TAI'AN, China, May 29, 2020 /PRNewswire/ -- China Customer
Relations Centers, Inc. (NASDAQ: CCRC) ("CCRC" or the "Company"), a
leading call center business process outsourcing ("BPO") service
provider in China, today announced
its financial results for the six and twelve months ended
December 31, 2019.
Second Half of 2019 Highlights (all comparisons to prior year
unless noted)
- Revenues increased by 32.8% to a Company record of $100.13 million driven by continued expansion of
business.
- Gross profit increased by 8.7% to $20.25
million. Gross margin was 20.2%, compared to 24.7% for the
same period of the prior year.
- Operating income increased by 42.7% to $7.26 million. Operating margin increased by 0.5
percentage point to 7.3%.
- Net income attributable to common shareholders increased by
58.7% to $8.07 million.
- EPS attributable to common shareholders was $0.44, compared to $0.28 for the same period of the prior year.
Mr. Gary Wang, Chairman and Chief
Executive Officer of CCRC, commented, "We saw a strong uptick in
our business through the second half of 2019, leading to increases
in revenues of 32.8% year-over-year and 36.7% sequentially, thanks
to increased sales volume at some of the key existing customers as
well as contributions from new customers. Both operating and net
margins for the second half of 2019 also increased
year-over-year."
Fiscal Year 2019 Highlights
- Revenues increased by 22.6% to $173.41
million driven by continued expansion of business.
- Gross profit increased by 0.1% to $38.90
million. Gross margin was 22.4%, compared to 27.5% for
2018,
- Operating income decreased by 28.2% to $12.59 million. Operating margin was 7.3%,
compared to 12.4% for 2018.
- Net income attributable to common shareholders decreased by
18.9% to $13.06 million.
- EPS attributable to common shareholders was $0.71, compared to $0.88 for 2018.
- As of December 31, 2019, the
Company had service capacity of 22,360 seats, compared to 18,384
seats at the end of 2018.
"Looking forward, despite the negative impact of the COVID-19
outbreak earlier this year that caused disruption and deemed to
take a toll on China's economy and
our business, we believe our well diversified customer base and
strong market position will continue to drive long-term growth and
generate significant returns for shareholders," concluded Mr.
Wang.
Second Half of 2019 Financial Results (Unaudited)
|
|
For the Six Months
Ended December 31,
|
($ millions,
except per share data)
|
|
2019
|
|
2018
|
|
%
Change
|
Revenues
|
|
$100.13
|
|
$75.40
|
|
32.8%
|
Gross
profit
|
|
$20.25
|
|
$18.63
|
|
8.7%
|
Gross
margin
|
|
20.2%
|
|
24.7%
|
|
-4.5 pp
|
Operating
income
|
|
$7.26
|
|
$5.09
|
|
42.7%
|
Operating
margin
|
|
7.3%
|
|
6.8%
|
|
0.5 pp
|
Net income
attributable to CCRC
|
|
$8.07
|
|
$5.08
|
|
58.7%
|
EPS - basic and
diluted
|
|
$0.44
|
|
$0.28
|
|
57.1%
|
Revenues
For the six months ended December 31,
2019, revenues increased by $24.74
million, or 32.8%, to $100.13
million from $75.40 million
for the same period of the prior year. We continued to see strong
demand for our business from existing BPO clients as well as new
clients during the six months ended December
31, 2019.
As of December 31, 2019, the
Company had call centers located in Shandong Province, Jiangsu Province, Henan Province, Guangdong Province, Yunnan Province, Hubei Province, Sichuan Province, Hebei Province, Anhui Province, Heilongjiang Province, the Xinjiang Uygur
Autonomous Region, the Guangxi Zhuang Autonomous Region,
Jiangxi Province and Chongqing City, with a capacity approximately
of 22,360 seats which compared to 21,216 seats as of June 30, 2019.
Cost of revenues
Cost of revenues consists primarily of salaries, payroll taxes
and employee benefits costs of our customer service associates and
other operations personnel. Cost of revenues also includes direct
communications costs, rent expense, IT costs, and facilities
support expenses. Cost of revenues increased by $23.12 million, or 40.7%, to $79.88 million for the six months ended
December 31, 2019 from $56.76 million for the same period of the prior
year. As a percentage of revenues, cost of revenues was 79.8% for
the six months ended December 31,
2019, compared to 75.3% for the same period of the prior
year.
