·
|
Revenues
increased 36.1% to $5.33 million from $3.92 million in the prior year
period.
|
·
|
Gross
profit increased 104.7% to $4.64 million from $2.27 million in the prior
year period.
|
·
|
Gross
margin increased to 87.0% from 57.9% in the prior year
period.
|
·
|
Net
income increased 72. 9% to $3.13 million from $1.81 million in the prior
year period.
|
·
|
Basic
and diluted earnings per share were $0.22 as compared to $0.18 in the
prior year period with weighted average shares outstanding of 14,000,000
as compared to 10,000,000 in the prior year
period.
|
·
|
Revenues
increased 29.1% to $14.51 million from $11.24 million in the prior year
period.
|
·
|
Gross
profit increased 65.5% to $12.15 million from $7.35 million in the prior
year period.
|
·
|
Gross
margin increased to 83.8% from 65.4% in the prior year
period.
|
·
|
Net
income increased 55.5% to $8.24 million from $5.3 million in the prior
year period.
|
·
|
Basic
and diluted earnings per share were $0.71 as compared to $0.53 in the
prior year period with weighted average shares outstanding of 11,527,473
as compared to 10,000,000 in the prior year
period.
|
KINGTONE
WIRELESSINFO SOLUTION HOLDING LTD AND SUBSIDIARIES
|
CONSOLIDATED
AND COMBINED BALANCE SHEETS
|
(Express
in thousands of U.S. Dollars, except shares and per share
data)
|
As
of September 30,
|
As
of November 30,
|
|||||||
2010
|
2009
|
|||||||
(see note below)
|
||||||||
ASSETS
|
||||||||
Current
assets
|
||||||||
Cash
and cash equivalents
|
$ | 14,909 | $ | 344 | ||||
Accounts
receivable, net of allowance
|
6,650 | 2,353 | ||||||
Unbilled
revenue
|
973 | 178 | ||||||
Due
from related companies
|
120 | - | ||||||
Inventories,
net
|
383 | 127 | ||||||
Other
receivables and prepayments
|
771 | 1,012 | ||||||
Total
Current Assets
|
23,806 | 4,014 | ||||||
Non-current
assets
|
||||||||
Property
and Equipment, net
|
13,637 | 1,693 | ||||||
Deposit
to purchase building
|
- | 12,200 | ||||||
Intangible
assets
|
630 | - | ||||||
Total
Assets
|
$ | 38,073 | $ | 17,907 | ||||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
Current
liabilities
|
||||||||
Accounts
payable
|
$ | 575 | $ | 1,409 | ||||
Advances
from customers
|
371 | 1,398 | ||||||
Other
payables and accruals
|
167 | 559 | ||||||
Taxes
payable
|
3,421 | 601 | ||||||
Short-term
loan
|
- | 3,437 | ||||||
Amounts
due to shareholder
|
- | 200 | ||||||
Deferred
government grant
|
- | - | ||||||
Dividend
payable
|
772 | 1,177 | ||||||
Total
Current Liabilities
|
5,306 | 8,781 | ||||||
Commitments
and contingencies
|
||||||||
Stockholders'
equity
|
||||||||
Ordinary
share ($.001 par value, 100,000,000 shares authorized,
|
$ | 14 | $ | 10 | ||||
and
10,000,000 shares and 14,000,000 shares issued and
outstanding)
|
||||||||
Paid
in capital
|
- | 6,897 | ||||||
Additional
paid in capital
|
21,915 | 216 | ||||||
Appropriated
retained earnings
|
844 | 231 | ||||||
Unappropriated
retained earnings
|
8,281 | 657 | ||||||
Accumulated
other comprehensive income
|
1,713 | 1,115 | ||||||
Total
Stockholders' Equity
|
32,767 | 9,126 | ||||||
Total
Liabilities and Stockholders' Equity
|
$ | 38,073 | $ | 17,907 |
KINGTONG
WIRELESSINFO SOLUTION HOLDING LTD AND SUBSIDIARIES
|
||||||||
CONSOLIDATED
AND COMBINED STATEMENTS OF INCOME AND COMPREHENSIVE
INCOME
|
||||||||
(Express
in thousands of U.S. Dollars, except shares and per share
data)
|
For
the quarters ended September 30,
