Financial Statements for Sorl Auto Parts, Inc.

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Sorl Auto Parts, Inc. financials

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Income Statement

Balance Sheet

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In Millions of USD (except for per share items)	3 months ending 2012-09-30	3 months ending 2012-06-30	3 months ending 2012-03-31	3 months ending 2011-12-31	3 months ending 2011-09-30
Revenue	46.71	52.09	44.60	56.10	47.58
Other Revenue, Total	-	-	-	-	-
Total Revenue	46.71	52.09	44.60	56.10	47.58
Cost of Revenue, Total	33.49	37.91	32.38	40.33	34.53
Gross Profit	13.22	14.18	12.22	15.78	13.05
Selling/General/Admin. Expenses, Total	6.40	7.02	7.03	9.01	5.89
Research & Development	2.35	2.30	1.27	2.93	1.89
Depreciation/Amortization	-	-	-	-	-
Interest Expense(Income) - Net Operating	-	-	-	-	-
Unusual Expense (Income)	-	-	-	-	-
Other Operating Expenses, Total	-	-	-	-	-
Total Operating Expense	42.78	47.76	41.27	52.81	43.54
Operating Income	3.93	4.33	3.33	3.29	4.04
Interest Income(Expense), Net Non-Operating	-	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-	-
Other, Net	1.10	0.22	0.29	0.38	0.49
Income Before Tax	5.03	4.55	3.62	3.67	4.53
Income After Tax	3.85	3.27	2.60	3.59	3.87
Minority Interest	-0.49	-0.28	-0.26	-0.25	-0.36
Equity In Affiliates	-	-	-	-	-
Net Income Before Extra. Items	3.36	3.00	2.33	3.34	3.51
Accounting Change	-	-	-	-	-
Discontinued Operations	-	-	-	-	-
Extraordinary Item	-	-	-	-	-
Net Income	3.36	3.00	2.33	3.34	3.51
Preferred Dividends	-	-	-	-	-
Income Available to Common Excl. Extra Items	3.36	3.00	2.33	3.34	3.51
Income Available to Common Incl. Extra Items	3.36	3.00	2.33	3.34	3.51
Basic Weighted Average Shares	-	-	-	-	-
Basic EPS Excluding Extraordinary Items	-	-	-	-	-
Basic EPS Including Extraordinary Items	-	-	-	-	-
Dilution Adjustment	-	-	-	-	-
Diluted Weighted Average Shares	19.30	19.30	19.30	19.30	19.30
Diluted EPS Excluding Extraordinary Items	0.17	0.16	0.12	0.17	0.18
Diluted EPS Including Extraordinary Items	-	-	-	-	-
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	-	-	-	-	-
Net Income after Stock Based Comp. Expense	-	-	-	-	-
Basic EPS after Stock Based Comp. Expense	-	-	-	-	-
Diluted EPS after Stock Based Comp. Expense	-	-	-	-	-
Depreciation, Supplemental	-	-	-	-	-
Total Special Items	-	-	-	-	-
Normalized Income Before Taxes	-	-	-	-	-
Effect of Special Items on Income Taxes	-	-	-	-	-
Income Taxes Ex. Impact of Special Items	-	-	-	-	-
Normalized Income After Taxes	-	-	-	-	-
Normalized Income Avail to Common	-	-	-	-	-
Basic Normalized EPS	-	-	-	-	-
Diluted Normalized EPS	0.17	0.16	0.12	0.17	0.18

In Millions of USD (except for per share items)	12 months ending 2011-12-31	12 months ending 2010-12-31	12 months ending 2009-12-31	12 months ending 2008-12-31
Revenue	216.79	199.37	140.98	130.89
Other Revenue, Total	-	-	-	-
Total Revenue	216.79	199.37	140.98	130.89
Cost of Revenue, Total	156.78	141.23	98.15	97.23
Gross Profit	60.00	58.14	42.84	33.67
Selling/General/Admin. Expenses, Total	28.11	25.23	20.39	14.50
Research & Development	9.00	7.22	4.96	3.22
Depreciation/Amortization	-	-	-	-
Interest Expense(Income) - Net Operating	-	-	-	-
Unusual Expense (Income)	-	-	-	-
Other Operating Expenses, Total	-	-	-	-
Total Operating Expense	197.11	174.81	123.88	115.80
Operating Income	19.67	24.56	17.10	15.10
Interest Income(Expense), Net Non-Operating	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-
Other, Net	1.29	0.61	0.51	0.24
Income Before Tax	20.97	25.16	17.61	15.34
Income After Tax	18.30	22.41	15.56	13.75
Minority Interest	-1.63	-2.04	-1.52	-1.38
Equity In Affiliates	-	-	-	-
Net Income Before Extra. Items	16.67	20.37	14.04	12.37
Accounting Change	-	-	-	-
Discontinued Operations	-	-	-	-
Extraordinary Item	-	-	-	-
Net Income	16.67	20.37	14.04	12.37
Preferred Dividends	-	-	-	-
Income Available to Common Excl. Extra Items	16.67	20.37	14.04	12.37
Income Available to Common Incl. Extra Items	16.67	20.37	14.04	12.37
Basic Weighted Average Shares	-	-	-	-
Basic EPS Excluding Extraordinary Items	-	-	-	-
Basic EPS Including Extraordinary Items	-	-	-	-
Dilution Adjustment	-	-	-	-
Diluted Weighted Average Shares	19.30	19.30	18.28	18.28
Diluted EPS Excluding Extraordinary Items	0.86	1.06	0.77	0.68
Diluted EPS Including Extraordinary Items	-	-	-	-
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	-	-	-	-
Net Income after Stock Based Comp. Expense	-	-	-	-
Basic EPS after Stock Based Comp. Expense	-	-	-	-
Diluted EPS after Stock Based Comp. Expense	-	-	-	-
Depreciation, Supplemental	-	-	-	-
Total Special Items	-	-	-	-
Normalized Income Before Taxes	-	-	-	-
Effect of Special Items on Income Taxes	-	-	-	-
Income Taxes Ex. Impact of Special Items	-	-	-	-
Normalized Income After Taxes	-	-	-	-
Normalized Income Avail to Common	-	-	-	-
Basic Normalized EPS	-	-	-	-
Diluted Normalized EPS	0.86	1.06	0.77	0.68

