Kandi Technologies Turns To Profit In Q1 - Quick Facts

(RTTNews) - Kandi Technologies Group Inc. (KNDI) reported that its GAAP net income for the first quarter of 2015 was $6.1 million or $0.13 per share, compared to net loss of $14.1 million or $0.36 in the first quarter of 2014.

Non-GAAP adjusted net income was $3.4 million or approximately $0.07 per share, a 108.1% increase from $1.6 million in the first quarter of 2014.

Electric Vehicle ("EV") Parts sales increased by 71.3% to $43.0 million for the first quarter of 2015 compared to $25.1 million in the same period of 2014.

The first quarter sales for joint venture company, Kandi Electric Vehicles Group Co., Ltd., 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% increase compared to 1,215 EV products sold in the same quarter of 2014.

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.