omniture

Hollysys Automation Technologies Reports Unaudited Financial Results for the First Quarter Ended September 30, 2019

First Quarter of Fiscal Year 2020 Financial Highlights

  • Non-GAAP net income attributable to Hollysys was $29.8 million, an increase of 6.1% compared to the comparable prior year period.
  • Total revenues were $123.2 million, a decrease of 11.2% compared to the comparable prior year period.
  • Non-GAAP gross margin was at 37.7%, compared to 37.2% for the comparable prior year period.
  • Non-GAAP diluted EPS was $0.49, an increase of 6.5% compared to the comparable prior year period.
  • Net cash provided by operating activities was $39.0 million for the current quarter.
  • DSO of 204 days, compared to 170 days for the comparable prior year period.
  • Inventory turnover days of 56 days, compared to 51 days for the comparable prior year period.

BEIJING, Nov. 13, 2019 /PRNewswire/ -- Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) ("Hollysys" or the "Company"), a leading provider of automation and control technologies and applications in China, today announced its unaudited financial results for the first quarter of fiscal year 2020 ended September 30, 2019 (see attached tables). The management of Hollysys, stated:

IA business finished the quarter with revenue and contract at $64.6 million and $84.0 million, achieving 12.0% and 4.6% YOY growth respectively. Under the guidance of our "3+1+N" strategy, we continued our effort in market penetration in different industries. In our power business, we signed a contract to provide control solution to urban heat supply network, which is the first project of this kind for Hollysys. In chemical business, we have officially completed the milestone Zhong'an coal-chemical project and will continue to provide maintenance and other services afterwards. The project is one of the largest MAV-DCS projects for Hollysys and we provided total solution covering the integration of up to ten systems including control system, asset management system, alarm system, gas detection system, etc. In the petrochemical industry, with our DCS and SIS being certified by CCS (China Classification Society) earlier this year, we are better qualified in providing control solution in offshore oil related business. Our strategic relationship with CNOOC (China National Offshore Oil Corporation) proceeded further as we signed several contracts with them in providing control solution to their offshore oil platform this quarter. Besides market penetration through newly-built projects, we have kept leveraging on our nation-wide network to respond to the aftersales demand of different industries, especially as the control products are approaching the end of life cycle. We maintained close relationship with our existing customers through various types of aftersales service, while also exploited the opportunities in obtaining new clients through replacement and upgrade project, especially in the chemical and petrochemical industries. We are also building up our capability in providing more comprehensive solution covering full life cycle of the project. With the recent completion of the acquisition of a small pharmaceutical and chemical design institute, we are able to get involved in potential projects at earlier stage in the future for better opportunities. In our smart factory solution, following our previous breakthrough contract in the power industry, we have signed several contracts this quarter with both existing and new customers from the chemical industry. Such will be long term cooperation so as to turn their production smart comprehensively step by step. We have also broadened our industrial software solution matrix, as we launched a new solution that help to optimize emission control and signed the first contract with a client from the power industry.

Rail business finished the quarter with revenue and contract at $44.6 million and $21.0 million, recording 11.5% and 70.6% YOY decrease respectively. In the high-speed rail business, the bidding pace of CRC has not met the expectation of the market. We continued to provide aftersales service on our high-speed rail signaling products covering software upgrade, spare parts sales, maintenance and replacement. Meanwhile, we are also actively preparing ourselves for new products and services in the aftersales high-speed rail market. In the inter-city high-speed rail business, we signed contracts to provide ATP with automatic train operation function to the Pearl River Delta region. In subway business, the subway line for the new Beijing Daxing Airport commenced business operation in September, with Hollysys being the provider of SCADA solution that supports driverless operation. Going forward, our rail business will continue to adhere to the diversity strategy for stable and healthy growth and to improve our local service network for more value-adding and differentiated services. With urbanization as an ongoing process, we will keep leveraging our strong R&D capacity and prepare for the application of various types of railway transportation systems in the future.  

M&E business finished the quarter with revenue and contract at $14.0 million and $33.6 million, recording 54.2% YOY decrease and 128.0% YOY increase respectively. Given the macro economy in Southeast Asia and the Middle East, risk control remains to be the key focus of our M&E business. In IA overseas business, progress is constantly made in terms of establishment of new cooperation with new key EPC players as well as ongoing cooperation with existing partners. Going forward, we will continue our effort in developing partnership with key EPC players, and strengthening localization in manufacture, marketing and services in overseas business.

