6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

For the month of July 2015

Commission File Number 333-168496

OSSEN INNOVATION CO., LTD.

(Translation of registrant’s name into English)

518 SHANGCHENG ROAD, FLOOR 17, SHANGHAI, 200120,

PEOPLE’S REPUBLIC OF CHINA

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  x                                      Form 40-F ¨           

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ¨                No x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):  82-______.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

OSSEN INNOVATION CO., LTD.

(Registrant)

Date:   June 30, 2015 

By:	/s/ Wei Hua
	Name: Wei Hua
	Title: Chief Executive Officer

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release of Ossen Innovation Co., Ltd., dated June 29, 2015

EX-99.1

Exhibit 99.1

Ossen Innovation Announces First Quarter 2015 Financial Results

Earnings Conference Call is Scheduled for 8:30 am EDT on June 29, 2015

SHANGHAI, June 26, 2015 /PRNewswire-FirstCall/ -- Ossen Innovation Co., Ltd. ("Ossen" or the "Company") (Nasdaq: OSN), a China-based manufacturer of an array of plain surface, rare earth and zinc coated pre-stressed steel materials, today announced its financial results for the quarter ended March 31, 2015.

· Revenues decreased by 4.5% to $26.8 million for the three months ended March 31, 2015, mainly due to weakness in rare earth coated products sales and partially offset by strength in zinc coated, plain surfaced and others products.

· Net income attributable to Ossen Innovation increased by 79.1% to $0.9 million, or $0.04 per share, for the three months ended March 31, 2015, compared to $0.5 million, or $0.02 per share, for the same period of last year.

· Gross margin improved by more than four points to 13.5% for the three months ended March 31, 2015, due to improvement in gross margin for coated PC steel materials that include both rare earth and zinc coated products and partially offset by decrease in gross margin for plain surface PC strands and others.

· Operating margin improved by approximately two points to 6.2% for the three months ended March 31, 2015 from 4.3% for the same period of last year.

Dr. Liang Tang, Chairman of Ossen Innovation, commented: “The overall business environment remained challenging for us during the first quarter of 2015 as China’s economy continued to lose steam with its GDP growth hitting the lowest point in six years to just 7.0%, leading to a 4.5% year-over-year decrease in our total revenues. However, we continued to execute well and improved net income and gross and operating margins significantly on a year-over-year basis, leading to an EPS of $0.04 for the first quarter of 2015 from $0.02 for the same period of last year.”

Three Months Ended March 31, 2015 Financial Results

	For the Three Months Ended March 31,
($ millions, expect per share data)	2015			2014			% Change
Revenues	$	26.8		$	28.0			-4.5	%
Gross profit	$	3.6		$	2.6			37.2	%
Gross margin		13.5	%		9.4	%		4.1	%
Operating income	$	1.7		$	1.2			39.5	%
Operating margin		6.2	%		4.3	%		2.0	%
Net income attributable to Ossen Innovation	$	0.9		$	0.5			79.1	%
EPS	$	0.04		$	0.02			79.1	%

For the three months ended March 31, 2015, revenues decreased by $1.3 million, or 4.5%, to $26.8 million from $28.0 million for the same period of last year, mainly due to weakness in rare earth coated products sales and partially offset by strength in zinc coated, plain surfaced and others products. The sales of coated PC steel materials, including both rare earth and zinc coated products, decreased by $4.4 million, or 16.6%, to $22.1 million and accounted for 83% of total sales for the three months ended March 31, 2015. The sales of rare earth and zinc coated products were $18.2 million and $3.9 million, respectively, for the three months ended March 31, 2015, compared to $26.5 million and nil, respectively, for the same period of last year. The sales of plain surface PC strands and others increased by approximately $3.1 million, or 210.0%, to $4.6 million and accounted for 17% of total sales for the three months ended March 31, 2015 mainly due to increased sales volume of plain surface PC strands as well as sales of other products.

Gross profit increased by approximately $1.0 million, or 37.2%, to $3.6 million for the three months ended March 31, 2015 from $2.6 million for the same period of last year. Gross margin was 13.5% for the three months ended March 31, 2015, compared to 9.4% for the same period of last year. Gross margins for rare earth and zinc coated products were 11.6% and 26.2%, respectively, for the three months ended March 31, 2015, compared to 8.9% and nil, respectively, for the same period of last year. Gross margin for plain surface PC Strands and others was 11.3% for the three months ended March 31, 2015, compared to 19.1% for the same period of last year.

Selling expenses increased by $0.02 million, or 14.8%, to approximately $0.1 million for the three months ended March 31, 2015. General and administrative expenses increased by $0.5 million, or 36.9%, to $1.8 million for the three months ended March 31, 2015 mainly due to increase in the provision for bad debts. As a result, total operating expenses increased by $0.5 million, or 35.2%, to approximately $2.0 million for the three months ended March 31, 2015 from $1.4 million for the same period of last year.

