21Vianet Group, Inc. Reports Unaudited First Quarter 2020 Financial Results

May 14, 2020 5:31 PM EDT

Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.

BEIJING, May 14, 2020 (GLOBE NEWSWIRE) -- 21Vianet Group, Inc. (Nasdaq: VNET) ("21Vianet" or the "Company"), a leading carrier- and cloud-neutral Internet data center services provider in China, today announced its unaudited financial results for the first quarter ended March 31, 2020. The Company will hold a conference call at 8:00 P.M. on Thursday, May 14, 2020, U.S. Eastern Time to discuss the financial results. Dial-in details are provided at the end of this release.

First Quarter 2020 Financial Highlights

  • Net revenues increased by 25.1% to RMB1.09 billion (US$154.1 million) from RMB871.9 million in the same period of 2019.
  • Adjusted cash gross profit (non-GAAP) increased by 2.6% to RMB417.1 million (US$58.9 million) from RMB406.7 million in the same period of 2019. Adjusted cash gross margin (non-GAAP) was 38.2%, compared to 46.6% in the same period of 2019.
  • Adjusted EBITDA (non-GAAP) increased by 2.3% to RMB259.4 million (US$36.6 million) from RMB253.5 million in the same period of 2019. Adjusted EBITDA margin (non-GAAP) was 23.8%, compared to 29.1% in the same period of 2019.

First Quarter 2020 Operational Highlights

  • Retail IDC MRR1 per cabinet decreased slightly to RMB8,747 in the first quarter of 2020, compared to RMB8,788 in the same period of 2019 and RMB8,822 in the fourth quarter of 2019.
  • Total cabinets under management increased by 3,355 to 39,646 as of March 31, 2020, compared to 36,291 as of December 31, 2019, and 30,578 as of March 31, 2019.
  • Compound utilization rate in the first quarter of 2020 fell to 60.4% from 65.6% in the fourth quarter of 2019, mainly due to the continuous delivery of additional cabinets in the first quarter of 2020. Utilization rate for mature IDCs delivered prior to 2019 improved to 72.3% in the first quarter of 2020 from 71.8% in the fourth quarter of 2019. Utilization rate for newly-built and ramp-up IDCs delivered since 2019 improved to 12.3% in the first quarter of 2020, compared to 8.6% in the fourth quarter of 2019.

_____________
1Retail IDC MRR: Refers to Monthly Recurring Revenues for the retail IDC business.

Mr. Alvin Wang, Chief Executive Officer and President of the Company, stated, “During the first quarter of 2020, we delivered solid financial and operating results despite the immediate challenges of the coronavirus pandemic. In the face of these near-term headwinds, our preventative measures and effective execution allowed us to operate our data centers without interruptions, report zero infection cases, maintain our cabinet delivery schedule, and promptly resume construction upon the virus’ containment. Notably, our operating efficiency was further bolstered by the industry’s healthy growth trajectory in the period, which continued to ramp up due to the ongoing trend of corporate digitization. Moreover, we also benefited from industry tailwinds in both online education and cloud computing, which experienced an uptick in business activity during the quarantine period. All of our cabinet construction projects have resumed to date. As such, while we advance into 2020, we remain confident in our ability to meet the deadlines of our three-year growth plan for the year, emboldened by our growth prospects, and determined to help advance the industry going forward.”

Ms. Sharon Liu, Chief Financial Officer of the Company, commented, “We delivered a strong financial performance in the first quarter of 2020, with revenue hitting the high end of our guidance and adjusted EBITDA being around the midpoint of our previous range. Notably, while we continued to expand our cabinet capacity and bolster our client base, we also leveraged our robust client network and established market leadership to further refine our operating efficiency. Going forward, we will continue to invest in line with our three-year growth plan while closely monitoring the market landscape to capitalize on those opportunities that we judge to have attractive returns and enhance our growth trajectory.”

First Quarter 2020 Financial Results

REVENUES: Net revenues in the first quarter of 2020 increased by 25.1% to RMB1.09 billion (US$154.1 million) from RMB871.9 million in the first quarter of 2019, representing an increase of 4.1% from RMB1.05 billion in the fourth quarter of 2019. The year-over-year increase was primarily attributable to the growing demand for data centers in the domestic market, driven by the ongoing expansion of corporate digitization across China, and an uptick in cabinet demand from the Company’s retail clients as a result of the pandemic.

GROSS PROFIT: Gross profit in the first quarter of 2020 was RMB234.1 million (US$33.1 million), compared to RMB240.8 million in the same period of 2019 and RMB247.9 million in the fourth quarter of 2019. Gross margin in the first quarter of 2020 was 21.5%, compared to 27.6% in the same period of 2019 and 23.6% in the fourth quarter of 2019. The year-over-year decrease in gross margin was mainly due to the delivery of additional IDC capacity.

