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Hollysys Automation Technologies Reports Unaudited Financial Results for Fiscal Year 2013 First Quarter Ended September 30,



   Hollysys Automation Technologies Reports Unaudited Financial Results for
           Fiscal Year 2013 First Quarter Ended September 30, 2012

PR Newswire

BEIJING, Nov. 14, 2012

BEIJING, Nov. 14, 2012 /PRNewswire-FirstCall/ -- 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 fiscal year 2013 first
quarter ended on September 30, 2012 (see attached tables).

Q1 Financial Highlights

  o Quarterly revenues of $88.1 million, representing an increase of 1.0%
    compared to $87.2 million  year-over-year, and an decrease of 0.1%
    compared to $88.1 million quarter-over-quarter.
  o Gross margin at 34.4%, as compared to 37.8% year-over-year, and 41.4%
    quarter-over-quarter.
  o Non-GAAP net income attributable to Hollysys of $15.8 million,
    representing an increase of 22.7% as compared to $12.8 million
    year-over-year, and an increase of 26.3% as compared to $12.5 million
    quarter-over-quarter.
  o Non-GAAP Diluted EPS at $0.28 reported for the quarter, as compared to
    $0.23 year-over-year, and $0.22 quarter-over-quarter.
  o Backlog of $368.7 million as of September 30, 2012, a 22.8% increase
    compared to $300.1 million year-over-year, and 5.4% decrease compared to
    $389.8 million quarter-over-quarter.
  o Quarterly DSO of 140 days, as compared to 138 days year-over-year, and 139
    days quarter-over-quarter.
  o Inventory turn-over days of 43 days for this quarter compared to 51 days
    year-over-year, and 53 days quarter-over-quarter.
  o Generate net cash provided by operating activities of $29.1 million for
    this quarter.

Dr. Changli Wang, Chairman and CEO of Hollysys, stated: "We are pleased to
report solid financial and operational performance for the first quarter of
this fiscal year, here I would like to discuss some key events during this
quarter:

Industrial automation continued its growth momentum in both revenue and
backlog compared to the same period of last fiscal year, besides our
strengthened efforts and enhanced core capabilities, the growth is mainly
driven by several factors amid the challenging external environment: Firstly,
we continued to take market share in industrial automation by our better value
proposition and unparallel advantages of industry leading proprietary
technology, more extensive service network, flexible customization, industry
expertise and total solution capabilities; Secondly, we further segmented
industrial automation market into detailed niche sectors and found a lot of
opportunities and designed customized systems to satisfy clients' specific
requirements; Thirdly, we are providing more total solution for the whole
plant's automation and control to address customers' buying behavior change
and enlarge our business scope; Lastly, we changed our marketing strategy from
hunting for projects to cultivating client base to establish long term close
working relationship with customers. All in all, with our brand name
recognition, industry leading technology, better customization and service
capabilities and better value for money proposition, as well as the vast
business opportunities we have envisioned so far, we will continue to maintain
the stable and sustainable growth and development of this business sector.

In rail sector, we are glad to see that the expedited high-speed construction
will continue to bring more opportunities to Hollysys as one of the two major
high-speed rail signaling system providers in China. In October, we signed a
contract to provide the Line-side Electronic Unit (LEU) and Balise to
Chongqing-Lichuan high-speed rail line, which was another major contract we
signed in the past few months. Going into the future, we will take on the ride
of another round of China's accelerated high-speed construction and take our
fair market share.  In the subway sector, we are well on track of the subway
signaling system development and certification according to the international
standards, which will be finished by the end of this calendar year.

Overseas market will be another exciting growth driver for Hollysys stepping
towards internationalization, we believe that with our world class technology
and experienced international team, we will make more exciting achievements in
the international market in the future.

