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Specialty Chemical Company China XD Plastics Announces Second Quarter 2017 Financial Results

2017-08-09 20:30
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- Revenue of $313.6 million -

- Net Income of $28.1 million -

- Reiterating Fiscal 2017 Guidance of $1.2 - $1.3 Billion in Revenue, $85.0 - $100.0 Million in Net Income -

HARBIN, China, Aug. 9, 2017 /PRNewswire/ -- China XD Plastics Company Limited (NASDAQ: CXDC) ("China XD Plastics" or the "Company"), one of China's leading specialty chemical companies engaged in the development, manufacture and sale of polymer composite materials primarily for automotive applications, today announced its financial results for the second quarter ended June 30, 2017.

Second Quarter 2017 Financial Highlights               

  • Revenue was $313.6 million, an increase of 13.2% YoY
  • Gross profit was $63.1 million, an increase of 4.6% YoY
  • Gross margin of 20.1%, a decrease of 17 basis points YoY
  • Net income was $28.1 million, a decrease of 15.6% YoY
  • EBITDA was $54.7 million, a decrease of 3.0% YoY
  • Total volume shipped was 104,617 metric tons, up 17.0% YoY

"We were able to generate significant top line growth in the second quarter of 2017 as compared to the same period last year as the generally positive macroeconomic conditions in our sector continued from last year," said Jie Han, Chairman of the Board of Directors and Chief Executive Officer. "As reported by The China Association of Automobile Manufacturers, for the first six months of 2017, auto production increased 4.6% relative to the same period last year, and we believe that our cutting edge technologies, expanded production capabilities, new geographical positioning and major new projects will be able to capitalize on this trend."

Mr. Han continued, "Our strategic initiative to expand our operations into new growth geographies continued to see significant revenue contributions from the South China and the Central China regions in the second quarter, largely attributable due to the continued ramp of our new, state-of-the-art Sichuan manufacturing facility. Our Sichuan facility now has 50 production lines with 216,000 metric tons of annual production capacity."

"We are very pleased with the recent official signing of investment agreements with the Management Committee of Harbin Economic - Technological Development Zone with respect to the industrial project for 300,000 metric tons of biological composite materials, the industrial project for upgrading existing equipment for 100,000 metric tons of engineering plastics and the industrial project for a 3D printing intelligent manufacture demonstration factory and a 3D printing display and experience cloud factory. This follows the signing of a definitive agreement with the People's Government of Shunqing District, Nanchong City of Sichuan Province for the production of 300,000 metric tons of bio-composite materials and additive manufacturing and 20,000 metric tons of functional masterbatch." 

"Our new facility in Dubai also extends our specialized high-tech products into an important overseas market. We plan to complete the installation of 45 production lines with 12,000 metric tons of annual production capacity by the first quarter of 2018, and to complete the installation of an additional 50 production lines with 13,000 metric tons of annual production capacity by the second quarter of 2018.  This will bring the total annual production capacity in our Dubai facility to 25,000 metric tons. The Dubai facility will target high-end products for overseas markets and will ultimately enable more active inroads into the markets of Europe, the Middle East, Russia and other overseas markets."

"We believe our substantial production increase and geographical expansion via our Sichuan facility solidifies our core automobile sector business.  Further, our new investment agreements to undertake major expansion projects will lead to a wider range of product capabilities and further diversified customer base.  In our view, this represents a further evolution of the company into a multifaceted leading specialty chemical company that augments our existing capabilities and enables us to engage numerous new verticals.  We believe that these strategic initiatives form a platform for sustainable growth for the next several years and well positions us for opportunities presented by China's new economy.  We are excited by this period of dynamic growth and this next evolution of the Company." Mr. Han concluded.

Second Quarter 2017 Results

Revenues were $313.6 million for the second quarter of 2017, compared to $277.1 million for the same period of 2016, representing an increase of $36.5 million, or 13.2%. The year-over-year increase was primarily due to 17.0% increase in sales volume and 1.8% increase in the average RMB selling price of our products.