ADJUSTED CASH GROSS PROFIT (non-GAAP): Adjusted cash gross profit, which is defined as gross profit excluding depreciation, amortization, and share-based compensation expenses, was RMB417.1 million (US$58.9 million) in the first quarter of 2020, compared to RMB406.7 million in the first quarter of 2019 and RMB425.9 million in the fourth quarter of 2019. Adjusted cash gross margin in the first quarter of 2020 was 38.2%, compared to 46.6% in the same period of 2019 and 40.6% in the fourth quarter of 2019.

OPERATING EXPENSES: Total operating expenses in the first quarter of 2020 were RMB197.4 million (US$27.9 million), compared to RMB187.5 million in the first quarter of 2019 and RMB244.4 million in the fourth quarter of 2019. As a percentage of net revenues, total operating expenses decreased to 18.1% in the first quarter of 2020 from 21.5% in the first quarter of 2019 and 23.3% in the fourth quarter of 2019.

Sales and marketing expenses in the first quarter of 2020 increased by 10.5% to RMB48.7 million (US$6.9 million) from RMB44.1 million in the first quarter of 2019, representing a decrease of 22.9% from RMB63.2 million in the fourth quarter of 2019. The year-over-year increase in sales and marketing expenses was in line with the Company’s business expansion efforts, while the quarter-over-quarter decrease in sales and marketing expenses was mainly attributable to a decrease in sales and marketing activities during the quarantine period.

Research and development expenses in the first quarter of 2020 were RMB21.0 million (US$3.0 million), compared to RMB22.6 million in the same period of 2019 and RMB24.9 million in the fourth quarter of 2019. 

General and administrative expenses in the first quarter of 2020 were RMB125.2 million (US$17.7 million), compared to RMB120.8 million in the same period of 2019 and RMB110.0 million in the fourth quarter of 2019. The increase was mainly attributable to increased share-based compensation expenses.

ADJUSTED OPERATING EXPENSES (non-GAAP): Adjusted operating expenses, which exclude share-based compensation expenses and impairment of receivables from equity investees, increased by 3.8% to RMB177.8 million (US$25.1 million) in the first quarter of 2020 from RMB171.3 million in the first quarter of 2019, representing a decrease of 3.5% from RMB184.2 million in the fourth quarter of 2019. As a percentage of net revenues, adjusted operating expenses reduced to 16.3% in the first quarter of 2020 from 19.6% in the first quarter of 2019 and 17.6% in the fourth quarter of 2019.

ADJUSTED EBITDA (non-GAAP): Adjusted EBITDA in the first quarter of 2020 was RMB259.4 million (US$36.6 million), compared to RMB253.5 million in the same period of 2019 and RMB263.8 million in the fourth quarter of 2019. Adjusted EBITDA in the first quarter of 2020 excluded share-based compensation expenses of RMB20.1 million (US$2.8 million). Adjusted EBITDA margin was 23.8% in the first quarter of 2020, compared to 29.1% in the same period of 2019 and 25.2% in the fourth quarter of 2019.

NET PROFIT/LOSS: Net loss attributable to ordinary shareholders in the first quarter of 2020 was RMB138.8 million (US$19.6 million), compared to a net profit of RMB5.6 million in the first quarter of 2019 and a net loss of RMB16.4 million in the fourth quarter of 2019. Net loss attributable to ordinary shareholders in the first quarter of 2020 included a foreign exchange loss of RMB41.7 million (US$5.9 million), compared to a foreign exchange gain of RMB29.5 million in the same period of 2019 and RMB22.5 million in the fourth quarter of 2019, and an interest expense of RMB102.3 million (US$14.4 million), compared to RMB69.4 million in the same period of 2019 and RMB88.4 million in the fourth quarter of 2019.

PROFIT/LOSS PER SHARE: Basic and diluted loss per share were RMB0.18 (US$0.03) in the first quarter of 2020, which represents the equivalent of RMB1.08 (US$0.18) per American Depositary Share ("ADS"). Each ADS represents six ordinary shares. Diluted loss per share is calculated using net loss attributable to ordinary shareholders divided by the weighted average number of diluted shares outstanding.

As of March 31, 2020, the Company's cash and cash equivalents, restricted cash, and short-term investments were RMB3.49 billion (US$492.5 million).

Net cash generated from operating activities in the first quarter of 2020 was RMB58.7 million (US$8.3 million), compared to RMB32.4 million in the same period of 2019 and RMB444.8 million in the fourth quarter of 2019.