The First Quarter Ended September 2012 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 share
numbers and EPS
                                        Three months ended
                                        September 30, September 30, %
                                        2012          2011          Change
Revenues                              $ 88,067        87,164        1.0%
    Integrated Contract Revenue       $ 82,852        83,482        (0.8)%
    Products Sales                    $ 5,215         3,682         41.6%
Cost of Revenues                      $ 57,800        54,217        6.6%
Gross Profit                          $ 30,267        32,947        (8.1)%
Total Operating Expenses              $ 15,517        17,515        (11.4)%
    Selling                           $ 6,593         6,982         (5.6)%
    General and Administrative        $ 5,832         4,858         20.0%
    Research and Development          $ 7,675         6,069         26.4%
    VAT refunds and government        $ (4,583)       (394)         1061.6%
subsidies
Income from operations                $ 14,750        15,432        (4.4)%
Other income, net                     $ 2,037         188           983.8%
Share of net income (loss) of equity  $ 739           (55)          (1,439.4)%
investees
Interest income                       $ 982           205           378.9%
Interest expenses                     $ (716)         (926)         (22.7)%
Income tax expenses                   $ 1,966         1,866         5.4%
Non-GAAP net income attributable to   $ 75            141           (46.9)%
non-controlling interests
Non-GAAP net income attributable to   $ 15,750        12,837        22.7%
Hollysys Automation Technologies Ltd.
Basic Non-GAAP EPS                    $ 0.28          0.23          21.7%
Diluted  Non-GAAP EPS                 $ 0.28          0.23          21.7%
Stock-based Compensation Cost         $ 527           157           234.8%
Net income attributable to Hollysys   $ 15,223        12,679        20.1%
Automation Technologies Ltd.(GAAP)
Basic GAAP EPS                        $ 0.27          0.23          17.4%
Diluted GAAP EPS                      $ 0.27          0.23          17.4%
Basic Weighted Average Common Shares    55,998,917    55,009,486    1.8%
Outstanding
Diluted Weighted Average Common         56,062,950    55,238,035    1.5%
Shares Outstanding

Operational Results Analysis for the First quarter ended September 30, 2012

For the three months ended September 30, 2012, total revenues increased by
1.0% to $88.1 million, from $87.2 million in the prior fiscal year period.  Of
the total revenues, revenue from integrated contracts decreased by 0.8% to
$82.9 million, as compared to $83.5 million for the same period of the prior
year; revenue from products sales increased by 41.6% to $5.2 million, as
compared to $3.7 million for the same period of the prior year. The Company's
total revenue by segment was as followings:

                       Three months ended Sep 30,
                       2012             2011
                       $    % to Total  $    % to Total
                            Revenue          Revenue
Industrial Automation  60.1 68.3%       54.8 62.9%
Rail Transportation    14.9 16.9%       25.6 29.4%
Miscellaneous          13.0 14.8%       6.7  7.7%
Total                  88.1 100.0%      87.2 100.0%

As a percentage of total revenues, overall gross margin was 34.4% for the
three months ended September 30, 2012, as compared to 37.8% for the same
period of last year. The gross margin for integrated contracts and product
sales were 32.4% and 66.0% for the three months ended September 30, 2012, as
compared to 36.6% and 64.4% for the same period of last year respectively. The
gross margin fluctuation was mainly due to the different revenue mix with
different margin.

For the three months ended September 30, 2012, selling expenses were $6.6
million, compared to $7.0 million year over year, representing a decrease of
$0.4 million, or 5.6%. As a percentage of total revenues, selling expenses
were 7.5% and 8.0% for the three months ended September 30, 2012, and 2011,
respectively.

General and administrative expenses, excluding non-cash stock-based
compensation expense, were $5.8 million for the quarter ended September 30,
2012, representing an increase of $0.9 million, or 20.0%, as compared to $4.9
million for the same period of prior year, mainly due to an increase of 0.6
million of bad debt allowance. As a percentage of total revenues, G&A expenses
were 6.6% and 5.6% for the three months ended September 30, 2012 and 2011,
respectively. Including the non-cash stock-based compensation cost recorded on
a GAAP basis, G&A expenses were $6.4 million and $5.0 million for three months
ended September 30, 2012 and 2011, respectively.

Research and development expenses were $7.7 million for the three months ended
September 30, 2012, compared to $6.1 million year over year, representing an
increase of $1.6 million, or 26.4%. Compared to the same period of prior year,
the increase was mainly due to the Company's increased R&D activities. As a
percentage of total revenues, R&D expenses were 8.7% and 7.0% for the quarter
ended September 30, 2012 and 2011, respectively.

The VAT refunds and government subsidies amounted to $4.6 million for three
months ended September 30, 2012, as compared to $0.4 million for the
comparative prior year period, representing an increase of $4.2 million. No
VAT refunds were recognized during the quarter ended September 30, 2011,as the
VAT refunds policy was undetermined by then, and all the VAT refunds for the
whole calendar year 2011 was recognized during the December quarter of fiscal
year 2012.

The income tax expenses and the effective tax rate were $2.0 million and 11.4%
for the three months ended September 30, 2012, as compared to $1.9 million and
12.7% for the same prior year period. 

For the three months ended September 30, 2012, the non-GAAP net income
attributable to Hollysys excluding non-cash stock compensation cost was $15.8
million or $0.28 per diluted share based on 56 million shares outstanding.
This represents an increase of $2.9 million, or 22.7%, over the $12.9 million,
or $0.23 per share based on 55 million shares outstanding, reported in the
prior year period. On a GAAP basis, net income attributable to Hollysys was
$15.2 million, or $0.27 per diluted share representing an increase of $2.5
million or 20.1%, over the $12.7 million, or $0.23 per diluted share reported
in the prior year period.

