BEIJING, March 29, 2012 /PRNewswire-Asia-FirstCall/ --
China TransInfo Technology Corp. (NASDAQ: CTFO) ("China TransInfo"
or the "Company"), a leading provider of comprehensive intelligent
transportation systems ("ITS") in China through its affiliate, China TransInfo
Technology Group Co., Ltd. (the "Group Company"), today reported
financial results for the fourth quarter and full year ended
December 31, 2011.
Fourth-Quarter 2011 Highlights:
- Revenue increased 24.3% year over year to $48.2 million
- Net income was $5.0 million, or
$0.20 per diluted share
- Adjusted net income was $5.1
million, or $0.20 per diluted
share(*)
Full Year 2011 Highlights:
- Revenue increased 36.1% year over year to $167.0 million
- Net income was $14.0 million, or
$0.55 per diluted share
- Adjusted net income was $15.1
million, or $0.60 per diluted
share(*)
"We are pleased to report another quarter of strong revenue
growth, including stronger-than-expected results from our
transportation business in ITS markets, which pushed 2011 revenues
well ahead of our guidance," commented Mr. Shudong Xia. "On the bottom line, we achieved
solid profitability despite the challenge of increasing project
execution costs. In addition, we turned operating cash-flow
positive in the fourth quarter due to improved collections towards
year-end. We remain committed to growing our business alongside the
favorable dynamics in China's
transportation market."
Fourth-Quarter 2011 Results
For the quarter ended December 31,
2011, revenue increased 24.3% to $48.2 million from $38.8
million in the year-ago quarter. The increase in
revenue was driven primarily by a 14.1% increase in transportation
revenue, mainly resulting from strong performance in the highway
ITS. Revenue from products and applications in the
transportation business sector was $42.4
million, or 87.9% of total revenue, compared to $37.1 million, or 95.8% of total revenue, in the
year-ago quarter. The remainder of revenue derived from
Digital City, land and resources, and other business
categories.
Gross profit decreased 8.8% to $12.6
million in the fourth quarter of 2011, as compared to
$13.8 million in the year-ago
quarter. The gross margin in the fourth quarter of 2011 decreased
to 26.1% from 35.5% in the year-ago quarter, mainly due to lower
margins year-over-year in the expanded ITS business. Sequentially,
gross margin improved by more than 150 basis points from 24.5% in
the third quarter of 2011.
Selling expenses were $1.6
million, compared to $1.3
million in the fourth quarter of 2010. General and
administrative expenses were $8.0
million, compared to $5.9
million in the fourth quarter of 2010. The increase was
primarily due to increases in year-end performance bonuses, as well
as travel, entertainment and office expenses from expanded
operations and higher sales volume. Total operating expenses
were $9.6 million, an increase of
32.8% from $7.2 million in the
year-ago quarter. Operating income decreased to $3.0 million from $6.6
million in the fourth quarter of 2010.
In the fourth quarter, subsidy income was $4.4 million, as compared to $0.1 million in the year-ago quarter, owing to
several projects receiving government subsidies due to their
qualification for national development policies, such as the
Pedestrian Navigation project being developed by the Company.
Net income decreased 14.7% to $5.0
million, or $0.20 per diluted
share, compared to $5.8 million, or
$0.23 per diluted share, in the
year-ago quarter. Adjusted net income, which excludes $0.1 million in non-cash stock-based compensation
expense and $0.01 million in
intangible amortization expense from acquisitions, decreased 10.9%
to $5.1 million, or $0.20 per diluted share, compared to $5.8 million, or $0.23 per diluted share, in the comparable period
of 2010(*). Weighted average diluted shares outstanding
decreased to 25,272,585 shares from 25,279,920 shares in the
year-ago quarter.
Full Year 2011 Results
Revenue for the year ended December 31,
2011, increased 36.1% to $167.0
million, compared to $122.7
million in 2010. Gross profit increased 5.3% to $44.7 million from $42.4
million a year ago. Operating income declined 25.6% to
$14.9 million from $20.0 million in 2010. Net income decreased
9.7% to $14.0 million, or
$0.55 per diluted share compared to
net income of $15.5 million, or
$0.63 per diluted share, in 2010.
Adjusted net income, which excludes non-cash stock based
compensation expense of $1.0 million
and amortization expense of intangibles from acquisitions of
$0.1 million, decreased 9.9% to
$15.1 million, or $0.60 per diluted share, compared to $16.8 million, or $0.68 per diluted share, in 2010(*). Weighted
average diluted shares outstanding increased to 25.3 million shares
from 24.7 million shares in 2010.