|
For
the years ended September 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
(see note below)
|
||||||||||||||||
Revenues
|
||||||||||||||||
Software
|
$ | 4,095 | $ | 1,824 | $ | 11,272 | $ | 5,170 | ||||||||
Wireless
system solution
|
1,236 | 2,092 | 3,234 | 6,070 | ||||||||||||
Total
revenues
|
5,331 | 3,916 | 14,506 | 11,240 | ||||||||||||
Cost
of sales
|
||||||||||||||||
Software
|
413 | 126 | 903 | 476 | ||||||||||||
Wireless
system solution
|
280 | 1,524 | 1,449 | 3,418 | ||||||||||||
Total
cost of sales
|
693 | 1,650 | 2,352 | 3,894 | ||||||||||||
Gross
profit
|
4,638 | 2,266 | 12,154 | 7,346 | ||||||||||||
Operating
expenses
|
||||||||||||||||
Selling
and marketing expenses
|
85 | 92 | 341 | 350 | ||||||||||||
General
and administrative expenses
|
752 | 172 | 1,635 | 537 | ||||||||||||
Research
and development expenses
|
48 | 35 | 179 | 139 | ||||||||||||
Total
Operating expenses
|
885 | 299 | 2,155 | 1,026 | ||||||||||||
Income
from operations
|
3,753 | 1,967 | 9,999 | 6,320 | ||||||||||||
Other
income(expense)
|
||||||||||||||||
Subsidy
income
|
- | 278 | 44 | 307 | ||||||||||||
Interest
expense
|
(9 | ) | (11 | ) | (218 | ) | (340 | ) | ||||||||
Other
income (expense)
|
14 | (121 | ) | 20 | (55 | ) | ||||||||||
Total
other income (expense)
|
5 | 146 | (154 | ) | (88 | ) | ||||||||||
Income
before income tax expenses
|
3,758 | 2,113 | 9,845 | 6,232 | ||||||||||||
Income
tax expenses
|
633 | 305 | 1,608 | 935 | ||||||||||||
Net
income
|
$ | 3,125 | $ | 1,808 | $ | 8,237 | $ | 5,297 | ||||||||
Other
comprehensive income
|
||||||||||||||||
Foreign
currency translation gain
|
517 | (4 | ) | 598 | 22 | |||||||||||
Comprehensive
income
|
$ | 3,642 | $ | 1,804 | $ | 8,835 | $ | 5,319 | ||||||||
Earnings
per ordinary share:
|
||||||||||||||||
Basic
and Diluted
|
$ | 0.22 | $ | 0.18 | $ | 0.71 | $ | 0.53 | ||||||||
Weighted
average number of ordinary shares outstanding
|
||||||||||||||||
Basic
and Diluted
|
14,000,000 | 10,000,000 | 11,527,473 | 10,000,000 |
CONSOLIDATED
AND COMBINED STATEMENTS OF CASH FLOWS
|
||||||||
(Express
in thousands of U.S. Dollars, except shares and per share
data)
|
For
the years ended September 30,
|
||||||||
2010
|
2009
|
|||||||
Cash
flows from operating activities
|
(see note below)
|
|||||||
|
$ | 8,237 | $ | 5,297 | ||||
Depreciation
and amortization
|
225 | 129 | ||||||
Disposal
of fixed assets
|
- | - | ||||||
Subsidiary
income recognized from deferred government grant
|
- | (50 | ) | |||||
Share-based
compensation expense
|
302 | - | ||||||
Changes
in operating assets and liabilities
|
||||||||
Accounts
receivable
|
(4,170 | ) | (1,851 | ) | ||||
Unbilled
revenue
|
(778 | ) | (177 | ) | ||||
Other
receivables and prepayments
|
257 | (234 | ) | |||||
Inventories
|
(249 | ) | 150 | |||||
Tax
payable
|
2,756 | 601 | ||||||
Accounts
payable
|
(848 | ) | 1,092 | |||||
Advance
from customers
|
(1,037 | ) | (1,424 | ) | ||||
Other
payables and accruals
|
(394 | ) | 467 | |||||
Deferred
government grant
|
- | - | ||||||
Net
cash provided by operating activities
|
4,301 | 4,000 | ||||||
Cash
flows from investing activities
|
||||||||
Purchases
of vehicles and office equipment
|
(308 | ) | (24 | ) | ||||
Prepayment
to purchase building
|
- | (12,186 | ) | |||||
Net
cash used in investing activities
|
(308 | ) | (12,210 | ) | ||||
Cash
flows from financing activities
|
||||||||