Fiscal Quarter Ended September 30, 2019 Unaudited Financial Results Summary

To facilitate a clear understanding of Hollysys' operational results, a summary of unaudited non-GAAP financial results is shown as below:

(In USD thousands, except for number of shares and per share data)



Three months ended



Sep 30, 2019

 Sep 30, 2018

%
Change






Revenues

$

123,230

138,719

(11.2)%

    Integrated contract revenue

$

104,466

116,650

(10.4)%

    Products sales

$

6,123

8,040

(23.8)%

    Service rendered

$

12,641

14,029

(9.9)%

Cost of revenues

$

76,771

87,178

(11.9)%

Gross profit

$

46,459

51,541

(9.9)%

Total operating expenses

$

23,291

21,501

8.3%

    Selling

$

7,277

7,709

(5.6)%

    General and administrative

$

10,592

8,570

23.6%

    Research and development

$

8,942

8,769

2.0%

    VAT refunds and government subsidies

$

(3,520)

(3,547)

(0.8)%

Income from operations

$

23,168

30,040

(22.9)%

Other income, net

$

2,025

558

262.9%

Foreign exchange gain (loss)

$

604

(123)

(591.1)%

Gains on disposal of investments in equity investees

$

5,763

-

-

Share of net income of equity investees

$

1,541

98

1472.4%

Interest income

$

3,029

3,099

(2.2)%

Interest expenses

$

(113)

(106)

6.6%

Income tax expenses

$

6,209

5,455

13.8%






Net income attributable to non-controlling interests

$

26

46

(43.5)%






Non-GAAP net income attributable to Hollysys Automation
     Technologies Ltd.

$

29,782

28,065

6.1%

Non-GAAP basic EPS

$

0.49

0.46

6.5%

Non-GAAP diluted EPS

$

0.49

0.46

6.5%


$




Share-based compensation expenses


26

84

(69.0)%

Amortization of acquired intangible assets

$

75

80

(6.3)%

GAAP Net income attributable to Hollysys Automation Technologies
     Ltd.

$

29,681

27,901

6.4%

GAAP basic EPS

$

0.49

0.46

6.5%

GAAP diluted EPS

$

0.49

0.46

6.5%


$




Basic weighted average common shares outstanding


60,470,611

60,448,111

0.0%






Diluted weighted average common shares outstanding


60,483,884

61,263,566

(1.3)%

Operational Results Analysis for the First Quarter Ended September 30, 2019

Comparing to the first quarter of the prior fiscal year, the total revenues for the three months ended September 30, 2019 decreased from $138.7 million to $123.2 million, representing a decrease of 11.2%. Broken down by the revenue types, integrated contracts revenue decreased by 10.4% to $104.5 million, products sales revenue decreased by 23.8% to $6.1 million, and services revenue decreased by 9.9% to $12.6 million.

The Company's total revenues can also be presented in segments as shown in the following chart:

(In USD thousands)




Three months ended Sep 30,




2019


2018




$

% to Total
Revenue


$

% to Total
Revenue


Industrial Automation


64,637

52.4%


57,720

41.6%


Rail Transportation Automation


44,576

36.2%


50,368

36.3%


Mechanical and Electrical Solution


14,017

11.4%


30,631

22.1%


Total


123,230

100.0%


138,719

100.0%


Overall gross margin excluding non-cash amortization of acquired intangibles (non-GAAP gross margin) was 37.7% for the three months ended September 30, 2019, as compared to 37.2% for the same period of the prior year. The non-GAAP gross margin for integrated contracts, product sales, and services rendered were 32.6%, 79.9% and 59.5% for the three months ended September 30, 2019, as compared to 30.8%, 75.0% and 67.9% for the same period of the prior year, respectively. The gross margin fluctuation was mainly due to the different revenue mix with different margins. The GAAP overall gross margin which includes non-cash amortization of acquired intangibles was 37.6% for the three months ended September 30, 2019, as compared to 37.1% for the same period of the prior year. The GAAP gross margin for integrated contracts, product sales, and service rendered was 32.5%, 79.9% and 59.5% for the three months ended September 30, 2019, as compared to 30.8%, 75.0% and 67.9% for the same period of the prior year, respectively.

