
|
|
2014
|
|
2013
|
Net product sales,
including $14,928 and $9,035 to related parties for the three
months ended June 30, 2014 and 2013
|
|
$
|
115,476
|
|
$
|
97,889
|
Cost of products
sold, including $7,461 and $6,006 purchased from related parties
for the three months ended June 30, 2014 and 2013
|
|
|
93,893
|
|
|
79,500
|
Gross
profit
|
|
|
21,583
|
|
|
18,389
|
Gain on other
sales
|
|
|
8,226
|
|
|
1,058
|
Less: Operating
expenses
|
|
|
|
|
|
|
Selling
expenses
|
|
|
4,327
|
|
|
3,800
|
General and
administrative expenses
|
|
|
3,776
|
|
|
3,217
|
Research and
development expenses
|
|
|
5,180
|
|
|
4,616
|
Total operating
expenses
|
|
|
13,283
|
|
|
11,633
|
Income from
operations
|
|
|
16,526
|
|
|
7,814
|
Other income,
net
|
|
|
139
|
|
|
3
|
Financial income
(expenses), net
|
|
|
(28)
|
|
|
(108)
|
Income before income
tax expenses and equity in earnings of affiliated
companies
|
|
|
16,637
|
|
|
7,709
|
Less: Income
taxes
|
|
|
3,126
|
|
|
1,571
|
Equity in earnings of
affiliated companies
|
|
|
75
|
|
|
68
|
Net income
|
|
|
13,586
|
|
|
6,206
|
Net income
attributable to non-controlling interests
|
|
|
2,580
|
|
|
1,225
|
Net income
attributable to parent company's common shareholders
|
|
$
|
11,006
|
|
$
|
4,981
|
Comprehensive
income:
|
|
|
|
|
|
|
Net income
|
|
$
|
13,586
|
|
$
|
6,206
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
Foreign currency
translation gain (loss), net of tax
|
|
|
(25)
|
|
|
3,436
|
Comprehensive
income
|
|
|
13,561
|
|
|
9,642
|
Comprehensive income
attributable to non-controlling interests
|
|
|
2,576
|
|
|
1,808
|
Comprehensive income
attributable to parent company
|
|
$
|
10,985
|
|
$
|
7,834
|
|
|
|
|
|
|
|
Net income
attributable to parent company's common shareholders per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic ā
|
|
$
|
0.39
|
|
$
|
0.18
|
|
|
|
|
|
|
|
Diluted-
|
|
$
|
0.39
|
|
$
|
0.18
|
Weighted average
number of common shares outstanding
|
|
|
|
|
|
|
Basic
|
|
|
28,043,019
|
|
|
28,043,019
|
Diluted
|
|
|
28,064,376
|
|
|
28,048,789
|
China
Automotive Systems, Inc. and Subsidiaries
Condensed
Unaudited Consolidated Statements of Operations and Comprehensive
Income
(In thousands of
USD, except share and per share amounts)
|
|
|
Six Months Ended June
30,
|
|
|
2014
|
|
2013
|
Net product sales,
including $26,738 and $17,178 to related parties for the six months
ended June 30, 2014 and 2013
|
|
$
|
229,782
|
|
$
|
195,052
|
Cost of products
sold, including $14,652 and $12,671 purchased from related parties
for the six months ended June 30, 2014 and 2013
|
|
|
186,861
|
|
|
157,302
|
Gross
profit
|
|
|
42,921
|
|
|
37,750
|
Gain on other
sales
|
|
|
9,135
|
|
|
1,732
|
Less: Operating
expenses
|
|
|
|
|
|
|
Selling
expenses
|
|
|
7,369
|
|
|
6,964
|
General and
administrative expenses
|
|
|
7,322
|
|
|
7,343
|
Research and
development expenses
|
|
|
11,068
|
|
|
8,016
|
Total operating
expenses
|
|
|
25,759
|
|
|
22,323
|
Income from
operations
|
|
|
26,297
|
|
|
17,159
|
Other income,
net
|
|
|
378
|
|
|
73
|
Financial income
(expenses), net
|
|
|
186
|
|
|
(309)
|
Income before income
tax expenses and equity in earnings of affiliated
companies
|
|
|
26,861
|
|
|
16,923
|
Less: Income
taxes
|
|
|
5,101
|
|
|
3,317
|
Equity in earnings of
affiliated companies
|
|
|
137
|
|
|
126
|
Net income
|
|
|
21,897
|
|
|
13,732
|
Net income
attributable to non-controlling interests
|
|
|
4,116
|
|
|
2,811
|
Net income
attributable to parent company's common shareholders
|
|
$
|
17,781
|
|
$
|
10,921
|
Comprehensive
income:
|
|
|
|
|
|
|
Net income
|
|
$
|
21,897
|
|
$
|
13,732
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
Foreign currency
translation gain (loss), net of tax
|
|
|
(2,422)
|
|
|
4,048
|
Comprehensive
income
|
|
|
19,475
|
|
|
17,780
|
Comprehensive income
attributable to non-controlling interests
|
|
|
3,712
|
|
|
3,497
|
Comprehensive income
attributable to parent company
|
|
$
|
15,763
|
|
$
|
14,283
|
|
|
