UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest event Reported): August
14, 2015
CHINA SHENGDA PACKAGING GROUP INC.
(Exact name of registrant as specified in its
charter)
Nevada |
333-148232 |
26-1559574 |
(State or other jurisdiction of |
(Commission File Number) |
(IRS Employer Identification No.) |
incorporation or organization) |
|
|
No. 2 Beitang Road
Xiaoshan Economic and
Technological Development Zone
Hangzhou, Zhejiang Province
311215
People's Republic of China
(Address of principal
executive offices)
(86) 571-82838805
(Registrant's telephone
number, including area code)
_______________________________________________
(Former name
or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. |
Results of Operations and Financial
Condition. |
On August 14, 2015, China Shengda Packaging Group Inc., a
Nevada Corporation (the Company) issued a press release announcing the
earnings of the quarter ended June 30, 2015. A copy of the press release is
hereby furnished as Exhibit 99.1 and is incorporated herein by reference.
The information contained in this Current Report on Form 8-K
and the exhibit attached hereto shall not be deemed to be filed for purposes
of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange
Act), or otherwise subject to the liabilities of that section, nor shall such
information or such exhibits be deemed incorporated by reference in any filing
under the Securities Act of 1933, as amended, or the Exchange Act, except as
shall be expressly set forth by specific reference in such a filing.
Item 7.01. |
Regulation FD Disclosure.
|
Reference is made to the disclosure set forth under Item 2.02
above, which disclosure is incorporated herein by reference.
Item 9.01. |
Financial Statements and Exhibits.
|
(d) Exhibits
SIGNATURE
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 hereunto duly authorized.
|
China Shengda Packaging Group Inc.
|
|
|
Date: August 14, 2015 |
|
|
|
|
/s/
Daliang Teng |
|
Name: Daliang Teng |
|
Title: Chief Executive Officer
|
EXHIBIT INDEX
China Shengda Packaging Group Inc. Reports Second Quarter
2015 Financial Results
HANGZHOU, China, Aug. 14, 2015 /PRNewswire-FirstCall/ -- China
Shengda Packaging Group Inc. (NASDAQ: CPGI) ("Shengda" or the "Company"), a
leading Chinese paper packaging company, today reported its financial results
for the second quarter ended June 30, 2015.
Second Quarter 2015 Financial Highlights:
|
|
Overall revenues increased by $2.5 million, or 6.6%, to
$39.7 million for the second quarter of 2015 from $37.2 million for the
same period of last year. The increase in revenues was mainly driven by
increase in sales volumes and partially offset by decrease in average
selling prices for both paper cartons and corrugating medium paper.
Average selling price for flexo paper cartons was particularly weak during
the second quarter of 2015. |
|
|
Gross profit decreased by $1.2 million, or 17.9%, to $5.3
million for the second quarter of 2015 from $6.5 million for the same
period of last year. Gross margin decreased by 4 points to 13.4% for the
second quarter of 2015 from 17.4% for the same period of last year.
|
|
|
Operating loss was $0.05 million for the second quarter
of 2015, compared to net income of $1.7 million for the same period of
last year. |
|
|
Net income attributable to the Company's stockholders
decreased by $1.0 million, or 88.3%, to approximately $0.1 million for the
second quarter of 2015 from $1.1 million for the same period of last year.