Gross profit and gross margin
Gross profit increased by $1.62
million, or 8.7%, to $20.25
million for the six months ended December 31, 2019 from $18.63 million for the same period of the prior
year. Gross margin decreased by 4.5 percentage points to 20.2% for
the six months ended December 31,
2019 from 24.7% for the same period of the prior year. The
decrease in gross margin was related to increased employees'
compensation and benefits.
Selling, general and administrative expense
Selling, general and administrative ("SG&A") expenses
consist primarily of sales and administrative employee-related
expenses, professional fees, travel costs, research and development
costs, and other corporate expenses. SG&A expenses decreased by
$0.55 million, or 4.1%, to
$12.99 million for the six months
ended December 31, 2019 from
$13.54 million for the same period of
the prior year. As a percentage of revenues, SG&A expenses
decreased from 18.0% for the six months ended December 31, 2018 to 13.0% for the six months
ended December 31, 2019.
Operating income and operating margin
Income from operations increased by $2.17
million, or 42.7%, to $7.26
million for the six months ended December 31, 2019 from $5.09 million for the same period of the prior
year. The increase in operating income was related to increased
gross profit as well as decreased SG&A expenses. Operating
margin was 7.3% for the six months ended December 31, 2019, compared to 6.8% for the same
period of the prior year.
Other income
We recognized government grants, which are discretionary and
unpredictable in nature, of $1.27
million during the six months ended December 31, 2019, compared to $1.14 million recognized during the same period
of the prior year. Total other income, net of other expenses,
increased by $1.06 million, or 88.0%,
to $2.27 million for the six months
ended December 31, 2019 from
$1.21 million for the same period of
the prior year.
Income before provision for income taxes
Income before provision for income taxes increased by
$3.24 million, or 51.4%, to
$9.54 million for the six months
ended December 31, 2019 from
$6.30 million for the same period of
the prior year. The increase in income before provision for income
taxes was due to increased operating income and total other
income.
Income taxes
Provision for income taxes was $1.43
million for the six months ended December 31, 2019, compared to $1.10 million for the same period of the prior
year.
Net income and earnings per share
Net income increased by $2.91
million, or 56.0%, to $8.11
million for the six months ended December 31, 2019 from $5.20 million for the same period of the prior
year. After deducting net income attributable to noncontrolling
interest, net income attributable to common shareholders was
$8.07 million, or $0.44 per basic and diluted share, for the six
months ended December 31, 2019,
compared to $5.08 million, or
$0.28 per basic and diluted share,
for the same period of the prior year.
Fiscal Year 2019 Financial Results
|
|
For the Twelve
Months Ended December 31,
|
($ millions,
except per share data)
|
|
2019
|
|
2018
|
|
%
Change
|
Revenues
|
|
$173.41
|
|
$141.43
|
|
22.6%
|
Gross
profit
|
|
$38.90
|
|
$38.87
|
|
0.1%
|
Gross
margin
|
|
22.4%
|
|
27.5%
|
|
-5.1 pp
|
Operating
income
|
|
$12.59
|
|
$17.54
|
|
-28.2%
|
Operating
margin
|
|
7.3%
|
|
12.4%
|
|
-5.1 pp
|
Net income
attributable to CCRC
|
|
$13.06
|
|
$16.09
|
|
-18.9%
|
EPS - basic and
diluted
|
|
$0.71
|
|
$0.88
|
|
-19.3%
|
Revenues
For the year of 2019, revenues increased by $31.98 million, or 22.6%, to $173.41 million from $141.43 million for 2018. We continued to see
strong demand for our business from existing BPO clients as well as
new clients during 2019. Inbound calling, outbound calling, and
other services accounted for 44%, 34%, and 22% of total revenues
for 2019, compared to 49%, 30%, and 21% of total revenues for 2018,
respectively.
During 2019, the Company generated revenue from over 160
customers, including the subsidiaries of China Mobile, Didi Chuxing
(a mobile taxi-calling company), Ping An Insurance, Haier, and
HiSense. We also signed outsourcing contracts with some of
China's largest banks, based upon
assets held, including China Construction Bank, China CITIC Bank,
and China Merchants Bank, and we also signed outsourcing contracts
with Qunar, SF Express, and subsidiaries of China's online retailer, Alibaba Group
(including Taobao, Tmall, and Alipay).
