Shengkai Innovations, Inc. (Nasdaq:VALV)
("the Company," "Shengkai," "we," or "our"), a
leading ceramic valve manufacturer in the People's Republic of
China (the "PRC"), today announced results for its fiscal year 2013
("FY2013") third quarter ended March 31, 2013.
FY2013 Third Quarter Highlights
- Revenues were approximately $3.0 million compared with
approximately $5.7 million in the third quarter of fiscal year 2012
("FY2012");
- Revenues from the electric power segment were approximately
$0.5 million compared with approximately $1.3 million in the third
quarter of FY2012;
- Revenues from the petrochemical and chemical segment were
approximately $2.4 million compared with approximately $4.0 million
in the third quarter of FY2012; and
- Gross profit was approximately $0.8 million with a gross margin
of 27.1%, compared with approximately $2.6 million and 46.2% in the
third quarter of FY2012.
FY2013 First Nine Months Highlights
- Revenues were approximately $11.6 million compared with $27.0
million in the first nine months of FY2012;
- Revenues from the electric power segment were approximately
$1.6 million compared with approximately $7.5 million in the first
nine months of FY2012;
- Revenues from the petrochemical and chemical segment were
approximately $8.9 million compared with approximately $17.8
million in the first nine months of FY2012;
- Gross profit was approximately $4.0 million with a 34.5% gross
margin, compared with approximately $11.8 million and 43.6% in the
first nine months of FY2012;
- Net loss was approximately $3.1 million, or loss of $0.18 per
diluted share;
- Non-GAAP net loss was approximately $2.5 million, or non-GAAP
loss of $0.14 per share, after adjusting for non-cash items of
share-based compensation and loss resulting from changes in the
fair value of instruments; and
- First nine months ceramic valves output was 2,282 sets compared
with 4,667 sets during the same period a year ago.
Note: The earnings per share data for the third
quarter and first nine months of FY2013 have been retroactively
restated to reflect the 1-for-2 reverse stock split effected on
March 9, 2012.
FY2013 Third Quarter Results
Revenues in the third quarter were approximately $2.9 million as
compared to approximately $5.7 million in the third quarter of
FY2012. Quarterly ceramic valves output was 600 sets as compared to
905 sets a year ago. Facing the general economic slowdown in the
PRC, Shengkai continues the transition of target market segment
from the electric power industry to domestic and international
petrochemical and chemical industries.
During the third quarter of FY2013, revenues from electric power
industry, petrochemical and chemical industries, and other
industries accounted for 17.5%, 79.7% and 2.8% of the quarterly
revenues, respectively, compared with 23.1%, 70.2% and 6.8% in the
third quarter of FY2012. Specifically, revenues from the electric
power industry were approximately $0.5 million compared with
approximately $1.3 million in the third quarter of FY2012; revenues
from the petrochemical and chemical industries were approximately
$2.4 million compared with approximately $4.0 million in the third
quarter of FY2012; revenues from other industries, including the
aluminum and metallurgy industries were approximately $0.1 million
compared with approximately $0.4 million in the third quarter of
FY2012.
In the third quarter, cost of sales decreased 29.4%
year-over-year to approximately $2.2 million from approximately
$3.1 million in the third quarter of FY2012. Gross profit in the
third quarter was approximately $0.8 million compared with
approximately $2.6 million for the third quarter of FY2012. The
decrease was primarily attributable to decrease in sales volume and
decrease in average selling price of the product mix as we sold
more lower-end products in this quarter. Gross margin was 27.1%,
compared with 46.2% for the third quarter of FY2012. The decrease
in gross margin was primarily due to the fixed depreciation costs
spread over a smaller revenue base, and increase in sales of valves
with lower profit margin in the product mix in this third
quarter.
Selling expenses in the third quarter decreased by 3.2%
year-over-year to approximately $0.7 million. Commissions paid to
agents for introducing new sales decreased year-over-year to
approximately $0.2 million from approximately $0.5 million in the
third quarter of FY2012. Since overseas sales and marketing
expenses increased as a result of the Company's shifted strategy to
explore overseas markets, and minor components of selling expenses
such as sales staff's salaries, sales offices' administrative
expenses and after-sale service expenses are flat-rate and did not
diminish proportionally to revenue decrease, selling expenses as a
percentage of quarterly sales increased to 23.8% from 12.8% in the
third quarter of FY2012.