Operating income was $1.7 million, or 6.2% of total revenues, for the three months ended March 31, 2015, compared to $1.2 million, or 4.3% of total revenues, for the same period of last year.

Net income increased by approximately $0.3 million, or 64.9%, to $0.9 million for the three months ended March 31, 2015 from $0.5 million for the same period of last year.

After deducting net income attributable to non-controlling interest, net income attributable to Ossen Innovation increased by $0.4 million, or 79.1%, to $0.9 million for the three months ended March 31, 2015 from $0.5 million for the same period of last year. Earnings per share, both basic and diluted, were $0.04 for the three months ended March 31, 2015, versus $0.02 for the same period of last year.

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Balance Sheet and Cash Flows

The Company had approximately $10.8 million of cash and restricted cash as of March 31, 2015, compared to $18.3 million at December 31, 2014. Accounts receivable were $68.7 million as of March 31, 2015, compared to $53.8 million at December 31, 2014. The days of sales of outstanding (DSO) were 206 days for the three months ended March 31, 2015 compared to 151 days for the year of 2014. The increase in DSO is attributable to the higher accounts receivable as of March 31, 2015 pushing the Company higher than its historical range. The balance of prepayment to suppliers for raw materials totaled $54.1 million as of March 31, 2015, compared to $56.3 million at December 31, 2014. The Company had inventories of $16.0 million as of March 31, 2015, compared to $20.1 million at the end of 2014. Total working capital was $109.7 million as of March 31, 2015, compared to $108.0 million at December 31, 2014.

Net cash provided by operating activities was $3.6 million for the three months ended March 31, 2015, compared to net cash used in operating activities of $1.1 million for the same period of last year. Net cash used in investing activities was $0.016 million for the three months ended March 31, 2015, compared to $0.001 million for the same period of last year. Net cash used in financing activities was $4.1 million for the three months ended March 31, 2015, compared to $0.1 million for the same period of last year.

Conference Call

To attend the call, please use the information below for either dial-in access or webcast access. When prompted on dial-in, ask for "Ossen Innovation First Quarter 2015 Conference Call” or be prepared to utilize the conference ID.

Conference Call	Ossen Innovation First Quarter 2015 Conference Call
Date:	Monday, June 29, 2015
Time:	8:30 am EDT, U.S.
Conference Line Dial-In (U.S.):	+1-845-675-0437
International Toll Free:	United States: +1-866-519-4004 China, Domestic Mobile: 400-620-8038 China, Domestic: 800-819-0121
Conference ID:	71214017

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Please dial in at least 10 minutes before the call to ensure timely participation. A playback will be available through July 7, 2015. To listen, please call +1-855-452-5696 within the United States or +1-646-254-3697 if calling internationally. Utilize the pass code 71214017 for the replay.

This call is being webcast and can be accessed by clicking on this link: http://edge.media-server.com/m/p/jh9aiioi.

About Ossen Innovation Co., Ltd.

Ossen Innovation Co., Ltd. manufactures and sells a wide variety of plain surface pre-stressed steel materials and rare earth coated and zinc coated pre-stressed steel materials. The Company's products are mainly used in the construction of bridges, as well as in highways and other infrastructure projects. Ossen has two manufacturing facilities located in Maanshan, Anhui Province, and Jiujiang, Jiangxi Province.

Safe Harbor Statements

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks outlined in the Company's public filings with the Securities and Exchange Commission, including the Company's annual report on Form 20-F, as amended. All information provided in this press release is as of the date hereof. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

For more information, please contact:

Ossen Innovation Co., Ltd.

Feng Peng, Chief Financial Officer

Email: feng.peng@ossencorp.com

Phone: +86-21-6888-8886

Web: www.osseninnovation.com

Investor Relations

Weitian Group LLC

Phone: +1-917-609-0333

Email: tina.xiao@weitian-ir.com 

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OSSEN INNOVATION CO., LTD AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	March 31,		December 31,
	2015		2014
	(Unaudited)
ASSETS
Current Assets
Cash and cash equivalents	$	784,640	$	684,592
Restricted cash		10,050,376		17,572,732
Notes receivable – bank acceptance notes		-		9,925,155
Accounts receivable, net of allowance for doubtful accounts of $2,295,907 and $1,874,330 at March 31, 2015 and December 31,2014, respectively		68,672,444		53,764,414
Inventories		15,983,332		20,137,901
Advance to suppliers		54,114,560		56,327,390
Other current assets		1,012,951		946,319
Total Current Assets		150,618,303		159,358,503
Property, plant and equipment, net		6,857,517		7,174,646
Land use rights, net		4,223,735		4,231,348
TOTAL ASSETS	$	161,699,555	$	170,764,497