In Millions of USD (except for per share items)	As of 2012-09-30	As of 2012-06-30	As of 2012-03-31	As of 2011-12-31	As of 2011-09-30
Cash & Equivalents	27.89	21.35	15.74	17.12	12.41
Short Term Investments	-	-	-	-	-
Cash and Short Term Investments	27.89	21.35	15.74	17.12	12.41
Accounts Receivable - Trade, Net	62.51	69.12	65.60	65.34	66.62
Receivables - Other	-	-	-	-	-
Total Receivables, Net	74.83	80.82	76.87	83.32	86.76
Total Inventory	55.86	54.86	53.79	56.38	48.31
Prepaid Expenses	6.55	7.15	5.97	2.48	10.99
Other Current Assets, Total	2.69	2.81	3.78	5.57	6.97
Total Current Assets	167.82	166.99	156.15	164.87	165.45
Property/Plant/Equipment, Total - Gross	84.17	83.85	84.23	83.63	77.43
Accumulated Depreciation, Total	-36.11	-34.49	-32.92	-31.05	-28.95
Goodwill, Net	-	-	-	-	-
Intangibles, Net	14.81	14.95	15.11	15.19	14.72
Long Term Investments	-	-	-	-	-
Other Long Term Assets, Total	1.87	1.88	1.88	1.88	2.45
Total Assets	232.55	233.18	224.46	234.53	231.10
Accounts Payable	7.88	10.42	7.37	10.77	6.83
Accrued Expenses	9.48	9.66	9.12	8.81	8.09
Notes Payable/Short Term Debt	14.33	15.40	12.37	22.04	25.69
Current Port. of LT Debt/Capital Leases	2.45	2.39	2.35	2.31	3.21
Other Current liabilities, Total	6.86	6.49	6.18	5.82	7.89
Total Current Liabilities	41.00	44.36	37.39	49.74	51.71
Long Term Debt	-	-	-	-	-
Capital Lease Obligations	8.54	9.21	9.87	10.47	10.00
Total Long Term Debt	8.54	9.21	9.87	10.47	10.00
Total Debt	25.32	27.00	24.60	34.81	38.90
Deferred Income Tax	0.28	0.26	0.25	0.24	0.22
Minority Interest	17.87	17.43	17.24	16.95	16.56
Other Liabilities, Total	-	-	-	-	-
Total Liabilities	67.69	71.27	64.76	77.39	78.49
Redeemable Preferred Stock, Total	-	-	-	-	-
Preferred Stock - Non Redeemable, Net	0.00	0.00	0.00	0.00	-
Common Stock, Total	0.04	0.04	0.04	0.04	0.04
Additional Paid-In Capital	42.20	42.20	42.20	42.20	42.20
Retained Earnings (Accumulated Deficit)	101.68	98.32	95.32	92.99	89.65
Treasury Stock - Common	-	-	-	-	-
Other Equity, Total	20.94	21.36	22.15	21.91	20.72
Total Equity	164.86	161.91	159.70	157.13	152.61
Total Liabilities & Shareholders' Equity	232.55	233.18	224.46	234.53	231.10
Shares Outs - Common Stock Primary Issue	-	-	-	-	-
Total Common Shares Outstanding	19.30	19.30	19.30	19.30	19.30