General and administrative ("G&A") expenses in the third
quarter were approximately $1.6 million, down from approximately
$2.2 million for the comparable period in FY2012. Excluding the
non-cash share-based compensation, G&A expenses in the third
quarter were approximately $1.4 million, compared with
approximately $1.2 million for the comparable period of FY2012.
Total operating expenses in the third quarter of FY2013 were
approximately $2.3 million compared with approximately $2.9 million
for the comparable period in FY2012. Operating loss in the third
quarter of FY2013 was approximately $1.5 million compared with
approximately $0.3 million for the comparable period in FY2012.
Excluding the non-cash share-based compensation, non-GAAP
operating loss was approximately $1.3 million, compared with
non-GAAP operating income of approximately $0.7 million for the
comparable period in FY2012.
Income tax expense for the third quarter was $0 due to the loss
incurred during the period, compared with approximately $0.3
million for the third quarter of FY2012. In April 2010, Tianjin
Shengkai Industrial Technology Development Co., Ltd. ("Tianjin
Shengkai"), the Company's operating entity in Tianjin, PRC, was
awarded the status of "High Technology" enterprise by the local
government. The tax rate for a "High Technology" enterprise is 15%
and Tianjin Shengkai was taxed at that rate from January 1, 2010
through December 31, 2011. In April 2013, the Company officially
received the approval to renew such "high technology" enterprise
status and extend the 15% preferential enterprise income tax
treatment for another three years.
GAAP net loss was approximately $1.4 million compared with
approximately $0.1 million in the third quarter of FY2012. Diluted
loss per share was $0.08 compared to $0.01 in the third quarter of
FY2012.
Excluding the non-cash items of share-based compensation and
changes in fair value of instruments, non-GAAP net loss was
approximately $1.1 million in the third quarter compared with
non-GAAP net income of approximately $0.8 million in the third
quarter of FY2012. The decrease was primarily due to the decline in
revenues resulting from slowdown in PRC economy, loss of customers
and operational transition, coupled with lower margin product mix
and higher selling, marketing and research and development expenses
for new potential markets. Non-GAAP loss was $0.07 per diluted
share compared with Non-GAPP earnings of $0.05 per diluted share in
the third quarter of FY2012.
FY2013 First Nine Months Results
Revenues for the first nine months of FY2013 were approximately
$11.6 million as compared to approximately $27.0 million for the
first nine months of FY2012. Total ceramic valves output was 2,282
sets as compared to 4,667 sets a year ago. The decrease in revenue
was due to loss of business resulting from unsolicited
investigations, the transition into the petrochemical and chemical
segment, and the general economic slowdown in the PRC.
During the first nine months of FY2013, revenues from electric
power industry, petrochemical and chemical industries, and other
industries accounted for 14.1%, 77.4% and 8.5% of the total
revenues, respectively, compared with 27.6%, 65.8% and 6.5% in the
same period of FY2012. Specifically, revenues from the electric
power industry were approximately $1.6 million compared with
approximately $7.5 million in the first nine months of FY2012;
revenues from the petrochemical and chemical industries were
approximately $8.9 million compared with approximately $17.8
million in the same period of FY2012; revenues from other
industries, including the aluminum and metallurgy industries were
approximately $1.0 million compared with approximately $1.8 million
in the same period of FY2012.
Gross profit for the first nine months of FY2013 was
approximately $4.0 million compared with approximately $11.8
million for the same period in FY2012. Gross margin was 34.5%
compared with 43.6% one year ago. The decrease in gross margin was
primarily due to the fixed depreciation costs spread over a smaller
revenue base, and increase in sales of valves with lower profit
margin in the product mix for the first nine months of FY2013.
Net loss for the first nine months of FY2013 was approximately
$3.1 million, or diluted loss per share of $0.18, compared with a
net income of approximately $2.6 million, or diluted earnings per
share of $0.14 during the first nine months of FY2012.
Excluding non-cash items of share-based compensation and change
in fair value of instruments, non-GAAP net loss for the first nine
months of FY2013 was approximately $2.5 million compared with a
non-GAAP net income of approximately $5.0 million for the
comparable period in FY2012. The decrease was primarily due to the
decline in revenues because of loss of business resulting from
unsolicited investigations, operational transition, and slowdown in
PRC economy, coupled with lower margin product mix and higher
selling, marketing and research and development expenses for new
potential markets. Non-GAAP loss was $0.14 per diluted share
compared with Non-GAPP earnings of $0.27 per diluted share in the
first nine months of FY2012.