Backlog Highlights

Hollysys' backlog as of September 30, 2012 was $368.7 million, compared to
$389.8 million on June 30, 2012, and $300.1 million on September 30, 2011.
There is slight decrease compared with last quarter. The large increase
compared with prior year was mainly contributed by contracts with Hong Kong
MTR Corporation to provide High-Speed Rail Signaling Systems. The detailed
breakdown of the backlog by segment is as followings:

                                  Quarter-over-Quarter   Year-over-Year
                                  Analysis               Analysis
                   2012-9-30      2012-6-30              2011-9-30
                         % to           % to     %             % to     %
                   $     Total    $     Total    Change  $     Total    Change
                         Backlog        Backlog                Backlog
Industrial         145.2 39.4%    150.9 38.7%    (3.8%)  128.7 42.9%    12.8%
Automation
Rail               185.3 50.2%    196.9 50.5%    (5.9%)  157.2 52.4%    17.9%
Transportation
Miscellaneous      38.2  10.4%    42.0  10.8%    (9.0%)  14.2  4.7%     168.7%
Total              368.7 100.0%   389.8 100.0%   (5.4%)  300.1 100.0%   22.8%

Cash Flow Highlights

The net cash provided by operating activities was $29.1 million for the three
months ended September 30, 2012; including investing and financing activities,
the total net cash inflow for this quarter was $24.8 million.

Balance Sheet Highlights

The total amount of cash and cash equivalents and time deposits with original
maturities over three months were $139.2 million, $117.9 million, and $75.5
million as of September 30, 2012, June 30, 2012, and September 30, 2011,
respectively. Of the total $139.2 million as of September 30, 2012, cash and
cash equivalents were $121.2 million, and time deposits with original
maturities over three months were $18.0 million.

For the three months ended September 30, 2012, Days Sales Outstanding ("DSO")
is 140 days, as compared to 138 days year over year and 139 days quarter over
quarter; and inventory turnover is 43 days, as compared to 51 days year over
year and 53 days quarter over quarter.

Outlook for FY 2013

Dr. Wang concluded, "Given our strong backlog currently on-hand and sales
pipeline envisioned so far, we reiterate our guidance of fiscal year 2013 with
revenue in the range of $385 million to $410 million and non-GAAP net income
in the range of $63 million to $67 million unchanged."

Conference Call

Management will discuss the current status of the Company's operations during
a conference call at 8:30 AM ET/9:30 PM Beijing time on Wednesday, November
14, 2012. Interested parties may participate in the call by dialing the
following numbers approximately 10 minutes before the call is scheduled to
begin and ask to be connected to the Hollysys Automation Technologies
conference call.  The conference call identification number is 57520064.

1-866-519-4004 (USA)
800-930-346 (HK)
+852-24750994  (HK)
800-819-0121 (China Landline)
400-620-8038 (China Mobile)
+65-67239381 (International)

In addition, a recorded replay of the conference call will be accessible
within 24 hours via Hollysys' website at:
http://www.hollysys.com.sg/home/index.php/investor-relations/events-a-webcast

About Hollysys Automation Technologies, Ltd.

Hollysys Automation Technologies is a leading provider of automation and
control technologies and applications in China that enables its diversified
industry and utility customers to improve operating safety, reliability, and
efficiency. Founded in 1993, Hollysys has approximately 3,500 employees with
nationwide presence in over 60 cities in China, with subsidiaries and offices
in Singapore, Malaysia, Dubai, India, and serves over 4,000 customers more
than 15,000 projects in the industrial, railway, subway & nuclear industries
in China, South-East Asia, and the Middle East. Its proprietary technologies
are applied in its industrial automation solution suite including DCS
(Distributed Control System), PLC (Programmable Logic Controller), RMIS
(Real-time Management Information System), HAMS (HolliAS Asset Management
System), OTS (Operator Training System), HolliAS BATCH (Batch Application
Package), HolliAS APC Suite (Advanced Process Control Package), SIS (Safety
Instrumentation System), high-speed railway signaling system of TCC (Train
Control Center), ATP (Automatic Train Protection), Subway Supervisory and
Control platform, SCADA (Surveillance Control and Data Acquisition), nuclear
conventional island automation and control system and other products.

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.