Recent Development

In May 2020, the Company signed two memorandums of understanding with a leading internet company in China to provide colocation services in North China and East China using the Company’s existing resources. The construction is planned to be completed in different stages throughout 2020 and 2021. The two sites have a combined total IT power in excess of 50 megawatts.

Financial Outlook

For the second quarter of 2020, the Company expects net revenues to be in the range of RMB1,140 million to RMB1,160 million. Adjusted EBITDA is expected to be in the range of RMB290 million to RMB310 million.

For the full year of 2020, the Company expects net revenues to be in the range of RMB4,600 million to RMB4,800 million. Adjusted EBITDA is expected to be in the range of RMB1,250 million to RMB1,350 million. The midpoints of the Company’s updated estimates imply an increase of 24.0% year over year both in net revenues and adjusted EBITDA.

The forecast reflects the Company’s current and preliminary view on the market and its operational conditions, which do not factor in any of the future impacts potentially caused by the COVID-19 pandemic and are subject to change.

Conference Call

The Company will hold a conference call at 8:00 P.M. on Thursday, May 14, 2020, U.S. Eastern Time, or 8:00 A.M. on Friday, May 15, 2020, Beijing Time, to discuss the financial results.

In advance of the conference call, all participants must use the following link to complete the online registration process to receive a unique registrant ID and a set of participant dial-in numbers to join the conference call.

Conference ID:8074145
Registration Link:http://apac.directeventreg.com/registration/event/8074145

The replay will be accessible through May 22, 2020, by dialing the following numbers:

United States Toll Free:+1-855-452-5696
International:+61-2-8199-0299
Conference ID:8074145

A live and archived webcast of the conference call will be available through the Company's investor relations website at http://ir.21vianet.com.

Non-GAAP Disclosure

In evaluating its business, 21Vianet considers and uses the following non-GAAP measures as a supplemental measure to review and assess its operating performance: adjusted cash gross profit, adjusted cash gross margin, adjusted operating expenses, adjusted EBITDA, and adjusted EBITDA margin. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and non-GAAP results" set forth at the end of this press release.

The non-GAAP financial measures are provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the Company's current financial performance and prospects for the future. These non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for, or superior to, U.S. GAAP results. In addition, the Company's calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited.

Exchange Rate

This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.0808 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on March 31, 2020. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.

Statement Regarding Unaudited Condensed Financial Information

The unaudited financial information set forth above is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company's year-end audit, which could result in significant differences from this preliminary unaudited condensed financial information.

About 21Vianet

21Vianet Group, Inc. is a leading carrier- and cloud-neutral Internet data center services provider in China. 21Vianet provides hosting and related services, including IDC services, cloud services, and business VPN services to improve the reliability, security and speed of its customers' Internet infrastructure. Customers may locate their servers and equipment in 21Vianet's data centers and connect to China's Internet backbone. 21Vianet operates in more than 20 cities throughout China, servicing a diversified and loyal base of nearly 5,000 hosting and related enterprise customers that span numerous industries, ranging from Internet companies to government entities and from blue-chip enterprises to small- to mid-sized enterprises.

Safe Harbor Statement

This announcement contains forward-looking statements. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, quotations from management in this announcement as well as 21Vianet's strategic and operational plans contain forward-looking statements. 21Vianet may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about 21Vianet's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: 21Vianet's goals and strategies; 21Vianet's expansion plans; the expected growth of the data center services market; expectations regarding demand for, and market acceptance of, 21Vianet's services; 21Vianet's expectations regarding keeping and strengthening its relationships with customers; 21Vianet's plans to invest in research and development to enhance its solution and service offerings; and general economic and business conditions in the regions where 21Vianet provides solutions and services. Further information regarding these and other risks is included in 21Vianet's reports filed with, or furnished to, the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and 21Vianet undertakes no duty to update such information, except as required under applicable law.

Investor Relations Contacts:

21Vianet Group, Inc.
Rene Jiang
+86 10 8456 2121
IR@21Vianet.com

Julia Jiang
+86 10 8456 2121
IR@21Vianet.com

ICR, Inc.
Xinran Rao
+1 (646) 405-4922
IR@21Vianet.com


 
21VIANET GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
 As ofAs of
December 31,
2019
March 31,
2020
 RMBRMBUS$
 (Audited)(Unaudited)(Unaudited)
Assets    
Current assets:      
Cash and cash equivalents1,808,483 2,862,088 404,204 
Restricted cash478,873 326,413 46,098 
Accounts and notes receivable, net657,158 856,899 121,017 
Short-term investments363,856 228,521 32,273 
Prepaid expenses and other current assets1,618,149 1,788,378 252,568 
Amounts due from related parties301,665 105,769 14,937 
Total current assets5,228,184 6,168,068 871,097 
       
