Attached files
| file | filename |
|---|---|
| 10-Q - Harbin Electric, Inc | v192921_10q.htm |
| EX-31.2 - Harbin Electric, Inc | v192921_ex31-2.htm |
| EX-31.1 - Harbin Electric, Inc | v192921_ex31-1.htm |
| EX-32.1 - Harbin Electric, Inc | v192921_ex32-1.htm |
Harbin
Electric Reports Significantly Higher Second-Quarter Earnings
Harbin, China, August
9, 2010 – Harbin Electric,
Inc. (“Harbin Electric” or the “Company”, NASDAQ: HRBN), a leading developer and manufacturer of
a wide array of electric motors in the People’s Republic of China, today reported its
financial results for the second quarter of 2010.
Financial Highlights
|
|
§
|
Total revenues were $105.44 million, up 175% from $38.36 million in
2Q09
|
|
|
§
|
Operating income totaled $28.08
million, up 219% from $8.82 million in
2Q09
|
|
|
§
|
Adjusted net income attributable
to controlling interest was $24.02 million, up 224% compared to $7.42 million in
2Q09
|
|
|
§
|
GAAP earnings per diluted share
attributable to controlling interest were $0.82, compared to a net loss of $0.24 in
2Q09
|
|
|
§
|
Adjusted earnings per diluted
share attributable to controlling interest were $0.77 per diluted share,
compared to
$0.33 in
2Q09
|
Quarterly Financial
Summary:
|
2Q10
|
2Q09
|
YoY% Change
|
||||||||||
|
Revenue
|
$ | 105,435,970 | $ | 38,363,484 | 175 | % | ||||||
|
Gross
Profit
|
$ | 35,332,187 | $ | 12,863,276 | 175 | % | ||||||
|
Gross
Profit Margin
|
33.51 | % | 33.53 | % | ||||||||
|
Operating
Income
|
$ | 28,083,350 | $ | 8,815,820 | 219 | % | ||||||
|
Operating
Margin
|
26.64 | % | 22.98 | % | ||||||||
|
Net
Income Attributable to Controlling Interest
|
$ | 25,674,804 | $ | (5,419,364 | ) |
NA
|
||||||
|
Adjusted
Net Income Attributable to Controlling Interest*
|
$ | 24,017,347 | $ | 7,422,866 | 224 | % | ||||||
|
Adjust
Net Margin*
|
22.78 | % | 19.35 | % | ||||||||
|
Diluted
EPS Attributable to Controlling Interest
|
$ | 0.82 | $ | (0.24 | ) |
NA
|
||||||
|
Adjusted
Diluted EPS Attributable to Controlling Interest*
|
$ | 0.77 | $ | 0.33 |
131
|
% | ||||||
*See Reconciliation of non-GAAP measure
to GAAP net income. Also see “About Non-GAAP Financial
Measures” toward the end of
this release
1
“We are very pleased with our outstanding second quarter earnings,” said Mr. Yang, Chairman and Chief
Executive Officer of Harbin Electric. “Adjusted net income, by which we judge our management
performance, was up 224% year-over-year at $24.02 million. We have made remarkable progress in the
restructuring and
integration of
Xi’an Tech Full Simo Motor, which has led to a significant
improvement in our operating efficiency. During this quarter, we restructured its
subsidiaries, acquiring full ownership in four
partially owned subsidiaries and disposing of non-strategic businesses. This
brings us enhanced synergies across our diversified product lines and strengthens
profit margins and earnings
power. While our top line benefited from the acquisition of Xi’an Tech Full Simo Motor, earlier
strategic moves
continued to add to
revenues. Weihai revenues were up 39% and oil pumps and coal
transportation
project performed
strongly.”
Revenues
For the second quarter of 2010, total
revenues were $105.44 million, up 175% compared with $38.36 million in the
second quarter of 2009,
which was negatively impacted by the global financial crisis. The significant
sales growth was mainly the result of higher sales across all product lines and
a contribution of $44.57 million from Xi’an Tech Full Simo which was acquired in
October 2009. Excluding the acquisition,
organic growth was 59% year over year.
By product line, linear motor sales were
up 76% driven by higher oil pump sales (150 units in the second quarter of 2010
compared to 105 units in the second quarter of 2009) and revenues from coal transportation project
($5.31 million), which started to contribute in the fourth quarter of 2009.
Sales of specialty micro motors were up 77% from the second quarter of 2009.
