ALLENTOWN, Pa., April 6, 2019 /PRNewswire/ -- Fuling Global Inc. (NASDAQ: FORK) ("Fuling Global" or the "Company"), a specialized producer and distributor of plastic and paper serviceware, with precision manufacturing facilities in both the U.S., Mexico and China, today announced its financial results for the twelve months ended December 31, 2018.
For the Twelve Months Ended December 31, |
||||||
($ millions, except per share data) |
2018 |
2017 |
% Change |
|||
Revenues |
$138.66 |
$124.21 |
11.6% |
|||
Gross profit |
$29.75 |
$26.13 |
13.8% |
|||
Gross margin |
21.5% |
21.0% |
0.5 percentage points |
|||
Operating income |
$10.17 |
$9.09 |
11.8% |
|||
Operating margin |
7.3% |
7.3% |
0.0 percentage points |
|||
Net income from continuing operations |
$9.85 |
$8.27 |
19.1% |
|||
Net loss from discontinued operations |
($0.09) |
($1.97) |
-95.5% |
|||
Net income attributable to Fuling Global |
$9.86 |
$6.28 |
57.1% |
|||
Earnings per share |
$0.62 |
$0.40 |
56.9% |
|||
- from continuing operations |
$0.62 |
$0.52 |
19.0% |
|||
- from discontinued operations |
($0.01) |
($0.13) |
-95.5% |
|||
Mr. Xinfu Hu, Chief Executive Officer of the Company, commented, "With sales volume and revenues growing by 8.8% and 11.6%, respectively, our 2018 results highlighted continued strength in our business. Profitability also improved significantly with net income from continuing operations increasing by 19.1%, thanks to favorable pricing environment (increase in blended ASP and decrease in unit cost of raw materials), stringent cost control that more than offset increase in labor cost and streamlined manufacturing process."
Ms. Guilan Jiang, Chairwoman of the Company, added, "As we are steadfast in executing our long-term strategic plan while pursuing lean manufacturing and stringent cost control, we have exited 2018 on a strong footing and with increasing optimism. We look forward to extending our streak of shipment and top line growths in 2019 and beyond."
Full Year 2018 Financial Results
Revenues
For the year of 2018, total revenues increased by $14.46 million, or 11.6%, to $138.66 million from $124.21 million for the prior year. The increase in total revenues was driven by an 8.8% increase of sales volume and a 2.6% increase in blended ASP. Revenues from Zhejiang Great Plastics Technology Co., Ltd., our discontinued business, was $5.6 million and $3.0 million for the year of 2018 and 2017, respectively, and were included in net loss from discontinued operation.
Overall sales volume increased by 4.0 million kilograms, or 8.8%, to 49.9 million kilograms for the year of 2018 from 45.9 million kilograms for the prior year. The increase in sales volume was across all product categories. Sales volume of cutlery increased by 0.9 million kilograms, or 3.0%, to 30.3 million kilograms for the year of 2018 from 29.4 million kilograms for the prior year. Sales volume of straws increased by 1.6 million kilograms, or 86.7%, to 3.5 million kilograms for the year of 2018 from 1.9 million kilograms for the prior year. Sales volume of cups and plates increased by 1.1 million kilograms, or 10.7%, to 11.7 million kilograms for the year of 2018 from 10.6 million kilograms for the prior year. Sales volume of other products increased by 0.4 million kilograms, or 9.7%, to 4.4 million kilograms for the year of 2018 from 4.0 million kilograms for the prior year.