Proceeds
in short-term bank loan
|
- | 3,432 | ||||||
Repayment
of short-term bank loan
|
(3,445 | ) | (3,681 | ) | ||||
(Payment)/Collection
in amounts due from related-party companies
|
(118 | ) | 11,335 | |||||
Repayment
of loan from non-related companies
|
||||||||
Collection
from loan to non-related companies
|
||||||||
Receipt/(Repayment)
in amounts due to shareholders
|
(200 | ) | 200 | |||||
Proceeds
from issuance of shares
|
14,503 | 10 | ||||||
Dividend
paid to shareholders
|
(422 | ) | (2,751 | ) | ||||
Net
cash provided by financing activities
|
10,318 | 8,545 | ||||||
Effect
of exchange rate changes on cash and cash equivalents
|
254 | - | ||||||
Net
increase in cash and cash equivalents
|
14,565 | 335 | ||||||
Cash
and cash equivalents at beginning of year
|
344 | 9 | ||||||
Cash
and cash equivalents at end of year
|
$ | 14,909 | $ | 344 | ||||
Supplemental
disclosure of cash flow information
|
||||||||
Interest
paid
|
$ | 218 | $ | 340 | ||||
Income
taxes paid
|
$ | 92 | $ | 215 |
KINGTONE
WIRELESSINFO SOLUTION HOLDING LTD AND SUBSIDIARIES
|
|
CONSOLIDATED
AND COMBINED STATEMENTS OF SHAREHOLDERS’ EQUITY
|
|
(Express
in thousands of U.S. Dollars, except shares and per share
data)
|
Ordinary
shares
|
Paid-in
capital
|
Additional
paid-in capital
|
Appropriated
Retained earnings
|
Unappropriated
Retained earnings
|
Comprehensive
income
|
Total
stockholders’ equity
|
||||||||||||||||||||||||||
No.
of share
|
Amount
|
|||||||||||||||||||||||||||||||
Balance
at November 30, 2007
|
- | $ | - | $ | 6,034 | $ | - | $ | 30 | $ | (1,527 | ) | $ | 549 | $ | 5,086 | ||||||||||||||||
Net
income for the year
|
- | - | - | - | - | 1,015 | - | 1,015 | ||||||||||||||||||||||||
Share
contribution
|
- | - | 863 | 216 | - | - | - | 1,079 | ||||||||||||||||||||||||
Transfer
to statutory reserves
|
- | - | - | - | 32 | (32 | ) | - | - | |||||||||||||||||||||||
Foreign
currency translation gain
|
- | - | - | - | - | - | 544 | 544 | ||||||||||||||||||||||||
Balance
as of November 30, 2008
|
- | $ | - | $ | 6,897 | $ | 216 | $ | 62 | $ | (544 | ) | $ | 1,093 | $ | 7,724 | ||||||||||||||||
Share
contribution
|
10,000,000 | 10 | - | 10 | ||||||||||||||||||||||||||||
Net
income for the year
|
- | - | - | - | - | 5,297 | - | 5,297 | ||||||||||||||||||||||||
Payment
of dividends
|
- | - | - | - | - | (4,096 | ) | - | (4,096 | ) | ||||||||||||||||||||||
Transfer
to statutory reserves
|
- | - | - | - | 169 | - | 169 | |||||||||||||||||||||||||
Foreign
currency translation gain
|
- | - | - | - | - | - | 22 | 22 | ||||||||||||||||||||||||
Balance
as of November 30, 2009
|
10,000,000 | 10 | 6,897 | 216 | 231 | 657 | 1,115 | 9,126 | ||||||||||||||||||||||||
Issuance
of ordinary shares in form of American Depositary Shares
|
4,000,000 | 4 | - | 14,500 | 14,504 | |||||||||||||||||||||||||||
Share-based
compensation
|
302 | 302 | ||||||||||||||||||||||||||||||
Net
income for the year
|
- | - | - | - | - | 8,237 | - | 8,237 | ||||||||||||||||||||||||
Effect
of reorganization
|
- | - | (6,897 | ) | 6,897 | - | - | - | ||||||||||||||||||||||||
Transfer
to statutory reserves
|
- | - | - | - | 613 | (613 | ) | - | - | |||||||||||||||||||||||
Foreign
currency translation gain
|
- | - | - | - | - | - | 598 | 598 | ||||||||||||||||||||||||
Balance
as of September 30, 2010
|
14,000,000 | $ | 14 | $ | - | $ | 21,915 | $ | 844 | $ | 8,281 | $ | 1,713 | $ | 32,767 |