Non-current assets:      
Property and equipment, net5,443,565 5,733,414 809,713 
Intangible assets, net410,595 399,888 56,475 
Land use rights, net233,154 261,451 36,924 
Operating lease right-of-use assets, net1,221,616 1,138,779 160,826 
Goodwill989,530 989,530 139,748 
Long-term investments169,653 172,919 24,421 
Amounts due from related parties20,654 21,182 2,991 
Restricted cash69,821 70,256 9,922 
Deferred tax assets209,366 210,371 29,710 
Other non-current assets277,568 294,532 41,596 
Total non-current assets9,045,522 9,292,322 1,312,326 
Total assets14,273,706 15,460,390 2,183,423 
       
Liabilities and Shareholders' Equity      
Current liabilities:      
Short-term bank borrowings234,500 238,500 33,683 
Accounts and notes payable303,128 374,423 52,879 
Accrued expenses and other payables978,935 1,015,817 143,460 
Deferred revenue57,625 73,058 10,318 
Advances from customers1,068,692 1,158,321 163,586 
Income taxes payable48,032 47,366 6,689 
Amounts due to related parties166,935 60,252 8,509 
Current portion of long-term bank borrowings32,500 32,500 4,590 
Current portion of finance lease liabilities227,115 256,894 36,280 
Current portion of deferred government grant2,595 2,157 305 
Current portion of bonds payable911,147 926,842 130,895 
Current portion of operating lease liabilities437,817 496,618 70,135 
Total current liabilities4,469,021 4,682,748 661,329 
       
Non-current liabilities:      
Long-term borrowings79,500 268,369 37,901 
Amounts due to related parties745,899 768,086 108,474 
Unrecognized tax benefits2,443 2,538 358 
Deferred tax liabilities202,572 225,945 31,910 
Non-current portion of finance lease liabilities896,927 894,416 126,316 
Non-current portion of deferred government grant5,906 5,454 770 
Bonds payable2,060,708 2,097,332 296,200 
Non-current portion of operating lease liabilities579,102 481,948 68,064 
Convertible notes- 899,808 127,077 
Total non-current liabilities4,573,057 5,643,896 797,070 
       
Shareholders' equity      
Treasury stock(349,523)(349,523)(49,362)
Ordinary shares46 46 6 
Additional paid-in capital9,202,567 9,225,788 1,302,930 
Accumulated other comprehensive gain77,904 94,323 13,321 
Statutory reserves60,469 60,186 8,501 
Accumulated deficit(4,038,390)(4,176,870)(589,887)
Total 21Vianet Group, Inc. shareholders’ equity4,953,073 4,853,950 685,509 
Noncontrolling interest278,555 279,796 39,515 
Total shareholders' equity5,231,628 5,133,746 725,024 
Total liabilities and shareholders' equity14,273,706 15,460,390 2,183,423 
       



21VIANET GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for number of shares and per share data)
     
 Three months ended
 March 31,
2019
December 31,
2019
March 31,
2020
 RMBRMBRMBUS$
 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
         
Net revenues871,859 1,048,119 1,090,797 154,050 
Cost of revenues(631,084)(800,248)(856,686)(120,987)
Gross profit240,775 247,871 234,111 33,063 
         
Operating expenses        
Other operating income- 6,862 - - 
Sales and marketing(44,096)(63,188)(48,710)(6,879)
Research and development(22,564)(24,920)(20,984)(2,964)
General and administrative(120,796)(109,984)(125,202)(17,682)
Allowance for doubtful debt(22)(1,072)(2,521)(356)
Impairment of receivables from equity investees- (52,142)- - 
Total operating expenses(187,478)(244,444)(197,417)(27,881)
         
Operating profit53,297 3,427 36,694 5,182 
Interest income11,851 14,988 9,382 1,325 
Interest expense(69,442)(88,375)(102,258)(14,442)
Other income3,075 22,160 859 121 
Other expense(58)(1,270)(21,833)(3,083)
Foreign exchange gain (loss)29,538 22,512 (41,747)(5,896)
Loss on debt extinguishment- (122)- - 
Gain (loss) before income taxes and (loss) gain from equity method investments28,261 (26,680)(118,903)(16,793)
Income tax (expenses) benefits(10,741)24,686 (22,486)(3,176)
(Loss) gain from equity method investments(10,938)(20,260)3,867 546 
Net gain (loss)6,582 (22,254)(137,522)(19,423)
Net (gain) loss attributable to noncontrolling interest(942)5,838 (1,241)(175)
Net gain (loss) attributable to ordinary shareholders5,640 (16,416)(138,763)(19,598)
         