The increase in revenues in the second quarter of 2017 was driven by growth in demand for our products in the domestic China market, our efforts to expand our customer base attributable to our new plant in Sichuan and our efforts to increase overseas sales.  We recorded sales increases of 166.2% in Central China, 76.7% in Southwest China, 49.1% in South China, 22.1% in North China, 7.7% in East China and 5.1% in Northeast China as compared to the same period in 2016.  Overseas sales resumed in the second quarter of 2017 and were $33.0 million in the period, compared to $35.7 million in the same period of 2016, representing a decrease of $2.7 million, or 7.6%. The overseas customer has an outstanding balance of $65.1 million, of which a balance of $31.9 million was overdue as of June 30, 2017. The overseas customer has made payments of $42.5 million in the first half year of 2017, and we expect to collect the outstanding balance in the third quarter of 2017.

Premium products (PA66, PA6, Plastic Alloy, PLA, POM and PPO) in total accounted for 81.4% of revenues in the second quarter of 2017, compared to 80.8% for the same period of 2016. The Company continued to shift its production mix from traditional polymer materials to higher-end products due to (i) better end consumer recognition of higher-end cars made by automotive manufacturers from Chinese and Germany joint ventures, and U.S. and Japanese joint ventures, (ii) the stronger demand for higher-end products as a result of the Chinese government's promotion for clean energy vehicles, and (iii) the greater growth potential of advanced modified plastics in luxury models in China, where manufacturers tend to use more and higher-end modified plastics in quantity per vehicle in China.

Gross profit was $63.1 million for the second quarter of 2017, compared to $60.3 million for the same period of 2016, representing an increase of $2.8 million, or 4.6%.  Gross margin was 20.1% for the second quarter of 2017, compared to 21.8% for the same period of 2016, primarily due the lower gross margin of higher-end products sold in the domestic market in the current period as compared to the same period in 2016.

General and administrative (G&A) expenses were $8.8 million for the second quarter of 2017, compared to $6.6 million for the same period of 2016, representing an increase of $2.2 million, or 33.3%.  This increase was primarily due to (i) the increases in salary and welfare expenses resulted from the increase in the number of management and general staff from supporting departments and in the average salary and bonus, (ii) the increase of professional fee (iii) the increase of depreciation and amortization, (iv) the increase of taxation, and (v) the increase of rental fee.

Research and development (R&D) expenses were $9.5 million for the second quarter of 2017, compared to $5.9 million for the same period of 2016, representing an increase of $3.6 million, or 61.0%. This increase was primarily due to (i) elevated R&D activities to meet the higher quality requirements of potential customers from Europe, (ii) increased R&D efforts directed towards applications in new electrical equipment, alternative energy applications, power devices, aviation equipment and ocean engineering, in addition to other new products primarily for advanced industrialized applications in the automobile sector and in new verticals such as ships, airplanes, high-speed rail, 3D printing materials, biodegradable plastics and medical devices, and (iii) an increase in depreciation expenses after R&D equipment was put into use at Sichuan Xinda Enterprise Group Company Limited ("Sichuan Xinda"). As of June 30, 2017, the number of ongoing research and development projects was 286.

Operating income was $44.0 million for the second quarter of 2017, compared to $47.4 million for the same period of 2016, representing a decrease of $3.4 million, or 7.2%. This decrease was primarily due to higher G&A expenses and higher R&D expenses.

Net interest expense was $11.0 million for the second quarter of 2017, compared to net interest expense of $9.0 million for the same period of 2016, representing an increase of $2.0 million, or 22.2%. This increase was primarily due to (i) the increase of interest expense due to the increase of the average short-term and long-term loan balance in the amount of $849.0 million for the three-month period ended June 30, 2017 compared to $496.6 million for the same period in 2016, which was partially offset by the decrease of the weighted loan interest rate of 4.9% for the three-month period ended June 30, 2017 as compared to 5.2% for the same period of 2016, (ii) a decrease of interest income resulting from the decrease of the average interest rate to 1.5% for the three-month period ended June 30, 2017 compared to 2.4% of the same period in 2016, and the decrease of the average deposit balance in the amount of $266.9 million for the three-month period ended June 30, 2017 compared to $409.6 million for the same period of 2016.