As of December 31, 2019,the
Company had a capacity approximately of 22,360 seats which compared
to 18,384 seats at the end of 2018.
Cost of revenues
Cost of revenues increased by $31.94
million, or 31.1%, to $134.50
million for 2019 from $102.57
million for 2018. As a percentage of revenues, cost of
revenues was 77.6% for 2019, compared to 72.5% for 2018.
Gross profit and gross margin
Gross profit increased by $0.03
million, or 0.1%, to $38.90
million for 2019 from $38.87
million for 2018. Gross margin decreased by 5.0 percentage
points to 22.4% for 2019 from 27.5% for 2018. The decrease in gross
margin was related to increased employees' compensation and
benefits.
Selling, general and administrative expense
SG&A expenses increased by $4.99
million, or 23.4%, to $26.32
million for 2019 from $21.33
million for 2018. The increase in SG&A expenses was
primarily related to higher payroll and bonus expenses paid to the
administrative and research personnel and the management team. As a
percentage of revenues, SG&A expenses was 15.2% for 2019,
compared to 15.1% for 2018.
Operating income and operating margin
Income from operations decreased by $4.95
million, or 28.2%, to $12.59
million for 2019 from $17.54
million for 2018. Operating margin was 7.3% for 2019,
compared to 12.4% for 2018. The decrease in operating margin was
mainly due to decreased gross margin as above explained.
Other income
We recognized government grants, which are discretionary and
unpredictable in nature, of $1.83
million in 2019, compared to $1.71
million recognized in 2018. Government grants as a
percentage of net income were 13.9% for 2019, compared to 10.5% for
2018. Total other income, net of other expenses, increased by
$1.25 million to $2.98 million for 2019 from $1.73 million for 2018.
Income before provision for income taxes
Income before provision for income taxes decreased by
$3.70 million, or 19.2%, to
$15.57 million for 2019 from
$19.27 million for 2018. The decrease
in income before provision for income taxes was mainly due to
decreased operating income and partially offset by increased total
other income.
Income taxes
Provision for income taxes was $2.39
million for 2019, compared to $2.97
million for 2018.
Net income and earnings per share
Net income decreased by $3.13
million, or 19.2%, to $13.17
million for 2019 from $16.3
million for 2018. After deducting net income attributable to
noncontrolling interest, net income attributable to common
shareholders was $13.06 million, or
$0.71 per basic and diluted share,
for 2019, compared to $16.09 million,
or $0.88 per basic and diluted share,
for 2018.
Financial Conditions
As of December 31, 2019, the
Company had cash of $25.33 million,
compared to $24.42 million at
December 31, 2018. Total working
capital was $47.50 million as of
December 31, 2019, compared to
$41.05 million at the end of
2018.
Net cash provided by operating activities was $5.21 million for 2019, compared to $12.14 million for 2018. Net cash used in
investing activities was $4.46
million for 2019, compared to $4.75
million for 2018. Net cash provided by financing activities
was $0.54 million for 2019, compared
net cash used in financing activities of $0.09 million for 2018.
Recent Development
The outbreak of the COVID-19 pandemic in China starting from the beginning of 2020 has
posed limitations to the Company's normal operating routine. The
Company followed the restrictive measures implemented in
China, by suspending onsite
operation and having employees work remotely until late
March 2020, when the Company started
to gradually resume normal operation. Consequently, the COVID-19
pandemic may adversely affect the Company's business operations,
financial condition and operating results for 2020, including but
not limited to material negative impact to the Company's total
revenues, slower collection of accounts receivables and significant
impairment to the Company's equity investments. Due to the high
uncertainty of the evolving situation, the Company has limited
visibility on the full impact brought upon by the COVID-19 pandemic
and the related financial impact cannot be estimated at this
time.
Notice
Rounding amounts and percentages: Certain amounts and
percentages included in this press release have been rounded for
ease of presentation. Percentage figures included in this press
release have not in all cases been calculated on the basis of such
rounded figures, but on the basis of such amounts prior to
rounding. For this reason, certain percentage amounts in this press
release may vary from those obtained by performing the same
calculations using the figures in the financial statements. In
addition, certain other amounts that appear in this press release
may not sum due to rounding.
About China Customer Relations Centers, Inc.
The Company is a leading BPO service provider in China focusing on the complex, voice-based and
online-based segments of customer care services, including:
- customer relationship management;
- technical support;
- sales;
- customer retention;
- marketing surveys; and
- research.
