Exceed Company Ltd. Six Months Ended June 2014 Financial Results
FUJIAN, China, Dec. 19, 2014 /PRNewswire/ -- Exceed Company Ltd. (NASDAQ: EDS) ("Exceed" or "the Company"), the owner and operator of the "Xidelong" brand - one of the leading domestic sportswear brands in China, today released its unaudited financial results for the six months ended June 30, 2014.
Financial Highlights – Six months ended June 30, 2014 (1)
- Revenue was RMB845.2 million (US$136.2 million), representing a 29.7% period-over-period increase.
- Gross profit was RMB230.9 million (US$37.2 million), representing a 32.2% period-over-period increase. Gross margin was 27.3%, representing a 0.5 percentage point increase as compared to 26.8% for the six months ended June 30, 2013.
- Operating profit was RMB96.9 million (US$15.6 million), representing a 157.7% period-over-period increase.
- Net profit was RMB70.4 million (US$11.4 million), representing a 176.1% period-over-period increase.
| (1) The Company's reporting currency is Renminbi ("RMB"). RMB numbers included in this press release have been translated into U.S. dollars at the rate of USD1.00 = RMB6.2036 , the exchange rate refers to the exchange rate as set forth in the H.10 statistical release of the Federal Reserve Board, on June 30, 2014. The translation of amounts from RMB to United States dollars is solely for the convenience of the reader. No representation is made that RMB amounts could have been, or could be, converted into U.S. dollars at that rate or at any other rate on June 30, 2014. |
About Exceed Company Ltd.
Exceed Company Ltd. designs, develops and engages in wholesale of footwear, apparel and accessories under its own brand, XIDELONG, in China. Since it began operations in 2002, Exceed has targeted its growth on the consumer markets in second and third-tier cities in China. Exceed has three principal categories of products: (i) footwear, which comprises running, leisure, basketball, skateboarding and canvas footwear, (ii) apparel, which mainly comprises sports tops, pants, jackets, track suits and coats, and (iii) accessories, which mainly comprise bags, socks, hats and caps. Exceed Company Ltd. currently trades on Nasdaq under the symbol "EDS".
| Contacts: |
|
| Investor Relations Exceed Company Ltd. Vivien Tai +852 3975-8116 |
- FINANCIAL TABLES TO FOLLOW -
| EXCEED COMPANY LTD. AND SUBSIDIARIES UNAUDITED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME |
||||||
| Six months ended June 30 |
||||||
| (in thousands except for share and per share data) |
||||||
| 2014 |
2014 |
2013 |
||||
| US$'000 |
RMB'000 |
RMB'000 |
||||
| Revenue |
136,244 |
845,202 |
651,947 |
|||
| Cost of sales |
(99,023) |
(614,301) |
(477,233) |
|||
| Gross profit |
37,221 |
230,901 |
174,714 |
|||
| Other income and gains |
784 |
4,861 |
6,587 |
|||
| Selling and distribution costs |
(15,037) |
(93,280) |
(98,370) |
|||
| Administrative expenses |
(4,155) |
(25,769) |
(25,065) |
|||
| Research and development expenses |
(3,191) |
(19,798) |
(20,219) |
|||
| OPERATING PROFIT |
15,622 |
96,915 |
37,647 |
|||
| Finance costs |
(56) |
(349) |
(882) |
|||
| PROFIT BEFORE TAX |
15,566 |
96,566 |
36,765 |
|||
| Tax |
(4,212) |
(26,131) |
(11,266) |
|||
| PROFIT FOR THE PERIOD |
11,354 |