Selling expenses were $7.3 million for the three months ended September 30, 2019, representing a decrease of $0.4 million or 5.6% compared to $7.7 million for the same quarter of the prior year. Presented as a percentage of total revenues, selling expenses were 5.9% and 5.6% for the three months ended September 30, 2019, and 2018, respectively.

General and administrative expenses, excluding non-cash share-based compensation expenses (non-GAAP G&A expenses), were $10.6 million for the quarter ended September 30, 2019, representing an increase of $2.0 million or 23.6% compared to $8.6 million for the same quarter of the prior year. Presented as a percentage of total revenues, non-GAAP G&A expenses were 8.6% and 6.2% for quarters ended September 30, 2019 and 2018, respectively. The GAAP G&A expenses which include the non-cash share-based compensation expenses were $10.6 million and $8.7 million for the three months ended September 30, 2019 and 2018, respectively.

Research and development expenses were $8.9 million for the three months ended September 30, 2019, representing an increase of $0.1 million or 2.0% compared to $8.8 million for the same quarter of the prior year. Presented as a percentage of total revenues, R&D expenses were 7.3% and 6.3% for the quarter ended September 30, 2019 and 2018, respectively.

The VAT refunds and government subsidies were $3.5 million and $3.5 million for the quarter ended September 30, 2019 and 2018, respectively.

The income tax expenses and the effective tax rate were $6.2 million and 17.3% for the three months ended September 30, 2019, as compared to $5.5 million and 16.3% for comparable prior year period. The effective tax rate fluctuation was mainly due to the different pre-tax income mix with different tax rates, as the Company's subsidiaries are subject to different tax rates in various jurisdictions.

The non-GAAP net income attributable to Hollysys, which excludes the non-cash share-based compensation expenses calculated based on the grant-date fair value of shares or options granted, amortization of acquired intangible assets, and fair value adjustments of a bifurcated derivative, was $29.8 million or $0.49 per diluted share based on 60.5 million diluted weighted average ordinary shares outstanding for the three months ended September 30, 2019. This represents a 6.1% increase over $28.1 million or $0.46 per share based on 61.3 million diluted weighted average ordinary shares outstanding reported in the comparable prior year period. On a GAAP basis, net income attributable to Hollysys was $29.7 million or $0.49 per diluted share representing an increase of 6.4% over $27.9 million or $0.46 per diluted share reported in the comparable prior year period.

Contracts and Backlog Highlights

Hollysys achieved $138.6 million of new contracts for the three months ended September 30, 2019. The backlog as of September 30, 2019 was $578.9 million. The detailed breakdown of new contracts and backlog by segments is shown below:

(In USD thousands)

New contracts achieved


Backlog


for the three months

 ended Sep 30, 2019


as of Sep 30, 2019



 

$

% to Total
Contract


$

% to Total
Backlog

Industrial Automation


83,960

60.5%


195,341

33.7%

Rail Transportation


21,008

15.2%


288,972

49.9%

Mechanical and Electrical Solutions


33,640

24.3%


94,578

16.3%

Total


138,608

100.0%


578,891

100.0%



Cash Flow Highlights

For the fiscal year ended September 30, 2019, the total net cash inflow was $15.3 million. The net cash provided by operating activities was $39.0 million. The net cash provided by investing activities was $8.1 million and mainly consisted of $31.9 million of matured time deposits, and $4.5 million of proceeds received for the disposal of an equity investment, which were partially offset by $27.8 million of time deposits placed with banks. The net cash used in financing activities was $20.3 million and mainly consisted of $20.0 million repayments of bonds payable.

Balance Sheet Highlights

The total amount of cash and cash equivalents were $340.0 million, $332.5 million, and $276.9 million as of September 30, 2019, June 30, 2019 and September 30, 2018, respectively.

For the three months ended September 30, 2019, DSO was 204 days, as compared to 170 days for the comparable prior year period and 160 days for the last quarter; and inventory turnover was 56 days, as compared to 51 days for the comparable prior year period and 42 days for the last quarter.