Sales of industrial rotary motors increased from $17.00 million to $68.12 million including $44.57
million from Xi’an Tech Full Simo. Sales of rotary
motors at Weihai Tech Full Simo totaled $23.56 million for the quarter, up
39% compared with $17 million in the
second quarter of 2009.
International sales totaled $5.60
million, or 5.3% of total sales, for the quarter, an increase of 56% compared
with $3.58 million in the second quarter of 2009, when the global economic
downturn hit our international business severely. The international sales growth was driven primarily by
increased sales in our specialty micro motor and rotary motor
products.
The following table presents the revenue
contribution by percentage for each major product line in the second quarter of
2010 in comparison with the
second quarter of 2009.
|
Percent of Total
Revenues
|
||||||||
|
Product
Line
|
2Q10
|
2Q09
|
||||||
|
Linear Motors and Related
Systems
|
19.1
|
%
|
30.0
|
%
|
||||
|
Specialty
Micro-Motors
|
14.4
|
%
|
22.3
|
%
|
||||
|
Rotary
Motors
|
64.6
|
%
|
44.3
|
%
|
||||
|
Weihai
|
22.3
|
%
|
44.3
|
%
|
||||
|
Xi’an
|
42.3
|
%
|
NA
|
|||||
|
Others
|
1.9
|
%
|
3.4
|
%
|
||||
|
Total
|
100
|
%
|
100
|
%
|
||||
|
International
Sales
|
5.3
|
%
|
9.3
|
%
|
||||
2
Net Income
The Company recorded a net income
attributable to controlling interest of $25.67 million ($0.82 per diluted
share), compared with a net loss of $5.42 million (a loss of $0.24 per diluted
share) in the second quarter of 2009, which included a non-cash
charge of $14.01 million due to change in fair value of the warrants issued with
our 2010 Notes and our 2012 Notes.
During the second quarter,
Xi’an Tech Full Simo acquired all of the
equity interests in four of its non-wholly-owned subsidiaries. These acquisitions contributed $2.03
million ($0.06 per diluted
share) to the total net income attributable to controlling interest for the
quarter.
Excluding the $1.66 million non-cash gain
due to change in fair value of warrants, the adjusted net income for the quarter
was $24.02 million ($0.77 per diluted share). This compares to the adjusted net
income of $7.42 million ($0.34 per diluted share) for the quarter ended June 30, 2009, which
excluded a $14.01 million non-cash charge due to change in fair value of
warrants and a $1.17 million (RMB 8 million) government grant. This is a 224% increase
year-over-year. The higher adjusted net income of the
current period was
primarily driven by higher sales across all product lines, contributions from
Xi’an Tech Full Simo, and higher other
income.
The adjusted net profit margin increased
to 22.78% in the current quarter from
19.35% in the second quarter of
2009, reflecting a
significant improvement in operating efficiency as a result of business
integration and consolidation.
The following table provides the
non-GAAP financial measure and a reconciliation of the non-GAAP measure to the
GAAP net income.
|
2Q10
|
2Q09
|
|||||||
|
Net
Income Attributable to Controlling Interest
|
$ | 25,674,804 | $ | (5,419,364 | ) | |||
|
Add
back (Deduct):
|
||||||||
|
Other
Income – Government Grant
|
$ | 0 | $ | (1,172,560 | ) | |||
|
Change
in fair value of warrant
|
$ | (1,657,457 | ) | $ | 14,014,790 | |||
|
Adjusted
Net Income Attributable to Controlling Interest
|
$ | 24,017,347 | $ | 7,422,866 | ||||
|
Diluted
EPS Attributable to Controlling Interest
|
$ | 0.82 | $ | (0.24 | ) | |||
|
Add
back (Deduct):
|
||||||||
|
Other
Income – Government Grant
|
$ | 0 | $ | (0.05 | ) | |||
|
Change
in fair value of warrant
|
$ | (0.05 | ) | $ | 0.63 | |||
|
Adjusted
EPS Attributable to Controlling Interest
|
$ | 0.77 | $ | 0.34 |
3
Gross
Profit Margin
The
following table presents the average gross profit margin by product line for the
second quarter of 2010, in comparison to the second quarter of
2009.