(*)Please refer to the table at the end of this press release
for a reconciliation of net income and diluted earnings per share
("EPS") to exclude non-cash stock-based compensation and
amortization expense of intangibles from acquisitions.
Financial Condition
As of December 31, 2011, cash and
cash equivalents totaled $45.0
million, compared to $43.9
million as of December 31,
2010. The increase in cash and cash equivalents during 2011
was primarily due to a $22.1 million
increase in the fourth quarter, which was primarily attributable to
decreases in accounts receivable and prepayments during the fourth
quarter. For the year ended December 31,
2011, cash flow from operations was positive $3.2 million due to improved collections toward
the year end. Working capital increased to $97.3 million compared to $73.8 million as of December 31, 2010. Stockholders' equity was
$149.9 million compared to
$111.2 million as of December 31, 2010.
Recent Developments
On February 21, 2012, the Company
announced that its Board of Directors had received a preliminary,
non-binding proposal from its Chairman and Chief Executive Officer,
Mr. Shudong Xia, in which Mr. Xia
stated his intention to acquire all of the outstanding shares of
the Company's common stock not currently owned by him in a
going-private transaction at a proposed price of $5.65 per share in cash. According to the
proposal letter, the acquisition is intended to be funded with a
combination of debt and equity financing. Mr. Xia currently
beneficially owns approximately 27.85% of the Company's common
stock.
The Company's Board of Directors established a special committee
of independent directors to consider this proposal and any
additional proposals that may be made by Mr. Xia and his
affiliates, if any. The special committee has retained William Blair & Company, L.L.C. as its
financial advisor and Shearman & Sterling LLP as its legal
counsel in consideration of such matters. There can be no assurance
that any definitive offer will be made, that any agreement will be
executed or that a transaction with Mr. Xia or any other
transaction will be approved or consummated.
Business Outlook
China TransInfo has successfully developed a first-generation
commercial vehicle monitoring and control platform for the Ministry
of Transport. To date, the Company has recorded more than 1.32
million vehicles registered on the platform and recorded
approximately 460,000 active users. The Company has completed the
development of its Freight Transport Safety Information Monitoring
and Services System as well as the Passenger Coach Public Service
Platform and put them into operation.
Mr. Xia continued, "At the end of the fourth quarter, our sales
backlog was approximately $173
million, compared to $175
million at the end of the third quarter of 2011. We signed
roughly $44 million in contracts
during the fourth quarter. For the full 2012 fiscal year, we
expect revenues to be approximately $170
million and adjusted net income, which excludes non-cash
stock based compensation expense and amortization expense of
intangibles from acquisitions, to be approximately $14 million."
Conference Call
The Company will host a conference call on Thursday, March 29, 2012, at 8:00 a.m. Eastern Daylight Time to discuss its
financial results for the fourth quarter and full year ended
December 31, 2011.
The earnings release will be available on the Investor Relations
page of the Company's website at:
http://www.chinatransinfo.com/news.html.
To participate in the live conference call, please dial the
following number five to ten minutes prior to the scheduled
conference call time: (866) 759-2078. International callers should
dial +1 (706) 643-0585. When prompted by the operator, enter
conference pass code 64531687.
A replay will be available for 14 days starting on Thursday, March 29, 2012 at 10:00 a.m. Eastern Daylight Time and can be
accessed by dialing (855) 859-2056. International callers should
dial +1 (404) 537-3406. When prompted, enter conference pass code
64531687.
An archived webcast of the call will be available on the
Company's website at
http://www.chinatransinfo.com/WebCast.aspx?sortId=44&sortPId=5.
To listen to the live webcast, please go to the Company's website
at least fifteen minutes prior to the start of the call to
register, download and install any necessary audio software.