Income tax expense was $4.1 million for the second quarter of 2017, representing an effective income tax rate of 12.8%, compared to income tax expense of $5.3 million in the same period of 2016, representing an effective income tax rate of 13.6%. The decrease of effective income tax rate was primarily due to a greater portion of the profit generated by Sichuan Xinda which enjoys preferential tax rate and the increase of the super deduction of R&D expense. The effective income tax rate for the three-month ended June 30, 2017 differs from the PRC statutory income tax rate of 25% primarily due to the effect of the tax rate difference on various subsidiaries not subject to the PRC statutory income tax rate .

Net income was $28.1 million for the second quarter of 2017, compared to $33.3 million for the same period of 2016, representing a decrease of $5.2 million, or 15.6%. Basic and diluted earnings per share in the current quarter were $0.43, compared to $0.51 per basic and diluted share for the same period of 2016.  The average number of shares used in the computation of basic and diluted earnings per share current quarter was 49.5 million, compared to 49.4 million shares for basic and diluted earnings per share in the prior year period.

Earnings before interest, tax, depreciation and amortization (EBITDA) was $54.7 million for the second quarter of 2017, compared to $56.4 million for the same period of 2016, representing a decrease of $1.7 million, or 3.0%.  For a detailed reconciliation of EBITDA, a non-GAAP measure, to its nearest GAAP equivalent, please see the financial tables at the end of this release.

Financial Condition

As of June 30, 2017, the Company had $559.6 million in cash and cash equivalents, restricted cash and time deposits, an increase of $103.2 million or 22.6% as compared to $456.4 million as of December 31, 2016.  As of the current period, working capital was $185.7 million (current assets minus current liabilities) and the current ratio (current assets divided by current liabilities) was 1.2, equivalent to the current ratio of 1.2 as of December 31, 2016. Stockholders' equity as of June 30, 2017 was $690.2 million, an increase of $55.9 million or 8.8% as compared to $634.3 million as of December 31, 2016.

Inventories increased by $82.3 million or 29.3% to $363.2 million as of the second quarter of 2017 as compared to fiscal year end 2016 as a result of more purchases of raw materials and the Company's strategy to stock up on finished goods for upcoming orders.  The aggregate short-term and long-term bank loans increased by $143.5 million or 20.7% due to the utilization of existing lines of credit to support the expansion of the Sichuan and Dubai facilities.  We define the manageable debt level as the sum of aggregate short-term and long-term loans over total assets.  We expect that we will be able to meet our needs to fund operations, capital expenditures and other commitments in the next 12 months primarily with our cash and cash equivalents, operating cash flows and bank borrowings. 

Recent Events

On July 21, 2017, the Company issued a press release announcing the official signing of investment agreements between its subsidiary, Heilongjiang Xinda Enterprise Group Company Limited, and the Management Committee of Harbin Economic - Technological Development Zone with respect to the industrial project for 300,000 metric tons of biological composite materials, the industrial project for upgrading existing equipment for 100,000 metric tons of engineering plastics and the industrial project for a 3D printing intelligent manufacture demonstration factory and a 3D printing display and experience cloud factory. These projects will help the Company to expand its product mix into bio-based composites, 3D printing materials and functional masterbatch materials while maintaining our traditional petroleum-based materials, paving the path to non-auto applications and further diversifying the company's business as a key element of the Company's strategic plan. The total capital expenditures for the Company will be RMB 4,015 million (equivalent to be $592.7 million), among which the investment in fixed assets shall be no less than RMB3,295 million (equivalent to $486.4 million). Both the industrial project for 300,000 metric tons of biological composite materials and the industrial project for a 3D printing intelligent manufacturing demonstration factory and a 3D printing display and experience cloud factory are expected to be completed by the end of July 2019. The industrial project for upgrading existing equipment for 100,000 metric tons of engineering plastics is expected to be completed by the end of June 2018.