Conference Call

The Company will host a conference call at 8:00 pm November 13, 2019 U.S. Eastern Time / 9:00 am November 14, 2019 Beijing Time, to discuss the financial results for the first quarter of fiscal year 2020 ended September 30, 2019 and business outlook.

To participate, please call the following numbers ten minutes before the scheduled start of the call. The conference call identification number is 6174508.

Standard International Dial-In Number:

+65 67135090


Participant Local Dial-In Numbers:


Australia, Sydney

+61 290833212

China, Domestic

4006208038

China, Domestic Landline only

8008190121

China, Hong Kong

+852 30186771

China, Taiwan

+886 255723895

Japan, Tokyo

+81 345036012

Korea (South), Seoul

+82 27395177

United Kingdom, London

+44 2036214779

United States, New York

+1 8456750437

Participant ITFS Dial-In Numbers:


Australia

1800411623

Australia

1300717205

Belgium

080071900

Canada

18663861016

France

0800912761

Germany

08001820671

China, Hong Kong

800906601

China, Taiwan

0809091568

India

18002666846

Indonesia, PT Indosat access

0018030179156

Indonesia, PT Telkom access

0078030179156

Italy

800874737

Japan

0120925376

Korea (South), Domestic

0808500474

Malaysia

1800820152

Netherlands

08000221931

New Zealand

0800880084

Norway

80010719

Philippines

180016120306

Switzerland

0800561006

Thailand

001800656772

United Kingdom

08082346646

United States

18665194004

In addition, a recording of the conference call will be accessible within 48 hours via Hollysys' website at: http://hollysys.investorroom.com

About Hollysys Automation Technologies Ltd. (NASDAQ: HOLI)

Hollysys is a leading automation control system solutions provider in China, with overseas operations in eight other countries and regions throughout Asia. Leveraging its proprietary technology and deep industry know-how, Hollysys empowers its customers with enhanced operational safety, reliability, efficiency, and intelligence which are critical to their businesses. Hollysys derives its revenues mainly from providing integrated solutions for industrial automation and rail transportation. In industrial automation, Hollysys delivers the full spectrum of automation hardware, software, and services spanning field devices, control systems, enterprise manufacturing management and cloud-based applications. In rail transportation, Hollysys provides advanced signaling control and SCADA (Supervisory Control and Data Acquisition) systems for high-speed rail and urban rail (including subways). Founded in 1993, with technical expertise and innovation, Hollysys has grown from a research team specializing in automation control in the power industry into a group providing integrated automation control system solutions for customers in diverse industry verticals. As of March 2019, Hollysys had cumulatively carried out more than 25,000 projects for approximately 15,000 customers in various sectors including power, petrochemical, high-speed rail, and urban rail, in which Hollysys has established leading market positions.

SAFE HARBOUR:

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are "forward-looking statements," including statements regarding: the ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Such forward-looking statements, based upon the current beliefs and expectations of Hollysys' management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

For further information, please contact:

Hollysys Automation Technologies Ltd.
www.hollysys.com
+8610-58981386
investors@hollysys.com

 

HOLLYSYS AUTOMATION TECHNOLOGIES LTD.

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(In USD thousands except for number of shares and per share data)

 



Three months ended
Sep 30,



2019


2018



(Unaudited)


(Unaudited)

Net revenues





Integrated contract revenue

$

104,466

$

116,650

Products sales


6,123


8,040

Revenue from services


12,641


14,029

Total net revenues


123,230


138,719






Cost of integrated contracts


70,500


80,748

Cost of products sold


1,231


2,008

Costs of services rendered


5,115


4,502

Gross profit


46,384


51,461






Operating expenses





Selling


7,277


7,709

General and administrative


10,618


8,654

Research and development


8,942


8,769

VAT refunds and government subsidies


(3,520)


(3,547)

Total operating expenses


23,317


21,585






Income from operations


23,067


29,876






Other income, net


2,025


558

Foreign exchange gain (loss)


604


(123)

Gains on disposal of investments in equity investees


5,763


-

Share of net income of equity investees


1,541


98

Interest income


3,029


3,099

Interest expenses


(113)


(106)

Income before income taxes


35,916


33,402






Income taxes expenses


6,209


5,455

Net income


29,707


27,947

Net income attributable to non-controlling interests

26


46

Net income attributable to Hollysys Automation Technologies Ltd.

