BEIJING, Aug. 14, 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 second quarter ended June 30, 2012.
Second-Quarter 2012 Highlights:
- Revenues were $31.4 million, a
decrease of 14.8% year over year
- Net income was $2.4 million, or
$0.09 per diluted share
- Adjusted net income was $2.6
million, or $0.10 per diluted
share(*)
- Backlog increased by $22 million
to approximately $216 million
- Entered into a merger agreement with TransCloud Company Limited
and TransCloud Acquisition, Inc.
"During the second-quarter, our top line growth continued to
vary due to the timing of contract progress and execution, however,
we signed $54 million in new
contracts, and our backlog increased by 11% to approximately
$216 million, indicating a stronger
book of business for China TransInfo," commented Mr. Shudong Xia. "In addition, we are pleased to see
a year-over-year improvement in our gross margin, owing to our
cost-effective project execution initiatives intended to optimize
hardware purchasing practices and labor management. We maintained
solid profitability despite the lower revenue level and higher tax
rate. We remain committed to growing our business alongside the
favorable dynamics of China's
transportation market."
Second-Quarter 2012 Results
For the second quarter ended June 30,
2012, revenues were $31.4
million, a 14.8% decrease from $36.9
million in the year-ago quarter. The decrease in
revenue was driven primarily by a 13.2% decrease in transportation
revenue, mainly due to fluctuations in the progress of existing
contracts and execution in the ITS business. Revenue from
products and applications in the transportation business sector was
$29.8 million, or 94.9% of total
revenue, compared to $34.3 million,
or 93.1% of total revenue, in the year-ago quarter. The
remainder of revenue derived from other business categories.
Gross profit decreased 7.2% to $9.8
million in the second quarter of 2012, as compared to
$10.6 million in the year-ago
quarter. The modest decrease was attributed to the decrease in net
sales of our ITS business. However, the gross margin in the second
quarter of 2012 increased to 31.3% from 28.7% in the year-ago
quarter, mainly due to higher-margin transportation projects
executed during the quarter versus the year-ago quarter, owing to
improvements in hardware purchasing practice and labor management
associated with these projects.
Selling expenses were $1.3
million, as compared to $1.0
million in the second quarter of 2011, mainly due to our
enhanced efforts in bidding for new contracts. General and
administrative expenses were $6.1
million, as compared to $6.4
million in the year-ago quarter. The decrease was primarily
due to lower sales-related bonus payments. Total operating
expenses rose 0.6% to $7.4 million
from the year-ago quarter. Operating income decreased 25.4% to
$2.4 million from $3.2 million in the second quarter of 2011.
In the second quarter, subsidy income was $0.8 million, as compared to $0.06 million in the year-ago quarter.
Net income decreased 15.6% to $2.4
million, or $0.09 per diluted
share, compared to $2.8 million, or
$0.11 per diluted share, in the
year-ago quarter. Adjusted net income, which excludes $0.25 million in non-cash, stock-based
compensation expense and $0.01
million in intangible amortization expense from
acquisitions, decreased 16.5% to $2.6
million, or $0.10 per diluted
share, compared to $3.1 million, or
$0.12 per diluted share, in the
comparable period of 2011(*). Weighted average
diluted shares outstanding increased to 25,320,592 shares from
25,273,195 shares in the year-ago quarter.
(*) 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.
Six-Month Results
For the six months ended June 30,
2012, net sales were $60.3
million, a 17.8% decrease from $73.4
million during the same period of 2011. Gross profit
decreased 7.5% to $19.4 million from
$21.0 million. Operating income
declined 30.8% to $5.0 million from
$7.3 million in the first six months
of 2011. Net income decreased 17.1% to $4.8 million, or $0.19 per diluted share compared to net income of
$5.8 million, or $0.23 per diluted share, in the first six months
of 2011. Adjusted net income, which excludes non-cash, stock-based
compensation expense of $0.5 million
and amortization expense of intangibles from acquisitions of
$0.02 million, decreased 17.9% to
$5.3 million, or $0.21 per diluted share, compared to $6.4 million, or $0.26 per diluted share, in the first six months
of 2011.(*) Weighted average diluted shares outstanding
increased to 25,295,931 shares from 25,273,317 shares in the first
six months of 2011.