|
Gross Profit
Margin
|
||||||||
|
Product
Line
|
2Q10
|
2Q09
|
||||||
|
Linear Motors and Related
Systems
|
60.9
|
%
|
56.9
|
%
|
||||
|
Specialty
Micro-Motors
|
37.1
|
%
|
40.4
|
%
|
||||
|
Rotary
Motors
|
||||||||
|
Weihai
|
12.2
|
%
|
13.2
|
%
|
||||
|
Xi’an
|
30.9
|
%
|
NA
|
|||||
|
Others
|
38.3
|
%
|
48.0
|
%
|
||||
|
Corporate
Average
|
33.5
|
%
|
33.5
|
%
|
||||
The
overall gross margin remained stable. By product line, higher gross margin for
linear motors is attributable to increased sales of oil pumps and sales of
linear motor systems for coal transportation, which have higher gross margin
relative to other types of linear motors. The gross margin for specialty
micro-motors declined slightly primarily as a result of moving the production
from Harbin to Shanghai, where manufacturing costs such as labor and fixed costs
are relatively higher, particularly at the start-up stage. The slight decline in
gross margin for the rotary motor business was related to a combination of
factors such as higher raw material costs and changes in product
mix.
Operating
Income
Operating
income in the second quarter of 2010 totaled $28.08 million, compared with $8.82
million in the second quarter of 2009, representing a 219% year over year
growth. Higher operating income was mainly due to increased sales, the
acquisition of Xi’an Tech Full Simo, and improved operating efficiency. Total
operating costs including selling, general and administrative (“SG&A”)
expenses and research & development (R&D) expenses totaled $7.25
million, compared with $4.05 million a year ago. The higher operating costs were
mainly due to the addition of Xi’an Tech Full Simo, higher expenses related to
higher sales such as shipping and handling costs, higher depreciation expense,
and higher costs associated with the production start-up at our Shanghai
facility. As a percentage of total sales, total operating costs decreased from
10.6% to 6.9%. Operating margin improved to 26.6% in the current quarter from
23.0% in the second quarter of 2009, reflecting a significant improvement in
operating efficiency as a result of business integration and
consolidation.
Loss from Disposal of
Subdivision
Effective April 1, 2010, Xi’an Tech Full Simo sold its equity
interests in three of its non-wholly-owned subsidiaries. As a result of the
dispositions, a net loss of $623,158 was recorded in loss from disposal of
subdivisions, net of income taxes, in the Company’s Consolidated Statements of Operations.
Interest Expense
Net interest expense was $0.98 million
for the current quarter. This included $0.45 million in amortization of debt discount and debt
issuance cost in connection with the Company’s 2012 Notes issued in 2006, $0.70
million in interest expense and $0.21
million in interest income. This compares to net
interest expense of $0.84 million for the second quarter of 2009. In all periods, net
interest expense included non-cash amortization expense of debt discount and
debt issuance cost.
4
Income Taxes
The income tax provision was $3.79
million for the current quarter, compared with $1.48 million for the
second quarter of 2009. The
year-over-year increase in income tax was mainly attributable to the taxable
income contributed by Xi’an Tech Full Simo that was acquired in
October 2009, higher income due to the start-up of Shanghai Tech Full in the
fourth quarter of 2009, and higher income at our
Harbin and Weihai
facilities.
Outlook
“Despite concerns about the slowing down
of the Chinese economy, we continue to see strong demand for many of our
products. As we expect continued strong order volume for our rotary motors, our focus in the months ahead
is to address production
capacity constraints at our
Weihai and Xi’an facilities. In our specialty motor
lines including linear motors and specialty micro-motors, where
speed of product
development and market launch is the key to future growth, we have made substantial capital
investments. We believe that capacity expansion and the expected and long-awaited launch of new
products, coupled with our success in business integration, restructuring, and
consolidation,
will help us further extend
our leadership position in
the industry. ”
Conference Call
Details
The
Company will host a conference call to discuss the second quarter 2010 financial
results at 8:30 a.m. ET on Monday, August 9th, 2010. Tianfu Yang, Chairman and
Chief Executive Officer, Zedong Xu, Chief Financial Officer, and Christy Shue,
Executive Vice President, Finance will be on the call.
To
participate in the conference call, please dial any of the following
numbers:
|
USA:
|
1-888-208-1812
|
|
International:
|
1-719-457-2710
|
|
North
China:
|
10-800-714-1202
|
|
South
China:
|
10-800-140-1181
|
The
conference ID for the call is 4760224.
A replay
of the call will be available beginning at 12:00 PM ET on August 9th, 2010 and
will remain available through 12:00 PM ET on August 23, 2010.