Use of Non-GAAP Financial Information
GAAP results for the three months and the year ended
December 31, 2011 and 2010 include
non-cash share based compensation and amortization of intangible
assets from acquisitions. To supplement the Company's condensed
consolidated financial statements presented on a GAAP basis, the
Company has provided non-GAAP financial information, which are
adjusted net income and adjusted earnings per share, excluding the
impact of these items in this release. The Company's management
believes that these non-GAAP measures provide investors with a
better understanding of how the results relate to the Company's
historical performance. The additional adjusted information is not
meant to be considered in isolation or as a substitute for GAAP
financials. The adjusted financial information that the Company
provides also may differ from the adjusted information provided by
other companies. Management believes that these adjusted 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, as these measures provide a consistent method of
comparison to historical periods. As a result, the provision of
these adjusted measures allows investors to evaluate the Company's
performance using the same methodology and information as that used
by the Company's management. Moreover, management believes that
these adjusted measures reflect the essential operating activities
of the Company. 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 adjusted financial
measure. However, the Company's management compensates for
these limitations by providing the relevant disclosure of the items
excluded. A reconciliation of adjustments to GAAP results appears
in Table 1 below.
CHINA TRANSINFO
TECHNOLOGY CORP. AND SUBSIDIARIES
Table 1--Reconciliation of Non-GAAP Financial
Data
|
|
For the three months
ended
|
For the three months
ended
|
|
December 31,
2011,
|
December 31,
2010,
|
|
Net Income
|
Diluted EPS
|
Net Income
|
Diluted EPS
|
Amount per consolidated
statement of operations
|
$4,990,744
|
$0.20
|
$5,849,638
|
0.23
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
Amortization of intangible
assets from acquisitions (1)
|
11,723
|
0.00
|
48,298
|
0.00
|
Non-cash share based
compensation
|
147,209
|
0.01
|
(119,203)
|
0.00
|
|
|
|
|
|
Adjusted
Amount
|
$5,149,676
|
$0.20
|
$5,778,733
|
$0.23
|
|
For the year
ended
|
For the year
ended
|
|
December 31,
2011,
|
December 31,
2010,
|
|
Net Income
|
Diluted EPS
|
Net Income
|
Diluted EPS
|
Amount per consolidated
statement of operations
|
$13,967,152
|
$0.55
|
$15,469,158
|
$0.63
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
Amortization of intangible
assets from acquisitions (1)
|
147,315
|
0.01
|
189,955
|
0.00
|
Non-cash share based
compensation
|
1,018,431
|
0.04
|
1,127,841
|
0.05
|
|
|
|
|
|
Adjusted
Amount
|
$15,132,898
|
$0.60
|
$16,786,954
|
$0.68
|
(1) Amortization of
intangible assets from acquisitions of Beijing Transwiseway in 2008
and UNISITS in 2009.
|
About China TransInfo
China TransInfo, through its affiliate, the Group Company and
the Group Company's PRC operating subsidiaries, is primarily
focused on providing urban and highway transportation management
solutions and information services. The Company is a leading
transportation information products and comprehensive solutions
provider, and aims to be the largest real time transportation
information service provider and major fleet management service
provider in China. As the
co-formulator of several transportation technology national
standards, the Company owns nine patents and has won a majority of
the model cases awarded by the PRC Ministry of Transport. As a
result, the Company is playing a key role in setting the standards
for transportation information solutions in China. For more information, please visit the
Company's website at http://www.chinatransinfo.com.
Safe Harbor Statement
This press release contains certain statements that may
include "forward looking statements". All statements other than
statements of historical fact included herein are "forward-looking
statements". These forward looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involve known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website (http://www.sec.gov).
All forward-looking statements attributable to the Company or
persons acting on its behalf are expressly qualified in their
entirety by these factors. Other than as required under the
securities laws, the Company does not assume a duty to update these
forward-looking statements.
Company
Contact:
|
Investor Relations
Contact:
|
Ms. Fan Zhou, Investor
Relations Director
|
Mr. John Harmon, CFA,
Sr. Account Manager
|
China TransInfo
Technology Corp.