(*) Please refer to the table at the end of
this press release for a reconciliation of net income and diluted
EPS to exclude non-cash stock-based compensation and amortization
expense of intangibles from acquisitions.
Financial Condition
As of June 30, 2012, cash and cash
equivalents totaled $26.9 million,
compared to $45.0 million as of
December 31, 2011. For the quarter
ended June 30, 2012, cash flow from
operations was an outflow of $5.0
million. Working capital increased to $103.9 million compared to $97.3 million as of December 31, 2011. Stockholders' equity was
$158.7 million compared to
$149.9 million as of December 31, 2011.
Business Outlook
China TransInfo has successfully developed a commercial vehicle
monitoring and control platform for the Ministry of Transport. To
date, the Company has recorded more than 1.51 million vehicles
registered on the platform and approximately 420,000 active users.
In addition, the Company's variable interest entity, Beijing
Zhangcheng Science and Technology Co., Ltd. (Palmcity), released an
updated version of its Android-based Real-Time Traffic Information
application with advanced features including enabling user sharing
and searching of traffic information via Sina Weibo, the most
popular social-networking platform in China. In addition, Palmcity officially
released its iOS-based Real-Time Traffic Information application
V3.1 for iPhone users on July 13,
2012.
Mr. Xia continued, "At the end of the second quarter of 2012,
our sales backlog was approximately $216
million, compared to $194
million at the end of the first quarter. We signed roughly
$54 million in contracts during the
second quarter. For 2012, we continue to expect revenues of
approximately $170 million and
adjusted net income of approximately $14
million, excluding non-cash, stock-based compensation
expense and amortization expense of intangibles from
acquisitions."
Conference Call
The Company will host a conference call on Tuesday, August 14, 2012, at 8:00 a.m. Eastern Daylight Time to discuss its
financial results for the second quarter ended June 30, 2012.
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 16802974.
A replay will be available for 14 days starting on Tuesday, August 14, 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
16802974.
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 ended June 30, 2012 and 2011 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
|
|
June 30,
2012,
|
June 30,
2011,
|
|
Net Income
|
Diluted EPS
|
Net Income
|
Diluted EPS
|
Amount per consolidated
statement of operations
|
$ 2,353,197
|
$0.09
|
$ 2,789,396
|
$0.11
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
Amortization of intangible assets from acquisitions (1)
|
11,255
|
0.00
|
49,447
|
0.00
|
Non-cash share based
compensation
|
249,316
|
0.01
|
291,077
|
0.01
|
|
|
|
|
|
Adjusted
Amount
|
$2,613,768
|
$0.10
|
$
3,129,920
|
$0.12
|
|
For the six months
ended
|
For the six months
ended
|
|
June 30,
2012,
|
June 30,
2011,
|
|
Net Income
|
Diluted EPS
|
Net Income
|
Diluted EPS
|
Amount per consolidated
statement of operations
|
$ 4,772,493
|
$0.19
|
$ 5,756,672
|
$0.23
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
Amortization of intangible
assets from acquisitions(1)
|
22,530
|
0.00
|
98,297
|
0.00
|
Non-cash share based
compensation
|
501,987
|
0.02
|
594,014
|
0.03
|
|
|
|
|
|
Adjusted
Amount
|
$5,297,010
|
$0.21
|
$6,448,983
|
$0.26
|
(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:
Ms. Fan Zhou, Investor Relations Director
China TransInfo Technology Corp.
