Attached files
| file | filename |
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| 8-K - VISION HYDROGEN Corp | form8-k.htm |
Exhibit 99.01
H/Cell Energy Reports FY2017 Second Quarter Results
Flemington, NJ, August 15, 2017 (GLOBE NEWSWIRE) — H/Cell Energy Corporation (OTCQB-HCCC) (“HCCC”), a company that designs and implements clean energy solutions featuring hydrogen energy systems has announced financial results for its second fiscal quarter ended June 30, 2017.
For the three months ended June 30, 2017, HCCC generated revenue of $1,930,658 and net income of $207,482 or $0.03 earnings per share, fully diluted. For the six months ended June 30, 2017, HCCC generated revenue of $3,797,503 and net income of $151,358 or $0.02 earnings per shares, fully diluted.
Andrew Hidalgo, CEO of HCCC, commented, “We are pleased to announce a very successful quarter, which included record revenue and earnings. In addition, our balance sheet net tangible asset value increased 38% from $492,278 on December 31, 2016 to $681,509 on June 30, 2017. As of June 30, 2017, HCCC had a backlog of project work to be completed of approximately $827,000 and an active bid list of potential projects of approximately $5.2 million. As we build shareholder value, HCCC will continue to focus on organic growth as well as seeking strategic acquisition candidates that can expand our geographic scope, add technical resources and increase the size of our customer base.”
About H/Cell Energy Corporation:
H/Cell Energy Corporation is a systems integrator that focuses on the design and implementation of clean energy solutions including solar, battery technology and hydrogen energy systems. In addition, through its Pride Group subsidiary based in Australia, the company also provides security systems integration. The company serves the residential, commercial and government sectors. Please visit our website at www.hcellenergy.com for more information.
Forward Looking Statements:
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on current expectations and actual results could differ materially. H/Cell Energy Corporation does not undertake an obligation to update or revise any forward-looking statement. The information set forth herein speaks only as of the date hereof.
H/Cell Energy Corporation
Investor Relations
908-837-9097 x-2
H/CELL ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
| June 30, 2017 | December 31, 2016 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 293,769 | $ | 537,867 | ||||
| Accounts receivable (net retention) | 1,634,929 | 650,886 | ||||||
| Prepaid expenses | 7,043 | 14,168 | ||||||
| Costs and earnings in excess of billings | 27,166 | 91,904 | ||||||
| Total current assets | 1,962,907 | 1,294,825 | ||||||
| Property and equipment, net | 102,076 | 99,816 | ||||||
| Security deposits and other non-current assets | 8,599 | 8,497 | ||||||
| Total assets | $ | 2,073,582 | $ | 1,403,138 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued expenses | $ | 1,062,732 | $ | 661,237 | ||||
| Management fees payable – related party | 46,000 | 52,000 | ||||||
| Billings in excess of costs and earnings | 168,919 | 83,538 | ||||||
| Sales tax payable | 114,422 | 114,085 | ||||||
| Total current liabilities | 1,392,073 | 910,860 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity | ||||||||
| Common Stock - $0.0001 par value; 25,000,000 shares authorized; 7,041,579 and 3,131,579 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively | 704 | 313 | ||||||
| Preferred Stock - $0.0001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding | - | - | ||||||
| Additional paid-in capital | 1,302,487 | 1,283,422 | ||||||
| Accumulated deficit | (589,293 | ) | (740,651 | ) | ||||
| Accumulated other comprehensive loss | (32,389 | ) | (50,806 | ) | ||||
| Total stockholders’ equity | 681,509 | 492,278 | ||||||
| TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY | $ | 2,073,582 | $ | 1,403,138 | ||||
H/CELL ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS – OTHER COMPREHENSIVE INCOME
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||||
| Revenue | ||||||||||||||||
| Construction income | $ | 1,906,495 | $ | 1,531,479 | $ | 3,757,250 | $ | 2,747,483 | ||||||||
| Related party | 24,163 | 1,500 | 40,253 | 1,500 | ||||||||||||
| Total revenue | 1,930,658 | 1,532,979 | 3,797,503 | 2,748,983 | ||||||||||||
| Cost of goods sold | ||||||||||||||||
| Direct costs | 1,147,909 | 990,723 | 2,561,729 | 1,904,985 | ||||||||||||
| Direct costs – related party | 34,440 | 1,500 | 50,345 | 1,500 | ||||||||||||
| Total cost of goods sold | 1,182,349 | 992,223 | 2,612,074 | 1,906,485 | ||||||||||||
| Gross profit | 748,309 | 540,756 | 1,185,429 | 842,498 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Research and development | - | - | - | 2,000 | ||||||||||||
| General and administrative expenses | 498,124 | 527,778 | 945,369 | 1,442,177 | ||||||||||||
| Management fees – related party | 45,000 | 38,000 | 91,000 | 77,000 | ||||||||||||
| Total operating expenses | 543,124 | 565,778 | 1,036,369 | 1,521,177 | ||||||||||||
| Income (Loss) from operations | 205,185 | (25,022 | ) | 149,060 | 678,679 | |||||||||||
| Other income | 2,297 | 7,767 | 2,298 | 7,671 | ||||||||||||
| Net income (loss) | $ | 207,482 | $ | (17,255 | ) | $ | 151,358 | $ | (671,008 | ) | ||||||
| Other comprehensive income (loss), net | ||||||||||||||||
| Change in foreign currency translation adjustment | 7,048 | 43,108 | 18,417 | 54,376 | ||||||||||||
| Comprehensive income (loss) | $ | 214,530 | $ | 25,853 | $ | 169,775 | $ | (616,632 | ) | |||||||
| Earnings (Loss) per share | ||||||||||||||||
| Basic | $ | 0.03 | $ | (0.01 | ) | $ | 0.02 | $ | (0.26 | ) | ||||||
| Diluted | $ | 0.03 | $ | (0.01 | ) | $ | 0.02 | $ | (0.26 | ) | ||||||
| Weighted average common shares outstanding | ||||||||||||||||
| Basic | 7,039,357 | 2,709,357 | 6,355,468 | 2,571,387 | ||||||||||||
| Diluted | 7,948,091 | 2,709,357 | 7,259,155 | 2,571,387 | ||||||||||||