|
|
|
Basic and diluted earnings per share were $0.02 for the
second quarter of 2015, compared to $0.14 for the same period of last
year. |
Three Months Ended June 30, 2015 Results
|
|
Three Months |
|
|
Three Months |
|
|
|
Ended June 30,
|
|
|
Ended June 30,
|
|
Sales Analysis (Millions) |
|
2015 |
|
|
2014 |
|
Revenues Paper Cartons
(millions) |
$ |
29.8 |
|
$ |
29.9 |
|
Revenues Corrugating Medium Paper (millions)
|
$ |
13.3 |
|
$ |
10.7 |
|
Revenues Inter-segment
Transactions Elimination (millions) |
|
($3.4 |
) |
|
($3.4 |
) |
Color Cartons (% of total revenues) |
|
22.8% |
|
|
24.3% |
|
Flexo Cartons (% of total
revenues) |
|
52.2% |
|
|
56.0% |
|
Paper Cartons Sales Volume (M sq meters) |
|
95.4 |
|
|
77.3 |
|
Corrugating Medium Paper
Sales Volume ('000 tons) |
|
37.8 |
|
|
30.1 |
|
Color Cartons (avg price per sq meter) |
$ |
0.39 |
|
$ |
0.39 |
|
Flexo Cartons (avg price per
sq meter) |
$ |
0.29 |
|
$ |
0.38 |
|
Corrugating Medium Paper (avg price per ton)
|
$ |
352 |
|
$ |
356 |
|
|
|
Three Months |
|
|
Three Months |
|
|
|
Ended June 30,
|
|
|
Ended June 30,
|
|
Summary Results (Millions) |
|
2015 |
|
|
2014 |
|
Revenues |
$ |
39.7 |
|
$ |
37.2 |
|
Gross Profit |
$ |
5.3 |
|
$ |
6.5 |
|
Gross Margin (%) |
|
13.4% |
|
|
17.4% |
|
Operating Expenses |
$ |
5.4 |
|
$ |
4.8 |
|
Operating Income (Loss) |
|
($0.0 |
)
|
$ |
1.7 |
|
Operating (Loss) Margin (%) |
|
0.1% |
|
|
4.6% |
|
Net Income Attributable to
Stockholders |
$ |
0.1 |
|
$ |
1.1 |
|
EPS - Basic & Diluted |
$ |
0.02 |
|
$ |
0.14 |
|
Weighted Average Shares
Outstanding |
|
7.8 |
|
|
7.8 |
|
Total revenues for the second quarter of 2015 increased by $2.5
million, or 6.6%, to $39.7 million from $37.2 million for the same period of
last year, primarily driven by increases in sales volume of both paper cartons
and other paper products and corrugating medium paper, partially offset by
decreases in average selling prices of flexo cartons and corrugating medium
paper. Average selling price of flexo cartons was particularly weak, decreasing
from $0.38 per square meter for the second quarter of last year to $0.29 per
square meter for the second quarter of 2015.
Revenues of paper cartons and other paper products decreased by
$0.1 million, or 0.3%, to $29.8 million for the second quarter of 2015 from
$29.9 million for the same period of last year. Sales volume of paper cartons
increased by 18.1 million square meters, or 23.4%, to 95.4 million square meters
for the second quarter of 2015 from 77.3 million square meters for the same
period of last year while the average price of paper cartons and other paper products decreased to $0.31 per square meter for the
second quarter of 2015 from $0.39 per square meter for the same period of last
year. The increase in sale volume of paper cartons and other paper products was
mainly contributed by Shengda Zhongtian and Shengda Concept that started their
operations in the first quarter of 2015. Color and flexo cartons accounted for
22.8% and 52.2% of total revenues for the second quarter of 2015, compared to
24.3% and 56.0%, respectively, for the same period of last year. Average sales
prices per square meter for color and flexo cartons were approximately $0.39 and
$0.29, respectively, for the second quarter of 2015, compared to approximately
$0.39 and $0.38, respectively, for the same period of last year. Consumer and
industrial goods manufacturing sectors remained the Company's principal markets.
Major customers remained home appliances & electronics manufacturers, and
food, beverage & cigarette manufacturers in the Yangtze River Delta Region,
which accounted for 18.1% and 22.3%, respectively, of total revenues for the
second quarter of 2015, compared to 21.0% and 19.1%, respectively, for the same
period of last year.
Revenues of corrugating medium paper increased by $2.6 million,
or 23.8%, to $13.3 million for the second quarter of 2015, from $10.7 million
for the same period of last year. The increase was mainly resulted from increase
in sales volume and partially offset by decrease in average selling price. Sales
volume and average selling price of corrugating medium paper were approximately
37.8 thousand tons and $352 per ton, respectively, for the second quarter of
2015, compared to 30.1 thousand tons and $356 per ton, respectively, for the
same period of last year.