70,435 |
25,499 |
|||
| EARNING PER SHARE |
||||||
| Net profit per share |
||||||
| Basic |
0.34 |
2.13 |
0.77 |
|||
| Diluted |
0.34 |
2.13 |
0.77 |
|||
| Weighted average number of shares |
||||||
| Basic |
33,135,583 |
33,135,583 |
33,045,506 |
|||
| Diluted |
33,137,167 |
33,137,167 |
33,045,909 |
|||
| EXCEED COMPANY LTD. AND SUBSIDIARIES CONDENSED STATEMENTS OF FINANCIAL POSITION |
||||||
| As of |
||||||
| As of June 30 |
December 31 |
|||||
| 2014 |
2014 |
2013 |
||||
| US$'000 |
RMB'000 |
RMB'000 |
||||
| (Unaudited) |
(Unaudited) |
|||||
| NON-CURRENT ASSETS |
||||||
| Property, plant and equipment |
91,485 |
567,536 |
567,627 |
|||
| Prepaid land lease payments |
36,007 |
223,376 |
26,355 |
|||
| Deposit paid for acquisition of land use rights |
4,228 |
26,230 |
149,986 |
|||
| Total non-current assets |
131,720 |
817,142 |
743,968 |
|||
| CURRENT ASSETS |
||||||
| Inventories |
2,566 |
15,917 |
19,001 |
|||
| Trade receivables |
144,784 |
898,179 |
1,143,872 |
|||
| Prepayments, deposits and other receivables |
3,639 |
22,579 |
19,719 |
|||
| Cash and cash equivalents |
124,117 |
769,973 |
486,647 |
|||
| Total current assets |
275,106 |
1,706,648 |
1,669,239 |
|||
| CURRENT LIABILITIES |
||||||
| Trade and bills payables |
11,117 |
68,963 |
59,160 |
|||
| Deposits received, other payables and accruals |
11,472 |
71,165 |
54,849 |
|||
| Interest-bearing bank borrowings |
1,612 |
10,000 |
10,000 |
|||
| Loan from a shareholder |
8,315 |
51,582 |
- |
|||
| Tax payable |
2,820 |
17,496 |
9,653 |
|||
| Total current liabilities |
35,336 |
219,206 |
133,662 |
|||
| NET CURRENT ASSETS |
239,770 |
1,487,442 |
1,535,577 |
|||
| TOTAL ASSETS LESS CURRENT LIABILITIES |
371,490 |
2,304,584 |
2,279,545 |
|||
| NON-CURRENT LIABILITIES |
||||||
| Loan from a shareholder |
672 |
4,172 |
48,747 |
|||
| Total non-current liabilities |
672 |
4,172 |
48,747 |
|||
| Net assets |
370,818 |
2,300,412 |
2,230,798 |
|||
| STOCKHOLDER'S EQUITY |
||||||
| Issued share capital |
4 |
23 |
23 |
|||
| Treasury shares |
(2,563) |
(15,898) |
(15,898) |
|||
| Retained profits |
290,047 |
1,799,335 |
1,736,428 |
|||
| Reserves |
83,330 |
516,952 |
510,245 |
|||
| Total equity |
370,818 |
2,300,412 |
2,230,798 |
|||
| EXCEED COMPANY LTD. AND SUBSIDIARIES UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS |
||||||
| Six months ended June 30 |
||||||
| (in thousands except for share and per share data) |
||||||
| 2014 |
2014 |
2013 |
||||
| US$'000 |
RMB'000 |
RMB'000 |
||||
| Net cash inflow from operating activities |
58,223 |
361,204 |
308,211 |
|||
| Net cash outflow from investing activities |
(13,233) |
(82,096) |
(107,566) |
|||
| Net cash inflow from financing activities |
673 |
4,172 |
37,461 |
|||
| Effect of exchange rate changes |
8 |
46 |
(368) |
|||
| Net increase in cash and cash equivalents |
45,671 |
283,326 |
237,738 |
|||
| Cash and cash equivalents at beginning of the period |
78,446 |
486,647 |
637,184 |
|||
| Cash and cash equivalents at end of the period |
124,117 |
769,973 |
874,922 To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/exceed-company-ltd-six-months-ended-june-2014-financial-results-300012512.html |
|||
SOURCE Exceed Company Ltd.
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