On June 5, 2017, the Company announced that the special committee of its Board of Directors, which is composed entirely of independent directors (the "Special Committee"), has retained Duff & Phelps, LLC and Duff & Phelps Securities, LLC as the Special Committee's independent financial advisor, Davis Polk & Wardwell LLP as its U.S. legal counsel and Brownstein Hyatt Farber Schreck, LLP as its Nevada legal counsel in connection with its review and evaluation of the preliminary non-binding proposal letter dated February 16, 2017 from its Chairman and Chief Executive Officer, Jie Han ("Mr. Han"), XD. Engineering Plastics Company Limited, a company incorporated in the British Virgin Islands and wholly owned by Mr. Han, and MSPEA Modified Plastics Holding Limited, an affiliate of Morgan Stanley Private Equity Asia III, Inc. (collectively, the "Buyer Consortium"), to acquire all of the outstanding shares of common stock of the Company not already beneficially owned by the Buyer Consortium in a "going-private" transaction for $5.21 per share of common stock in cash.  The proposal letter states that the Buyer Consortium will not move forward with the proposed Transaction unless it is approved by such the Special Committee, and the proposed Transaction will be subject to a non-waivable condition requiring approval by majority shareholder vote of shareholders other than the Buyer Consortium members.  The Buyer Consortium currently beneficially owns approximately 74% of the issued and outstanding shares of common stock of the Company on a fully diluted and as-converted basis.

The Special Committee cautions the Company's shareholders and others considering trading in its securities that the Special Committee has not made any decisions with respect to the Company's response to the proposal.  There can be no assurance that any definitive offer will be made by the Buyer Consortium or any other person, that any definitive agreement will be executed relating to the proposed Transaction, or that this or any other transaction will be approved or consummated.

Financial Guidance and Business Outlook

The Company reiterates its financial guidance for fiscal 2017 with revenue to range between $1.2 billion and $1.3 billion, and net income to range between $85.0 million to $100.0 million. This is based on the anticipation of a continued recovery throughout the Chinese automotive supply chain and a stabilization of crude oil pricing and its impact on polymer composite materials in 2017. This forecast also assumes additional contributions from the Sichuan facility and that overseas sales will be resumed in the second half of 2017.  It also assumes the average exchange rate of the US dollar to RMB at 6.8 and that the Company will incur interest expenses for loan term loans and short term loans. This financial guidance reflects the Company's preliminary view of its business outlook for the fiscal year of 2017 and is subject to revision based on changing market conditions at any time.

Conference Call

China XD Plastics' senior management will host a conference call at 9:00 am Eastern Time on Wednesday, August 9, 2017, to discuss its second quarter 2017 financial results.  The conference call can be accessed by dialing +1-844-534-5152 (for callers in the U.S.), +86-4006-065-845 (for Mainland China callers) or +852-3008-1527 (for Hong Kong callers) and entering pass code 2561379.

A recording of the conference call will be available through August 17, 2017, by calling +1-888-203-1112 (for callers in the U.S.) and entering pass code 2561379.

A live webcast and replay of the conference call will be available on the investor relations page of the Company's website at http://www.chinaxd.net.

About China XD Plastics Company Limited                    

China XD Plastics Company Limited, through its wholly-owned subsidiaries, develops, manufactures and sells polymer composites materials, primarily for automotive applications. The Company's products are used in the exterior and interior trim and in the functional components of 29 automobile brands manufactured in China, including without limitation, AUDI, Mercedes Benz, BMW, Toyota, Buick, Chevrolet, Mazda, Volvo, Ford, Citroen, Jinbei and VW Passat, Golf, Jetta, etc. The Company's wholly-owned research center is dedicated to the research and development of polymer composites materials and benefits from its cooperation with well-known scientists from prestigious universities in China. As of June 30, 2017, 420 of the Company's products have been certified for use by one or more of the automobile manufacturers in China. For more information, please visit the Company's English website at http://www.chinaxd.net, and the Chinese website at http://www.xdholding.com.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's growth potential in international markets; the effectiveness and profitability of the Company's product diversification strategy; the impact of the Company's product mix shift to more advanced products and related pricing policies;  the effectiveness, profitability, and the marketability of its the ongoing mix shift to more advanced products; the prospects of the Company's Dubai facility, and the associated expansion into Middle East, Europe and other parts of Asia; the prospects of the Company's Sichuan facility, and its penetration into Southwest China; the prospects of the Company's Harbin facility, and its penetration into Northeast China; the Company's projections of its revenues for performance in fiscal 2017.   These forward-looking statements can be identified by terminology such as "will," "expect," "project," "anticipate," "forecast," "plan," "believe," "estimate" and similar statements. Forward-looking statements involve inherent risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, the global economic uncertainty could further impair the automotive industry and limit demand for our products; fluctuations in automotive sales and production could have a material adverse effect on our results of operations and liquidity; our financial performance may be affected by the prospect of our Dubai facility and the associated expansion into Middle East, Europe and other parts of Asia; the withdrawal of preferential government policies and the tightening control over the Chinese automotive industry and automobile purchase restrictions imposed in certain major cities may limit market demand for our products; the slowing of Chinese automotive industry's growth; the concentration of our distributors, customers and suppliers; and other risks detailed in the Company's filings with the Securities and Exchange Commission and available on its website at http://www.sec.gov. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