Overall gross profit decreased by $1.2 million, or $ 17.9%, to
$5.3 million for the second quarter of 2015 from $6.5 million for the same
period of last year, as a result of increased cost of goods sold for both paper
cartons and other paper products and corrugating medium paper. Gross profit of
paper cartons and other paper products decreased by $0.8 million, or 13.4%, to
$5.8 million for the second quarter of 2015 from $6.6 million for the same
period of last year. Gross profit of color and flexo cartons were $1.9 million
and $3.9 million, respectively, for the second quarter of 2015, compared to $2.1
million and $4.5 million, respectively, for the same period of last year. Gross
loss of corrugating medium paper was $0.4 million for the second quarter of
2015, compared to $0.1 million for the same period of last year. Overall gross
margin decreased by 4 points to 13.4% for the second quarter of 2015 from 17.4%
for the same period of last year. Gross margins for paper cartons and other
paper products and corrugating medium paper were 19.3% and negative 3.2%,
respectively, for the second quarter of 2015, compared to 22.2% and negative
1.4%, respectively, for the same period of last year.
Selling expenses decreased by 0.1 million, or 5.6%, to $1.5
million for the second quarter of 2015, from $1.6 million for the same period of
last year. As a percentage of revenues, selling expenses decreased to 3.8% for
the second quarter of 2015 from 4.3% for the same period of last year.
General and administrative expenses increased by $0.7 million,
or 24.3%, to $3.9 million for the second quarter of 2015 from $3.2 million for
the same period of last year. This increase was mainly due to the increase in
staff costs, which include salary, benefits, social insurance and other relevant
staff expenses. As a percentage of revenues, general and administrative expenses
increased to 9.9% for the second quarter of 2015 from 8.5% for the same period
of last year.
As a result of the forgoing, operating loss was $0.05 million
for the second quarter of 2015, compared to operating income of $1.7 million for
the same period of last year. Operating loss margin was 0.1% for the second
quarter of 2015, compared to operating profit margin of 4.6% for the same period
of last year.
Net income attributable to the Company's common stockholders
decreased by approximately $1.0 million, or 88.3%, to $0.1 million for the
second quarter of 2015, from $1.1 million for the same period of last year.
Basic and diluted earnings per share were $0.02 for the second quarter of 2015,
compared to $0.14 for the same period of last year.
Six Months Ended June 30, 2015 Results
|
|
Six Months |
|
|
Six Months |
|
|
|
Ended June 30,
|
|
|
Ended June 30,
|
|
Sales Analysis (Millions) |
|
2015 |
|
|
2014 |
|
Revenues Paper Cartons
(millions) |
$ |
60.8 |
|
$ |
56.0 |
|
Revenues Corrugating Medium Paper(millions)
|
$ |
21.8 |
|
$ |
20.1 |
|
Revenues Inter-segment
Transactions Elimination (millions) |
$ |
(4.9 |
) |
$ |
(6.6 |
) |
Color Cartons (% of total revenues) |
|
22.5% |
|
|
24.8% |
|
Flexo Cartons (% of total
revenues) |
|
55.8% |
|
|
55.8% |
|
Paper Cartons Sales Volume (M sq meters) |
|
183.1 |
|
|
145.3 |
|
Corrugating Medium Paper
Sales Volume ('000 tons) |
|
62.1 |
|
|
55.5 |
|
Color Cartons (average price per sq meter)
|
$ |
0.39 |
|
$ |
0.39 |
|
Flexo Cartons (average price
per sq meter) |
$ |
0.31 |
|
$ |
0.38 |
|
Corrugating Medium Paper (average price per
ton) |
$ |
351 |
|
$ |
362 |
|
|
|
Six Months |
|
|
Six Months |
|
|
|
Ended June 30,
|
|
|
Ended June 30,
|
|
Summary Results (Millions) |
|
2015 |
|
|
2014 |
|
Revenues |
$ |
77.6 |
|
$ |
69.5 |
|
Gross Profit |
$ |
10.3 |
|
$ |
10.6 |
|
Gross Margin (%) |
|
13.3% |
|
|
15.3% |
|
Operating Expenses |
$ |
10.5 |
|
$ |
10.1 |
|