The Company's service is currently delivered from call centers
located in Provinces of Shandong,
Jiangsu, Henan, Guangdong, Yunnan, Hubei, Sichuan, Hebei, Anhui,
Xinjiang, Guangxi, Jiangxi, Heilongjiang, and Chongqing, with a capacity of approximately
22,360 seats. More information about the Company can be found at:
www.ccrc.com.
Forward-Looking Statement
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may," "will," "intend," "should," "believe," "expect,"
"anticipate," "project," "estimate" or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Specifically, the Company's statements
regarding its: 1) the impact of COVID-19; and 2) continued growth,
shareholder returns and business outlook, are forward-looking
statements. Forward-looking statements are not guarantee of future
performance and involve risks and uncertainties that may cause the
actual results to differ materially from the Company's expectations
discussed in the forward-looking statements. These statements are
subject to uncertainties and risks including, but not limited to,
the following: the Company's goals and strategies; the Company's
future business development; product and service demand and
acceptance; changes in technology; economic conditions; the growth
of the call center business process outsourcing market in
China; reputation and brand; the
impact of competition and pricing; government regulations;
fluctuations in general economic and business conditions in
China and assumptions underlying
or related to any of the foregoing and other risks contained in
reports filed by the Company with the Securities and Exchange
Commission. For these reasons, among others, investors are
cautioned not to place undue reliance upon any forward-looking
statements in this press release. Additional factors are discussed
in the Company's filings with the U.S. Securities and Exchange
Commission, which are available for review at
www.sec.gov. The Company undertakes no obligation to
publicly revise these forward‐looking statements to reflect events
or circumstances that arise after the date hereof.
For more information, please contact:
Tony Tian, CFA
Weitian Group LLC
Email: ttian@weitianco.com
Phone: +1-732-910-9692
CHINA CUSTOMER
RELATIONS CENTERS, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
|
|
For The Years
Ended December 31,
|
|
2019
|
|
2018
|
|
2017
|
|
|
|
|
|
|
Revenues,
net
|
$
|
173,409,113
|
|
$
|
141,433,641
|
|
$
|
88,971,787
|
Cost of
revenues
|
|
134,504,540
|
|
|
102,567,896
|
|
|
65,562,563
|
Gross
profit
|
|
38,904,573
|
|
|
38,865,745
|
|
|
23,409,224
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Selling, general
& administrative expenses
|
|
26,318,771
|
|
|
21,329,908
|
|
|
14,766,524
|
Total operating
expenses
|
|
26,318,771
|
|
|
21,329,908
|
|
|
14,766,524
|
Income from
operations
|
|
12,585,802
|
|
|
17,535,837
|
|
|
8,642,700
|
Interest
expense
|
|
(190,808)
|
|
|
(404,958)
|
|
|
(1,609)
|
Government
grants
|
|
1,825,402
|
|
|
1,709,297
|
|
|
1,885,340
|
Other
income
|
|
1,547,788
|
|
|
552,205
|
|
|
175,995
|
Other
expense
|
|
(202,688)
|
|
|
(124,370)
|
|
|
(331,641)
|
Total other
income
|
|
2,979,694
|
|
|
1,732,174
|
|
|
1,728,085
|
Income before
provision for income taxes
|
|
15,565,496
|
|
|
19,268,011
|
|
|
10,370,785
|
Income tax
provision
|
|
2,391,371
|
|
|
2,966,880
|
|
|
1,255,654
|
Net
income
|
|
13,174,125
|
|
|
16,301,131
|
|
|
9,115,131
|
Less: net income
attributable to noncontrolling interest
|
|
118,114
|
|
|
208,593
|
|
|
341,672
|
Net income
attributable to China Customer Relations Centers,
Inc.
|
$
|
13,056,011
|
|
|
16,092,538
|
|
|
8,773,459
|
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
|
|
|
|
|
|
|
Net income
|
$
|
13,174,125
|
|
$
|
16,301,131
|
|
$
|
9,115,131
|
Other comprehensive
income (loss)
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
(828,331)
|
|
|
(2,741,283)
|
|
|
2,141,796
|
Total
Comprehensive income
|
|
12,345,794
|
|
|
13,559,848
|
|
|
11,256,927
|
Less: Comprehensive
income attributable to noncontrolling interest
|
|
109,238
|
|
|
140,467
|
|
|
401,324
|
Comprehensive
income attributable to China Customer Relations Centers,
Inc.
|
$
|
12,236,556
|
|
$
|
13,419,381
|
|
$
|
10,855,603
|
|
|
|
|
|
|
|
|
|
Earnings per share
attributable to China Customer Relations Centers,
Inc.