$

29,681

$

27,901






Other comprehensive loss, net of tax of nil




Translation adjustments


(34,174)


(29,137)

Comprehensive loss


(4,467)


(1,190)






Less: comprehensive (loss) income attributable to non-controlling interests

(25)


46





Comprehensive loss attributable to Hollysys Automation Technologies Ltd.

$

(4,442)

$

(1,236)






Net income per ordinary share:





Basic


0.49


0.46

Diluted


0.49


0.46






Shares used in income per ordinary share computation:





Weighted average number of ordinary shares

60,470,611


60,448,111

Weighted average number of diluted ordinary shares

60,483,884


61,263,566

 


 

 

HOLLYSYS AUTOMATION TECHNOLOGIES LTD.

CONSOLIDATED BALANCE SHEETS

(In USD thousands except for number of shares and per share data)












Sep 30,


Jun 30,





2019


2019





(Unaudited)


(audited)

ASSETS






Current assets







Cash and cash equivalents

$

339,932

$

332,509



Time deposits with maturities over three months


136,200


145,139



Restricted cash


30,288


22,260



Accounts receivable, net of allowance for doubtful accounts of $44,875 and
$47,162 as of September 30, 2019 and June 30, 2019, respectively


245,696


282,594



Costs and estimated earnings in excess of billings, net of allowance for doubtful
accounts of $7,807 and $6,981 as of September 30, 2019 and June 30, 2019,
respectively


192,201


197,955



Accounts receivable retention


11,660


5,468



Other receivables, net of allowance for doubtful accounts of $4,840 and $4,879 as
of September 30, 2019 and June 30, 2019, respectively


25,274


27,109



Advances to suppliers


22,825


12,901



Amounts due from related parties


29,832


36,295



Inventories


46,319


42,983



Prepaid expenses


391


644



Income tax recoverable


1,832


3,621


Total current assets


1,082,450


1,109,478








Non-current assets







Restricted cash


3,485


3,618



Non-current costs and estimated earnings in excess of billings


4,828


-



Accounts receivable retention


7,785


6,390



Prepaid expenses


8


2



Property, plant and equipment, net


72,718


76,006



Prepaid land leases


15,977


16,599



Intangible assets, net


1,258


1,383



Investments in equity investees


37,319


40,386



Investments securities


4,600


4,776



Goodwill


36,298


37,054



Deferred tax assets


9,313


13,725



Non-current right-of-use assets


5,262


-


Total non-current assets


198,851


199,939


Total assets


1,281,301


1,309,417








LIABILITIES AND STOCKHOLDERS' EQUITY






Current liabilities







Derivative financial liability


-


758



Short-term bank loans


1,585


1,909



Current portion of long-term loans


307


20,310



Dividends payable


12,672


-



Accounts payable


109,519


110,384



Construction cost payable


86


94



Deferred revenue


135,519


141,385



Accrued payroll and related expenses


15,577


14,512



Income tax payable


2,669


2,541



Warranty liabilities


8,212


8,039



Other tax payables


1,245


665



Accrued liabilities


28,139


35,507



Amounts due to related parties


3,714


5,395


Total current liabilities


319,244


341,499








Non-current liabilities







Accrued liabilities


5,084


3,530



Long-term loans


890


978



Non-current accounts payable


4,473


-



Deferred tax liabilities


13,251


12,173



Warranty liabilities


3,245


4,077



Non-current lease liability


5,072


-


Total non-current liabilities


32,015


20,758


Total liabilities


351,259


362,257









Commitments and contingencies


-


-









Stockholders' equity:







Ordinary shares, par value $0.001 per share, 100,000,000 shares authorized;
60,342,099 shares issued and outstanding as of September 30, 2019 and June
30, 2019


60


60



Additional paid-in capital


223,660


223,634



Statutory reserves


48,698


48,698



Retained earnings


725,521


708,515



Accumulated other comprehensive income


(69,645)


(35,521)


Total Hollysys Automation Technologies Ltd. stockholder's equity


928,294


945,386



Non-controlling interests


1,748


1,774


Total equity


930,042


947,160









Total liabilities and equity

$

1,281,301

$

1,309,417

 

 

 

HOLLYSYS AUTOMATION TECHNOLOGIES LTD

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In USD thousands).