In Millions of USD (except for per share items)	As of 2011-12-31	As of 2010-12-31	As of 2009-12-31	As of 2008-12-31
Cash & Equivalents	17.12	6.69	10.26	7.80
Short Term Investments	-	-	-	-
Cash and Short Term Investments	17.12	6.69	10.26	7.80
Accounts Receivable - Trade, Net	65.34	54.17	47.75	35.80
Receivables - Other	-	-	-	-
Total Receivables, Net	83.32	81.49	60.84	43.33
Total Inventory	56.38	31.96	24.03	19.11
Prepaid Expenses	2.48	7.63	7.56	1.01
Other Current Assets, Total	5.57	3.90	5.14	4.45
Total Current Assets	164.87	131.67	107.82	75.69
Property/Plant/Equipment, Total - Gross	83.63	68.42	50.19	32.93
Accumulated Depreciation, Total	-31.05	-23.10	-17.98	-8.95
Goodwill, Net	-	-	-	-
Intangibles, Net	15.19	14.39	14.31	14.64
Long Term Investments	-	-	-	-
Other Long Term Assets, Total	1.88	0.00	0.22	0.20
Total Assets	234.53	191.38	154.56	114.51
Accounts Payable	10.77	10.67	9.72	4.62
Accrued Expenses	8.81	6.78	4.19	2.39
Notes Payable/Short Term Debt	22.04	16.74	0.00	0.00
Current Port. of LT Debt/Capital Leases	2.31	0.00	-	-
Other Current liabilities, Total	5.82	9.22	4.82	7.10
Total Current Liabilities	49.74	43.41	18.74	14.11
Long Term Debt	-	-	-	-
Capital Lease Obligations	10.47	0.00	-	-
Total Long Term Debt	10.47	0.00	0.00	0.00
Total Debt	34.81	16.74	0.00	0.00
Deferred Income Tax	0.24	0.17	0.12	0.11
Minority Interest	16.95	14.52	13.51	10.01
Other Liabilities, Total	-	-	-	-
Total Liabilities	77.39	58.10	32.37	24.22
Redeemable Preferred Stock, Total	-	-	-	-
Preferred Stock - Non Redeemable, Net	0.00	0.00	-	-
Common Stock, Total	0.04	0.04	0.04	0.04
Additional Paid-In Capital	42.20	42.20	55.27	37.50
Retained Earnings (Accumulated Deficit)	92.99	76.31	55.95	41.90
Treasury Stock - Common	-	-	-	-
Other Equity, Total	21.91	14.73	10.94	10.85
Total Equity	157.13	133.28	122.19	90.28
Total Liabilities & Shareholders' Equity	234.53	191.38	154.56	114.51
Shares Outs - Common Stock Primary Issue	-	-	-	-
Total Common Shares Outstanding	19.30	19.30	18.30	18.28

In Millions of USD (except for per share items)	9 months ending 2012-09-30	6 months ending 2012-06-30	3 months ending 2012-03-31	12 months ending 2011-12-31
Net Income/Starting Line	9.72	5.33	2.60	18.30
Depreciation/Depletion	5.60	3.79	1.94	7.22
Amortization	-	-	-	-
Deferred Taxes	-0.10	-0.16	-0.07	-0.13
Non-Cash Items	-0.13	0.57	0.50	0.54
Changes in Working Capital	2.43	0.68	-0.65	-18.29
Cash from Operating Activities	17.52	10.21	4.32	7.65
Capital Expenditures	-0.94	-0.42	-0.40	-9.23
Other Investing Cash Flow Items, Total	-0.02	-0.03	0.00	0.92
Cash from Investing Activities	-0.97	-0.44	-0.40	-8.31
Financing Cash Flow Items	-	-	-	0.00
Total Cash Dividends Paid	-	-	-	-
Issuance (Retirement) of Stock, Net	-	-	-	0.00
Issuance (Retirement) of Debt, Net	-5.63	-5.45	-5.32	10.50
Cash from Financing Activities	-5.63	-5.45	-5.32	10.50
Foreign Exchange Effects	-0.15	-0.08	0.02	0.58
Net Change in Cash	10.78	4.23	-1.38	10.43
Cash Interest Paid, Supplemental	1.93	0.69	0.23	2.48
Cash Taxes Paid, Supplemental	4.77	1.49	0.62	3.73

In Millions of USD (except for per share items)	12 months ending 2011-12-31	12 months ending 2010-12-31	12 months ending 2009-12-31	12 months ending 2008-12-31
Net Income/Starting Line	18.30	22.41	14.04	12.37
Depreciation/Depletion	7.22	5.35	4.33	2.71
Amortization	-	-	-	-
Deferred Taxes	-0.13	-0.11	-0.02	-0.08
Non-Cash Items	0.54	0.26	1.55	1.44
Changes in Working Capital	-18.29	-15.65	-9.65	-6.76
Cash from Operating Activities	7.65	12.26	10.25	9.67
Capital Expenditures	-9.23	-16.93	-7.37	-3.14
Other Investing Cash Flow Items, Total	0.92	-24.96	-0.44	0.00
Cash from Investing Activities	-8.31	-41.89	-7.80	-3.14
Financing Cash Flow Items	0.00	1.04	0.00	-
Total Cash Dividends Paid	-	-	-	-
Issuance (Retirement) of Stock, Net	0.00	9.40	0.00	-
Issuance (Retirement) of Debt, Net	10.50	15.53	0.00	-3.48
Cash from Financing Activities	10.50	25.97	0.00	-3.48
Foreign Exchange Effects	0.58	0.10	0.01	0.40
Net Change in Cash	10.43	-3.56	2.46	3.46
Cash Interest Paid, Supplemental	2.48	0.55	0.00	0.18
Cash Taxes Paid, Supplemental	3.73	2.96	2.30	2.11