Blended ASP increased by $0.07 per kilogram, or 2.6%, to $2.78 per kilogram for the year of 2018 from $2.71 per kilogram for the prior year. The increase in blended ASP was mainly related to cutlery, cups and plates and other products, and partially offset by decrease in ASP for straws. ASP of cutlery increased by $0.09 per kilogram, or 4.1%, to $2.20 per kilogram for the year of 2018 from $2.11 per kilogram for the prior year. ASP of straws decreased by $3.23 per kilogram, or 32.2%, to $6.80 per kilogram for the year of 2018 from $10.03 per kilogram for the prior year. ASP of cups and plates increased by $0.03 per kilogram, or 0.8%, to $3.19 per kilogram for the year of 2018 from $3.16 per kilogram for the prior year. ASP of other products increased by $0.04 per kilogram, or 1.7%, to $2.52 per kilogram for the year of 2018 from $2.47 per kilogram for the prior year.
The increase in revenues was across all product categories. Revenues from cutlery sales increased by $4.46 million, or 7.2%, to $66.56 million for the year of 2018 from $62.10 million for the prior year. Revenues from straws sales increased by $4.94 million, or 26.5%, to $23.57 million for the year of 2018 from $18.63 million for the prior year. Revenues from cups and plates sales increased by $3.90 million, or 11.6%, to $37.44 million for the year of 2018 from $33.54 million for the prior year. Revenues from other products sales increased by $1.16 million, or 11.6%, to $11.09 million for the year of 2018 from $9.94 million for the prior year. Cutlery, straws, cups and plates, and other products accounted for 48.0%, 17.0%, 27.0%, and 8.0% of total revenues for the year of 2018, compared to 50.0%, 15.0%, 27.0%, and 8.0% for the prior year, respectively.
For the Twelve Months Ended December 31, |
||||||||||||||
2018 |
2017 |
Y/Y Change |
||||||||||||
Revenues ($'000) |
% of Total |
Revenues ($'000) |
% of Total |
Amount ($'000) |
% |
|||||||||
Cutlery |
$ |
66,559 |
48.0% |
$ |
62,104 |
50.0% |
$ |
4,455 |
7.2% |
|||||
Straws |
23,573 |
17.0% |
18,631 |
15.0% |
4,942 |
26.5% |
||||||||
Cups and plates |
37,439 |
27.0% |
33,537 |
27.0% |
3,902 |
11.6% |
||||||||
Others |
11,093 |
8.0% |
9,937 |
8.0% |
1,156 |
11.6% |
||||||||
Total |
$ |
138,664 |
100.0% |
$ |
124,209 |
100.0% |
$ |
14,455 |
11.6% |
|||||
On a geographical basis, sales in the U.S., Fuling Global's largest market, increased by $11.74 million, or 11.0%, to $118.31 million for the year of 2018 from $106.56 million for the prior year. Sales in China increased by $0.55 million, or 7.0%, to $8.29 million for the year of 2018 from $7.74 million for the prior year. Sales in Europe increased by $0.52 million, or 8.5%, to $6.62 million for the year of 2018 from $6.10 million for the prior year. Sales in other countries increased by $1.65 million, or 43.3%, to $5.45 million for the year of 2018 from $3.80 million for the prior year.
For the Twelve Months Ended December 31, |
||||||||||||||
2018 |
2017 |
Y/Y Change |
||||||||||||
Revenues ($'000) |
% of Total |
Revenues ($'000) |
% of Total |
Amount ($'000) |
% |
|||||||||
U.S. |
$ |
118,308 |
85.3% |
$ |
106,564 |
85.8% |
$ |
11,744 |
11.0% |
|||||
Europe |
6,622 |
4.8% |
6,101 |
4.9% |
521 |
8.5% |
||||||||
China |
8,286 |
6.0% |
7,741 |
6.2% |
545 |
7.0% |
||||||||
Others |
5,448 |
3.9% |
3,803 |
3.1% |
1,645 |
43.3% |
||||||||
Total |
$ |
138,664 |
100.0% |
$ |
124,209 |
100.0% |
$ |
14,455 |
11.6% |
|||||
Gross profit
Total cost of goods sold increased by $10.83 million, or 11.0%, to $108.91 million for the year of 2018 from $98.08 million for the prior year. The increase was primarily due to increased sale volume as well as lower unit price of raw materials. Oil prices started to decrease from the middle of 2018 and decreased oil prices led to decreased unit price of raw materials in 2018.