|
CCG Investor
Relations
|
E-mail:
ir@ctfo.com
|
E-mail:
john.harmon@ccgir.com
|
Tel: + 86 10–5169
1657
|
Tel: +86 10–8573
1014
|
|
Website:
www.ccgirasia.com
|
— FINANCIAL TABLES FOLLOW
—
CHINA TRANSINFO
TECHNOLOGY CORP. AND SUBSIDIARIES
Consolidated Balance Sheets (unaudited)
|
|
|
December
31,
|
|
December
31,
|
|
|
2011
|
|
2010
|
ASSETS
|
|
|
|
Current
Assets
|
|
|
|
Cash and cash
equivalents
|
$45,032,637
|
|
$43,916,597
|
Restricted
cash
|
3,560,246
|
|
3,131,660
|
Accounts receivable, net
of allowance for doubtful
accounts of $169,060 and $92,749, respectively
|
36,902,155
|
|
26,881,280
|
Inventories
|
5,993,121
|
|
1,079,221
|
Costs and estimated
earnings in excess of billings on
uncompleted contracts
|
42,917,900
|
|
38,626,089
|
Prepayments
|
8,828,290
|
|
18,551,801
|
Other
receivables
|
15,636,967
|
|
10,632,452
|
Deferred tax
assets
|
26,467
|
|
25,508
|
|
Total current
assets
|
158,897,783
|
|
142,844,608
|
|
|
|
|
|
Long-term
investments
|
10,638,712
|
|
8,760,692
|
|
|
|
|
|
Property and equipment,
net
|
10,848,345
|
|
10,878,276
|
|
|
|
|
|
Long-term prepayment for
land use right
|
3,694,493
|
|
-
|
|
|
|
|
|
Intangible assets,
net
|
16,383,300
|
|
7,402,829
|
|
|
|
|
Goodwill
|
10,707,525
|
|
10,319,768
|
|
|
|
|
|
Other assets
|
337,258
|
|
319,679
|
|
|
|
|
|
Total assets
|
211,507,416
|
|
180,525,852
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
Current
Liabilities:
|
|
|
|
Accounts
payable
|
29,010,462
|
|
32,296,459
|
Short-term borrowings
from banks
|
7,791,300
|
|
13,728,850
|
Billings in excess of
costs and estimated earnings on
uncompleted contracts
|
12,760,278
|
|
14,080,475
|
Accrued liabilities and
other current liabilities
|
12,043,530
|
|
8,988,180
|
|
Total current
liabilities
|
61,605,570
|
|
69,093,964
|
|
|
|
|
|
Other long-term
liability
|
-
|
|
200,699
|
|
|
|
|
Total
liabilities
|
61,605,570
|
|
69,294,663
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
Stockholders' equity
:
|
|
|
|
Preferred stock, par
value $0.001 per share, 10,000,000
shares authorized and 0 shares issued and outstanding
|
-
|
|
-
|
Common stock, par value
$0.001 per share,
150,000,000 shares authorized, 25,270,069 and
25,270,069 issued and outstanding, respectively
|
25,270
|
|
25,270
|
Additional paid-in
capital
|
51,484,878
|
|
42,887,452
|
Retained
earnings
|
61,384,633
|
|
47,417,481
|
Accumulated other
comprehensive income
|
9,618,689
|
|
5,027,744
|
Total China TransInfo
Technology Corp Stockholders equity
|
122,513,470
|
|
95,357,947
|
Noncontrolling
interests
|
27,388,376
|
|
15,873,242
|
|
|
|
|
|
Total stockholders'
equity
|
149,901,846
|
|
111,231,189
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
211,507,416
|
|
180,525,852
|
CHINA TRANSINFO
TECHNOLOGY CORP. AND SUBSIDIARIES
Consolidated Statements Income
(Unaudited)
|
|
|
|
Three Months
Ended December 31,
|
|
Twelve Months
Ended December 31,
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
48,187,903
|
|
$
|
38,755,028
|
|
$
|
167,023,594
|
|
$
|
122,727,958
|
Cost of sales
|
|
35,634,641
|
|
|
24,990,937
|
|
|
122,347,769
|
|
|
80,279,465
|
Gross profit
|
|
12,553,262
|
|
|
13,764,091
|
|
|
44,675,825
|
|
|
42,448,493
|
Total operating
expenses
|
|
9,550,904
|
|
|
7,194,543
|
|
|
29,825,080
|
|
|
22,481,758
|
Income from
operations
|
|
3,002,358
|
|
|
6,569,548
|
|
|
14,850,745
|
|
|
19,966,735
|