E-mail: ir@ctfo.com
Tel: + 86 10–5169 1657
|
Investor Relations
Contact:
Mr. John Harmon, CFA, Sr. Acct. Manager
CCG Investor Relations
E-mail: john.harmon@ccgir.com
Tel: +86 10–8573 1014
Website: www.ccgirasia.com
|
- FINANCIAL TABLES
FOLLOW -
CHINA TRANSINFO TECHNOLOGY CORP.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND
COMPREHENSIVE INCOME
(Unaudited)
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended June
30,
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
Net sales
|
|
|
$
|
31,407,301
|
|
$
|
36,874,738
|
|
$
|
60,336,018
|
|
$
|
73,373,897
|
Cost of sales
|
|
|
(21,591,924)
|
|
|
(26,298,267)
|
|
|
(40,938,036)
|
|
|
(52,404,305)
|
Gross profit
|
|
|
9,815,377
|
|
|
10,576,471
|
|
|
19,397,982
|
|
|
20,969,592
|
Total operating
expenses
|
|
(7,445,269)
|
|
|
(7,397,564)
|
|
|
(14,382,315)
|
|
|
(13,718,623)
|
Income from
operations
|
|
2,370,108
|
|
|
3,178,907
|
|
|
5,015,667
|
|
|
7,250,969
|
Non-operating income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
197,562
|
|
|
46,617
|
|
|
232,450
|
|
|
86,343
|
|
Interest
expense
|
|
(111,696)
|
|
|
(236,756)
|
|
|
(221,160)
|
|
|
(487,329)
|
|
Subsidy
income
|
|
780,962
|
|
|
65,336
|
|
|
1,426,963
|
|
|
260,962
|
|
Other income,
net
|
|
225,129
|
|
|
38,405
|
|
|
378,137
|
|
|
113,881
|
Total non-operating
income
|
|
1,091,957
|
|
|
(86,398)
|
|
|
1,816,390
|
|
|
(26,143)
|
Income before income
taxes, non-controlling interests,
and gain on equity investments in affiliates net
income
|
|
3,462,065
|
|
|
3,092,509
|
|
|
6,832,057
|
|
|
7,224,826
|
Income taxes
|
|
|
(562,181)
|
|
|
(361,810)
|
|
|
(1,140,449)
|
|
|
(862,935)
|
Net income before
non-controlling interests and gain on
equity investments in affiliates net
income
|
|
2,899,884
|
|
|
2,730,699
|
|
|
5,691,608
|
|
|
6,361,891
|
Gain on equity
investments in affiliates due to proportional
shares of the affiliates net income
|
|
355,190
|
|
|
1,023,349
|
|
|
734,443
|
|
|
1,355,985
|
Net income before
non-controlling interests
|
|
3,255,074
|
|
|
3,754,048
|
|
|
6,426,051
|
|
|
7,717,876
|
Non-controlling
interests in net income of subsidiary
|
|
(901,877)
|
|
|
(964,652)
|
|
|
(1,653,558)
|
|
|
(1,961,204)
|
Net income
|
|
$
|
2,353,197
|
|
$
|
2,789,396
|
|
$
|
4,772,493
|
|
$
|
5,756,672
|
Weighted average
number of shares of outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
25,270,069
|
|
|
25,270,069
|
|
|
25,270,069
|
|
|
25,270,069
|
|
Diluted
|
|
|
25,320,592
|
|
|
25,273,195
|
|
|
25,295,931
|
|
|
25,273,317
|
Earnings per share
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.09
|
|
$
|
0.11
|
|
$
|
0.19
|
|
$
|
0.23
|
|
Diluted
|
|
$
|
0.09
|
|
$
|
0.11
|
|
$
|
0.19
|
|
$
|
0.23
|
Comprehensive
income
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income including
non-controlling interests
|
$
|
3,255,074
|
|
$
|
3,754,048
|
|
$
|
6,426,051
|
|
$
|
7,717,876
|
|
Translation
adjustments
|
|
84,051
|
|
|
1,483,308
|
|
|
919,584
|
|
|
2,117,495
|
Comprehensive
income
|
$
|
3,339,125
|
|
$
|
5,237,356
|
|
$
|
7,345,635
|
|
$
|
9,835,371
|
|
Comprehensive income
attributable to
non-controlling interests
|
$
|
901,877
|
|
$
|
964,652
|
|
$
|
1,653,558
|
|
$
|
1,961,204
|
|