Gross profit increased by $3.62 million, or 13.8%, to $29.75 million for the year of 2018 from $26.13 million for the prior year. Gross margin was 21.5% the year of 2018, compared to 21.0% for the prior year. The increase in gross margin was primarily attributable to decreased unit cost of raw materials and higher average selling price, partially offset by increased labor cost in 2018. Gross margin for cutlery, straws, cups and plates and other products were 16.5%, 16.8%, 33.1%, and 25.4%, respectively, in the year of 2018, compared to 15.8%, 15.9%, 33.3%, and 26.6%, respectively, in the prior year.
Operating income
Selling expenses increased by $1.00 million, or 14.6%, to $7.83 million for the year of 2018 from $6.83 million for the prior year. As a percentage of sales, selling expenses were 5.6% in the year of 2018, compared to 5.5% in the prior year. The increase in selling expenses was consistent with the increase in revenues. General and administrative expenses increased by $1.07 million, or 14.7%, to $8.32 million for the year of 2018 from $7.25 million for the prior year. As a percentage of sales, general and administrative expenses were 6.0% in the year of 2018, compared to 5.8% in the prior year. Research and development expenses increased by $0.48 million, or 16.2%, to $3.43 million for the year of 2018 from $2.95 million for the prior year. As a percentage of sales, research and development expenses were 2.5% in the year of 2018, compared to 2.4% in the prior year. We expect to increase our R&D expenditures proportionate to our revenue increase, as we continue to conduct research and development activities, especially seeking to increase the use of environmentally-friendly materials, develop biodegradable materials and reduce reliance on fossil-based raw materials.
As a result, total operating expenses increased by $2.54 million, or 14.9%, to $19.58 million for the year of 2018 from $17.04 million for the prior year.
Operating income increased by $1.08 million, or 11.8%, to $10.17 million for the year of 2018 from $9.09 million for the prior year. Operating margin was 7.3% for the year of 2018, compared to 7.3% for the prior year. The operating margin was unchanged mainly because the increase in gross margin was partially offset by increase in operating expenses as a percentage of sales.
Income before income taxes
Total net other income, which includes interest income and expenses, subsidy income and other non-operating income and expenses, was $0.81 million for the year of 2018, compared to total net other expense of $0.04 million for the prior year. The difference was mainly due to increased subsidy income and other income and partially offset by increased interest expense in the year of 2018.
Income before income taxes increased by $1.92 million, or 21.2%, to $10.97 million for the year of 2018 from $9.05 million for the prior year.
Provision for income taxes was $1.13 million for the year of 2018, compared to $0.79 million for the prior year.
Net income
Net income from continuing operations increased by $1.58 million, or 19.1%, to $9.85 million for the year of 2018 from $8.27 million for the prior year. Net loss from discontinued operations was $0.09 million for the year of 2018, compared to $1.97 million for the prior year. As a result, net income increased by $3.47 million, or 55.1%, to $9.76 million for the year of 2018 from $6.29 million for the prior year. After deduction of non-controlling interest, net income attributable to Fuling Global increased by $3.59 million, or 57.1%, to $9.86 million for the year of 2018 from $6.28 million for the prior year.
Basic and diluted earnings per share were $0.62 for the year of 2018, compared to $0.40 for the same period of last year. Basic and diluted earnings per share from continuing operations were $0.62 for the year of 2018, compared to $0.52 for the prior year.
Financial Condition
As of December 31, 2018, the Company had cash and cash equivalents and restricted cash of $4.40 million and $2.40 million, respectively, compared to $4.10 million and $3.77 million, respectively, at the end of 2017. Short-term borrowing and bank notes payable were $19.89 million and $2.89 million, respectively, as of December 31, 2018, compared to $27.42 million and $4.44 million, respectively, at the end of 2017. Long-term borrowing was $7.20 million as of December 31, 2018, compared to $1.80 million at the end of 2017.