|
|
|
|
|
Net income
attributable to parent company's common shareholders per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic ā
|
|
$
|
0.63
|
|
$
|
0.39
|
|
|
|
|
|
|
|
Diluted-
|
|
$
|
0.63
|
|
$
|
0.39
|
Weighted average
number of common shares outstanding
|
|
|
|
|
|
|
Basic
|
|
|
28,043,019
|
|
|
28,043,019
|
Diluted
|
|
|
28,063,939
|
|
|
28,049,863
|
China Automotive
Systems, Inc. and Subsidiaries
|
Condensed
Unaudited Consolidated Statements of Cash
Flows
|
(In thousands of
USD unless otherwise indicated)
|
|
Six Months Ended
June 30,
|
|
2014
|
|
2013
|
Cash flows from
operating activities:
|
|
|
|
|
|
Net
income
|
$
|
21,897
|
|
$
|
13,732
|
Adjustments to
reconcile net income from operations to net cash provided by
operating activities:
|
|
|
|
|
|
Depreciation and
amortization
|
|
7,751
|
|
|
7,218
|
Increase (decrease)
in allowance for doubtful accounts
|
|
121
|
|
|
(106)
|
Inventory write
downs
|
|
1,922
|
|
|
277
|
Deferred income
taxes
|
|
(413)
|
|
|
(143)
|
Equity in earnings of
affiliated companies
|
|
(128)
|
|
|
(126)
|
Amortization of debt
issue cost
|
|
-
|
|
|
57
|
Gain on fixed assets
disposals
|
|
(7,506)
|
|
|
(165)
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
(Increase) decrease
in:
|
|
|
|
|
|
Pledged
deposits
|
|
6,695
|
|
|
4,306
|
Accounts and notes
receivable
|
|
(25,139)
|
|
|
(32,734)
|
Advance payments and
others
|
|
1,038
|
|
|
(219)
|
Inventories
|
|
(7,461)
|
|
|
(4,211)
|
Increase (decrease)
in:
|
|
|
|
|
|
Accounts and notes
payable
|
|
7,948
|
|
|
9,689
|
Customer
deposits
|
|
57
|
|
|
(106)
|
Accrued payroll and
related costs
|
|
(790)
|
|
|
73
|
Accrued expenses and
other payables
|
|
191
|
|
|
2,679
|
Accrued pension
costs
|
|
502
|
|
|
44
|
Taxes
payable
|
|
1,007
|
|
|
(66)
|
Advances
payable
|
|
-
|
|
|
(32)
|
Net cash provided by
operating activities
|
|
7,692
|
|
|
167
|
Cash flows from
investing activities:
|
|
|
|
|
|
Increase in other
receivables
|
|
636
|
|
|
(212)
|
Cash received from
property, plant and equipment sales
|
|
6,777
|
|
|
1,557
|
Payments to acquire
property, plant and equipment
|
|
(8,194)
|
|
|
(5,565)
|
Payments to acquire
intangible assets
|
|
(5)
|
|
|
(60)
|
Purchase of
short-term investments
|
|
(15,882)
|
|
|
(15,376)
|
Proceeds from
maturities of short-term investments
|
|
12,597
|
|
|
-
|
Acquisition of Fujian
Qiaolong, net of cash acquired
|
|
(2,976)
|
|
|
-
|
Net cash used in
investing activities
|
|
(7,047)
|
|
|
(19,656)
|
Cash flows from
financing activities:
|
|
|
|
|
|
Proceeds from
government and bank loan
|
|
6,774
|
|
|
14,111
|
Repayments of bank
loan
|
|
(3,251)
|
|
|
(8,069)
|
Dividends paid to the
non-controlling interests
|
|
(1,985)
|
|
|
(405)
|
Increase (decrease)
in amounts due to shareholders/directors
|
|
69
|
|
|
(40)
|
Net cash provided by
financing activities
|
|
1,607
|
|
|
5,597
|
Effects of exchange
rate on cash and cash equivalents
|
|
(474)
|
|
|
1,513
|
Net increase
(decrease) in cash and cash equivalents
|
|
1,778
|
|
|
(12,379)
|
Cash and cash
equivalents at beginning of period
|
|
53,979
|
|
|
87,649
|
Cash and cash
equivalents at end of period
|
$
|
55,757
|
|
$
|
75,270
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
|
|
Six Months
Ended
June 30,
|
|
2014
|
|
2013
|
Cash paid for
interest
|
$
|
603
|
|
$
|
739
|
Cash paid for income
taxes
|
$
|
3,109
|
|
$
|
2,029
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF NON-CASH INVESTING AND FINANCING
ACTIVITIES:
|
|
|
|
|
Six Months
Ended
June 30,
|
|
2014
|
|
2013
|
Advance payments for
acquiring property, plant and equipment
|
$
|
5,155
|
|
$
|
3,204
|
Non-controlling
interests arising as a result of acquisition of Fujian
Qiaolong
|
|
2,793
|
|
|
-
|
Account receivable
for selling property, plant and equipment
|
|
1,890
|
|
|
-
|
Dividends payable to
the Company's shareholders
|
|
5,048
|
|
|
-
|
Dividends payable to
non-controlling interests
|
$
|
8,127
|
|
$
|
167
|
SOURCE China Automotive Systems, Inc.