SAN FRANCISCO and SHENZHEN, China, February 5, 2015 /PRNewswire/ -- Highpower International, Inc. ("Highpower International" or "the Company") (NASDAQ: HPJ), a developer, manufacturer, and marketer of lithium and nickel-metal hydride (Ni-MH) rechargeable batteries, and a battery management systems and battery recycling provider, today announced that the Company has received an order providing lithium polymer batteries for Mophie™'s battery case products designed for iPhone 6 and iPhone 6 plus. Mophie, a California-based, award-winning designer and manufacturer, is the #1 selling battery case manufacturer in North America. The Company expects the multi-million dollar order to have a meaningful impact on sales for the year ending December 31, 2015.
Mr. George Pan, Chairman and CEO of Highpower International, stated, "This order is quite significant to both Highpower and Mophie's annual plan for 2015, as Mophie is a certified backup power product supplier for iPhone 6 and iPhone 6 plus. Highpower has worked with the engineers and designers at Mophie in the past on battery case products for the iPhone 5 series, and it is their continued trust on Highpower's quality and reliability that enables our cooperation to succeed. We are very pleased to continue to work with Mophie on the iPhone 6 series products that will be widely used by consumers around the world."
Mophie's battery power products can be found at various retail stores, AT&T, and also on Amazon.
Company Adjusts Net Income Guidance Up; Revenue Guidance Lower Due to Order Timing
Mr. George Pan continued, "We have been very pleased with the progression of our business over the course of 2014, with a strong sales pipeline being supported by improving margins. We continued to focus on our core competencies, which are providing high-quality battery products to a diverse customer base, while investing in our business to provide sustainability over the long-term as the market continues to transition to lithium battery technology. During the fourth quarter, we continued to see improved margins, while penetrating the market with higher-end battery products and properly utilizing our scale to contain raw material costs. As a result, we are raising our 2014 guidance range for adjusted net income of $3.8 to $4.2 million from previously announced $2.5 to $4.0 million, and net income of $2.6 to $3.0 million from previously announced $1.5 to $3.0 million. While we are pleased with our order pipeline, a few orders (including Mophie) were delayed until the first quarter of 2015, which has resulted in Highpower adjusting its revenue guidance for 2014 to $146 - $148 million. We have been very pleased with the Company's operational results in 2014, and have continued to balance our need to position Highpower for long-term growth while also providing stable returns for our shareholders. We are very confident in our ability to generate sales growth through working with top notch international customers in 2015 and look forward to updating investors further when we report our 2014 financial results in March."
About Mophie
Mophie, the #1 selling battery case manufacturer in North America, is a California-based, award-winning designer and manufacturer that empowers the mobile world to do more. Widely acclaimed for innovative mobile solutions, Mophie is the proud developer of the juice pack®, the first ever mobile battery case certified by Apple Inc. Mophie products are recognized for style and engineered for performance, providing a seamless integration of hardware, software and design. Mophie has operations in California, Michigan, Netherlands, Hong Kong, and China. Mophie products are available in more than 130 countries, and can be found at Apple, Best Buy, Verizon, and T-Mobile stores, as well as Sprint and other leading retailers.
About Highpower International, Inc.
Highpower International was founded in 2001 and produces high-quality Nickel-Metal Hydride (Ni-MH) and lithium-based rechargeable batteries used in a wide range of applications such as electric buses, bikes, energy storage systems, power tools, medical equipment, digital and electronic devices, personal care products, and lighting. Highpower's target customers are Fortune 500 companies, and top 10 companies in each vertical segment. With advanced manufacturing facilities located in Shenzhen, Huizhou, and Ganzhou of China, Highpower is committed to clean technology, not only in the products it makes, but also in the processes of production. The majority of Highpower International's products are distributed to worldwide markets mainly in the United States, Europe, China and Southeast Asia.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995 that are not historical facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology, and include discussions of the Company's future performance, operations and products. Such statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results to differ materially from the results expressed or implied by such statements, including, our ability to successfully expand sales of our lithium battery product in the mobile device market and our ability to effectively compete in that market. For a discussion of these and other risks and uncertainties see "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's public filings with the SEC. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The Company has no obligation to update the forward-looking information contained in this press release.
CONTACT:
Highpower International, Inc.
Sherry Chen
+86-755-8968-6521
ir@highpowertech.com
INVESTOR RELATIONS:
The Equity Group Inc.
In China
Katherine Yao, Associate
+86-10-6587-6435
kyao@equityny.com
In U.S.
Adam Prior, Senior Vice President
(212) 836-9606
aprior@equityny.com
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