Net cash provided by operating activities was $11.58 million for the year of 2018, compared to $2.47 million for the prior year. Net cash used in investing activities was $8.73 million for the year of 2018, compared to $14.35 million for the prior year. Net cash used in financing activities was $2.77 million for the year of 2018, compared to net cash provided by financing activities of $13.84 million for the prior year.
About Fuling Global Inc.
Fuling Global Inc. ("Fuling Global") is a specialized producer and distributor of plastic and paper serviceware, with precision manufacturing facilities in both the U.S., Mexico and China. The Company's plastic and paper serviceware products include disposable cutlery, drinking straws, cups, plates and other plastic products and are used by more than one hundred customers primarily from the U.S. and Europe, including Subway, Wendy's, Burger King, Taco Bell, KFC (China only), Walmart, and McKesson. More information about the Company can be found at: http://ir.fulingglobal.com/.
Forward-Looking Statements
This press release contains information about Fuling Global's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of software and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. Fuling Global encourages you to review other factors that may affect its future results in Fuling Global's annual report and in its other filings with the Securities and Exchange Commission.
For more information, please contact:
At the Company:
Gilbert Lee, CFO
Email: glee@fulingusa.com
Phone: +1-610-366-8070 x1835
Web: http://ir.fulingglobal.com/
Investor Relations:
Tony Tian, CFA
Weitian Group LLC
Email: ttian@weitianco.com
Phone: +1-732-910-9692
FULING GLOBAL INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS |
|||||
December 31, |
December 31, |
||||
2018 |
2017 |
||||
ASSETS |
|||||
Current Assets: |
|||||
Cash and cash equivalents |
$ |
4,400,402 |
$ |
4,103,797 |
|
Restricted cash |
2,396,993 |
3,767,081 |
|||
Certificates of deposit |
- |
105,707 |
|||
Accounts receivable, net |
27,760,956 |
22,935,245 |
|||
Advances to supplier, net |
1,255,420 |
509,770 |
|||
Inventories, net |
22,274,613 |
19,320,066 |
|||
Security deposits for sale leaseback |
- |
771,814 |
|||
Prepaid expenses and other current assets |
1,394,234 |
2,185,961 |
|||
Current assets from discontinued operation |
37,761 |
3,313,681 |
|||
Total Current Assets |
59,520,379 |
57,013,122 |
|||
Property, plant and equipment, net |
51,836,633 |
43,680,372 |
|||
Intangible assets, net |
8,157,916 |
8,797,581 |
|||
Prepayments for construction and equipment purchases |
1,222,888 |
527,568 |
|||
Security deposits for sale leaseback - long term |
1,590,671 |
543,996 |
|||
Other assets |
297,906 |
282,195 |
|||
Non-current assets from discontinued operations |
13,697 |
5,884,799 |
|||
Total Assets |
$ |
122,640,090 |
$ |
116,729,633 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||
Current Liabilities: |
|||||
Short term borrowings |
$ |
19,890,641 |
$ |
27,417,082 |
|
Bank notes payable |
2,888,053 |
4,436,680 |
|||
Advances from customers |
393,749 |
543,675 |
|||
Accounts payable |
18,186,400 |
12,797,853 |
|||
Accounts Payable-related party |
82,014 |
- |
|||
Accrued and other liabilities |
2,121,304 |