GAAP to Non-GAAP
Reconciliation Table (Unaudited) |
(in U.S. Dollars) |
|
|
|
|
|
For the Three Months Ended
March 31, |
For the Nine Months Ended March
31, |
|
2013 |
2012 |
2013 |
2012 |
GAAP net (loss) income |
$ (1,433,809) |
(103,237) |
(3,149,445) |
2,623,185 |
Add back/(subtract): |
|
|
|
|
Share-based compensation – employee options
and stock awards |
194,027 |
1,011,742 |
582,081 |
4,180,178 |
Changes in fair value of
instruments |
91,358 |
(79,808) |
107,182 |
(1,836,530) |
Non-GAAP net (loss) Income |
$ (1,148,424) |
828,697 |
(2,460,182) |
4,966,833 |
GAAP (loss) earnings per share (diluted) |
$ (0.08) |
0.01 |
(0.18) |
0.14 |
Non-GAAP (loss) earnings per share
(diluted) |
$ (0.07) |
0.05 |
(0.14) |
0.27 |
Financial Condition
As of March 31, 2013, the Company had cash and cash equivalents
of approximately $66.3 million and net accounts receivable of
approximately $6.5 million compared to cash and cash equivalents of
approximately $64.8 million and net accounts receivable of
approximately $9.4 million as of June 30, 2012. Total current
liabilities as of March 31, 2013 were approximately $2.4 million,
compared with approximately $3.5 million as of June 30, 2012.
Additionally, the Company has no short-term or long-term debts.
Net cash flow provided by operating activities was approximately
$1.3 million for the first nine months of FY2013 compared with
approximately $7.7 million in the first nine months of FY2012. The
decrease was primarily attributable to the net loss incurred in the
first nine months of FY2013 as compared to a net income for the
same period in FY2012.
Business
Outlook
In response to the business disruptions and changes in the
global ceramic valves industry as well as in PRC's economic
conditions, management of the Company has decided to gradually
phase out its less profitable domestic market segments including
the electric power market and focus on expanding its presence in
the more profitable domestic and foreign oil and chemical
industries where ceramic valve products typically command higher
prices. The Company has increased its product sales price since
fiscal 2012 to match industry levels and to reflect its superior
product quality. The Company has also been making efforts to
streamline operations through headcount reduction and other
cost-saving measures to conserve capital and reduce the impact of
revenue loss. Meanwhile, the Company will continue to leverage its
self-developed ceramic material technologies to continue in-house
and joint research and development of innovative and
superior-performance products for the international oil and
chemical markets and commit its resources to expanding the
acceptance of its products overseas.
As such, we expect that in the immediately following quarter
ending June 30, 2013, total revenues would remain flat on a
quarter-over-quarter basis; and major contribution to our sales
would continue to be from the petrochemical and chemical industry.
Such situation may persist until our marketing and sales efforts on
some new customers and projects pay off, and the expansion in the
international market picks up meaningfully. Successful penetration
into international oil and chemical markets would also require the
Company to obtain various certifications, including but not limited
to different class API certification, such as API 6A which covers
higher pressure valve products, and other firm-specific supplier
qualifications, which will take time to go through various
application procedures, develop new products and invest in
additional or different equipment.
Non GAAP Financial Measures
To supplement the Company's consolidated financial statements
for the three and nine months ended March 31, 2013 and 2012
presented on a GAAP basis, the Company provided non-GAAP financial
information in this release that excludes the impact of non-cash
items of i) share-based compensation costs related to the stock
options and stock awards granted to independent directors and
management staff, and (ii) changes in the fair value of
instruments as a result of adoption on July 1, 2009 of FASB ASC
Topic 815, "Derivative and Hedging" ("ASC 815"). The Company's
management believes that these non-GAAP measures, namely non-GAAP
operating and net income and non-GAAP diluted earnings per share,
provide investors with a better understanding of how the results
relate to the Company's current and historical performance. The
additional non-GAAP information is not meant to be considered in
isolation or as a substitute for GAAP financials. The non-GAAP
financial information that the Company provides also may differ
from the non-GAAP information provided by other companies.