Non-operating income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
70,087
|
|
|
26,561
|
|
|
251,877
|
|
|
127,468
|
|
Interest
expense
|
|
(153,022)
|
|
|
(144,653)
|
|
|
(832,811)
|
|
|
(470,711)
|
|
Subsidy
income
|
|
4,355,261
|
|
|
147,336
|
|
|
4,792,137
|
|
|
1,574,928
|
|
Other income (expense),
net
|
|
36,005
|
|
|
156,019
|
|
|
189,864
|
|
|
(54,443)
|
|
|
Total non-operating
income
|
|
4,308,331
|
|
|
185,263
|
|
|
4,401,067
|
|
|
1,177,242
|
Income before income taxes, noncontrolling interests, and
gain on equity investments in affiliates
|
|
7,310,689
|
|
|
6,754,811
|
|
|
19,251,812
|
|
|
21,143,977
|
Income taxes
|
|
627,777
|
|
|
626,173
|
|
|
1,955,760
|
|
|
2,074,187
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income before
non-controlling interests and gain on equity investments in
affiliates net income
|
|
6,682,912
|
|
|
6,128,638
|
|
|
17,296,052
|
|
|
19,069,790
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain (loss) on equity
investments in affiliates due to proportional shares of the
affiliates net income
|
|
708,671
|
|
|
1,447,671
|
|
|
2,483,068
|
|
|
1,307,679
|
Net income before
non-controlling interests
|
|
7,391,583
|
|
|
7,576,309
|
|
|
19,779,120
|
|
|
20,377,469
|
Non-controlling
interests in net income of subsidiary
|
|
2,400,839
|
|
|
1,726,671
|
|
|
5,811,968
|
|
|
4,908,311
|
Net income
|
|
|
4,990,744
|
|
|
5,849,638
|
|
$
|
13,967,152
|
|
$
|
15,469,158
|
Weighted average
number of shares of outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
25,270,069
|
|
|
25,270,069
|
|
|
25,270,069
|
|
|
24,647,707
|
|
Diluted
|
|
25,272,585
|
|
|
25,279,920
|
|
|
25,273,236
|
|
|
24,683,208
|
Earnings per share
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
0.2
|
|
$
|
0.23
|
|
$
|
0.55
|
|
$
|
0.63
|
|
Diluted
|
|
0.2
|
|
$
|
0.23
|
|
$
|
0.55
|
|
$
|
0.63
|
Comprehensive
income
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income including
noncontrolling interest
|
$
|
7,391,583
|
|
$
|
7,576,309
|
|
$
|
19,779,120
|
|
$
|
20,377,469
|
|
Translation
adjustments
|
|
1,080,981
|
|
|
1,249,862
|
|
|
4,590,945
|
|
|
2,912,698
|
Comprehensive
income
|
$
|
8,472,564
|
|
$
|
8,826,171
|
|
$
|
24,370,065
|
|
$
|
23,290,167
|
|
Comprehensive income attributable to noncontrolling
interests
|
$
|
2,400,839
|
|
$
|
1,726,671
|
|
$
|
5,811,968
|
|
$
|
4,908,311
|
|
Comprehensive income
attributable to CTFO
|
$
|
6,071,725
|
|
$
|
7,099,500
|
|
$
|
18,558,097
|
|
$
|
18,381,856
|
CHINA TRANSINFO
TECHNOLOGY CORP. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(unaudited)
|
|
|
|
Twelve Months Ended
December 31,
|
|
|
|
2011
|
|
|
2010
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
Net income
|
|
|
$
|
13,967,152
|
|
$
|
15,469,158
|
Adjustments to reconcile
net income to
|
|
|
|
|
|
|
|
net cash provided by
(used in) operating activities:
|
|
|
|
|
|
|
|
|
Noncontrolling
interests
|
|
|
5,811,968
|
|
|
4,908,311
|
|
|
Depreciation and
amortization expenses
|
|
|
2,579,679
|
|
|
2,007,246
|
|
|
Stock-based
compensation
|
|
|
1,090,827
|
|
|
1,160,016
|
|
|
Gain on equity
investments in affiliates due to
proportional shares of the affiliates net income
|
|
|
|
|
|
-
|
|
|
|
|
(2,483,068)
|
|
|
(1,307,679)
|
|
|
Gain on disposal of
portion equity of subsidiary to
noncontroling interest
|
|
|
(41,041)
|
|
|
|
|
|
Dividends
income
|
|
|
(26,780)
|
|
|
|
|
|
Loss on disposal of