Contacts:

China XD Plastics
Mr. Taylor Zhang, CFO (New York)
Phone: +1 (212) 747-1118
Email: cxdc@chinaxd.net

Investor Relations: Citigate Dewe Rogerson
Ms. Vivian Chen, Managing Director
US: +1 (347) 481-3711
Email: Vivian.chen@citigatedr.com

 

- Financial Tables Follow -

 

CHINA XD PLASTICS COMPANY LIMITED AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS




June 30,



December 31,



2017



2016



US$



US$

ASSETS






Current assets:






Cash and cash equivalents



279,825,075




168,086,445

Restricted cash



120,145,627




103,489,402

Time deposits



159,718,942




184,806,112

Accounts receivable, net of allowance for doubtful accounts



151,980,751




410,049,559

Amounts due from a related party



-




229,624

Inventories



363,248,245




280,939,008

Prepaid expenses and other current assets



306,549,365




125,310,309

    Total current assets



1,381,468,005




1,272,910,459

Property, plant and equipment, net



826,047,915




806,363,692

Land use rights, net



26,043,444




22,536,397

Long-term prepayments to equipment and construction suppliers



63,078,310




14,167,702

Other non-current assets



616,333




10,521,949

    Total assets



2,297,254,007




2,126,500,199









LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCKS AND STOCKHOLDERS'
EQUITY

Current liabilities:








Short-term loans, including current portion of long-term bank loans



642,154,361




444,757,476

Bills payable



167,860,757




148,392,677

Accounts payable



124,016,718




320,013,040

Amounts due to related parties



117,742




11,548

Income taxes payable



2,080,940




897,625

Accrued expenses and other current liabilities



259,555,171




119,339,366

    Total current liabilities



1,195,785,689




1,033,411,732

Long-term bank loans, excluding current portion



195,614,172




249,520,615

Deferred income



75,743,684




69,311,102

Other non-current liabilities



42,292,640




42,420,619

    Total liabilities



1,509,436,185




1,394,664,068









Redeemable Series D convertible preferred stock (redemption amount of
US$219,653,000 and US$212,212,300 as of June 30, 2017 and December
31, 2016, respectively)



97,576,465




97,576,465

Stockholders' equity:








Series B preferred stock



100




100

Common stock, US$0.0001 par value, 500,000,000 shares authorized,
49,532,541 shares and 49,532,541 shares issued, 49,511,541 shares and
49,511,541 shares outstanding as of  June 30, 2017 and December 31,
2016, respectively



4,952




4,952

Treasury stock, 21,000 shares at cost



(92,694)




(92,694)

Additional paid-in capital



82,953,450




82,606,404

Retained earnings



655,133,716




617,168,735

Accumulated other comprehensive loss



(47,758,167)




(65,427,831)

    Total stockholders' equity



690,241,357




634,259,666

Commitments and contingencies



-




-

    Total liabilities, redeemable convertible preferred stocks and
stockholders' equity



2,297,254,007




2,126,500,199

 

See the accompanying notes to the unaudited condensed consolidated financial statements in the Company's second quarter 2017 10-Q as filed with the SEC

 

CHINA XD PLASTICS COMPANY LIMITED AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME




Three-Month Period Ended June 30,



Six-Month Period Ended June 30,



2017



2016



2017



2016



US$



US$



US$



US$













Revenues



313,555,663




277,139,662




551,395,860




492,169,820

Cost of revenues



(250,446,461)




(216,795,181)




(453,514,488)




(397,011,688)