Management believes that these non-GAAP financial measures are
useful to investors because they exclude non-cash expenses that
management excludes when it internally evaluates the performance of
the Company's business and makes operating decisions, including
internal budgeting, and performance measurement, because these
measures provide a consistent method of comparison to historical
periods. Moreover, management believes that these non-GAAP measures
reflect the essential operating activities of the Company. In
addition, the provision of these non-GAAP measures allows investors
to evaluate the Company's performance using the same methodology
and information as that used by the Company's management. Non-GAAP
measures are subject to inherent limitations because they do not
include all of the expenses included under GAAP and because they
involve the exercise of judgment of which charges are excluded from
the non-GAAP financial measure. However, the Company's management
compensates for these limitations by providing the relevant
disclosure of the items excluded.
About Shengkai Innovations, Inc.
Shengkai Innovations is primarily engaged in the design,
manufacture and sale of ceramic valves, high-tech ceramic materials
and the provision of technical consultation and related services.
The Company's industrial valve products are used by companies in
the electric power, petrochemical and chemical, metallurgy and
other industries as high-performance, more durable alternatives to
traditional metal valves. The Company was founded in 1994 and is
headquartered in Tianjin, PRC.
The Company is one of the few ceramic valve manufacturers in the
world with research and development, engineering, and production
capacity for structural ceramics and is able to produce large-sized
ceramic valves with calibers of 6" (150mm) or more. The Company's
product portfolio includes a broad range of valves that are sold
throughout the PRC, to Europe, North America, United Arab Emirates,
and other countries in the Asia-Pacific region. The Company has
over 200 customers, and is the only ceramic valve supplier
qualified to supply SINOPEC. The Company joined the supply network
of China National Petroleum Corporation ("CNPC") in 2006 and
subsequently received a CNPC Certificate of Material Supplier for
valve products in 2011.
Safe Harbor Statements
Under the Private Securities Litigation Reform Act of 1995: Any
statements set forth above that are not historical facts are
forward-looking statements that involve risks and uncertainties
that could cause actual results to differ materially from those in
the forward-looking statements. Such factors include, but are not
limited to, the effect of political, economic, and market
conditions and geopolitical events, legislative and regulatory
changes, the Company's ability to expand and upgrade its production
capacity, the actions and initiatives of current and potential
competitors, and other factors detailed from time to time in the
Company's filings with the United States Securities and Exchange
Commission and other regulatory authorities. All forward-looking
statements attributable to the Company or to persons acting on its
behalf are expressly qualified in their entirety by these factors
other than as required under the securities laws. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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SHENGKAI INNOVATIONS,
INC. |
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|
(F/K/A SOUTHERN SAUCE
COMPANY, INC.) AND SUBSIDIARIES |
CONSOLIDATED BALANCE
SHEETS |
|
|
AS AT MARCH 31, 2013 AND JUNE 30,
2012 |
|
|
(Stated in US Dollars) |
|
|
|
|
|
|
March 31, 2013 |
June 30, 2012 |
|
|
|
ASSETS |
|
|
Current Assets |
|
|
Cash and cash equivalents |
$ 66,271,537 |
$ 64,819,870 |
Restricted cash |
207,201 |
124,433 |
Accounts receivable, net |
6,468,644 |
9,388,820 |
Notes receivable |
-- |
167,873 |
Other receivables |
2,945,488 |
2,879,422 |
Advances to suppliers |
