Kandi Technologies (KNDI) Posts Q1 GAAP Loss of 36c/Share; Adj.-Net Income Rose 30.4%

Kandi Technologies (NASDAQ: KNDI) reported Q1 EPS of ($0.36), versus $0.07 reported last year. Revenue for the quarter came in at $40.2 million, versus $14.7 million reported last year.

Non-GAAP net income*, excluding the effects of the stock award expense and the change of the fair value of financial derivatives, was $1.6 million, an increase of 30.4% compared with $1.3 million in the first quarter of 2013.

Mr. Xiaoming Hu, Chairman and CEO of the Company commented, "During the first quarter, Kandi has once again experienced the significant growth in EV related business sales. We are satisfied with the financial results we have achieved in the slowest quarter of the year. The Public EV Sharing Project in Hangzhou is making modest progress and several other cities have approached us to discuss implementation of the project in their cities. We are very confident about the continuous high growth of our EV business. Through our partnership with Geely and our advanced production capabilities, we soon expect to become the leading fully integrated provider of pure EVs in China."

Highlights:

• Electric Vehicle ("EV") products revenues increased significantly by 384.5% to $8.4 million from $1.7 million in the first quarter of 2013
• Revenue for EV Parts including battery packs was $25.0 million in the first quarter of 2014. The Company started this business in the first quarter of 2014.
• All-terrain Vehicle ("ATV") sales grew slightly to $3.3 million from $2.5 million in the first quarter of 2013

For earnings history and earnings-related data on Kandi Technologies (KNDI) click here.

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