During Tuesday’s Morning trade, Shares of Kandi Technologies Group Inc (NASDAQ:KNDI), gained 8.45% to $9.75.
Kandi Technologies Group, declared its financial results for the quarter ended September 30, 2015.
Third Quarter 2015 Highlights
- Total revenues grew 14.3% to $50.5 million for the third quarter of 2015 from $44.2 million for the same period of 2014;
- Electric Vehicle (“EV”) parts sales raised 35.7% to $49.0 million for the third quarter of 2015, contrast with $36.1 million in the same period of 2014;
- Kandi Electric Vehicles Group Co., Ltd. (the “JV Company”), sold 6,004 EV products, a 208% improvement contrast with the same period last year. Total EV product sales comprised 3,000 EV products to the Micro Public Transportation (MPT) program and 3,004 EV products through the distribution channel under its direct sales program, with the latter being a noteworthysequential improvement of 367.2% over the 643 EV products sold through the distribution channel under the direct sales program in the second quarter.
- GAAP net income for the third quarter of 2015 was $2.3 million, or about $0.05 per fully diluted share, contrast with $13.5 million, or about $0.31 per fully diluted share in the same period of 2014. The decrease was mainly due to changes in stock-based compensation expenses and the fair value of the financial derivatives during the period;
- Non-GAAP adjusted net income1, which excludes stock award expenses and changes in the fair value of financial derivatives, was $6.3 million, a 17.7% improvement from $5.4 million in the same quarter of 2014. Non-GAAP adjusted earnings per share1 was about $0.13 per fully diluted share for the third quarter of 2015 contrast with $0.12 per fully diluted share for the same quarter of 2014;
- Working capital surplus was $54.2 million as of September 30, 2015;
- Cash, cash equivalents and restricted cash totaled $27.4 million as of September 30, 2015.
Kandi Technologies Group, Inc., through its auxiliaries, designs, develops, manufactures, and commercializes electric vehicles (EVs) products, EV parts, and off-road vehicles in the People’s Republic of China and internationally. Its EV parts comprise battery packs, body parts, EV drive motors, EV controllers, air conditioning units, and other auto parts.
Shares of Zoetis Inc (NYSE:ZTS), inclined 0.07% to $45.85, during its current trading session.
Zoetis, declared that it has accomplished the purchase of PHARMAQ, the global leader in vaccines and innovation for health products in aquaculture, for a price of $765 million on a debt-free basis, having fulfilled all closing requirements.
Zoetis purchased PHARMAQ from a company owned by Permira IV, a fund managed by the global investment firm Permira, which has been the majority owner of the company since 2013.
“We are very happy to welcome the PHARMAQ team to Zoetis, and we look forward to the future success we can build together as a market leader in aquatic health,” said Zoetis Chief Executive Officer Juan Ramón Alaix. “The PHARMAQ people, products and late-stage pipeline give Zoetis a strong platform for growth in the fastest growing animal health market.”
Zoetis Inc. engages in the discovery, development, manufacture, and commercialization of animal health medicines and vaccines for livestock and companion animals worldwide. The company operates through four segments: the United States; Europe/Africa/Middle East; Canada/Latin America; and Asia/Pacific.
Finally, Shares of Magnum Hunter Resources Corp (NYSE:MHR), lost -40.81%, and is now trading at $0.154.
Magnum Hunter Resources Corporation, declared that it has refinanced its existing senior secured revolving credit facility with certain banks and obtained additional liquidity through a new senior secured term loan. The refinancing and additional liquidity are being offered, in equal amounts, by holders of more than a majority of the Company’s second lien term loa contract, and holders of more than a majority of the Company’s 9.75% Senior Notes due 2020. These new lenders have also agreed to forbear from the exercise of certain rights and remedies with respect to certain events of default (counting the failure to pay interest when due under the Company’s 9.75% Senior Notes due 2020 and second lien term loa contract) and work, in good faith, on negotiating the terms of a consensual restructuring with the Company.
The new term loan credit facility comprises of a single tranche term loan in the aggregate principal amount of $60 million, which funded on November 5, 2015. About $44 million of proceeds from the new term loan credit facility were used to refinance existing loans outstanding and cash collateralize letters of credit outstanding under the preceding revolving credit facility with certain banks. The remaining about $16 million of proceeds will be used for general corporate purposes of the Company and to pay certain transaction fees and expenses related to the new term loan credit facility. Furthermore, the new term loan facility comprises an uncommitted incremental credit facility for up to an additional $10 million aggregate principal amount of term loans. The maturity date of the new term loan credit facility is December 30, 2015.
The new term loan credit facility provides Magnum Hunter with near-term liquidity as the Company continues to work towards a comprehensive planned alternative to enhance liquidity and address the Company’s current capital structure. As formerly declared by the Company on October 9, 2015, the Company has hired PJT Partners LP (NYSE: PJT) (the combination of Blackstone’s advisory businesses and PJT Capital LP, a global financial advisory firm), as financial advisor, and Kirkland & Ellis LLP, as special legal advisor, to advise the Company’s administration and Board of Directors. In light of the Company’s ongoing negotiations regarding its capital structure, the Company will not issue a separate press release to report its third quarter financial and operating results or host a conference call to discuss its third quarter financial and operating results. The Company intends to file its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2015 with the Securities and Exchange Commission on or before November 9, 2015.
Magnum Hunter Resources Corporation, an independent oil and gas company, explores for, exploits, acquires, develops, and produces crude oil, natural gas, and natural gas liquid resources in the United States. The company operates through the U.S. Upstream, Midstream, and Oilfield Services segments.