4,804,119 |
2,339,362 |
Inventories |
2,343,192 |
2,750,907 |
Total Current Assets |
83,040,181 |
82,470,687 |
Property, plant and equipment, net |
51,697,441 |
54,068,143 |
Land use rights, net |
2,504,288 |
2,533,684 |
Other intangible assets, net |
3,839,375 |
4,524,058 |
TOTAL ASSETS |
$ 141,081,285 |
$ 143,596,572 |
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|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
Current Liabilities |
|
|
Notes payable |
207,201 |
124,433 |
Accounts payable |
1,005,471 |
1,942,262 |
Advances from customers |
604,452 |
316,020 |
Other payables and accrued expenses |
623,715 |
899,491 |
Income tax payable |
-- |
240,438 |
Total Current
Liabilities |
2,440,839 |
3,522,644 |
Warrant liabilities |
89 |
1,761 |
Preferred (conversion option)
liabilities |
589,982 |
481,128 |
TOTAL LIABILITIES |
$ 3,030,910 |
$ 4,005,533 |
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SHENGKAI INNOVATIONS,
INC. |
|
|
(F/K/A SOUTHERN SAUCE
COMPANY, INC.) AND SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS
(Continued) |
|
|
AS AT MARCH 31, 2013 AND JUNE 30,
2012 |
|
|
(Stated in US Dollars) |
|
|
|
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|
|
March 31, 2013 |
June 30,
2012 |
|
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STOCKHOLDERS' EQUITY |
|
|
Preferred stock – $0.001 par value 15,000,000
shares authorized; 1,971,842 and 1,971,842 issued and outstanding;
aggregate liquidation preference being $5,000,000 and $5,000,000 as
of March 31, 2013 and June 30, 2012, respectively. |
$ 1,971 |
$ 1,971 |
Common stock -- $0.001 par value 100,000,000
shares authorized; 17,196,071 and 17,196,071 shares issued and
outstanding as of March 31, 2013 and June 30, 2012,
respectively. |
17,197 |
17,197 |
Additional paid-in capital |
72,277,648 |
71,695,567 |
Statutory reserves |
11,196,604 |
11,196,604 |
Retained earnings |
41,942,066 |
45,091,511 |
Accumulated other comprehensive income |
12,614,889 |
11,588,189 |
TOTAL STOCKHOLDER'S
EQUITY |
138,050,375 |
139,591,039 |
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY |
$ 141,081,285 |
$ 143,596,572 |
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SHENGKAI INNOVATIONS,
INC. |
(F/K/A SOUTHERN SAUCE
COMPANY, INC.) AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS
OF OPERATIONS AND COMPREHENSIVE INCOME |
FOR THE THREE AND NINE
MONTHS ENDED MARCH 31, 2013 AND 2012 |
(Stated in US
Dollars) |
|
|
|
|
|
|
For the Three
Months Ended March 31, |
For the Nine
Months Ended March 31, |
|
2013 |
2012 |
2013 |
2012 |
|
|
|
|
|
Revenues |
$ 2,962,309 |
$ 5,680,510 |
$ 11,557,537 |
$ 26,985,465 |
Cost of sales |
(2,158,649) |
(3,058,282) |
(7,574,267) |
(15,221,094) |
Gross profit |
803,660 |
2,622,228 |
3,983,270 |
11,764,371 |
Operating expenses: |
|
|
|
|
Selling expenses |
(704,123) |
(727,696) |
(1,910,775) |
(2,803,429) |
General and administrative expenses |
(1,566,375) |
(2,172,307) |
(5,358,769) |
(7,618,949) |
Total operating
expenses |
(2,270,498) |
(2,900,003) |
(7,269,544) |
(10,422,378) |
(Loss) Income from
operations |
(1,466,838) |
(277,775) |
(3,286,274) |
1,341,993 |
Other income, net |
2,294 |
20,802 |
16,046 |
74,843 |
Interest income, net |
122,093 |
371,290 |
379,527 |
717,972 |
Changes in fair value of instruments - (loss)
gain |
(91,358) |
79,808 |
(107,182) |
1,836,530 |
Income before income
taxes |
(1,433,809) |
194,125 |
(2,997,883) |
3,971,338 |
Income taxes |
-- |
(297,362) |
(151,562) |
(1,348,153) |
Net (loss) income |
(1,433,809) |
(103,237) |
(3,149,445) |
2,623,185 |
Foreign currency translation adjustment |
597,370 |
881,061 |
1,026,699 |
3,092,543 |
Comprehensive (loss)
income |
$ (836,439) |
$ 777,824 |
$ (2,122,746) |
$ 5,715,728 |
|
|
|
|
|
Basic (loss) earnings per share* |
$ (0.08) |
$ (0.01) |
$ (0.18) |
$ 0.16 |
|
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|
|
|
Diluted (loss) earnings per share* |
$ (0.08) |
$ (0.01) |
$ (0.18) |
$ 0.14 |
|
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|
