2016 Q1 Form 10-Q Financial Statement

#000114420416101003 Filed on May 12, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q4 2015 Q1
Revenue $116.9M $120.1M $123.4M
YoY Change -5.34% -11.23% 7.99%
Cost Of Revenue $95.84M $99.90M $101.8M
YoY Change -5.83% -10.24% 9.47%
Gross Profit $21.01M $20.20M $21.67M
YoY Change -3.04% -15.83% 1.57%
Gross Profit Margin 17.98% 16.82% 17.56%
Selling, General & Admin $4.315M $9.700M $4.448M
YoY Change -2.99% 0.0% 25.47%
% of Gross Profit 20.54% 48.02% 20.53%
Research & Development $6.139M $4.600M $5.893M
YoY Change 4.17% -29.23% 0.08%
% of Gross Profit 29.22% 22.77% 27.19%
Depreciation & Amortization $3.600M $3.760M $3.965M
YoY Change -9.21% -4.33% 6.79%
% of Gross Profit 17.13% 18.61% 18.3%
Operating Expenses $14.76M $14.30M $13.97M
YoY Change 5.69% -11.73% 11.94%
Operating Profit $6.253M $5.900M $9.363M
YoY Change -33.22% -24.36% -4.18%
Interest Expense $196.0K $600.0K $474.0K
YoY Change -58.65% 70.5%
% of Operating Profit 3.13% 10.17% 5.06%
Other Income/Expense, Net -$644.0K $200.0K $94.00K
YoY Change -785.11% -60.0% -53.0%
Pretax Income $6.536M $7.900M $9.736M
YoY Change -32.87% -20.2% -4.76%
Income Tax $1.053M $500.0K $1.410M
% Of Pretax Income 16.11% 6.33% 14.48%
Net Earnings $5.709M $6.900M $8.510M
YoY Change -32.91% -23.33% 25.63%
Net Earnings / Revenue 4.89% 5.75% 6.89%
Basic Earnings Per Share $0.18 $0.26
Diluted Earnings Per Share $0.18 $215.0K $0.26
COMMON SHARES
Basic Shares Outstanding 32.12M shares 32.12M shares 32.12M shares
Diluted Shares Outstanding 32.12M shares 32.13M shares

Balance Sheet

Concept 2016 Q1 2015 Q4 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $84.00M $90.90M $105.0M
YoY Change -20.0% -16.99% 33.08%
Cash & Equivalents $55.40M $69.68M $65.91M
Short-Term Investments $28.60M $21.20M $39.10M
Other Short-Term Assets $38.30M $43.30M $41.60M
YoY Change -7.93% -0.69% -4.59%
Inventory $70.73M $65.57M $68.75M
Prepaid Expenses
Receivables $276.3M $254.4M $295.2M
Other Receivables $24.80M $21.90M $25.70M
Total Short-Term Assets $494.1M $476.1M $536.2M
YoY Change -7.86% -8.91% 11.02%
LONG-TERM ASSETS
Property, Plant & Equipment $91.83M $84.15M $84.10M
YoY Change 9.19% 2.04% 6.15%
Goodwill $611.0K $608.0K $643.0K
YoY Change -4.98% -5.74%
Intangibles $2.664M $2.793M $3.262M
YoY Change -18.33% -18.31% 413.7%
Long-Term Investments $6.200M $6.200M $4.600M
YoY Change 34.78% 34.78% 15.0%
Other Assets $31.20M $34.00M $11.10M
YoY Change 181.08% 148.18% 12.12%
Total Long-Term Assets $136.3M $131.6M $105.6M
YoY Change 29.14% 23.56% 12.1%
TOTAL ASSETS
Total Short-Term Assets $494.1M $476.1M $536.2M
Total Long-Term Assets $136.3M $131.6M $105.6M
Total Assets $630.4M $607.7M $641.8M
YoY Change -1.77% -3.41% 11.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $141.6M $133.1M $155.3M
YoY Change -8.82% -2.99% 17.47%
Accrued Expenses $31.50M $31.38M $34.47M
YoY Change -8.62% -11.42% 20.0%
Deferred Revenue
YoY Change
Short-Term Debt $120.5M $111.3M $116.9M
YoY Change 3.08% -10.75% 2285.71%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $314.9M $298.2M $332.8M
YoY Change -5.39% -8.11% 12.15%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $800.0K $1.900M $3.700M
YoY Change -78.38% -69.35% 37.04%
Total Long-Term Liabilities $800.0K $1.900M $3.700M
YoY Change -78.38% -69.35% 37.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $314.9M $298.2M $332.8M
Total Long-Term Liabilities $800.0K $1.900M $3.700M
Total Liabilities $315.9M $300.4M $336.8M
YoY Change -6.2% -9.24% 12.46%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $64.63M $64.63M $64.53M
YoY Change 0.16% 0.16% 63.07%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.000M $1.000M $1.000M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares 217.3K shares
Shareholders Equity $306.3M $299.0M $296.6M
YoY Change
Total Liabilities & Shareholders Equity $630.4M $607.7M $641.8M
YoY Change -1.77% -3.41% 11.19%

