Wonder Auto Reports First Quarter 2009 Financial Performance
2009-05-05 Source：english.chinabuses.com
Summarize：Wonder Auto's sales revenue of the first quarter 2009 rose to a record high of $40.0 million, a 28.5% increase from $31.1 million in the first quarter of 2008. The increase was mainly attributable to ...
Wonder Auto's sales revenue of the first quarter 2009 rose to a record high of $40.0 million, a 28.5% increase from $31.1 million in the first quarter of 2008. The increase was mainly attributable to the acquisition of Jinan Worldwide, which contributed $7.3 million to our sales revenue in the first quarter 2009. Sales revenue from China increased $10.9 million, or 41.9%, to $37.0 million in the first quarter of 2009, compared with $26.1 million for the same period last year. The organic revenue increase from China was $4.0 million, or 15.4%, to $30.1 million for the first quarter of 2009, compared with $ 26.1 million for the same period last year.
In the first quarter of 2009, the company's gross profit increased 23.5% to a record of $10.1 million from $8.2 million in the first quarter of 2008. Our gross margin was 25.3% in the first quarter of 2009 compared with 26.3% for the first quarter of 2008. The decreased gross margin was due to the change of our product portfolio. In the first quarter of 2009, a large portion of our total sales revenue was generated from the sales of alternators and starters for mid- to small displacement engine vehicles. The company's alternators and starters for smaller displacement engine products usually have a lower gross margin than those for larger displacement engine vehicles.
Wonder Auto's operating expenses for the first quarter 2009 increased $1.6 million, or 64.4%, to $4.0 million from $2.4 million of the first quarter 2008. As a percentage of the sales revenue, the total expenses increased to 10.0% for the three months ended March 31, 2009 from 7.8% for the same period last year.
Wonder Auto's administrative expenses increased $977,619, or 73.0%, to $2.3 million for the first quarter 2009 from $1.3 million for the same quarter last year. The increase was primarily due to the consolidation of Jinan Worldwide and the related professional fees.
Wonder Auto's research and development expenses increased $78,675, or 20.8%, to $456,232 for the first quarter 2009 from $377,557 for the same quarter last year. As a percentage of the sales revenue, our research and development expenses decreased to 1.1% in the first quarter 2009 from 1.2% for the first quarter 2008. The company expects to maintain the percentage of research and development expenses to our total sales revenue at approximately 1.0%.
The selling expenses increased $504,802 to $1.2 million for the first quarter 2009 from $707,857 for the same quarter last year. As a percentage of the sales revenue, our selling expenses were 3.0% for the first quarter of 2009 compared with 2.3% for the first quarter of 2008. The increase of the selling expenses was mainly due to the consolidation of Yearcity.
Wonder Auto's net finance cost decreased $869,713, or 91.2% to $83,989 for the first quarter 2009 from $953,702 for the same quarter last year. The decrease of net finance cost was mainly attributable to the foreign exchange gain of $762,035 resulted in the 8.3 million Euro long-term bank loan.
Income taxes increased $489,188, or 113.5%, to $920,005 for the first quarter 2009 from $430,817 for the same quarter 2008. The company's effective income tax rate was approximately 14.6% for the first quarter 2009 as compared to 8.8% for the same quarter 2008.
Net income attributable to the Company increased $1.2 million, or 29.8%, to $5.2 million in the first quarter 2009 from $4.0 million of the same quarter last year.
EPS was $0.19, representing 26.7% increase compared with $0.15 in the first quarter of 2008.
As of March 31, 2009, Wonder Auto had $13.6 million in cash and cash equivalents, a current ratio of 1.2 to 1, working capital of $17.9 million. Shareholders' equity increased to $104.9 million.
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