China Auto Logistic Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016
August 15, 2016 at 09:24 am EDT
China Auto Logistic Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2016. For the quarter, the company reported company net revenue of $93,819,385 against $93,688,413 a year ago. Income from operations was $51,040 against $276,155 a year ago. Loss from continuing operations before income taxes was $455,954 or $0.12 per basic and diluted share against $403,128 or $0.12 per basic and diluted share a year ago. Net loss from continuing operations was $477,722 against $470,337 a year ago. Net income attributable to shareholders of the company was $5,186,229 or $1.28 per basic and diluted share against loss of $2,245,363 or $0.56 per basic and diluted share a year ago. The company explained that the roughly flat year-over-year bottom line results in continuing operations in the 2016 second quarter primarily reflected the very slight 0.74% year-over-year increase in auto sales to approximately $92.77 million in the period.
For the six months, the company reported company net revenue of $230,883,403 against $181,038,575 a year ago. Income from operations was $330,875 against $160,739 a year ago. Loss from continuing operations before income taxes was $577,532 against $1,161,218 a year ago. Net loss from continuing operations was $665,269 or $0.16 per basic and diluted share against $1,133,841 or $0.28 per basic and diluted share a year ago. Net income attributable to shareholders of the company was $4,125,312 or $1.03 per basic and diluted share against loss of $4,911,804 or $1.22 per basic and diluted share a year ago. Net cash used in operating activities was $50,591,096 against $1,728,443 a year ago. Purchase of property and equipment was $336,327 a year ago.