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.71
|
|
$
|
0.88
|
|
$
|
0.48
|
Diluted
|
$
|
0.71
|
|
$
|
0.88
|
|
$
|
0.48
|
Weighted average
common shares outstanding
|
|
|
|
|
|
|
|
|
Basic
|
|
18,329,600
|
|
|
18,329,600
|
|
|
18,329,600
|
Diluted
|
|
18,329,600
|
|
|
18,329,600
|
|
|
18,329,600
|
CHINA CUSTOMER
RELATIONS CENTERS, INC. AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
|
|
December
31,
|
|
December 31,
|
|
2019
|
|
2018
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
25,328,486
|
|
$
|
24,419,912
|
Accounts receivable,
net
|
|
42,606,485
|
|
|
30,050,506
|
Prepayments
|
|
2,396,646
|
|
|
1,689,835
|
Prepayment, related
party
|
|
90,429
|
|
|
91,618
|
Due from related
party, current
|
|
-
|
|
|
199,994
|
Income taxes
recoverable
|
|
712,459
|
|
|
527,995
|
Other current
assets
|
|
3,408,704
|
|
|
1,959,923
|
Total current
assets
|
|
74,543,209
|
|
|
58,939,783
|
Equity
investments
|
|
3,446,346
|
|
|
3,491,653
|
Property and
equipment, net
|
|
10,115,782
|
|
|
8,290,460
|
Deferred tax
assets
|
|
242,863
|
|
|
486,009
|
Due from related
party, non-current
|
|
215,307
|
|
|
-
|
Operating lease
right-of-use assets
|
|
9,827,114
|
|
|
-
|
Operating lease
right-of-use assets - related party
|
|
172,121
|
|
|
-
|
Total non-current
assets
|
|
24,019,533
|
|
|
12,268,122
|
Total
assets
|
$
|
98,562,742
|
|
$
|
71,207,905
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
Accounts
payable
|
$
|
2,602,972
|
|
$
|
610,724
|
Accounts payable -
related parties
|
|
149,658
|
|
|
162,112
|
Accrued liabilities
and other payables
|
|
4,641,892
|
|
|
5,673,159
|
Deferred
revenue
|
|
456,331
|
|
|
361,636
|
Wages
payable
|
|
10,472,596
|
|
|
7,082,138
|
Income taxes
payable
|
|
452,961
|
|
|
364,157
|
Operating lease
liabilities, current
|
|
3,797,069
|
|
|
-
|
Operating lease
liabilities - related party, current
|
|
163,995
|
|
|
-
|
Short term
loans
|
|
4,306,138
|
|
|
3,635,623
|
Total current
liabilities
|
|
27,043,612
|
|
|
17,889,549
|
Operating lease
liabilities, non-current
|
|
6,068,702
|
|
|
-
|
Total non-current
liabilities
|
|
6,068,702
|
|
|
-
|
Total
liabilities
|
|
33,112,314
|
|
|
17,889,549
|
Equity
|
|
|
|
|
|
Common shares, $0.001
par value, 100,000,000 shares authorized, 18,329,600 shares issued
and outstanding as of December 31, 2019 and December 31,
2018
|
|
18,330
|
|
|
18,330
|
Additional paid-in
capital
|
|
15,074,267
|
|
|
11,202,396
|
Retained
earnings
|
|
47,347,781
|
|
|
40,065,822
|
Statutory
reserves
|
|
5,818,330
|
|
|
3,916,149
|
Accumulated other
comprehensive loss
|
|
(3,411,744)
|
|
|
(2,592,289)
|
Total China Customer
Relations Centers, Inc. shareholders' equity
|
|
64,846,964
|
|
|
52,610,408
|
Noncontrolling
interest
|
|
603,464
|
|
|
707,948
|
Total
equity
|
|
65,450,428
|
|
|
53,318,356
|
Total liabilities and
equity
|
$
|
98,562,742
|
|
$
|
71,207,905
|
CHINA CUSTOMER
RELATIONS CENTERS, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
For The Years
Ended December 31,
|
|
2018
|
|
2018
|
|
2017
|
|
|
|
|
|
|
Cash flows from
operating activities
|
|
|
|
|
|
Net income
|
$
|
13,174,125
|
|
$
|
16,301,131
|
