CLPS Incorporation Reports Financial Results for the Fourth Quarter and Full Year of 2018
Mr.
"2018 marked an important year in
"Looking ahead, we continue onto the next chapter of our growth by expanding and deepening our service offerings. Horizontally, we intend to attract new clients in existing and new geographies in our core industries. Vertically, we plan to enhance our existing solutions and develop new ones with in-demand technologies such as big data, block chain, automation, and the cloud. We will continue to remain committed to our employees and to provide them with the tools to succeed and service our customers. As we continue to expand our product offerings, grow globally, and enlarge our talent pool, we believe that we are well-positioned to leverage our deep sector expertise to capture the growth opportunities ahead and maintain long-term, sustainable shareholder value," concluded
Fourth Quarter of 2018 Financial Highlights
For the Three Months Ended |
|||||||
(USD) |
2018 |
2017 |
Change |
||||
Revenue |
13,855,300 |
9,170,578 |
4,684,722 |
||||
|
13,319,638 |
8,631,524 |
4,688,114 |
||||
Customized IT Solution Services |
463,923 |
498,169 |
(34,246) |
||||
Other |
71,739 |
40,885 |
30,854 |
||||
Gross Profit |
4,839,532 |
3,945,783 |
893,749 |
||||
Gross Margin |
34.9% |
43.0% |
(8.1%) |
||||
Operating Profits |
726,599 |
846,249 |
(119,650) |
||||
Operating Margin |
5.2% |
9.2% |
(4.0%) |
||||
Net Income Attributable to CLPS Incorporation |
727,996 |
782,572 |
(54,576) |
||||
EPS |
0.06 |
0.07 |
(0.01) |
- Revenues increased by 51.1% to
$13.9 million for the three months endedJune 30, 2018 , from$9.2 million for the same period of last year, mainly due to an increase in revenues from IT consulting services. - Gross profit increased by 22.7% to
$4.8 million for the three months endedJune 30, 2018 , from$3.9 million for the same period of last year. Gross margin decreased to 34.9% from 43.0% for the same period of last year. - Net income attributable to the Company decreased by 7.0% to
$0.7 million for the three months endedJune 30, 2018 . - Basic and diluted earnings per share were
$0.06 for the three months endedJune 30, 2018 , compared with$0.07 per share for the same period of last year.
Fourth Quarter of 2018 Financial Results
Revenues
For the fourth quarter of 2018, revenues increased by
Revenue from IT consulting services increased by
Revenue from customized IT solution services decreased by
Gross Profit and Gross Margin
Gross profit increased by
Operating Expenses
Selling and marketing expenses increased by
Research and development expenses increased by
General and administrative expenses increased by
Operating Income
Operating income decreased by
Other Income and Expenses
Subsidies and other income increased to
Benefit from Income Taxes
Income tax benefit decreased by
Net Income and EPS
Net income decreased by
Fiscal Year 2018 Financial Highlights
For the Fiscal Years Ended |
|||||||
(USD) |
2018 |
2017 |
Change |
||||
Revenue |
48,938,593 |
31,361,976 |
17,576,617 |
||||
|
47,159,651 |
29,146,470 |
18,013,181 |
||||
Customized IT Solution Services |
1,634,100 |
1,846,423 |
(212,323) |
||||
Other |
144,842 |
369,083 |
(224,241) |
||||
Gross Profit |
17,661,338 |
12,692,164 |
4,969,174 |
||||
Gross Margin |
36.1% |
40.5% |
(4.4%) |
||||
Operating Profits |
2,602,770 |
2,102,811 |
499,959 |
||||
Operating Margin |
5.3% |
6.7% |
(1.4%) |
||||
Net Income Attributable to CLPS Incorporation |
2,434,463 |
2,047,445 |
387,018 |
||||
EPS |
0.21 |
0.18 |
0.03 |
- Revenues increased by 56.0% to
$48.9 million for the year endedJune 30, 2018 , from$31.4 million for the year endedJune 30, 2017 , mainly due to an increase in revenue from IT consulting services for clients in the financial industry. - Gross profit increased by 39.2% to
$17.7 million for the year endedJune 30, 2018 , from$12.7 million for the same period of last year. Gross margin decreased year over year to 36.1% from 40.5%. - Net income attributable to the Company increased year over year by 18.9% to
$2.4 million for the year endedJune 30, 2018 . - Basic and diluted earnings per share were
$0.21 for the year endedJune 30, 2018 , compared with$0.18 per share for the year endedJune 30, 2017 .
