On Monday, Kandi Technologies Group Inc (NASDAQ:KNDI)’s shares declined -5.25% to $11.92.
Kandi Technologies Group Inc (KNDI) declared its financial results for the quarter ended March 31, 2015.
2015 First Quarter Highlights
- Total revenues grew 9.0% to $43.8 million for the first quarter of 2015 from $40.2 million for the first quarter of 2014;
- Electric Vehicle (“EV”) Parts sales raised by 71.3% to $43.0 million for the first quarter of 2015 contrast to $25.1 million in the same period of 2014;
- The first quarter sales for our joint venture company, Kandi Electric Vehicles Group Co., Ltd. (the “JV Company”)1, were $30.6 million, with net income of $0.8 million. Based on Kandi’s 50% equity ownership in the JV Company, Kandi recorded $0.5 million in net income (after tax and intra-entity elimination) for the first quarter of 2015;
- The JV Company sold 1,670 EV products during the first quarter of 2015, 37.4% enhance contrast to 1,215 EV products sold in the same quarter of 2014;
- GAAP net income for the first quarter of 2015 was $6.1 million, or about $0.13 per fully diluted share, raised from a net loss of $14.1 million, or about ($0.36) in the first quarter of 2014;
- Non-GAAP adjusted net income2, which excludes stock award expense and change in the fair value of financial derivatives, was $3.4 million, or about $0.07 per fully diluted share, a 108.1% enhance from $1.6 million in the first quarter of 2014
- Working capital surplus was $40.9 million as of March 31, 2015, contrast to $39.2 million as of December 31, 2014;
- Cash, cash equivalents and restricted cash totaled $41.1 million as of March 31, 2015 contrast to $39.4 million as of December 31, 2014
Kandi Technologies Group, Inc., through its auxiliaries, designs, develops, manufactures, and commercializes electric vehicles (EVs), EV parts, and off-road vehicles in the People’s Republic of China and internationally.
Arrowhead Research Corp (NASDAQ:ARWR)’s shares dropped -4.97% to $6.69.
Arrowhead Research Corp (ARWR) presented data at IBC’s 17th Annual TIDES Conference in San Diego on the preclinical development of an RNAi therapeutic as a potential treatment for factor 12 (F12) mediated angioedemic and thromboembolic diseases. The presentation comprised of data from in vitro screenings, in vivo evaluations, a disease model, and a multiple dose study in nonhuman primates. These data support advancement of ARC-F12 as a potential new candidate in Arrowhead’s growing pipeline of RNAi-based therapeutics enabled by the company’s Dynamic Polyconjugate (DPC) delivery platform. A copy of the presentation may be viewed on the Events and Presentations section of the company’s website at http://ir.arrowheadresearch.com/events.cfm.
Arrowhead Research Corporation develops novel drugs to treat intractable diseases in the United States. The companys principal product candidates comprise ARC-520, an RNAi-based therapeutic that is in Phase IIa clinical trial to treat chronic hepatitis B virus infection; and ARC-AAT, a novel unlocked nucleobase analog containing RNAi-based therapeutic for the treatment of liver disease associated with alpha-1 antitrypsin deficiency. Its platform technology comprise Dynamic Polyconjugate platform, an RNAi delivery system that addresses multiple organ systems and cell types.
At the end of Monday’s trade, Real Goods Solar, Inc. (NASDAQ:RGSE)‘s shares dipped -4.68% to $0.206.
Real Goods Solar, Inc. (RGSE) filed its quarterly report on Form 10-Q.
Restructuring and Business Climate Effect on 1st Quarter Results
As formerly revealed, the company’s first quarter of 2015 operating results were affected by inclement weather on the East Coast, where the company has its largest concentration of backlog, and by limited access to equipment to convert backlog to revenue. The limited access to equipment arose from the company’s recent financial and cash operating losses and resulting untimely payments to vendors. The company took actions to address these circumstances, counting securing new financing of up to $11.5 million, extending its bank facility on improved terms, and reducing its fixed cash operating infrastructure costs.
As a result of the company’s actions to improve its financial condition, counting using proceeds received from a capital raise to reduce its accounts payable, the company has regained access to the solar panels it needs to convert its backlog to revenue, starting with the start of the second quarter of 2015. In April, residential segment revenue was $4.0 million, as contrast to $6.9 million for the entire first quarter of 2015. The strong revenue growth in April is primarily due to the access to panels in addition to improved weather conditions.
Real Goods Solar, Inc. operates as a residential and commercial solar energy engineering, procurement, and construction company in the United States. It operates in three segments: Residential, Sunetric, and Other.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN), ended its Monday’s trading session with -4.66% loss, and closed at $21.07.
Patterson-UTI Energy, Inc. (PTEN) stated that for the month of April 2015, the Company had an average of 131 drilling rigs operating in the United States and two rigs in Canada.
Average drilling rigs operating stated in the Company’s monthly declarements represent the average number of the Company’s drilling rigs that were operating under a drilling contract. The Company cautioned that numerous factors in addition to average drilling rigs operating can impact the Company’s operating results and that a particular trend in the number of drilling rigs operating may or may not indicate a trend in or be indicative of the Company’s financial performance. The Company intends to continue providing monthly updates on drilling rigs operating shortly after the end of each month.
Patterson-UTI Energy, Inc., through its auxiliaries, provides onshore contract drilling services to major and independent oil and natural gas operators in the United States and Canada.
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