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FLEMINGTON, N.J., Nov. 09, 2017 -- H/Cell Energy Corporation (OTCQB:HCCC) (“HCCC”), a company that designs and implements clean energy solutions featuring hydrogen energy systems, has announced financial results for its third fiscal quarter ended September 30, 2017.
For the three months ended September 30, 2017, HCCC generated revenue of $1,338,571 and a net loss of $52,446 or ($0.01) in earnings per share. For the nine months ended September 30, 2017, HCCC generated revenue of $5,136,074 and net income of $98,912 or $0.01 in earnings per share, fully diluted.
Andrew Hidalgo, CEO of HCCC, commented, "We are pleased to be profitable year-to-date through nine months. We experienced some project completion delays in the third quarter, however, our Australian operation was profitable and they are positioned nicely for the fourth quarter with approximately $962,000 of backlog yet to be invoiced. In addition, we have $5.9 million in active bids. From a balance sheet perspective, HCCC is healthy with over $400,000 in cash and assets of approximately $1.4 million. We look forward to a strong finish for FY2017.”
About H/Cell Energy Corporation:
H/Cell Energy Corporation is a systems integrator that focuses on the design and implementation of clean energy solutions including solar, battery technology and hydrogen energy systems. In addition, through its Pride Group subsidiary based in Australia, HCCC also provides security systems integration. HCCC serves the residential, commercial and government sectors. Please visit our website at www.hcellenergy.com for more information.
Forward Looking Statements:
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on current expectations and actual results could differ materially. H/Cell Energy Corporation does not undertake an obligation to update or revise any forward-looking statement. The information set forth herein speaks only as of the date hereof.
H/Cell Energy Corporation
Investor Relations
908-837-9097 x-2
| H/CELL ENERGY CORPORATION | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| September 30, 2017 | December 31, 2016 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 421,071 | $ | 537,867 | ||||
| Accounts receivable (net retention) | 817,657 | 650,886 | ||||||
| Prepaid expenses | 13,675 | 14,168 | ||||||
| Costs and earnings in excess of billings | 15,641 | 91,904 | ||||||
| Total current assets | 1,268,044 | 1,294,825 | ||||||
| Property and equipment, net | 104,764 | 99,816 | ||||||
| Security deposits and other non-current assets | 8,583 | 8,497 | ||||||
| Total assets | $ | 1,381,391 | $ | 1,403,138 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued expenses | $ | 536,340 | $ | 661,237 | ||||
| Management fees payable – related party | 47,000 | 52,000 | ||||||
| Billings in excess of costs and earnings | 87,736 | 83,538 | ||||||
| Sales tax payable | 58,739 | 114,085 | ||||||
| Total current liabilities | 729,815 | 910,860 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity | ||||||||
| Common Stock - $0.0001 par value; 25,000,000 shares authorized; 7,041,579 and 3,131,579 shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively | 704 | 313 | ||||||
| Preferred Stock - $0.0001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding | - | - | ||||||
| Additional paid-in capital | 1,319,072 | 1,283,422 | ||||||
| Accumulated deficit | (641,739 | ) | (740,651 | ) | ||||
| Accumulated other comprehensive loss | (26,461 | ) | (50,806 | ) | ||||
| Total stockholders' equity | 651,576 | 492,278 | ||||||
| TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $ | 1,381,391 | $ | 1,403,138 | ||||
| H/CELL ENERGY CORPORATION | ||||||||||||||
| CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS – OTHER COMPREHENSIVE INCOME | ||||||||||||||
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||
| (As restated) | (As restated) | |||||||||||||
| Revenue | ||||||||||||||
| Construction income | $ | 1,292,905 | $ | 1,284,362 | $ | 5,050,155 | $ | 4,031,845 | ||||||
| Related party | 45,666 | - | 85,919 | 1,500 | ||||||||||
| Total revenue | 1,338,571 | 1,284,362 | 5,136,074 | 4,033,345 | ||||||||||
| Cost of goods sold | ||||||||||||||
| Direct costs | 870,369 | 891,876 | 3,432,098 | 2,796,861 | ||||||||||
| Direct costs – related party | 37,304 | - | 87,649 | 1,500 | ||||||||||
| Total cost of goods sold | 907,673 | 891,876 | 3,519,747 | 2,798,361 | ||||||||||
| Gross profit | 430,898 | 392,486 | 1,616,327 | 1,234,984 | ||||||||||
| Operating expenses | ||||||||||||||
| Research and development | - | - | - | 2,000 | ||||||||||
| General and administrative expenses | 437,344 | 347,194 | 1,379,415 | 1,790,700 | ||||||||||
| Management fees – related party | 46,000 | 34,000 | 138,000 | 102,000 | ||||||||||
| Total operating expenses | 483,344 | 381,194 | 1,517,415 | 1,894,700 | ||||||||||
| Income (Loss) from operations | (52,446 | ) | 11,292 | 98,912 | (659,716 | ) | ||||||||
| Net income (loss) | $ | (52,446 | ) | $ | 11,292 | $ | 98,912 | $ | (659,716 | ) | ||||
| Other comprehensive income (loss), net | ||||||||||||||
| Foreign currency translation adjustment | 5,928 | 127,487 | 24,345 | 181,863 | ||||||||||
| Comprehensive income (loss) | $ | (46,518 | ) | $ | 138,779 | $ | 123,257 | $ | (477,853 | ) | ||||
| Earnings (Loss) per share | ||||||||||||||
| Basic | $ | (0.01 | ) | $ | 0.00 | $ | 0.02 | $ | (0.24 | ) | ||||
| Diluted | $ | (0.01 | ) | $ | 0.00 | $ | 0.01 | $ | (0.24 | ) | ||||
| Weighted average common shares outstanding | ||||||||||||||
| Basic | 7,084,436 | 3,131,579 | 6,601,873 | 2,760,170 | ||||||||||
| Diluted | 7,962,049 | 4,108,772 | 7,472,520 | 2,760,170 | ||||||||||