Cashflow Statement

Concept 2016 Q1 2015 Q4 2015 Q1
OPERATING ACTIVITIES
Net Income $5.709M $6.900M $8.510M
YoY Change -32.91% -23.33% 25.63%
Depreciation, Depletion And Amortization $3.600M $3.760M $3.965M
YoY Change -9.21% -4.33% 6.79%
Cash From Operating Activities -$2.360M $15.22M $4.930M
YoY Change -147.87% -59.56% -158.9%
INVESTING ACTIVITIES
Capital Expenditures $9.825M -$17.66M $5.723M
YoY Change 71.68% 125.26% 63.47%
Acquisitions
YoY Change
Other Investing Activities -$6.650M $660.0K $2.150M
YoY Change -409.3% -67.49% -441.27%
Cash From Investing Activities -$16.48M -$16.99M -$3.580M
YoY Change 360.34% 192.43% -13.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.240M -3.140M -3.700M
YoY Change -214.59% -38.43% -289.74%
NET CHANGE
Cash From Operating Activities -2.360M 15.22M 4.930M
Cash From Investing Activities -16.48M -16.99M -3.580M
Cash From Financing Activities 4.240M -3.140M -3.700M
Net Change In Cash -14.60M -4.910M -2.350M
YoY Change 521.28% -118.37% -77.73%
FREE CASH FLOW
Cash From Operating Activities -$2.360M $15.22M $4.930M
Capital Expenditures $9.825M -$17.66M $5.723M
Free Cash Flow -$12.19M $32.88M -$793.0K
YoY Change 1436.57% -27.7% -93.32%