Comprehensive income
attributable to CTFO
|
$
|
2,437,248
|
|
$
|
4,272,704
|
|
$
|
5,692,077
|
|
$
|
7,874,167
|
CHINA TRANSINFO
TECHNOLOGY CORP.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Unaudited)
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
|
|
|
2012
|
|
2011
|
ASSETS
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
26,933,703
|
|
$
|
45,032,637
|
|
Restricted
cash
|
|
4,935,448
|
|
|
3,560,246
|
|
Accounts receivable, net
of allowance for doubtful accounts of $171,938
and $169,060 , respectively
|
|
45,673,081
|
|
|
36,902,155
|
|
Inventories
|
|
4,934,799
|
|
|
5,993,121
|
|
Costs and estimated
earnings in excess of billings on uncompleted
contracts
|
|
58,945,007
|
|
|
42,917,900
|
|
Prepaid expenses and
other current assets
|
|
12,871,862
|
|
|
8,828,290
|
|
Other
receivables
|
|
22,574,993
|
|
|
15,636,967
|
|
Deferred tax
assets
|
|
26,652
|
|
|
26,467
|
|
Total current
assets
|
|
176,895,545
|
|
|
158,897,783
|
|
|
|
|
|
|
|
|
|
|
Long-term
investments
|
|
11,076,931
|
|
|
10,638,712
|
Property and equipment,
net
|
|
10,990,199
|
|
|
10,848,345
|
Long-term prepayment for
land use right
|
|
3,720,312
|
|
|
3,694,493
|
Intangible assets,
net
|
|
17,934,563
|
|
|
16,383,300
|
Goodwill
|
|
10,782,355
|
|
|
10,707,525
|
Other assets
|
|
397,497
|
|
|
337,258
|
Total assets
|
$
|
231,797,402
|
|
$
|
211,507,416
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
$
|
43,692,235
|
|
$
|
29,010,462
|
|
Short-term borrowings
from banks
|
|
7,433,539
|
|
|
7,791,300
|
|
Billings in excess of
costs and estimated earnings on uncompleted contracts
|
|
11,790,011
|
|
|
12,760,278
|
|
Accrued liabilities and
other current liabilities
|
|
10,109,118
|
|
|
12,043,530
|
|
Total current
liabilities
|
|
73,024,903
|
|
|
61,605,570
|
|
|
|
|
|
|
|
|
|
|
Other long-term
liabilities
|
|
27,104
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
73,052,007
|
|
|
61,605,570
|
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity
:
|
|
|
|
|
|
|
Common stock, par value
$0.001 per share, 150,000,000 shares authorized,
25,270,069 and 25,270,069 issued and outstanding
as of June 302012
and December 31, 2011, respectively
|
|
25,270
|
|
|
25,270
|
|
Additional paid-in
capital
|
|
53,463,342
|
|
|
51,484,878
|
|
Retained
earnings
|
|
66,157,126
|
|
|
61,384,633
|
|
Accumulated other
comprehensive income
|
|
10,538,273
|
|
|
9,618,689
|
|
Total China TransInfo
Technology Corp Stockholders' equity
|
|
130,184,011
|
|
|
122,513,470
|
|
Non-controlling
interests
|
|
28,561,384
|
|
|
27,388,376
|
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
|
158,745,395
|
|
|
149,901,846
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
|
231,797,402
|
|
$
|
211,507,416
|
CHINA TRANSINFO
TECHNOLOGY CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
|
|
|
|
Six Months Ended June
30,
|
|
|
|
|
|
2012
|
|
2011
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
Net income
|
|
$
|
4,772,493
|
|
$
|
5,756,672
|
Adjustments to reconcile
net income to
net cash used in operating
activities:
|
|
|
|
|
|
|
|
Non-controlling
interests
|
|
|
1,653,558
|
|
|
1,961,204
|
|
Depreciation and
amortization expenses
|
|
|
1,488,050
|
|
|
1,350,497
|
|