Operating Income (Loss) |
|
($0.1 |
)
|
$ |
0.5 |
|
Operating (Loss) Margin (%) |
|
(0.2% |
) |
|
0.7% |
|
Net Income Attributable to
Stockholders |
$ |
0.1 |
|
$ |
0.5 |
|
EPS - Basic & Diluted |
$ |
0.01 |
|
$ |
0.07 |
|
Weighted Average Shares
Outstanding |
|
7.8 |
|
|
7.8 |
|
Total revenues for the six months ended June 30, 2015 increased
by $8.1million, or 11.7%, to $77.6 million from $69.5 million for the same
period of last year, primarily driven by increases in sales volume of both paper
cartons and other paper products and corrugating medium paper, partially offset
by decreases in average selling prices of flexo cartons and corrugating medium
paper.
Revenues of paper cartons and other paper products increased by
$4.8 million, or 8.5%, to $60.8 million for the six months ended June 30, 2015
from $56.0 million for the same period of last year. Sales volume of paper
cartons and other paper products increased by 37.8 million square meters, or
26.0%, to 183.1 million square meters for the six months ended June 30, 2015
from 145.3 million square meters for the same period of last year while the
average price of paper cartons and other paper products decreased to $0.33 per
square meter for the six months ended June 30, 2015 from $0.39 per square meter
for the same period of last year. The increase in sale volume of paper cartons
and other paper products was mainly contributed by Shengda Zhongtian and Shengda
Concept that started their operations in the first quarter of 2015. Color and
flexo cartons accounted for 22.5% and 55.8% of total revenues for the six months
ended June 30, 2015, compared to 24.8% and 55.8%, respectively, for the same
period of last year. Average sales prices per square meter for color and flexo
cartons were approximately $0.39 and $0.31, respectively, for the six months
ended June 30, 2015, compared to approximately $0.39 and $0.38, respectively,
for the same period of last year. Consumer and industrial goods manufacturing
sectors remained the Company's principal markets. Major customers remained home
appliances & electronics manufacturers, and food, beverage & cigarette
manufacturers in the Yangtze River Delta Region, which accounted for 18.8% and
22.0%, respectively, of total revenues for the six months ended June 30, 2015,
compared to 21.5% and 20.0%, respectively, for the same period of last year.
Revenues of corrugating medium paper increased by $1.7 million,
or 8.5%, to $21.8 million for the six months ended June 30, 2015, from $20.1
million for the same period of last year. The increase was mainly resulted from
increase in the sales volume and partially offset by decrease in average selling
prices. Sales volume and average selling price of corrugating medium paper were
approximately 62.1 thousand tons and $351 per ton, respectively, for the six
months ended June 30, 2015, compared to 55.5 thousand tons and $362 per ton,
respectively, for the same period of last year.
Overall gross profit decreased by $0.3 million, or $ 2.8%, to
$10.3 million for the six months ended June 30, 2015 from $10.6 million for the
same period of last year, as a result of increased cost of goods sold for both
paper cartons and other paper products and corrugating medium paper. Gross
profit of paper cartons and other paper products decreased by $0.5 million, or
4.1%, to $11.6 million for the six months ended June 30, 2015 from $12.1 million
for the same period of last year. Gross profit of color and flexo cartons were
$3.6 million and $8.0 million, respectively, for the six months ended June 30, 2015, compared
to $3.9 million and $8.2 million, respectively, for the same period of last
year. Gross loss of corrugating medium paper was $1.2 million for the six months
ended June 30, 2015, down from $1.4 million for the same period of last year.