|
$
|
9,115,131
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation
|
|
3,404,912
|
|
|
2,635,242
|
|
|
1,852,152
|
Allowance for doubtful accounts
|
|
-
|
|
|
952,439
|
|
|
429,803
|
Loss on
disposal of property and equipment
|
|
19,091
|
|
|
34,166
|
|
|
2,416
|
Deferred
income taxes
|
|
238,883
|
|
|
(196,909)
|
|
|
(230,043)
|
Non-cash
lease expense
|
|
3,501,753
|
|
|
-
|
|
|
-
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
(13,057,615)
|
|
|
(7,937,804)
|
|
|
(9,269,755)
|
Prepayments
|
|
(2,097,963)
|
|
|
(887,778)
|
|
|
(1,313,830)
|
Prepayment, related party
|
|
-
|
|
|
(95,244)
|
|
|
-
|
Other
current assets
|
|
(1,510,847)
|
|
|
(970,199)
|
|
|
25,925
|
Operating lease liabilities
|
|
(3,037,030)
|
|
|
-
|
|
|
-
|
Accounts
payable
|
|
2,017,431
|
|
|
147,818
|
|
|
(505,372)
|
Accounts
payable - related parties
|
|
(10,440)
|
|
|
122,630
|
|
|
(88,136)
|
Wages
payable
|
|
3,511,093
|
|
|
1,884,440
|
|
|
2,393,214
|
Income
taxes recoverable
|
|
(192,965)
|
|
|
(548,893)
|
|
|
-
|
Income
taxes payable
|
|
94,336
|
|
|
(153,896)
|
|
|
(386,825)
|
Deferred
revenue
|
|
100,245
|
|
|
(221,771)
|
|
|
(38,813)
|
Accrued
liabilities and other payables
|
|
(941,772)
|
|
|
1,077,098
|
|
|
1,016,373
|
Net cash provided
by operating activities
|
|
5,213,237
|
|
|
12,142,470
|
|
|
3,002,240
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
Purchase
of property and equipment
|
|
(4,481,450)
|
|
|
(4,768,139)
|
|
|
(2,082,719)
|
Proceeds
from sale of property and equipment
|
|
36,693
|
|
|
9,197
|
|
|
108
|
Payments
for equity investments
|
|
-
|
|
|
(1,461)
|
|
|
(3,509,404)
|
Repayments from third party
|
|
-
|
|
|
-
|
|
|
233,596
|
Advance
to related parties
|
|
(214,111)
|
|
|
(105,827)
|
|
|
(7,400)
|
Repayment from related parties
|
|
198,017
|
|
|
117,802
|
|
|
-
|
Net cash used in
investing activities
|
|
(4,460,851)
|
|
|
(4,748,428)
|
|
|
(5,365,819)
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
Contribution from noncontrolling investor in
subsidiary
|
|
-
|
|
|
-
|
|
|
353,581
|
Dividend
distributed to noncontrolling investor in subsidiary
|
|
(213,722)
|
|
|
(355,232)
|
|
|
-
|
Repayments to related parties
|
|
-
|
|
|
-
|
|
|
(473,914)
|
Borrowings from short term loans
|
|
4,452,368
|
|
|
3,891,596
|
|
|
3,780,490
|
Repayment of short term loans
|
|
(3,694,345)
|
|
|
(3,625,448)
|
|
|
-
|
Net cash provided
by (used in) financing activities
|
|
544,301
|
|
|
(89,084)
|
|
|
3,660,157
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
|
(388,113)
|
|
|
(1,513,411)
|
|
|
884,519
|
Net change in
cash, cash equivalents and restricted cash
|
|
908,574
|
|
|
5,791,547
|
|
|
2,181,097
|
Cash, cash
equivalents and restricted cash, beginning of the
year
|
|
24,419,912
|
|
|
18,628,365
|
|
|
16,447,268
|
Cash, cash
equivalents and restricted cash, end of the year
|
$
|
25,328,486
|
|
$
|
24,419,912
|
|
$
|
18,628,365
|
View original
content:http://www.prnewswire.com/news-releases/china-customer-relations-centers-inc-announces-financial-results-for-the-second-half-and-fiscal-year-of-2019-301068032.html
SOURCE China Customer Relations Centers, Inc.