Basic weighted average shares
outstanding* |
17,196,229 |
16,638,307 |
17,196,226 |
16,550,398 |
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|
Diluted weighted average shares
outstanding* |
17,196,229 |
16,638,307 |
17,196,226 |
18,138,809 |
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* The earnings per share data and
the weighted average shares outstanding for all periods have been
retroactively restated to reflect the 1-for-2 reverse stock split
effected on March 9, 2012. |
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SHENGKAI INNOVATIONS,
INC. |
(F/K/A SOUTHERN SAUCE
COMPANY, INC.) AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS
OF CASH FLOWS |
FOR THE NINE MONTHS ENDED
MARCH 31, 2013 AND 2012 |
(Stated in US
Dollars) |
|
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|
Nine Months Ended
March 31, |
|
2013 |
2012 |
Cash flows from operating
activities |
|
|
Net (loss) income |
$ (3,149,445) |
$ 2,623,185 |
Adjustments to reconcile net income
to net cash provided by operating activities: |
|
|
Depreciation |
2,710,561 |
2,819,280 |
Amortization |
777,284 |
768,943 |
Provision for doubtful accounts |
128,719 |
185,531 |
(Gain) on disposal of property, plant and
equipment |
-- |
(10,584) |
Changes in fair value of instruments – loss
(gain) |
107,182 |
(1,836,530) |
Stock based compensation |
582,081 |
4,180,178 |
Changes in operating assets and
liabilities: |
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(Increase) decrease in
assets: |
|
|
Accounts receivable |
2,841,429 |
6,302,473 |
Notes receivable |
167,620 |
183,875 |
Other receivables |
(47,555) |
18,132 |
Advances to suppliers |
(2,444,015) |
(213,519) |
Inventories |
423,555 |
(332,232) |
Increase (decrease) in
liabilities: |
|
|
Notes payable |
82,751 |
(1,394,120) |
Accounts payable |
(662,935) |
(2,887,770) |
Advances from customers |
286,420 |
430,011 |
Other payables |
(217,483) |
(1,561,822) |
Accruals |
(62,126) |
-- |
Income tax payable |
(241,106) |
(1,540,673) |
Net cash provided by operating
activities |
1,282,937 |
7,734,358 |
Cash flows from investing
activities |
|
|
Proceeds from disposition of property, plant
and equipment |
-- |
(487) |
Purchase of property, plant and
equipment |
(288,092) |
(52,973) |
Payment of construction in progress |
-- |
(494,230) |
Purchase of intangible assets |
(20,983) |
-- |
Increase in advances to suppliers for
purchase of equipment and construction |
-- |
(132,035) |
Decrease/(increase) in restricted cash |
(82,751) |
1,276,189 |
Net cash provided by (used in)
investing activities |
(391,826) |
596,464 |
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SHENGKAI INNOVATIONS,
INC. |
(F/K/A SOUTHERN SAUCE
COMPANY, INC.) AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS
OF CASH FLOWS (Continued) |
FOR THE NINE MONTHS ENDED
MARCH 31, 2013 AND 2012 |
(Stated in US
Dollars) |
|
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|
Nine Months Ended
March 31, |
|
2013 |
2012 |
|
|
|
Net increase (decrease) in cash and
cash equivalents |
$ 891,111 |
$ 8,330,822 |
|
|
|
Effect of exchange rate changes on cash and
cash equivalents |
560,556 |
1,361,842 |
|
|
|
Cash and cash equivalents–beginning of
year |
64,819,870 |
59,870,108 |
|
|
|
Cash and cash equivalents–end of
year |
$ 66,271,537 |
$ 69,562,772 |
|
|
|
Supplementary cash flow
information: |
|
|
|
|
|
Interest received |
$ 379,551 |
$ 717,972 |
|
|
|
Taxes paid |
$ 424,711 |
$ 2,888,824 |
|
|
|
Non-cash transaction: |
|
|
Preferred stock conversion to common
stock |
$ -- |
$ -- |
Common stock issuance |
$ -- |
$ -- |
CONTACT: Shengkai Innovations, Inc.
Linbin Zhang, Interim CFO
+86-22-5883-8509
ir@shengkai.com
http://www.shengkaiinnovations.com
Shengkai Innovations (CE) (USOTC:VALV)
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From May 2024 to May 2024
Shengkai Innovations (CE) (USOTC:VALV)
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From May 2023 to May 2024