Overall gross margin decreased by 2 points to 13.3% for the six months ended
June 30, 2015 from 15.3% for the same period of last year. Gross margins for
paper cartons and other paper products and corrugating medium paper were 19.0%
and negative 5.6%, respectively, for the six months ended June 30, 2015,
compared to 21.5% and negative 7.1%, respectively, for the same period of last
year.
Selling expenses decreased by 0.1 million, or 2.0%, to $3.4
million for the six months ended June 30, 2015, from $3.5 million for the same
period of last year. As a percentage of revenues, selling expenses decreased to
4.4% for the six months ended June 30, 2015 from 5.0% for the same period of
last year.
General and administrative expenses increased by $1.2 million,
or 19.1%, to $7.2 million for the six months ended June 30, 2015 from $6.0
million for the same period of last year. This increase was mainly due to the
increase in staff costs, which include salary, benefits, social insurance and
other relevant staff expenses. As a percentage of revenues, general and
administrative expenses increased to 9.2% for the second quarter of 2015 from
8.6% for the same period of last year.
As a result of the forgoing, operating loss was $0.1 million
for the six months ended June 30, 2015, compared to operating income of $0.5
million for the same period of last year. Operating loss margin was 0.2% for the
six months ended June 30, 2015, compared to operating income margin of 0.7% for
the same period of last year.
Net income attributable to the Company's common stockholders
decreased by approximately $0.4 million, or 88.5%, to $0.1 million for the six
months ended June 30, 2015, from $0.5 million for the same period of last year.
Basic and diluted earnings per share were $0.01 for the six months ended June
30, 2015, compared to $0.07 for the same period of last year.
Financial Condition
As of June 30, 2015, the Company had cash and cash equivalents
of $10.7 million and restricted cash of $12.7 million, compared to $10.9 million
and $13.8 million, respectively, at December 31, 2014. Working capital was $25.6
million as of June 30, 2015, compared to $30.7 million at December 31, 2014.
Total equity for stockholders of Shengda was $114.2 million as of June 30, 2015,
compared to $113.0 million at December 31, 2014.
Net cash used in operating activities was $3.8 million for the
six months ended June 30, 2015, compared to net cash provided by operating
activities of $7.2 million for the same period of last year. This was
attributable to net loss of $0.1 million, adjusted by depreciation and
amortization expenses of $3.7 million, and a net decrease in cash from accounts
and notes receivable of $3.2 million and a net decrease in cash from inventories
of $4.9 million, and a net increase in cash from accounts and notes payable of
$7.8 million and a net increase in cash from other working capital items of $0.5
million.
Net cash used in investing activities was $4.2 million for the
six months ended June 30, 2015, compared to $2.4 million for the same period of
last year. The $4.2 million was mainly used for purchases of property, plant and
equipment at our subsidiaries Shuangsheng, Shengda Concept and Shengda
Zhongtian.
Net cash provided by financing activities was nil for the six
months ended June 30, 2015, compared to $1.9 million for the same period of last
year. During the six months ended June 30, 2014, we received proceeds from loans
amounting to $3.5 million, and repaid loans amounting to $3.5 million.
About China Shengda Packaging Group Inc.
China Shengda Packaging Group Inc. is a leading paper packaging
company in China. It is principally engaged in design, manufacturing and sale of
flexo-printed and color-printed corrugated paper cartons in a variety of sizes
and strengths. It also manufactures corrugating medium paper and corrugated
paperboards, which are used for the production of flexo-printed and
color-printed cartons. The Company provides paper packaging solutions to a wide
variety of industries, including food, beverage, cigarette, household appliance,
consumer electronics, pharmaceuticals, chemicals, machinery and other consumer
and industrial sectors in China.