Three months ended

Sep 30, 2019




(Unaudited)

Cash flows from operating activities:




Net income

$

29,707

Adjustments to reconcile net income to net cash provided by operating activities:




Depreciation of property, plant and equipment


2,417


Amortization of prepaid land leases


99


Amortization of intangible assets


75


Allowance for doubtful accounts


716


loss on disposal of long-lived assets


7


Share of net gain from equity investees


(1,541)


Share-based compensation expenses


26


Deferred income tax expenses


5,312


Accretion of convertible bond


57


Gains on disposal of investments in equity investees


(5,763)

Changes in operating assets and liabilities:




Accounts receivable


17,090


Costs and estimated earnings in excess of billings


(6,081)


Inventories 


(4,993)


Advances to suppliers


(10,567)


Other receivables 


1,004


Deposits and other assets


239


Due from related parties


5,223


Accounts payable


7,147


Deferred revenue


3,679


Accruals and other payables


(5,720)


Due to related parties


(1,682)


Income tax payable


1,893


Other tax payables


614


Net cash provided by operating activities


38,958





Cash flows from investing activities:




Time deposits placed with banks


(27,842)


Purchases of property, plant and equipment


(491)


Proceeds from disposal of property, plant and equipment


58


Maturity of time deposits


31,879


Proceeds received for the disposal of an equity investment


4,458


Net cash provided by investing activities


8,062





Cash flows from financing activities:




Proceeds from short-term bank loans


1,343


Repayments of short-term bank loans


(1,632)


Proceeds from long-term bank loans


41


Repayments of long-term bank loans


(103)


Repayments of bonds payable


(19,995)


Net cash used in financing activities


(20,346)






Effect of foreign exchange rate changes


(11,356)


Net decrease increase in cash, cash equivalents and restricted cash

$

15,318






Cash, cash equivalents and restricted cash, beginning of period

$

358,387


Cash, cash equivalents and restricted cash, end of period


373,705

 

 

Non-GAAP Measures

In evaluating our results, the non-GAAP measures of "Non-GAAP cost of integrated contracts", "Non-GAAP general and administrative expenses", "Non-GAAP net income attributable to Hollysys Automation Technologies Ltd. stockholders", "Non-GAAP basic earnings per share", and "Non-GAAP diluted earnings per share" serve as additional indicators of our operating performance and not as a replacement for other measures in accordance with U.S. GAAP. We believe these non-GAAP measures are useful to investors, as they exclude the non-cash share-based compensation expenses, which is calculated based on the number of shares or options granted and the fair value as of the grant date, amortization of acquired intangible assets, and fair value adjustments of a bifurcated derivative. They will not result in any cash inflows or outflows. We believe that using non-GAAP measures help our shareholders to have a better understanding of our operating results and growth prospects. In addition, given the business nature of the Company, it has been a common practice for investors to use such non-GAAP measures to evaluate the Company.

The following table provides a reconciliation of the non-GAAP measures with the most directly comparable U.S. GAAP measures for the periods indicated:

 




Three months ended




Sep 30,




2019


2018




(Unaudited)


(Unaudited)







Cost of integrated contracts

$

70,500

$

80,748

Less: Amortization of acquired intangible assets


75


80

Non-GAAP cost of integrated contracts

$

70,425

$

80,668







General and administrative expenses

$

10,618

$

8,654

Less: Share-based compensation expenses


26


84

Non-GAAP general and administrative expenses

$

10,592

$

8,570






Net income attributable to Hollysys Automation Technologies Ltd.

$

29,681

$

27,901

Add:





      Share-based compensation expenses


26


84

      Amortization of acquired intangible assets


75


80

Non-GAAP net income attributable to Hollysys Automation
Technologies Ltd.

$

29,782

$

28,065







      Weighted average number of basic ordinary shares

60,470,611


60,448,111

      Weighted average number of diluted ordinary shares

60,483,884


61,263,566

Non-GAAP basic earnings per share

$

0.49

$

0.46

Non-GAAP diluted earnings per share

$

0.49

$

0.46








 

 

Cision View original content:http://www.prnewswire.com/news-releases/hollysys-automation-technologies-reports-unaudited-financial-results-for-the-first-quarter-ended-september-30-2019-300957277.html

Source: Hollysys Automation Technologies, Ltd
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