Facts In Submission

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559000 USD
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2015Q1 us-gaap Payments To Acquire Intangible Assets
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CY2015Q1 us-gaap Proceeds From Repayments Of Debt
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CY2015Q1 us-gaap Repayments Of Bank Debt
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4884000 USD
CY2016Q1 us-gaap Payments Of Dividends Minority Interest
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CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2014Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2016Q1 caas Increase Decrease In Allowance For Doubtful Accounts
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CY2015Q1 us-gaap Payments Of Dividends Minority Interest
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CY2015Q1 us-gaap Payments Of Dividends Common Stock
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CY2016Q1 us-gaap Contractual Obligation Due In Second Year
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CY2016Q1 us-gaap Contractual Obligation Due In Third Year
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CY2016Q1 caas Minimum Percentage Of Profit Allocated To Foreign Investment
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0.1 pure
CY2016Q1 caas Registered Capital Percentage
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CY2016Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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2569 shares
CY2016Q1 caas Percentage Owned In Holding Company To Avail Withholding Tax Of Five Percent
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0.25 pure
CY2008Q1 caas Withholding Tax Percentage Applicable To Foreign Investors As Non Resident Enterprises
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CY2015 caas Tax Provision On Retained Earning Not Reinvested
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CY2016Q1 caas Withholding Tax Percentage Applicable To Foreign Investors To Direct Holding Company
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0.05 pure
CY2015Q1 us-gaap Investment Income Interest
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CY2016Q1 us-gaap Investment Income Interest
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CY2015Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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165000 USD
CY2016Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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14000 USD
CY2015Q1 caas Handling Charge
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CY2016Q1 caas Handling Charge
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119000 USD
CY2015Q1 caas Increase Decrease In Allowance For Doubtful Accounts
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CY2016Q1 caas Gain Loss Of Note Discount Net
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3000 USD
CY2015Q1 caas Gain Loss Of Note Discount Net
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CY2014Q4 us-gaap Minority Interest
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CY2015Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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318000 USD
CY2016Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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0 USD
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79000 USD
CY2015Q1 us-gaap Minority Interest
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CY2016Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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0 USD
CY2016Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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0 USD
CY2015Q1 us-gaap Additional Paid In Capital Common Stock
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CY2015 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2016Q1 caas Advances Payable
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5830000 USD
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1744000 USD
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549000 USD
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CY2016Q1 caas Accounts Payable Unrelated Parties
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CY2016Q1 us-gaap Accounts Payable Related Parties Current And Noncurrent
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CY2016Q1 us-gaap Deferred Tax Assets Gross
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CY2016Q1 caas Deferred Tax Assets Tax Revenue Recognition
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CY2016Q1 caas Deferred Tax Assets Net Of Revenue Recognition
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CY2016Q1 us-gaap Deferred Tax Assets Valuation Allowance
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11861000 USD
CY2016Q1 us-gaap Finite Lived Patents Gross
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CY2016Q1 us-gaap Capitalized Computer Software Gross
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CY2016Q1 us-gaap Finite Lived Intangible Assets Gross
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FiniteLivedIntangibleAssetsGross
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CY2016Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
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CY2016Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2016Q1 us-gaap Inventory Raw Materials
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CY2016Q1 us-gaap Inventory Work In Process
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CY2016Q1 us-gaap Inventory Finished Goods
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CY2015Q1 us-gaap Valuation Allowances And Reserves Adjustments
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CY2016Q1 us-gaap Accounts Receivable Gross
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CY2015Q4 us-gaap Accounts Receivable Gross
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CY2016Q1 us-gaap Notes Receivable Gross
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CY2016Q1 caas Accounts And Notes Receivable Gross
AccountsAndNotesReceivableGross
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CY2015Q4 caas Accounts And Notes Receivable Gross
AccountsAndNotesReceivableGross
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CY2016Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2015Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2016Q1 us-gaap Accounts And Notes Receivable Net
AccountsAndNotesReceivableNet
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CY2016Q1 dei Document Type
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CY2016Q1 dei Amendment Flag
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false
CY2016Q1 dei Document Period End Date
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CY2016Q1 dei Document Fiscal Year Focus
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CY2016Q1 dei Document Fiscal Period Focus
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CY2016Q1 dei Entity Registrant Name
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CHINA AUTOMOTIVE SYSTEMS INC
CY2016Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001157762
CY2016Q1 dei Current Fiscal Year End Date
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CY2016Q1 dei Entity Filer Category
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Smaller Reporting Company
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CAAS
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CY2016Q1 us-gaap Revenue From Related Parties
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CY2016Q1 us-gaap Related Party Costs
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CY2016Q1 us-gaap Common Stock Par Or Stated Value Per Share
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CY2016Q1 us-gaap Common Stock Shares Authorized
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CY2015Q4 us-gaap Treasury Stock Number Of Shares Held
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CY2016Q1 us-gaap Treasury Stock Number Of Shares Held
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CY2016Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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CY2015Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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CY2015Q4 caas Accounts Receivable Pledged As Security Value
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CY2016Q1 caas Non Revolving Credit Facility
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CY2016Q1 caas Accounts Receivable Pledged As Security Value
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CY2016Q1 us-gaap Pledged Assets Separately Reported Loans Pledged For Other Debt Obligations At Fair Value
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CY2016Q1 caas Subsidy On Property Plant And Equipment Cost
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CY2015Q1 us-gaap Amortization Of Intangible Assets
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CY2016Q1 us-gaap Short Term Debt Weighted Average Interest Rate
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CY2012Q2 caas Non Revolving Credit Facility
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CY2016Q1 us-gaap Line Of Credit Facility Interest Rate At Period End
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CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
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CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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P5Y
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2016Q1 caas Stock Option Issuance Date
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CY2015Q1 us-gaap Cumulative Effect On Retained Earnings Net Of Tax1
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CY2015 us-gaap Cumulative Effect On Retained Earnings Net Of Tax1
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CY2016Q1 caas Contractual Obligation Due After Fourth Year
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CY2016Q1 us-gaap Commitments And Contingencies
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CY2016Q1 caas Account Payable For Acquiring Property Plant And Equipment
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CY2016Q1 caas Dividend Payable To Noncontrolling Interest Shareholders Of Joint Ventures
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CY2016Q1 caas Increase In Income Tax Expense Benefit Percentage
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CY2016Q1 caas Dividends Payable To Common Shareholders
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CY2015Q4 caas Dividends Payable To Common Shareholders
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CY2016Q1 us-gaap Product Warranty Accrual Classified Current
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CY2015Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
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CY2015Q4 us-gaap Standard Product Warranty Accrual
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CY2016Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
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CY2015Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
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CY2015 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
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CY2016Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
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CY2015Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
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CY2015Q1 us-gaap Standard Product Warranty Accrual Currency Translation Increase Decrease
StandardProductWarrantyAccrualCurrencyTranslationIncreaseDecrease
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CY2015 us-gaap Standard Product Warranty Accrual Currency Translation Increase Decrease
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CY2016Q1 us-gaap Standard Product Warranty Accrual
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CY2015Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
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CY2014Q2 us-gaap Common Stock Dividends Per Share Declared
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0 USD
CY2016Q1 caas Property Plant Equipment Value Recorded For Which Advance Paid
PropertyPlantEquipmentValueRecordedForWhichAdvancePaid
4736000 USD
CY2015Q1 caas Property Plant Equipment Value Recorded For Which Advance Paid
PropertyPlantEquipmentValueRecordedForWhichAdvancePaid
2203000 USD
CY2015Q4 caas Non Revolving Credit Facility
NonRevolvingCreditFacility
30000000 USD
CY2016Q1 caas Income From Investment Of Affiliates
IncomeFromInvestmentOfAffiliates
100000 USD
CY2015Q1 caas Income From Investment Of Affiliates
IncomeFromInvestmentOfAffiliates
100000 USD
CY2016Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
100000 USD
CY2015Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
0 USD

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