2,794,584 |
|||
Other payable - sale leaseback |
2,847,859 |
2,755,931 |
|||
Taxes payable |
247,635 |
262,828 |
|||
Deferred gains |
291,170 |
87,605 |
|||
Due to Related party |
12,200 |
- |
|||
Current liabilities from discontinued operation |
528,263 |
4,466,481 |
|||
Total Current Liabilities |
47,489,288 |
55,562,719 |
|||
Deferred tax liability |
577,826 |
- |
|||
Long term payable - sale leaseback |
2,635,567 |
1,371,359 |
|||
Long term borrowings |
7,203,357 |
1,801,887 |
|||
Total Liabilities |
57,906,038 |
58,735,965 |
|||
Commitments and contingencies |
|||||
Shareholders' Equity |
|||||
Common stock: $0.001 par value, 70,000,000 shares authorized, 15,795,910 and 15,780,205 shares issued and outstanding as of December 31, 2018 and December 31, 2017, respectively |
15,797 |
15,781 |
|||
Additional paid in capital |
30,009,545 |
29,904,285 |
|||
Statutory reserve |
5,532,945 |
4,617,039 |
|||
Retained earnings |
31,602,434 |
22,654,848 |
|||
Accumulated other comprehensive income |
(2,472,254) |
651,597 |
|||
Total Fuling Global Inc.'s equity |
64,688,467 |
57,843,550 |
|||
Non-controlling interest |
45,585 |
150,118 |
|||
Total Shareholders' Equity |
64,734,052 |
57,993,668 |
|||
Total Liabilities and Shareholders' Equity |
$ |
122,640,090 |
$ |
116,729,633 |
FULING GLOBAL INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME |
||||||||||
For the Years Ended December 31, |
||||||||||
2018 |
2017 |
2016 |
||||||||
Revenues |
$ |
138,664,272 |
$ |
124,208,506 |
$ |
102,320,689 |
||||
Cost of goods sold |
108,914,256 |
98,077,100 |
77,129,454 |
|||||||
Gross Profit |
29,750,016 |
26,131,406 |
25,191,235 |
|||||||
Operating Expenses |
||||||||||
Selling expenses |
7,830,280 |
6,834,645 |
5,955,391 |
|||||||
General and administrative expenses |
8,323,207 |
7,254,270 |
6,277,018 |
|||||||
Research and development expenses |
3,430,529 |
2,953,477 |
2,355,449 |
|||||||
Total operating expenses |
19,584,016 |
17,042,392 |
14,587,858 |
|||||||
Income from Operations |
10,166,000 |
9,089,014 |
10,603,377 |
|||||||
Other Income (Expense): |
||||||||||
Interest income |
32,810 |
57,477 |
27,870 |
|||||||
Interest expense |
(1,768,434) |
(981,061) |
(589,758) |
|||||||
Subsidy income |
1,705,956 |
1,012,128 |
1,646,774 |
|||||||
Investment loss |
(8,667) |
- |
- |
|||||||
Foreign currency transaction gain (loss) |
780,406 |
(175,271) |
56,970 |
|||||||
Other income, net |
65,926 |
51,607 |
65,260 |
|||||||
Total other income (expense), net |
807,997 |
(35,120) |
1,207,116 |
|||||||
Income Before Income Taxes |
10,973,997 |
9,053,894 |
11,810,493 |
|||||||
Provision for Income Taxes |
1,126,736 |
788,370 |
1,561,404 |
|||||||
Net income from continuing operations |
$ |
9,847,261 |
$ |
8,265,524 |
$ |
10,249,089 |
||||
Discontinued operation: |
||||||||||
Net loss from discontinued operations, net of tax |
(88,302) |
(1,974,852) |
(2,306,036) |
|||||||
Net income |
9,758,959 |
6,290,672 |
7,943,053 |
|||||||
Less: net income (loss) attributable to non-controlling interest from continuing operations |
(104,533) |
12,875 |
20 |
|||||||
Net income attributable to Fuling Global Inc. |
$ |
9,863,492 |
$ |
6,277,797 |
$ |
7,943,033 |
||||
Other Comprehensive Income |
||||||||||
Foreign currency translation income (loss) |