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	March 31,			December 31,
	2015			2014
	(Unaudited)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Notes payable – bank acceptance notes	$	18,217,168		$	26,521,315
Short-term bank loans		15,521,354			18,711,357
Accounts payable		3,520,025			3,217,076
Customer deposits		682,205			588,005
Income tax payable		798,241			552,459
Other payables and accrued expenses		2,038,242			1,622,958
Due to related party		-			69,469
Due to shareholder		130,000			100,000
Total Current Liabilities		40,907,235			51,382,639
Bond payable		16,075,195			15,972,837
TOTAL LIABILITIES		56,982,430			67,355,476
EQUITY
Shareholders' Equity
Ordinary shares, $0.01 par value: 100,000,000 shares authorized, 20,000,000 shares issued; 19,901,959 shares outstanding as of March 31, 2015 and December 31, 2014, respectively		200,000			200,000
Additional paid-in capital		33,971,455			33,971,455
Statutory reserve		5,124,079			5,021,752
Retained earnings		45,732,899			44,971,082
Treasury stock, at cost: 98,041 shares as of March 31, 2014 and December 31, 2013, respectively		(96,608	)		(96,608	)
Accumulated other comprehensive income		8,862,493			8,425,697
TOTAL SHAREHOLDERS’ EQUITY		93,794,318			92,493,378
Non-controlling interest		10,922,807			10,915,643
TOTAL EQUITY		104,717,125			103,409,021
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	161,699,555		$	170,764,497

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OSSEN INNOVATION CO., LTD AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended March 31,
	2015			2014
REVEUNUES	$	26,768,356		$	28,036,908
COST OF GOODS SOLD		23,141,983			25,392,916
GROSS PROFIT		3,626,373			2,643,992
Selling expenses		124,435			108,438
General and administrative expenses		1,833,670			1,339,531
Total Operating Expenses		1,958,105			1,447,969
INCOME FROM OPERATIONS		1,668,268			1,196,023
Financial expenses, net		(753,917	)		(700,735	)
Other income, net		139,314			168,265
INCOME BEFORE INCOME TAX		1,053,665			663,553
INCOME TAX		(182,357	)		(135,272	)
NET INCOME		871,308			528,281
LESS: NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTEREST		7,164			45,829
NET INCOME ATTRIBUTABLE TO CONTROLLING INTEREST		864,144			482,452
OTHER COMPREHENSIVE INCOME
Foreign currency translation gain		436,796			495,320
TOTAL OTHER COMPREHENSIVE INCOME		436,796			495,320
COMPREHENSIVE INCOME	$	1,300,940		$	977,772
EARNINGS PER ORDINARY SHARE
Basic and diluted	$	0.04		$	0.02
WEIGHTED AVERAGE ORDINARY SHARES  OUTSTANDING
Basic and diluted		19,901,959			19,901,959

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OSSEN INNOVATION CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Three Months Ended March 31,
	2015			2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	871,308		$	528,281
Adjustments to reconcile net income to net cash provided by/ (used in) operating activities:
Depreciation and amortization		387,371			388,213
Share-based compensation expense
Changes in operating assets and liabilities:
(Increase) Decrease In:
Accounts receivable		(14,908,029	)		3,991,328
Inventories		4,154,569			(15,112,464	)
Advance to suppliers		2,212,830			(3,811,538	)
Other current assets		(66,632	)		814,733
Notes receivable - bank acceptance notes		9,925,155			(2,446,020	)
Notes receivable from related party - bank acceptance notes		-			12,915,099
Increase (Decrease) In:
Accounts payable		302,949			(156,056	)
Customer deposits		94,199			2,061,988
Income tax payable		245,782			176,656
Other payables and accrued expenses		415,285			(612,444	)
Due to related party		(69,469	)		78,722
Due to shareholder		30,000			50,000
Net cash provided by/(used in) operating activities		3,595,318			(1,133,502	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of plant and equipment		(16,736	)		(1,150	)
Net cash used in investing activities		(16,736	)		(1,150	)

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	Three Months Ended March 31,
	2015			2014
CASH FLOWS FROM FINANCING ACTIVITIES:
Decrease in restricted cash		7,522,356			6,100,001
Proceeds from short-term bank loans		-			8,336,466
Repayments of short-term bank loans		(3,254,996	)		(6,701,865	)
Proceeds from notes payable-bank acceptance notes		6,428,618			15,365,252
Repayment of notes payable-bank acceptance notes		(14,810,234	)		(23,211,338	)
Net cash used in financing activities		(4,114,256	)		(111,484	)
DECREASE IN CASH AND CASH EQUIVALENTS		(535,674	)		(1,246,136	)
Effect of exchange rate changes on cash		635,722			868,927
Cash and cash equivalents at beginning of period		684,592			1,139,451
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	784,640		$	762,242
SUPPLEMENTARY CASH FLOW INFORMATION
Cash paid during the periods:
Income taxes paid	$	67,249		$	241,679
Interest paid	$	359,116		$	572,627
Non-cash transactions:
Appropriation to statutory reserve	$	102,327		$	64,402

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