To access
the replay, please dial any of the following numbers:
|
USA:
|
1-888-203-1112
|
|
International:
|
1-719-457-0820
|
|
Passcode:
|
4760224
|
5
This
conference call will be broadcast live over the Internet. To listen to the live
webcast, go to http://www.harbinelectric.com and click on "Harbin Electric Q2
2010 Financial Results Conference Call." The replay of the webcast will be
available for 30 days and will be archived on the Investor Kits page of the
website after 30 days.
About
Non-GAAP Financial Measures
The
management of Harbin Electric uses non-GAAP adjusted net earnings to measure the
performance of the Company’s business internally by excluding non-recurring
items as well as special non-cash charges. The Company’s management
believes that these non-GAAP adjusted financial measures allow the management to
focus on managing business operating performance because these measures reflect
the essential operating activities of Harbin Electric and provide a consistent
method of comparison to historical periods. The Company believes that providing
the non-GAAP measures that management uses internally to its investors is useful
to investors for a number of reasons. The non-GAAP measures provide a consistent
basis for investors to understand Harbin Electric's financial performance in
comparison to historical periods without variations caused by non-recurring
items and non-operating related charges. In addition, it allows investors to
evaluate the Company's performance using the same methodology and information as
that used by the management. Non-GAAP measures are subject to inherent
limitations because they do not include all of the expenses included under GAAP
and because they involve the exercise of judgment of which charges are excluded
from GAAP financial measure. However, the management of Harbin Electric
compensates for these limitations by providing the relevant disclosure of the
items excluded.
About
Harbin Electric, Inc.:
Harbin
Electric, headquartered in Harbin, China, is a leading developer and
manufacturer of a wide array of electric motors with a focus on innovative,
customized, and value-added products. Its major product lines include industrial
rotary motors, linear motors, and specialty micro-motors. The Company's products
are purchased by a broad range of domestic and international customers,
including those involved in the energy industry, factory automation, food
processing, packaging, transportation, automobile, medical devices, machinery
and tool manufacturing, chemical, petrochemical, as well as in the metallurgical
and mining industries. The Company operates four manufacturing facilities in
China located in Xi'an, Weihai, Harbin, and Shanghai.
Harbin
Electric has built a strong research and development capability by recruiting
talent worldwide and through collaborations with top scientific institutions.
The Company owns numerous patents in China and has developed award-winning
products for its customers. Relying on its own proprietary technology, the
Company developed an energy efficient linear motor driven oil pump, the first of
its kind in the world, for the largest oil filed in China. Its self-developed
linear motor propulsion system is powering China's first domestically made
linear motor driven metro train. As China continues to grow its industrial base,
Harbin Electric aspires to be a leader in the industrialization and technology
transformation of the Chinese manufacturing sector. To learn more about Harbin
Electric, visit http://www.harbinelectric.com.
6
Safe
Harbor Statement
The
actual results of Harbin Electric, Inc. could differ materially from those
described in this press release. Detailed information regarding factors that may
cause actual results to differ materially from the results expressed or implied
by statements in this press release may be found in the Company's periodic
filings with the U.S. Securities and Exchange Commission, including the factors
described in the section entitled “Risk Factors” in its annual report on Form
10-K for the year ended December 31, 2009. The Company does not undertake any
obligation to update forward-looking statements contained in the press release.
This press release contains forward-looking information about the Company that
is intended to be covered by the safe harbor for forward-looking statements
provided by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are statements that are not historical facts. These
statements can be identified by the use of forward-looking terminology such as
“believe,” “expect,” “may,” “will,” “should,” “project,” “plan,” “seek,”
“intend,” or “anticipate” or the negative thereof or comparable terminology, and
include discussions of strategy, and statements about industry trends and the
Company's future performance, operations and products.
For
investor and media inquiries, please contact:
Christy
Shue
Harbin
Electric, Inc.