property and equipment
|
|
|
24,984
|
|
|
(1,615)
|
|
|
Allowance for doubtful
accounts
|
|
|
71,697
|
|
|
51,918
|
|
|
Deferred Income
Tax
|
|
|
-
|
|
|
4,081
|
|
|
(Increase) Decrease in
assets:
|
|
|
|
|
|
|
|
|
|
Restricted
cash
|
|
|
(306,097)
|
|
|
(1,449,515)
|
|
|
|
Accounts
receivable
|
|
|
(8,942,846)
|
|
|
(11,171,621)
|
|
|
|
Inventories
|
|
|
(4,797,803)
|
|
|
(566,109)
|
|
|
|
Prepaid expenses and
other current assets
|
|
|
10,257,131
|
|
|
(12,215,219)
|
|
|
|
Other
receivables
|
|
|
(4,815,425)
|
|
|
(3,224,644)
|
|
|
|
Cost and estimated
earnings
|
|
|
|
|
|
|
|
|
|
in excess of
billings on uncompleted contracts
|
|
|
(2,796,436)
|
|
|
(3,528,851)
|
|
|
|
Other assets
|
|
|
44,938
|
|
|
564,805
|
|
|
(Decrease) Increase in
liabilities:
|
|
|
|
|
|
-
|
|
|
|
Accounts
payable
|
|
|
(3,658,735)
|
|
|
10,592,767
|
|
|
|
Billings in excess of
costs
|
|
|
|
|
|
-
|
|
|
|
and estimated earnings
on uncompleted contracts
|
|
|
(1,820,592)
|
|
|
(3,434,336)
|
|
|
|
Accrued liabilities and
other current liabilities
|
|
|
(922,079)
|
|
|
6,007,590
|
Net cash used in
operating activities
|
|
$
|
3,237,474
|
|
$
|
3,866,303
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
Proceeds from disposal
of property and equipment
|
|
$
|
54,303
|
|
$
|
64,861
|
|
Purchases of property
and equipment
|
|
|
(2,679,638)
|
|
|
(1,841,087)
|
|
Purchases of intangible
assets
|
|
|
(2,064,112)
|
|
|
(2,933,180)
|
|
Payments for acquisition
of companies
|
|
|
(890,989)
|
|
|
(260,966)
|
|
Payments for land use
right
|
|
|
(3,637,221)
|
|
|
|
|
Dividends from equity or
cost investees
|
|
|
984,901
|
|
|
822,855
|
|
Cash received from
disposal of minority-owned company
|
|
|
221,283
|
|
|
|
|
Cash from
acquisition
|
|
|
|
|
|
73,970
|
Net cash used in
investing activities
|
|
|
(8,011,473)
|
|
|
(4,073,547)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
Proceeds from short-term
borrowings
|
|
|
8,910,451
|
|
|
13,388,570
|
|
Payments of short-term
borrowings
|
|
|
(15,263,811)
|
|
|
(7,544,940)
|
|
Noncontrolling interests
capital contribution
|
|
|
12,172,108
|
|
|
209,335
|
|
Payment of dividends to
noncontrolling interests from
subsidiaries
|
|
|
(1,543,820)
|
|
|
(51,779)
|
|
Proceeds from issuing
common shares
|
|
|
-
|
|
|
10,000,000
|
|
Payments to third
parties for stock financing
|
|
|
(8,500)
|
|
|
(611,601)
|
Net cash provided by
financing activities
|
|
|
4,266,428
|
|
|
15,389,585
|
|
|
|
|
|
|
|
|
|
|
Effect of foreign
currency exchange translation
|
|
|
1,623,612
|
|
|
1,333,836
|
|
|
|
|
|
|
|
|
|
|
Net increase in
cash
|
|
|
1,116,040
|
|
|
16,516,177
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents - beginning
|
|
|
43,916,597
|
|
|
27,400,420
|
Cash and cash
equivalents - ending
|
|
$
|
45,032,637
|
|
$
|
43,916,597
|
|
|
|
|
|
|
-
|
|
|
|
Supplemental
disclosures:
|
|
|
|
|
|
|
|
Interest paid
|
|
$
|
835,998
|
|
$
|
416,554
|
|
Income taxes
paid
|
|
$
|
1,920,446
|
|
$
|
787,449
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosures
of cash flow for non-cash transaction:
|
|
|
|
|
|
|
|
Payment of dividends to
noncontrolling interests from
subsidiaries
|
|
$
|
327,950
|
|
$
|
-
|
|
Noncontrolling interests
capital contribution
|
|
$
|
116,220
|
|
$
|
-
|
|
Noncontrolling interest
shareholders' contributed
intangible assets as investment
|
$
|
6,915,059
|
|
$
|
-
|
SOURCE China TransInfo Technology Corp.