Profit (loss) per share        
Basic0.01 (0.02)(0.18)(0.03)
Diluted0.01 (0.02)(0.18)(0.03)
Shares used in profit (loss) per share computation        
Basic*677,573,837 670,523,195 669,545,073 669,545,073 
Diluted*690,608,562 670,523,195 669,545,073 669,545,073 
         
Profit (loss) per ADS (6 ordinary shares equal to 1 ADS)        
Basic0.06 (0.12)(1.08)(0.18)
Diluted0.06 (0.12)(1.08)(0.18)
         
* Shares used in (loss) profit per share/ADS computation were computed under weighted average method.
 



21VIANET GROUP, INC.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
 
 Three months ended
 March 31,
2019
December 31,
2019
March 31,
2020

 RMBRMBRMBUS$
Gross profit240,775 247,871 234,111 33,063 
Plus: depreciation and amortization165,421 177,529 182,556 25,782 
Plus: share-based compensation expenses474 487 460 65 
Adjusted cash gross profit406,670 425,887 417,127 58,910 
Adjusted cash gross margin46.6%40.6%38.2%38.2%
         
Operating expenses(187,478)(244,444)(197,417)(27,881)
Plus: share-based compensation expenses16,165 8,102 19,628 2,772 
Plus: impairment of receivables from equity investees- 52,142 - - 
Adjusted operating expenses(171,313)(184,200)(177,789)(25,109)
         
Operating profit53,297 3,427 36,694 5,182 
Plus: depreciation and amortization183,532 199,642 202,607 28,614 
Plus: share-based compensation expenses16,639 8,589 20,088 2,837 
Plus: impairment of receivables from equity investees- 52,142 - - 
Adjusted EBITDA253,468 263,800 259,389 36,633 
Adjusted EBITDA margin29.1%25.2%23.8%23.8%
         



21VIANET GROUP, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
 
 Three months ended
 March 31,
2019
December 31,
2019
March 31,
2020
 RMBRMBRMBUS$
 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES        
Net gain (loss)6,582 (22,254)(137,522)(19,423)
Adjustments to reconcile net gain (loss) to net cash generated from operating activities:        
Depreciation and amortization183,532 199,642 202,607 28,614 
Stock-based compensation expenses16,639 8,589 20,088 2,837 
Others(31,628)11,992 42,108 5,947 
Changes in operating assets and liabilities        
Accounts and notes receivable(29,603)126,542 (202,262)(28,565)
Prepaid expenses and other current assets(197,574)2,499 (8,239)(1,164)
Accounts and notes payable(11,580)(36,190)71,295 10,069 
Accrued expenses and other payables(9,582)(23,517)97,263 13,736 
Deferred revenue(13,812)(3,391)15,433 2,180 
Advances from customers97,028 72,628 89,629 12,658 
Others22,435 108,285 (131,746)(18,605)
Net cash generated from operating activities32,437 444,825 58,654 8,284 
         
CASH FLOWS FROM INVESTING ACTIVITIES        
Purchases of property and equipment(133,470)(458,230)(436,034)(61,580)
Purchases of intangible assets(4,328)(6,919)(529)(75)
(Payments for) proceeds from investments(62,022)(136,840)207,690 29,331 
Proceeds from (payments for) other investing activities84,367 51,283 (18,351)(2,592)
Net cash used in investing activities(115,453)(550,706)(247,224)(34,916)
         
CASH FLOWS FROM FINANCING ACTIVITIES        
Proceeds from short-term bank borrowings30,000 4,500 34,000 4,802 
Proceeds from long-term bank borrowings- - 188,869 26,673 
Repayment of long-term bank borrowings- (13,000)- - 
Repayment of short-term bank borrowings(50,000)- (30,000)(4,237)
Payments for finance lease(92,537)(91,487)(77,336)(10,922)
Proceeds from issuance of Convertible notes- - 899,808 127,077 
(Payments for) proceeds from other financing activities(55,474)21,892 61,008 8,617 
Net cash (used in) generated from financing activities(168,011)(78,095) 1,076,349 152,010 
         
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (34,488)(46,956)13,800 1,949 
Net (decrease) increase in cash, cash equivalents and restricted cash(285,515)(230,932)901,580 127,327 
Cash, cash equivalents and restricted cash at beginning of period2,661,021 2,588,109 2,357,177 332,897 
Cash, cash equivalents and restricted cash at end of period2,375,506 2,357,177 3,258,757 460,224 
         


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Globe Newswire, Press Releases

Related Entities

Earnings