Executive
VP, Finance & Investor Relations
Tel: +1-631-312-8612
Email:
IR@HarbinElectric.com
Kathy
Li
Christensen
Investor Relations
Tel: +1-212-618-1978
Email:
kli@christensenir.com
7
|
HARBIN
ELECTRIC, INC. AND SUBSIDIARIES
|
|||||||
|
CONSOLIDATED
BALANCE SHEETS
|
|||||||
|
AS
OF JUNE 30, 2010 AND DECEMBER 31, 2009
|
|
ASSETS
|
||||||||
|
June
30,
|
December
31,
|
|||||||
|
2010
|
2009
|
|||||||
|
(Unaudited)
|
||||||||
|
CURRENT
ASSETS:
|
||||||||
|
Cash
and cash equivalents
|
$ | 40,275,201 | $ | 92,902,400 | ||||
|
Restricted
cash
|
5,086,010 | 3,522,009 | ||||||
|
Notes
receivable
|
317,814 | 1,086,929 | ||||||
|
Accounts
receivable, net
|
95,484,435 | 93,322,885 | ||||||
|
Inventories,
net
|
80,865,291 | 74,913,877 | ||||||
|
Other
receivables & prepaid expenses
|
3,453,818 | 5,828,453 | ||||||
|
Advances
on inventory purchases
|
13,255,272 | 11,718,544 | ||||||
|
Total
current assets
|
238,737,841 | 283,295,097 | ||||||
|
PLANT
AND EQUIPMENT, net
|
182,148,559 | 156,364,548 | ||||||
|
OTHER
ASSETS:
|
||||||||
|
Debt
issuance costs, net
|
77,319 | 359,255 | ||||||
|
Advance
on non-current assets
|
24,167,429 | 13,666,414 | ||||||
|
Goodwill
and other intangible assets, net
|
73,673,741 | 75,546,225 | ||||||
|
Other
assets
|
1,216,471 | 1,722,693 | ||||||
|
Total
other assets
|
99,134,960 | 91,294,587 | ||||||
|
Total
assets
|
$ | 520,021,360 | $ | 530,954,232 | ||||
|
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
||||||||
|
CURRENT
LIABILITIES:
|
||||||||
|
Notes
payable - short term
|
$ | 5,747,885 | $ | 4,533,268 | ||||
|
Accounts
payable
|
55,833,838 | 47,099,135 | ||||||
|
Short
term loans
|
46,150,243 | 44,439,629 | ||||||
|
Customer
deposits
|
15,136,028 | 18,455,842 | ||||||
|
Accrued
liabilities and other payables
|
7,246,715 | 12,329,394 | ||||||
|
Taxes
payable
|
9,012,807 | 8,233,862 | ||||||
|
Amounts
due to original shareholders
|
736,500 | 28,681,976 | ||||||
|
Current
portion of notes payable, net
|
5,083,486 | 7,660,210 | ||||||
|
Total
current liabilities
|
144,947,502 | 171,433,316 | ||||||
|
LONG
TERM LIABILITIES:
|
||||||||
|
Long
term bank loans
|
- | 4,401,000 | ||||||
|
Warrant
liability
|
3,200,179 | 4,623,558 | ||||||
|
Total
liabilities
|
148,147,681 | 180,457,874 | ||||||
|
COMMITMENTS
AND CONTINGENCIES
|
||||||||
|
SHAREHOLDERS'
EQUITY:
|
||||||||
|
Common
Stock, $0.00001 par value, 100,000,000 shares authorized,
|
||||||||
|
31,067,471
and 31,067,471 shares issued and outstanding
|
||||||||
|
as
of June 30, 2010 and December 31, 2009, respectively
|
310 | 310 | ||||||
|
Paid-in-capital
|
213,216,504 | 218,094,374 | ||||||
|
Retained
earnings
|
110,778,315 | 69,594,111 | ||||||
|
Statutory
reserves
|
27,913,711 | 22,869,423 | ||||||
|
Accumulated
other comprehensive income
|
20,051,102 | 18,638,299 | ||||||
|
Total
shareholders' equity
|
371,959,942 | 329,196,517 | ||||||
|
NONCONTROLLING
INTERESTS
|
(86,263 | ) | 21,299,841 | |||||
|
Total
liabilities and shareholders' equity
|
$ | 520,021,360 | $ | 530,954,232 | ||||
8
|
HARBIN
ELECTRIC, INC. AND SUBSIDIARIES
|
|||||||||
|
CONSOLIDATED
STATEMENTS OF OPERATION AND OTHER COMPREHENSIVE INCOME
|
|||||||||
|
FOR
THE THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 2010 AND