Contact Information:

Hollysys Automation Technologies, Ltd.
www.hollysys.com
Investor Relations
+86-10-5898-1386
investors@hollysys.com

 

HOLLYSYS AUTOMATION TECHNOLOGIES LTD.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(In US Dollars)
                                                     Three months ended
                                                     September 30,
                                                     2012          2011
                                                     (Unaudited)   (Unaudited)
Net revenues
Integrated contract revenue                        $ 82,852,035  $ 83,481,883
Products sales                                       5,214,583     3,682,190
Total net revenues                                   88,066,618    87,164,073
Cost of integrated contracts                         56,027,759    52,905,654
Cost of products sold                                1,772,187     1,311,271
Gross profit                                         30,266,672    32,947,148
Operating expenses
Selling                                              6,592,885     6,981,831
General and administrative                           6,358,859     5,015,483
Research and development                             7,674,707     6,069,469
VAT refunds and government subsidies                 (4,582,586)   (394,491)
Total operating expenses                             16,043,865    17,672,292
Income from operations                               14,222,807    15,274,856
Other income, net                                    2,036,663     187,926
Share of net income (loss) of equity investees       739,018       (55,175)
Interest income                                      981,711       204,978
Interest expenses                                    (715,831)     (926,117)
Income before income taxes                           17,264,368    14,686,468
Income taxes expenses                                1,966,056     1,866,180
Net income                                           15,298,312    12,820,288
Less: Net income attributable to non-controlling     74,824        140,930
interests
Net income attributable to Hollysys Automation     $ 15,223,488  $ 12,679,358
Technologies Ltd.
Other comprehensive income, net of tax
Foreign currency translation adjustments, net of     (1,917,454)   3,939,572
nil tax
Comprehensive income                                 13,380,858    16,759,860
Less: Comprehensive income attributable to           67,961        158,051
non-controlling interests
Comprehensive income attributable to Hollysys      $ 13,312,897  $ 16,601,809
Automation Technologies Ltd.
Net income per ordinary share:
Basic                                                0.27          0.23
Diluted                                              0.27          0.23
Weighted average ordinary shares used in income
per share computation:
Basic                                                55,998,917    55,009,486
Diluted                                              56,062,950    55,238,035

 

 

 

HOLLYSYS AUTOMATION TECHNOLOGIES LTD.
CONSOLIDATED BALANCE SHEETS
(In US Dollars)
                                                   September 30,   June 30,
                                                   2012            2012
                                                   (Unaudited)     (Unaudited)
ASSETS
 Current assets:
  Cash and cash equivalents                      $ 121,157,212   $ 96,332,962
  Time deposits with original maturities over      18,015,398      21,586,896
  three months
  Restricted cash                                  3,829,739       5,544,273
  Accounts receivable, net of allowance for
  doubtful accounts of
    $15,777,271 and $14,287,361 as of September    136,752,983     136,589,994
  30, 2012 and June 
    30, 2012, respectively
  Cost and estimated earnings in excess of
  billings, net of allowance
    for doubtful accounts of $1,768,528 and        126,344,148     115,161,236
  $1,890,108 as of
    September 30, 2012 and June 30, 2012,
  respectively
  Other receivables, net of allowance for
  doubtful accounts of
    $354,214 and $344,978 as of September 30,      5,948,416       7,287,214
  2012 and June 30,
    2012, respectively
  Advances to suppliers                            8,542,288       10,300,182
  Amount due from related parties                  14,750,841      16,336,558
  Inventories, net                                 28,553,597      26,745,225
  Prepaid expenses                                 288,241         876,363
  Income tax recoverable                           319,298         139,469
  Deferred tax assets                              652,979         772,061
 Total current assets                              465,155,140     437,672,433
  Restricted cash                                  675,651         -
  Property, plant and equipment, net               69,137,613      63,536,646
  Prepaid land leases                              6,813,632       6,870,076
  Acquired intangible assets, net                  503,328         594,971
  Investments in equity investees                  14,256,245      13,080,929
  Investments in cost investees                    2,989,025       2,996,638
  Goodwill                                         27,643,846      27,588,883
  Deferred tax assets                              1,376,462       414,399
 Total assets                                      588,550,942     552,754,975
LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
  Current portion of long-term loans               7,895,145       7,914,668
  Accounts payable                                 83,314,254      78,761,476
  Construction cost payable                        3,309,360       923,205
  Deferred revenue                                 70,235,032      59,293,745
  Accrued payroll and related expense              7,239,996       6,448,623
  Income tax payable                               3,148,875       3,605,030
  Warranty liabilities                             1,602,545       3,575,920
  Other tax payables                               18,504,017      18,225,344
  Accrued liabilities                              14,077,091      7,746,036
  Amounts due to related parties                   1,835,253       1,964,275
  Deferred tax liabilities                         1,351,906       370,300
 Total current liabilities                         212,513,474     188,828,622
  Long-term bank loans                             22,610,747      24,641,374
  Deferred tax liabilities                         234,111         -
 Total liabilities                                 235,358,332     213,469,996
 Commitments and contingencies                     -               -
 Equity:
  Ordinary shares                                  55,999          55,999
  Additional paid-in capital                       151,831,919     151,305,146
  Statutory reserves                               23,091,072      23,091,072
  Retained earnings                                146,157,830     130,934,342
  Accumulated other comprehensive income           30,803,965      32,714,556
 Total Hollysys Automation Technologies Ltd.
 stockholder's                                     351,940,785     338,101,115
   equity
  Non-controlling interests                        1,251,825       1,183,864
 Total equity                                      353,192,610     339,284,979
 Total liabilities and stockholders' equity      $ 588,550,942   $ 552,754,975

