Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Tongxin International, Ltd. | v405782_8k.htm |
Exhibit 99.1
TONGXIN INTERNATIONAL, LTD.
UNAUDITED CONSOLIDATED BALANCE SHEETS
(US$ amounts expressed in thousands, except for share data and par value)
| December 31 | ||||||||||||
| 2014 | 2013 | 2012 | ||||||||||
| ASSETS | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | $ | 1,169 | $ | 1,264 | $ | 2,659 | ||||||
| Restricted cash - security deposit | 2,756 | 4,066 | 5,224 | |||||||||
| Notes receivable | 4,229 | 970 | 4,330 | |||||||||
| Accounts receivable-trade, net of allowance for doubtful accounts | 14,631 | 8,602 | 8,244 | |||||||||
| Other receivable, net of allowance for doubtful accounts | 2,905 | 13,603 | 1,946 | |||||||||
| Due (to) from related parties | (1237 | ) | (1261 | ) | (1229 | ) | ||||||
| Inventories | 28,481 | 28,973 | 25,586 | |||||||||
| Prepaid expenses and other | (77 | ) | 104 | (41 | ) | |||||||
| Advance to suppliers | (5 | ) | 6 | 52 | ||||||||
| Deferred income tax assets | 2,347 | 2,376 | 2,337 | |||||||||
| Total current assets | $ | 55,199 | $ | 58,702 | $ | 49,109 | ||||||
| Investments in non-consolidated subsidiaries and affiliates | ||||||||||||
| Property, plant and equipment, net of accumulated depreciation | 46,950 | 51,927 | 54,603 | |||||||||
| Land occupancy rights, net | 13,916 | 14,199 | 13,990 | |||||||||
| Total assets | $ | 116,065 | $ | 124,828 | $ | 117,702 | ||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
| Current liabilities: | ||||||||||||
| Accounts payable | $ | 26,007 | $ | 24,175 | $ | 22,935 | ||||||
| Notes payable | 5,428 | 6,442 | 8,828 | |||||||||
| Accrued expenses and other liabilities | 11,777 | 20,303 | 1,010 | |||||||||
| Income taxes payable | 20,115 | 19,787 | 18,638 | |||||||||
| Short-term loans payable | 26,161 | 19,544 | 23,111 | |||||||||
| Total current liabilities | $ | 89,489 | $ | 90,251 | $ | 74,521 | ||||||
| Long-term liabilities: | ||||||||||||
| Long-term loans payable | 7 | 8 | 3,378 | |||||||||
| Deferred income tax liability | 1,409 | 1,437 | 1,400 | |||||||||
| Total liabilities | $ | 90,905 | $ | 91,696 | $ | 79,299 | ||||||
| Shareholders’ equity: | ||||||||||||
| Preferred stock - $0.001 par value, authorized 1,000,000 shares; none issued | ||||||||||||
| Common stock - $0.001 par value, authorized 39,000,000 shares; 16,117,944, 16,035,006, and 15,937,361 shares issued and 14,528,522, 14,445,584, and 14,347,939 shares outstanding in 2014, 2013 and 2012, respectively. | $ | 15 | $ | 15 | $ | 15 | ||||||
| Additional paid-in-capital | 99,093 | 99,093 | 99,093 | |||||||||
| Treasury stock, at cost - 1,589,422 common shares | (7,682 | ) | (7,682 | ) | (7,682 | ) | ||||||
| Appropriation to reserve & Accumulated other comprehensive income | 7,798 | 8,253 | 7,425 | |||||||||
| Retained earnings (deficit) | (74,072 | ) | (66,566 | ) | (60,473 | ) | ||||||
| Minority Interests | 7 | 19 | 24 | |||||||||
| Total shareholders’ equity | $ | 25,160 | $ | 33,133 | $ | 38,402 | ||||||
| Total liabilities and shareholders’ equity | $ | 116,065 | $ | 124,828 | $ | 117,702 | ||||||
| 4 |
TONGXIN INTERNATIONAL, LTD.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(US$ amounts expressed in thousands)
| Year Ended | Year Ended | Year Ended | ||||||||||
| December 31, | December 31, | December 31, | ||||||||||
| 2014 | 2013 | 2012 | ||||||||||
| Revenues | $ | 61,076 | $ | 73,750 | $ | 78,162 | ||||||
| Cost of goods sold | 56,733 | 68,058 | 73,725 | |||||||||
| Gross profit | 4,343 | 5,692 | 4,437 | |||||||||
| Selling, general and administrative expenses | 9,126 | 10,223 | 11,638 | |||||||||
| Operating income | (4,783 | ) | (4,531 | ) | (7,201 | ) | ||||||
| Other income (expenses): | ||||||||||||
| Government subsidy income | 395 | 769 | 152 | |||||||||
| Other | (297 | ) | 584 | 270 | ||||||||
| Interest expense | (3,048 | ) | (2,906 | ) | (2,737 | ) | ||||||
| Total other income (expenses) | (2,950 | ) | (1,553 | ) | (2,315 | ) | ||||||
| Income (loss) before income taxes | (7,732 | ) | (6,084 | ) | (9,516 | ) | ||||||
| Income taxes expense | 450 | 232 | 84 | |||||||||
| Net (loss) income | ($8,183 | ) | ($6,316 | ) | ($9,601 | ) | ||||||
| 5 |