2009
|
|||||||||
|
(Unaudited)
|
|
Three
Months Ended June 30
|
Six
Months Ended June 30
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
REVENUES
|
$ | 105,435,970 | $ | 38,363,484 | $ | 210,921,127 | 69,088,377 | |||||||||
|
COST
OF SALES
|
70,103,783 | 25,500,208 | 139,846,870 | 45,301,323 | ||||||||||||
|
GROSS
PROFIT
|
35,332,187 | 12,863,276 | 71,074,257 | 23,787,054 | ||||||||||||
|
RESEARCH
AND DEVELOPMENT EXPENSE
|
362,783 | 408,520 | 956,978 | 801,802 | ||||||||||||
|
SELLING,
GENERAL AND ADMINISTRATIVE EXPENSES
|
6,886,054 | 3,638,936 | 14,302,812 | 6,143,840 | ||||||||||||
|
INCOME
FROM OPERATIONS
|
28,083,350 | 8,815,820 | 55,814,467 | 16,841,412 | ||||||||||||
|
OTHER
EXPENSE (INCOME), NET
|
||||||||||||||||
|
Other
income, net
|
(1,326,675 | ) | (2,100,885 | ) | (2,445,961 | ) | (2,640,264 | ) | ||||||||
|
Interest
expense, net
|
977,858 | 842,528 | 2,624,781 | 2,283,912 | ||||||||||||
|
Loss
from disposal of subdivision
|
623,158 | - | 623,158 | - | ||||||||||||
|
Change
in fair value of warrants
|
(1,657,457 | ) | 14,014,790 | (1,423,379 | ) | 11,441,369 | ||||||||||
|
Total
other (income) expense, net
|
(1,383,116 | ) | 12,756,433 | (621,401 | ) | 11,085,017 | ||||||||||
|
INCOME
BEFORE PROVISION FOR INCOME TAXES
|
29,466,466 | (3,940,613 | ) | 56,435,868 | 5,756,395 | |||||||||||
|
PROVISION
FOR INCOME TAXES
|
3,790,892 | 1,478,751 | 7,854,253 | 2,521,425 | ||||||||||||
|
NET
INCOME BEFORE NONCONTROLLING INTEREST
|
25,675,574 | (5,419,364 | ) | 48,581,615 | 3,234,970 | |||||||||||
|
LESS:
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST
|
770 | - | 2,353,123 | - | ||||||||||||
|
NET
INCOME ATTRIBUTABLE TO CONTROLLING INTEREST
|
25,674,804 | (5,419,364 | ) | 46,228,492 | 3,234,970 | |||||||||||
|
OTHER
COMPREHENSIVE INCOME (LOSS)
|
||||||||||||||||
|
Foreign
currency translation adjustment
|
1,320,473 | (9,110 | ) | 1,412,069 | (294,478 | ) | ||||||||||
|
Foreign
currency translation adjustment attributable to noncontrolling
interest
|
611 | - | (191 | ) | - | |||||||||||
|
Change
in fair value of derivative instrument
|
- | (711,288 | ) | - | (3,240,364 | ) | ||||||||||
|
COMPREHENSIVE
INCOME
|
$ | 26,995,888 | $ | (6,139,762 | ) | $ | 47,640,370 | (299,872 | ) | |||||||
|
EARNINGS
PER SHARE
|
||||||||||||||||
|
Basic
|
||||||||||||||||
|
Weighted
average number of shares
|
31,067,471 | 22,140,568 | 31,067,471 | 22,121,746 | ||||||||||||
|
Earnings
per share before noncontrolling interest
|
$ | 0.83 | $ | (0.24 | ) | $ | 1.56 | $ | 0.15 | |||||||
|
Earnings
per share attributable to controlling interest
|
$ | 0.83 | $ | (0.24 | ) | $ | 1.49 | $ | 0.15 | |||||||
|
Earnings
per share attributable to noncontrolling interest
|
$ | - | $ | - | $ | (0.08 | ) | $ | - | |||||||
|
Diluted
|
||||||||||||||||
|
Weighted
average number of shares
|
31,343,306 | 22,140,568 | 31,348,563 | 22,350,126 | ||||||||||||
|
Earnings
per share before noncontrolling interest
|
$ | 0.82 | $ | (0.24 | ) | $ | 1.55 | $ | 0.14 | |||||||
|
Earnings
per share attributable to controlling interest
|
$ | 0.82 | $ | (0.24 | ) | $ | 1.47 | $ | 0.14 | |||||||
|
Earnings
per share attributable to noncontrolling interest
|
$ | - | $ | - | $ | (0.08 | ) | $ | - | |||||||
9