22/12/2014

Exceed Company Ltd. Six Months Ended June 2014 Financial Results Share with LinkedIn

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FUJIAN, China, Dec. 19, 2014 -- Exceed Company Ltd. (NASDAQ: EDS) ("Exceed" or "the Company"), the owner and operator of the "Xidelong" brand - one of the leading domestic sportswear brands in China, today released its unaudited financial results for the six months ended June 30, 2014.

Financial Highlights – Six months ended June 30, 2014 (1)

Revenue was RMB845.2 million (US$136.2 million), representing a 29.7% period-over-period increase.

Gross profit was RMB230.9 million (US$37.2 million), representing a 32.2% period-over-period increase. Gross margin was 27.3%, representing a 0.5 percentage point increase as compared to 26.8% for the six months ended June 30, 2013.

Operating profit was RMB96.9 million (US$15.6 million), representing a 157.7% period-over-period increase.

Net profit was RMB70.4 million (US$11.4 million), representing a 176.1% period-over-period increase.

(1) The Company's reporting currency is Renminbi ("RMB"). RMB numbers included in this press release have been translated into U.S. dollars at the rate of USD1.00 = RMB6.2036 , the exchange rate refers to the exchange rate as set forth in the H.10 statistical release of the Federal Reserve Board, on June 30, 2014. The translation of amounts from RMB to United States dollars is solely for the convenience of the reader. No representation is made that RMB amounts could have been, or could be, converted into U.S. dollars at that rate or at any other rate on June 30, 2014.

About Exceed Company Ltd.

Exceed Company Ltd. designs, develops and engages in wholesale of footwear, apparel and accessories under its own brand, XIDELONG, in China. Since it began operations in 2002, Exceed has targeted its growth on the consumer markets in second and third-tier cities in China. Exceed has three principal categories of products: (i) footwear, which comprises running, leisure, basketball, skateboarding and canvas footwear, (ii) apparel, which mainly comprises sports tops, pants, jackets, track suits and coats, and (iii) accessories, which mainly comprise bags, socks, hats and caps. Exceed Company Ltd. currently trades on Nasdaq under the symbol "EDS".

Contacts: Investor Relations / Exceed Company Ltd. / Vivien Tai / +852 3975-8116 / ir@xdlong.cn


FINANCIAL TABLES TO FOLLOW -
EXCEED COMPANY LTD. AND SUBSIDIARIES
UNAUDITED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME





Six months ended June 30


(in thousands except for share and per share data)


2014

2014

2013


US$'000

RMB'000

RMB'000







Revenue

136,244

845,202

651,947







Cost of sales

(99,023)

(614,301)

(477,233)







Gross profit

37,221

230,901

174,714







Other income and gains

784

4,861

6,587
Selling and distribution costs

(15,037)

(93,280)

(98,370)
Administrative expenses

(4,155)

(25,769)

(25,065)
Research and development expenses

(3,191)

(19,798)

(20,219)







OPERATING PROFIT

15,622

96,915

37,647







Finance costs

(56)

(349)

(882)







PROFIT BEFORE TAX

15,566

96,566

36,765







Tax

(4,212)

(26,131)

(11,266)







PROFIT FOR THE PERIOD
ATTRIBUTABLE TO EQUITY
HOLDERS OF THE COMPANY

11,354

70,435

25,499







EARNING PER SHARE






Net profit per share






 Basic

0.34

2.13

0.77
 Diluted

0.34

2.13

0.77







Weighted average number of shares
outstanding






 Basic

33,135,583

33,135,583

33,045,506
 Diluted

33,137,167

33,137,167

33,045,909


EXCEED COMPANY LTD. AND SUBSIDIARIES
CONDENSED STATEMENTS OF FINANCIAL POSITION









As of


As of June 30

December 31


2014

2014

2013


US$'000

RMB'000

RMB'000


(Unaudited)

(Unaudited)









NON-CURRENT ASSETS






Property, plant and equipment

91,485

567,536

567,627
Prepaid land lease payments

36,007

223,376

26,355
Deposit paid for acquisition of land use rights

4,228

26,230

149,986
Total non-current assets

131,720

817,142

743,968







CURRENT ASSETS






Inventories

2,566

15,917

19,001
Trade receivables

144,784

898,179

1,143,872
Prepayments, deposits and other receivables

3,639

22,579

19,719
Cash and cash equivalents

124,117

769,973

486,647
Total current assets

275,106

1,706,648

1,669,239







CURRENT LIABILITIES






Trade and bills payables

11,117

68,963

59,160
Deposits received, other payables and accruals

11,472

71,165

54,849
Interest-bearing bank borrowings

1,612

10,000

10,000
Loan from a shareholder

8,315

51,582

-
Tax payable

2,820

17,496

9,653
Total current liabilities

35,336

219,206

133,662







NET CURRENT ASSETS

239,770

1,487,442

1,535,577







TOTAL ASSETS LESS CURRENT LIABILITIES

371,490

2,304,584

2,279,545







NON-CURRENT LIABILITIES






Loan from a shareholder

672

4,172

48,747
Total non-current liabilities

672

4,172

48,747







Net assets

370,818

2,300,412

2,230,798







STOCKHOLDER'S EQUITY






Issued share capital

4

23

23
Treasury shares

(2,563)

(15,898)

(15,898)
Retained profits

290,047

1,799,335

1,736,428
Reserves

83,330

516,952

510,245







Total equity

370,818

2,300,412

2,230,798


EXCEED COMPANY LTD. AND SUBSIDIARIES
UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS





Six months ended June 30


(in thousands except for share and per share data)


2014

2014

2013


US$'000

RMB'000

RMB'000







Net cash inflow from operating activities

58,223

361,204

308,211
Net cash outflow from investing activities

(13,233)

(82,096)

(107,566)
Net cash inflow from financing activities

673

4,172

37,461
Effect of exchange rate changes

8

46

(368)
Net increase in cash and cash equivalents

45,671

283,326

237,738
Cash and cash equivalents at beginning of the period

78,446

486,647

637,184
Cash and cash equivalents at end of the period

124,117

769,973

874,922


Source Excweed company through PRNewswire by press release ©

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