Safe Harbor Statements
This press release may contain forward-looking statements
within the meaning of the safe harbor provisions of the U.S. Private Securities
Litigation Reform Act of 1995. Any statements set forth above that are not
historical facts are forward-looking statements that involve risks and
uncertainties that could cause actual results to differ materially from those in
the forward-looking statements. Such factors include, but are not limited to,
the Company's ability to expand to new markets, the ability to grow business
through vertical integration and geographical expansion, the ability to access
capital for expansion and continued investment in R&D, the ability to
acquire other companies, changes from anticipated levels of sales, changes in
national or regional economic and competitive conditions, current or future
volatility in the credit market and future market conditions, changes in
relationships with customers, changes in profit margins of principal product and
other factors discussed from time to time in the Company's filings with the
Securities and Exchange Commission. The Company undertakes no obligation to
update or revise any forward-looking statements, whether as a result of new
information, future events, or otherwise, except as required by law.
Company Contact:
China Shengda Packaging Group Inc.
Cindy Hu, Board Secretary
Tel: +86-571 8283 8770
E-mail:
cindy.hu@cnpti.com
Website: http://www.cnpti.com
Investor Relations Contact:
Weitian Group
LLC
Tina Xiao
Tel: +1-917-609-0333
Email:
tina.xiao@weitian-ir.com
CHINA SHENGDA PACKAGING GROUP INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts in US$)
|
|
June 30, |
|
|
December 31, |
|
ASSETS |
|
2015 |
|
|
2014 |
|
Current
assets |
|
(Unaudited) |
|
|
|
|
Cash and cash equivalents |
$ |
10,651,972 |
|
$ |
10,909,547 |
|
Restricted cash
|
|
12,659,820 |
|
|
13,764,420 |
|
Accounts and notes receivable, net |
|
43,968,476 |
|
|
40,385,615 |
|
Inventories |
|
22,043,281 |
|
|
16,197,839 |
|
Prepayments and other receivables |
|
3,750,134 |
|
|
1,714,052 |
|
Amount due from
related parties |
|
230,098 |
|
|
51,093 |
|
Deductable value added tax payable |
|
865,139 |
|
|
867,869 |
|
Total current
assets |
|
94,168,920 |
|
|
83,890,435 |
|
Non-current assets |
|
|
|
|
|
|
Property, plant
and equipment, net |
|
76,001,975 |
|
|
72,274,052 |
|
Land use right |
|
11,624,648 |
|
|
11,650,850 |
|
Deferred tax
assets |
|
3,945,552 |
|
|
2,965,241 |
|
Goodwill |
|
182,036 |
|
|
180,373 |
|
Total assets |
$ |
185,923,131 |
|
$ |
170,960,951 |
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
Accounts and notes payable |
$ |
50,689,405 |
|
$ |
41,954,268 |
|
Amounts due to
related parties |
|
3,554,905 |
|
|
2,961,704 |
|
Accrued expenses and other payables |
|
4,743,444 |
|
|
2,964,988 |
|
Taxes payable |
|
1,619,446 |
|
|
1,826,922 |
|
Short-term loans |
|
3,500,000 |
|
|
3,500,000 |
|
Current portion of
long-term loans |
|
4,500,000 |
|
|
- |
|
Total current liabilities |
|
68,607,200 |
|
|
53,207,882 |
|
Non-current
liabilities |
|
|
|
|
|
|
Long-term loans |
|
- |
|
|
4,500,000 |
|
Total
liabilities |
$ |
68,607,200 |
|
$ |
57,707,882 |
|
Commitment and contingencies |
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
|
Common stock
(US$0.001 par value, 38,000,000 shares authorized, 7,758,168 shares issued
and outstanding at June 30, 2015 and December 31, 2014) (1) |
|
7,758 |
|
|
7,758 |
|
Additional paid-in capital |
|
43,067,497 |
|
|
43,067,497 |
|
Appropriated
retained earnings |
|
8,713,159 |
|
|
8,293,281 |
|
Unappropriated retained earnings |
|
49,535,257 |
|
|
49,894,124 |
|
Accumulated other
comprehensive income |
|
12,834,475 |
|
|
11,778,550 |
|
Total equity for stockholders of China Shengda Packaging |
|
114,158,146 |
|
|
113,041,210 |
|
Noncontrolling
interest |
|
3,157,785 |
|
|
211,859 |
|
Total equity |
|
117,315,931 |
|
|
113,253,069 |
|
Total liabilities and equity |
$ |
185,923,131 |
|
$ |
170,960,951 |
|
(1) All per share amounts and shares outstanding for all periods
have been retroactively restated to reflect China Shengda Packaging Group Inc.'s
1-for-5 reverse stock split, which was effect on May 18, 2015.