    Gross profit



63,109,202




60,344,481




97,881,372




95,158,132

















Selling expenses



(705,337)




(382,038)




(1,224,150)




(667,174)

General and administrative expenses



(8,844,582)




(6,596,023)




(15,898,253)




(11,665,697)

Research and development expenses



(9,546,922)




(5,906,719)




(15,398,022)




(10,816,286)

    Total operating expenses



(19,096,841)




(12,884,780)




(32,520,425)




(23,149,157)

















    Operating income



44,012,361




47,459,701




65,360,947




72,008,975

















Interest income



970,293




1,615,728




2,133,552




3,229,991

Interest expense



(11,951,851)




(10,628,222)




(21,973,827)




(21,532,881)

Foreign currency exchange gains (losses)



(1,870,977)




(56,091)




(2,347,062)




371,574

Government grant



1,023,922




218,286




2,463,453




426,719

    Total non-operating expense, net



(11,828,613)




(8,850,299)




(19,723,884)




(17,504,597)

















    Income before income taxes



32,183,748




38,609,402




45,637,063




54,504,378

















Income tax expense



(4,119,756)




(5,253,628)




(7,672,082)




(9,791,254)

















    Net income



28,063,992




33,355,774




37,964,981




44,713,124

















Earnings per common share:
















Basic and diluted



0.43




0.51




0.58




0.68

















Net Income



28,063,992




33,355,774




37,964,981




44,713,124

















Other comprehensive income (loss)
















Foreign currency translation adjustment, net of
nil income taxes



13,751,361




(18,440,326)




17,669,664




(13,513,302)

















Comprehensive income



41,815,353




14,915,448




55,634,645




31,199,822

 

See the accompanying notes to the unaudited condensed consolidated financial statements in the Company's second quarter 2017 10-Q as filed with the SEC

 

CHINA XD PLASTICS COMPANY LIMITED AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS




Six-Month Period Ended

June 30,



2017



2016



US$



US$

Cash flows from operating activities:






Net cash provided by (used in) operating activities



152,688,570




(93,887,642)









Cash flows from investing activities:








Proceeds from maturity of time deposits



244,825,478




236,818,725

Purchase of time deposits



(215,714,244)




(286,909,102)

Purchase of land use rights



(6,214,207)




-

Purchase of and deposits for property, plant and equipment



(281,550,529)




(40,022,079)

Refund of deposit from an equipment supplier



75,197,802




-

Government grant related to the construction of Sichuan plant



7,136,482




8,809,473

Net cash used in investing activities



(176,319,218)




(81,302,983)









Cash flows from financing activities:








Proceeds from bank borrowings



441,425,024




399,343,916

Repayments of bank borrowings



(311,342,509)




(280,843,603)

Release of restricted cash as collateral for bank borrowings



40,627,054




28,378,420

Placement of restricted cash as collateral for bank borrowings



(40,653,838)




(32,492,262)

Net cash provided by financing activities



130,055,731




114,386,471









Effect of foreign currency exchange rate changes on cash and cash equivalents



5,313,547




(1,143,417)

Net increase (decrease) in cash and cash equivalents



111,738,630




(61,947,571)









Cash and cash equivalents at beginning of period



168,086,445




119,928,485

Cash and cash equivalents at end of period



279,825,075




57,980,914









Supplemental disclosure of cash flow information:








Interest paid, net of capitalized interest



17,323,875




20,737,714

Income taxes paid



7,353,371




10,654,265

Non-cash investing and financing activities:








Accrual for purchase of equipment and construction included in accrued
expenses and other current liabilities



5,379,730




88,224,035









 

See the accompanying notes to the unaudited condensed consolidated financial statements in the Company's second quarter 2017 10-Q as filed with the SEC

 

CHINA XD PLASTICS COMPANY LIMITED

Reconciliation of Net Income to EBITDA




Three Months Ended


June 30,


2017

2016

Net Income

$ 28,063,992

$ 33,355,774

Interest expense

11,951,851

10,628,222

Income tax expense

4,119,756

5,253,628

Depreciation and amortization expense

10,585,602

7,178,232

EBITDA

$ 54,721,201

$ 56,415,856

 

Source: China XD Plastics Company Limited

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