(3,123,851) |
2,172,347 |
(1,913,200) |
|||||||
Comprehensive income attributable to Fuling Global Inc. |
$ |
6,739,641 |
$ |
8,450,144 |
$ |
6,029,833 |
||||
Earnings per share - Basic and diluted |
||||||||||
Continuing operations |
$ |
0.62 |
$ |
0.52 |
$ |
0.65 |
||||
Discontinued operations |
$ |
(0.01) |
$ |
(0.13) |
$ |
(0.15) |
||||
Weighted average number of shares - Basic and diluted |
||||||||||
Continuing operations and discontinued operations |
15,782,055 |
15,759,293 |
15,735,588 |
FULING GLOBAL INC. AND SUBSIDIARIES |
|||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||||||
For the Years Ended December 31, |
|||||||||||
2018 |
2017 |
2016 |
|||||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
|||||||||||
Net income |
$ |
9,758,959 |
$ |
6,290,672 |
$ |
7,943,053 |
|||||
Net (loss) from discontinued operations |
(88,302) |
(1,974,852) |
(2,306,036) |
||||||||
Net income from continuing operations |
9,847,261 |
8,265,524 |
10,249,089 |
||||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||||||||
Stock based compensation |
105,276 |
58,867 |
123,339 |
||||||||
Deferred tax expense |
- |
- |
319,252 |
||||||||
Depreciation and amortization |
4,406,888 |
3,611,510 |
2,354,193 |
||||||||
Bad debt provisions (recovery) |
(3,372) |
154,051 |
(1,645) |
||||||||
Unrealized (gains) losses |
(4,849) |
34,417 |
(60,225) |
||||||||
Inventory reserve |
38,716 |
22,818 |
23,932 |
||||||||
(Gain) loss on disposal of fixed assets |
(30,981) |
43,172 |
(12,687) |
||||||||
Changes in operating assets: |
- |
- |
- |
||||||||
Accounts receivable |
(5,547,070) |
(2,414,707) |
(6,742,328) |
||||||||
Advances to suppliers |
(733,643) |
(40,504) |
(251,704) |
||||||||
Inventories |
(3,805,026) |
(3,408,394) |
(3,262,302) |
||||||||
Other assets |
704,459 |
(1,969,564) |
(5,159,033) |
||||||||
Security deposit for sale leaseback |
(359,340) |
(523,839) |
(755,934) |
||||||||
Changes in operating liabilities: |
- |
- |
- |
||||||||
Accounts payable |
5,195,799 |
(2,285,276) |
5,525,688 |
||||||||
Accounts Payable-related party |
85,253 |
- |
- |
||||||||
Advance from customers |
(301,971) |
(43,339) |
34,729 |
||||||||
Deferred gains |
216,506 |
(583,978) |
679,774 |
||||||||
Deferred tax liability |
600,646 |
- |
- |
||||||||
Taxes payable |
(40,248) |
(258,589) |
(558,864) |
||||||||
Accrued and other liabilities |
(566,821) |
1,270,299 |
1,446,220 |
||||||||
Net cash provided by operating activities from continuing operations |
9,807,483 |
1,932,468 |
3,951,494 |
||||||||
Net cash provided by (used in) operating activities from discontinuing operations |
1,770,101 |
542,170 |
1,193,663 |
||||||||
Net cash provided by operating activities |
11,577,584 |
2,474,638 |
5,145,157 |
||||||||
CASH FLOWS FROM INVESTING ACTIVITIES |
|||||||||||
Purchase of property and equipment |
(4,171,367) |
(6,388,069) |
(3,838,709) |
||||||||
Additions to construction in progress |
(9,878,241) |
(10,231,413) |
(12,679,337) |
||||||||
Cash receipts from disposal property and equipment |
272,055 |
13,352 |
19,296 |
||||||||
Cash increase in certificates of deposit |
103,967 |
1,479,874 |
1,505,061 |
||||||||
Payments of construction and equipment purchase |
(752,299) |
(480,689) |
(1,996,510) |
||||||||