See notes to the consolidated financial statements
CHINA SHENGDA PACKAGING GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Amounts in US$)
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Revenues |
$ |
39,703,201 |
|
$ |
37,237,538 |
|
$ |
77,630,620 |
|
$ |
69,527,517 |
|
Cost of goods sold |
|
34,374,054 |
|
|
30,742,764 |
|
|
67,294,930 |
|
|
58,899,444 |
|
Gross profit |
|
5,329,147 |
|
|
6,494,774 |
|
|
10,335,690 |
|
|
10,628,073 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Selling expenses
|
|
1,523,667 |
|
|
1,614,033 |
|
|
3,389,105 |
|
|
3,463,962 |
|
General and administrative
expenses |
|
3,940,021 |
|
|
3,168,636 |
|
|
7,157,482 |
|
|
6,011,684 |
|
(Income)
loss from disposal of property, plant and equipment |
|
(87,538 |
) |
|
(5,104 |
) |
|
(87,538 |
) |
|
636,341 |
|
|
|
5,376,150 |
|
|
4,777,565 |
|
|
10,459,049 |
|
|
10,111,987 |
|
Other income
(expenses) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
87,237 |
|
|
43,623 |
|
|
210,399 |
|
|
541,442 |
|
Interest expense
|
|
(218,716 |
) |
|
(354,923 |
) |
|
(410,505 |
) |
|
(678,608 |
) |
Subsidy income |
|
552 |
|
|
214,193 |
|
|
13,568 |
|
|
214,193 |
|
|
|
(130,927 |
) |
|
(97,107 |
) |
|
(186,538 |
) |
|
77,027 |
|
Non-operating expense (income) |
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating
expense (income) |
|
2,108 |
|
|
55,040 |
|
|
123,999 |
|
|
(61,046 |
) |
|
|
2,108 |
|
|
55,040 |
|
|
123,999 |
|
|
(61,046 |
) |
(Loss) income before
income tax expense and noncontrolling interest |
|
(180,038 |
) |
|
1,565,062 |
|
|
(433,896 |
) |
|
654,159 |
|
Income tax (benefit) expense |
|
(132,196 |
) |
|
506,886 |
|
|
(286,245 |
) |
|
179,803 |
|
Net (loss) income |
|
(47,842 |
) |
|
1,058,176 |
|
|
(147,651 |
) |
|
474,356 |
|
Less: net (loss) attributable to
noncontrolling interest |
|
(172,448 |
) |
|
(9,531 |
) |
|
(208,662 |
) |
|
(55,659 |
) |
Net income attributable to
company's common stockholders |
$ |
124,606 |
|
$ |
1,067,707 |
|
$ |
61,011 |
|
$ |
530,015 |
|
Basic and diluted earnings per share
(1) |
$ |
0.02 |
|
$ |
0.14 |
|
$ |
0.01 |
|
$ |
0.07 |
|
Weighted-average number of
shares outstanding - basic and diluted (1) |
|
7,758,168 |
|
|
7,758,168 |
|
|
7,758,168 |
|
|
7,758,168 |
|
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
(47,842 |
) |
|
1,058,176 |
|
|
(147,651 |
) |
|
474,356 |
|
Foreign currency translation
adjustment |
|
583,851 |
|
|
132,342 |
|
|
1,055,160 |
|
|
(884,446 |
) |
Comprehensive income
(loss) |
|
536,009
|
|
|
1,190,518
|
|
|
907,509
|
|
|
(410,090 |
) |
Less: comprehensive (loss) attributable to
noncontrolling interest |
|
(173,057 |
) |
|
(9,973 |
) |
|
(209,427 |
) |
|
(55,762 |
) |
|
$ |
709,066 |
|
$ |
1,200,491 |
|
$ |
1,116,936 |
|
|
($354,328 |
) |
(1) All per share amounts and shares outstanding for all periods
have been retroactively restated to reflect China Shengda Packaging Group Inc.'s
1-for-5 reverse stock split, which was effect on May 18, 2015.