 

 

HOLLYSYS AUTOMATION TECHNOLOGIES LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In US Dollars)
                                                                 Three months
                                                                 ended
                                                                 September 30,
                                                                 2012
                                                                 (Unaudited)
Cash flows from operating
activities:                                          
    Net income                                                 $ 15,298,312
Adjustments to reconcile net income to net cash provided by
   (used in) operating activities:
    Depreciation of property, plant and equipment                1,467,299
    Amortization of prepaid land leases                          39,050
    Amortization of intangible assets                            43,311
    Allowance for doubtful accounts                              1,565,846
    Loss on disposal of property, plant and equipment            24,115
    Share of net income from equity investees                    (739,018)
    Share based compensation expenses                            526,773
    Deferred income tax expenses                                 362,962
Changes in operating assets and liabilities:
    Accounts receivable                                          (1,495,557)
    Costs and estimated earnings in excess of billings           (11,358,382)
    Inventories                                                  (1,849,936)
    Advances to suppliers                                        1,734,237
    Other receivables                                            1,361,238
    Deposits and other assets                                    1,753,793
    Due from related parties                                     1,073,204
    Accounts payable                                             4,558,155
    Deferred revenue                                             10,889,531
    Accruals and other payable                                   4,300,639
    Due to related parties                                       (124,035)
    Income tax payable                                           (629,264)
    Other tax payables                                           325,601
    Net cash provided by operating activities                    29,127,874
Cash flows from investing activities:
    Time deposits placed with banks                              (5,217,245)
    Purchases of property, plant and equipment                   (4,033,240)
    Maturity of time deposits                                    8,766,465
    Net cash used in investing activities                        (484,020)
Cash flows from financing activities:
    Repayments of long-term bank loans                           (1,975,998)
    Net cash used in financing activities                        (1,975,998)
    Effect of foreign exchange rate changes                      (1,843,606)
    Net increase in cash and cash equivalents                  $ 24,824,250
    Cash and cash equivalents, beginning of period             $ 96,332,962
    Cash and cash equivalents, end of period                     121,157,212

Non-GAAP Measures

In evaluating our results, the non-GAAP measures of "Non-GAAP general and
administrative expenses", "Non-GAAP net income attributable to Hollysys
Automation Technologies Ltd.", "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 stock-based compensation cost, which is
calculated based on the number of shares or options granted and the fair value
as of the grant date. It 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 Hollysys, it has been a common practice for
investors and analysts to use such non-GAAP measures to evaluate the Company.

The following table provides a reconciliation of U.S. GAAP measures to the
non-GAAP measures for the periods indicated:

                                                     Three months ended
                                                     September 30,
                                                     2012          2011
                                                     (Unaudited)   (Unaudited)
General and administrative expenses                $ 6,358,859   $ 5,015,483
Minus:
      Stock-based compensation cost                  526,773       157,356
Non-GAAP general and administrative expenses       $ 5,832,086   $ 4,858,127
Net income attributable to Hollysys Automation     $ 15,223,488  $ 12,679,358
Technologies Ltd.
Add:
      Stock-based compensation cost                  526,773       157,356
Non-GAAP net income attributable to Hollysys       $ 15,750,261  $ 12,836,714
Automation Technologies Ltd.
      Weighted average number of ordinary shares     55,998,917    55,009,486
      Weighted average number of diluted ordinary    56,062,950    55,238,035
      shares
Non-GAAP basic earnings per share                  $ 0.28        $ 0.23
Non-GAAP diluted earnings per share                $ 0.28        $ 0.23

SOURCE Hollysys Automation Technologies, Ltd.

Website: http://www.hollysys.com
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