Repayments of deposit and prepayments for construction and equipment purchase |
- |
1,358,566 |
1,354,585 |
||||||||
Purchase of intangible assets |
(6,589) |
(2,602) |
(8,298,564) |
||||||||
Cash from discontinued business |
(18,684) |
64,208 |
435,085 |
||||||||
Net cash (used in) investing activities from continuing operations |
(14,451,158) |
(14,186,773) |
(23,499,093) |
||||||||
Net cash provided by (used in) investing activities from discontinuing operations |
5,719,074 |
(159,086) |
(149,403) |
||||||||
Net cash (used in) investing activities |
(8,732,084) |
(14,345,859) |
(23,648,496) |
||||||||
CASH FLOWS FROM FINANCING ACTIVITIES |
|||||||||||
Proceeds from short-term borrowings |
33,213,599 |
31,239,350 |
23,677,701 |
||||||||
Repayments of short-term borrowings |
(39,629,404) |
(20,342,692) |
(18,538,408) |
||||||||
Proceeds from long-term borrowings |
5,631,163 |
1,048,749 |
836,471 |
||||||||
Proceeds from bank notes payable |
5,947,885 |
7,002,823 |
5,255,076 |
||||||||
Repayments of bank notes payable |
(7,309,428) |
(4,871,021) |
(5,431,761) |
||||||||
Repayment of third party borrowing |
- |
- |
(180,611) |
||||||||
Proceeds from loans from related parties |
- |
- |
55,484 |
||||||||
Repayments of loans from related parties |
(24,930) |
(57,148) |
- |
||||||||
Proceeds from other payable - sales lease back |
5,784,874 |
2,906,977 |
3,941,746 |
||||||||
Repayments of other payable - sales lease back |
(4,144,246) |
(2,638,787) |
(172,154) |
||||||||
Net cash provided by (used in) financing activities from continuing operations |
(530,487) |
14,288,251 |
9,443,544 |
||||||||
Net cash (used in) financing activities from discontinuing operations |
(2,241,606) |
(450,272) |
(1,463,718) |
||||||||
Net cash provided by (used in) financing activities |
(2,772,093) |
13,837,979 |
7,979,826 |
||||||||
EFFECT OF EXCHANGE RATES CHANGES ON CASH AND CASH EQUIVALENTS |
(1,146,890) |
(356,466) |
(400,727) |
||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH |
(1,073,483) |
1,610,292 |
(10,924,240) |
||||||||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR |
7,870,878 |
6,260,586 |
17,184,826 |
||||||||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR |
$ |
6,797,395 |
$ |
7,870,878 |
$ |
6,260,586 |
|||||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR |
$ |
6,797,395 |
$ |
7,870,878 |
$ |
6,260,586 |
|||||
LESS: RESTRICTED CASH |
2,396,993 |
3,767,081 |
2,333,608 |
||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR |
$ |
4,400,402 |
$ |
4,103,797 |
$ |
3,926,978 |
|||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: |
|||||||||||
Cash paid during the year for: |
|||||||||||
Interest paid |
$ |
1,329,377 |
$ |
836,401 |
$ |
762,868 |
|||||
Income tax paid |
$ |
331,997 |
$ |
1,433,998 |
$ |
2,331,173 |
|||||
Non-cash investing activities: |
|||||||||||
Transfer from construction in progress to fixed assets |
$ |
9,918,862 |
$ |
15,545,784 |
$ |
1,209,221 |
|||||
Transfer from accounts payable to fixed assets |
$ |
851,966 |
$ |
1,162,202 |
$ |
- |
|||||
Transfer from advance payments to fixed assets |
$ |
170,281 |
$ |
191,868 |
$ |
296,853 |
View original content:http://www.prnewswire.com/news-releases/fuling-global-inc-reports-full-year-2018-financial-results-300825610.html