See notes to the consolidated financial statements
CHINA SHENGDA PACKAGING GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in US$)
|
|
Six Months Ended June 30, |
|
|
|
2015 |
|
|
2014 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Cash flows from operating
activities |
|
|
|
|
|
|
Net (loss) income |
|
(147,651 |
) |
|
474,356 |
|
Adjustments to reconcile net
loss to net cash provided by operating activities: |
|
|
|
|
|
|
Depreciation and amortization expenses |
|
3,740,846 |
|
|
3,913,433 |
|
Deferred tax |
|
(949,492 |
) |
|
(726,504 |
) |
Change in operating assets and liabilities:
|
|
|
|
|
|
|
Restricted cash
|
|
1,227,000 |
|
|
(324,200 |
) |
Accounts and notes
receivable |
|
(3,192,096 |
) |
|
3,343,059 |
|
Inventories |
|
(4,892,140 |
) |
|
(1,246,982 |
) |
Prepayments and other receivables |
|
(1,644,438 |
) |
|
(1,316,122 |
) |
Accounts and notes payable
|
|
7,842,297 |
|
|
1,934,610 |
|
Amount due from(to) related party |
|
385,946 |
|
|
(199,440 |
) |
Accrued expenses and other
payables |
|
1,671,235 |
|
|
244,698 |
|
Tax payables |
|
(212,805 |
) |
|
1,102,166 |
|
Net cash provided by
operating activities |
|
3,828,702 |
|
|
7,199,074 |
|
Cash flows from investing activities
|
|
|
|
|
|
|
Purchase of property, plant
and equipment |
|
(4,463,668 |
) |
|
(2,565,687 |
) |
Proceeds from disposal of property, plant and
equipment |
|
278,120 |
|
|
175,615 |
|
Net cash (used in)
investing activities |
|
(4,185,548 |
) |
|
(2,390,072 |
) |
Cash flows from financing activities
|
|
|
|
|
|
|
Proceeds from short-term
loans |
|
3,500,000 |
|
|
10,998,480 |
|
Proceeds from long-term loans |
|
- |
|
|
4,497,226 |
|
Repayment of short-term loans
|
|
(3,500,000 |
) |
|
(10,187,980 |
) |
Repayment of long-term loans |
|
- |
|
|
(4,497,226 |
) |
Restricted cash |
|
- |
|
|
(2,690,860 |
) |
Net cash flows (used in) financing
activities |
|
- |
|
|
(1,880,360 |
) |
Effect of foreign currency
exchange rate fluctuation on cash and cash equivalents |
|
99,271 |
|
|
(46,752 |
) |
Net changes in cash and cash equivalents |
|
(257,575 |
) |
|
2,881,890 |
|
Cash and cash equivalents,
beginning of year |
|
10,909,547 |
|
|
6,569,495 |
|
Cash and cash equivalents, end of year
|
$ |
10,651,972 |
|
$ |
9,451,385 |
|
Cash paid during the year
for: |
|
|
|
|
|
|
Interest paid |
$ |
385,786 |
|
$ |
509,851 |
|
Income taxes paid |
$ |
392,621 |
|
$ |
982,735 |
|
Non-cash financing transactions: |
|
|
|
|
|
|
Property, plant and equipment
and inventory injected by noncontrolling interest |
$ |
3,137,995 |
|
$ |
- |
|
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