omniture

Exceed Company Ltd. Six Months Ended June 2014 Financial Results

2014-12-20 05:05 2851

FUJIAN, China, December 20, 2014 /PRNewswire/ -- Exceed Company Ltd. (NASDAQ: EDS) ("Exceed" or "the Company"), the owner and operator of the "Xidelong" brand - one of the leading domestic sportswear brands in China, today released its unaudited financial results for the six months ended June 30, 2014.

Financial Highlights - Six months ended June 30, 2014 (1)

  • Revenue was RMB845.2 million (US$136.2 million), representing a 29.7% period-over-period increase.
  • Gross profit was RMB230.9 million (US$37.2 million), representing a 32.2% period-over-period increase. Gross margin was 27.3%, representing a 0.5 percentage point increase as compared to 26.8% for the six months ended June 30, 2013.
  • Operating profit was RMB96.9 million (US$15.6 million), representing a 157.7% period-over-period increase.
  • Net profit was RMB70.4 million (US$11.4 million), representing a 176.1% period-over-period increase.

(1) The Company's reporting currency is Renminbi ("RMB"). RMB numbers included in this press release have been translated into U.S. dollars at the rate of USD1.00 = RMB6.2036 , the exchange rate refers to the exchange rate as set forth in the H.10 statistical release of the Federal Reserve Board, on June 30, 2014. The translation of amounts from RMB to United States dollars is solely for the convenience of the reader. No representation is made that RMB amounts could have been, or could be, converted into U.S. dollars at that rate or at any other rate on June 30, 2014.

About Exceed Company Ltd.

Exceed Company Ltd. designs, develops and engages in wholesale of footwear, apparel and accessories under its own brand, XIDELONG, in China. Since it began operations in 2002, Exceed has targeted its growth on the consumer markets in second and third-tier cities in China. Exceed has three principal categories of products: (i) footwear, which comprises running, leisure, basketball, skateboarding and canvas footwear, (ii) apparel, which mainly comprises sports tops, pants, jackets, track suits and coats, and (iii) accessories, which mainly comprise bags, socks, hats and caps. Exceed Company Ltd. currently trades on Nasdaq under the symbol "EDS".

Contacts:


Investor Relations

Exceed Company Ltd.

Vivien Tai

+852 3975-8116

ir@xdlong.cn


- FINANCIAL TABLES TO FOLLOW -

EXCEED COMPANY LTD. AND SUBSIDIARIES

UNAUDITED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME






Six months ended June 30



(in thousands except for share and per share data)



2014


2014


2013



US$'000


RMB'000


RMB'000








Revenue


136,244


845,202


651,947








Cost of sales


(99,023)


(614,301)


(477,233)








Gross profit


37,221


230,901


174,714








Other income and gains


784


4,861


6,587

Selling and distribution costs


(15,037)


(93,280)


(98,370)

Administrative expenses


(4,155)


(25,769)


(25,065)

Research and development expenses


(3,191)


(19,798)


(20,219)








OPERATING PROFIT


15,622


96,915


37,647








Finance costs


(56)


(349)


(882)








PROFIT BEFORE TAX


15,566


96,566


36,765








Tax


(4,212)


(26,131)


(11,266)








PROFIT FOR THE PERIOD
ATTRIBUTABLE TO EQUITY
HOLDERS OF THE COMPANY


11,354


70,435


25,499








EARNING PER SHARE







Net profit per share







Basic


0.34


2.13


0.77

Diluted


0.34


2.13


0.77








Weighted average number of shares
outstanding







Basic


33,135,583


33,135,583


33,045,506

Diluted


33,137,167


33,137,167


33,045,909


EXCEED COMPANY LTD. AND SUBSIDIARIES

CONDENSED STATEMENTS OF FINANCIAL POSITION










As of



As of June 30


December 31



2014


2014


2013



US$'000


RMB'000


RMB'000



(Unaudited)


(Unaudited)










NON-CURRENT ASSETS







Property, plant and equipment


91,485


567,536


567,627

Prepaid land lease payments


36,007


223,376


26,355

Deposit paid for acquisition of land use rights


4,228


26,230


149,986

Total non-current assets


131,720


817,142


743,968








CURRENT ASSETS







Inventories


2,566


15,917


19,001

Trade receivables


144,784


898,179


1,143,872

Prepayments, deposits and other receivables


3,639


22,579


19,719

Cash and cash equivalents


124,117


769,973


486,647

Total current assets


275,106


1,706,648


1,669,239








CURRENT LIABILITIES







Trade and bills payables


11,117


68,963


59,160

Deposits received, other payables and accruals


11,472


71,165


54,849

Interest-bearing bank borrowings


1,612


10,000


10,000

Loan from a shareholder


8,315


51,582


-

Tax payable


2,820


17,496


9,653

Total current liabilities


35,336


219,206


133,662








NET CURRENT ASSETS


239,770


1,487,442


1,535,577








TOTAL ASSETS LESS CURRENT LIABILITIES


371,490


2,304,584


2,279,545








NON-CURRENT LIABILITIES







Loan from a shareholder


672


4,172


48,747

Total non-current liabilities


672


4,172


48,747








Net assets


370,818


2,300,412


2,230,798








STOCKHOLDER'S EQUITY







Issued share capital


4


23


23

Treasury shares


(2,563)


(15,898)


(15,898)

Retained profits


290,047


1,799,335


1,736,428

Reserves


83,330


516,952


510,245








Total equity


370,818


2,300,412


2,230,798

EXCEED COMPANY LTD. AND SUBSIDIARIES

UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS






Six months ended June 30



(in thousands except for share and per share data)



2014


2014


2013



US$'000


RMB'000


RMB'000








Net cash inflow from operating activities


58,223


361,204


308,211

Net cash outflow from investing activities


(13,233)


(82,096)


(107,566)

Net cash inflow from financing activities


673


4,172


37,461

Effect of exchange rate changes


8


46


(368)

Net increase in cash and cash equivalents


45,671


283,326


237,738

Cash and cash equivalents at beginning of the period


78,446


486,647


637,184

Cash and cash equivalents at end of the period


124,117


769,973


874,922

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/exceed-company-ltd-six-months-ended-june-2014-financial-results-300012512.html

Source: Exceed Company Ltd.
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