Stock-based
compensation
|
|
|
545,468
|
|
|
634,040
|
|
Gain on equity
investments in affiliates
due to proportional shares of the
affiliates net income
|
|
|
(734,443)
|
|
|
(1,355,985)
|
|
Gain on disposal of
portion equity of
subsidiary to non-controlling
interests
|
-
|
|
|
(40,479)
|
|
Dividends
income
|
|
|
(18,689)
|
|
|
(14,782)
|
|
Loss on disposal of
property and equipment
|
|
|
13,764
|
|
|
20,283
|
|
Allowance for doubtful
accounts
|
|
|
1,698
|
|
|
-
|
|
Decrease (Increase)
in assets:
|
|
|
|
|
|
|
|
|
Restricted
cash
|
|
|
(1,351,684)
|
|
|
1,210,652
|
|
|
Accounts
receivable
|
|
|
(8,523,325)
|
|
|
(8,272,988)
|
|
|
Inventories
|
|
|
1,101,317
|
|
|
(1,738,309)
|
|
|
Prepaid expenses and
other
current assets
|
|
|
(3,986,142)
|
|
|
731,880
|
|
|
Other
receivables
|
|
|
(6,523,218)
|
|
|
(1,720,024)
|
|
|
Costs and estimated
earnings
in excess of billings on
uncompleted contracts
|
|
|
(15,743,049)
|
|
|
(3,942,025)
|
|
|
Other assets
|
|
|
(57,944)
|
|
|
(56,498)
|
|
Increase (Decrease) in
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
14,493,648
|
|
|
(2,270,555)
|
|
|
Billings in excess of
costs and
estimated earnings on
uncompleted contracts
|
|
|
(1,060,512)
|
|
|
(4,461,510)
|
|
|
Accrued liabilities and
other
current liabilities
|
|
|
(734,239)
|
|
|
(794,710)
|
|
|
Other long-term
liabilities
|
|
|
27,131
|
|
|
15,311
|
Net cash used in
operating activities
|
|
|
(14,636,118)
|
|
|
(12,987,326)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
Proceeds from disposal
of property and equipment
|
|
|
6,070
|
|
|
19,114
|
|
Purchases of property
and equipment
|
|
|
(1,280,019)
|
|
|
(1,597,311)
|
|
Purchases of intangible
assets
|
|
|
(1,740,114)
|
|
|
(651,593)
|
|
Payments for acquisition
of companies
|
|
|
(209,907)
|
|
|
(202,565)
|
|
Payments for land use
right
|
|
|
-
|
|
|
(3,593,798)
|
|
Dividends from equity or
cost investees
|
|
|
-
|
|
|
14,782
|
Net cash used in
investing activities
|
|
$
|
(3,223,970)
|
|
$
|
(6,011,371)
|
CHINA TRANSINFO
TECHNOLOGY CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
|
|
|
|
|
Six Months Ended June
30,
|
|
|
|
|
|
2012
|
|
2011
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
Proceeds from short-term
borrowings
|
|
$
|
6,727,073
|
|
$
|
6,889,950
|
|
Payments of short-term
borrowings
|
|
|
(7,139,700)
|
|
|
(9,263,155)
|
|
Non-controlling
interest's capital contribution
|
|
|
79,330
|
|
|
6,698,563
|
|
Payment of dividends to
non-controlling
interests from subsidiaries
|
|
|
(237,990)
|
|
|
-
|
Net cash (used in)
provided by financing activities
|
|
|
(571,287)
|
|
|
4,325,358
|
|
|
|
|
|
|
|
|
|
|
Effect of foreign
currency exchange translation
|
|
|
332,441
|
|
|
706,563
|
|
|
|
|
|
|
|
|
|
|
Net decrease in cash and
cash equivalents
|
|
|
(18,098,934)
|
|
|
(13,966,776)
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents - beginning
|
|
|
45,032,637
|
|
|
43,916,597
|
Cash and cash
equivalents - ending
|
|
$
|
26,933,703
|
|
$
|
29,949,821
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosures:
|
|
|
|
|
|
|
|
Interest paid
|
|
$
|
228,095
|
|
$
|
390,693
|
|
Income taxes
paid
|
|
$
|
1,056,027
|
|
$
|
1,103,885
|
SOURCE China TransInfo Technology Corp.