Fiscal Year 2018 Financial Results
Revenues
For the year ended
Revenue from IT consulting services increased by
Revenue from customized IT solution services decreased by
Gross Profit and Gross Margin
Gross profit increased by
Operating Expenses
Selling and marketing expenses increased by
Research and development expenses increased by
General and administrative expenses increased by
Operating Income
Operating income increased by
Other Income and Expenses
Subsidies and other income increased to
Benefit from Income Taxes
Income tax benefit decreased by
Net Income and EPS
Net income increased by
Cash
As of
Financial Outlook
For fiscal year 2019, the Company expects, absent material acquisitions or non-recurring transactions, a total sales growth in the range of approximately 30% to 35%, and a net income growth in the range of approximately 30% to 35%, as compared with the 2018 financial results. The foregoing guidance include estimated 2019 financial results of the
This forecast reflects the Company's current and preliminary views, which are subject to change and is subject to risks and uncertainties, including, but not limited to, potential accounting adjustments attributable to
Conference Call Information
The Company will hold a conference call at
|
+1-800-263-0877 |
|
+1-323-794-2094 |
China National: |
400-120-8590 |
A webcast will also be available through the Company's investor relations website at http://ir.clpsglobal.com/
A replay of the call will be available through
|
+1-844-512-2921 |
|
+1-412-317-6671 |
Passcode: |
6685756 |
About CLPS Incorporation
Headquartered in
Forward-Looking Statements
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including, among other factors, the Company's ability to complete and successfully integrate various acquisitions into its business and operations, to decrease costs, to improve margins and increase profits, and to leverage the target's client base to expand the Company's market and geographical reach, the Company's potential inability to successfully manage completed, proposed or future transactions; the Company's ability to capitalize on and include
Contact:
CLPS Incorporation.
Ms.
Phone: +86-158-0198-4357
Email: [email protected]
Email: [email protected]
CLPS INCORPORATION |
|||||
UNAUDITED CONSOLIDATED statements of INCOME AND COMPREHENSIVE INCOME |
|||||
For the Three Months Ended |
|||||
2018 |
2017 |
||||
Revenues |
$ |
13,855,300 |
$ |
9,170,578 |
|
Less: Cost of revenues |
(9,015,768) |
(5,224,795) |
|||
Gross profit |
4,839,532 |
3,945,783 |
|||
Operating expenses: |
|||||
Selling and marketing |
621,707 |
497,782 |
|||
Research and development |
2,023,553 |
999,662 |
|||
General and administrative |
1,728,156 |
1,639,294 |
|||
Total operating expenses |
4,373,416 |
3,136,738 |
|||
Income from operations |
466,116 |
809,045 |
|||
Subsidies and other income |
300,910 |
45,226 |
|||
Other expense |
(40,427) |
(8,022) |
|||
Income before income tax |
726,599 |
846,249 |
|||
(Benefit) provision for income taxes |
(67,708) |
(105,039) |
|||
Net income |
794,307 |
951,288 |
|||
Less: Net income (loss) attributable to non-controlling interests |
66,311 |
168,716 |
|||
Net income attributable to CLPS Incorporation's |
$ |
727,996 |
$ |
782,572 |
|
Other comprehensive (loss) income |
|||||
Foreign currency translation gain (loss) |
$ |
(414,954) |
$ |
78,520 |
|
Less: foreign currency translation gain (loss) attributable to Non- |
(36,097) |
5,170 |
|||
Other comprehensive loss attributable to |
$ |
(378,857) |
$ |
73,350 |
|
Comprehensive income |
|||||
CLPS Incorporation shareholders |
$ |
349,139 |
$ |
855,922 |
|
Non-controlling interests |
30,214 |
173,886 |
|||
$ |
379,353 |
$ |
1,029,808 |
||
Basic net income per common share* |
$ |
0.06 |
$ |
0.07 |
|
Weighted average number of share outstanding – basic |
11,517,123 |
11,290,000 |
|||
Diluted net income per common share |
$ |
0.06 |
$ |
0.07 |
|
Weighted average number of share outstanding – diluted |
11,636,367 |
11,290,000 |
CLPS INCORPORATION |
|||||
CONSOLIDATED statements of INCOME AND COMPREHENSIVE INCOME |
|||||
For the Year Ended |
|||||
2018 |
2017 |
||||
Revenues |
$ |
48,938,593 |
$ |
31,361,976 |
|
Less: Cost of revenues |
(31,277,255) |
(18,669,812) |
|||
Gross profit |
17,661,338 |
12,692,164 |
|||
Operating expenses: |
|||||
Selling and marketing |
2,225,702 |
1,206,493 |
|||
Research and development |
7,837,873 |
4,232,788 |
|||
General and administrative |
5,871,622 |
5,647,790 |
|||
Total operating expenses |
15,935,197 |
11,087,071 |
|||
Income from operations |
1,726,141 |
1,605,093 |
|||
Subsidies and other income |
960,784 |
508,187 |
|||
Other expense |
(84,155) |
(10,469) |
|||
Income before income tax |
2,602,770 |
2,102,811 |
|||
(Benefit) provision for income taxes |
(112,128) |
(118,546) |
|||
Net income |
2,714,898 |
2,221,357 |
|||
Less: Net income (loss) attributable to non-controlling interests |
280,435 |
173,912 |
|||
Net income attributable to CLPS Incorporation's |
$ |
2,434,463 |
$ |
2,047,445 |
|
Other comprehensive (loss) income |
|||||
Foreign currency translation gain (loss) |
$ |
55,793 |
(93,177) |
||
Less: foreign currency translation gain (loss) attributable to Non- |
10,200 |
1,732 |
|||
Other comprehensive loss attributable to |
$ |
45,593 |
$ |
(94,909) |
|
Comprehensive income |
|||||
CLPS Incorporation shareholders |
$ |
2,480,056 |
$ |
1,952,536 |
|
Non-controlling interests |
290,635 |
175,644 |
|||
$ |
2,770,691 |
$ |
2,128,180 |
||
Basic net income per common share* |
$ |
0.21 |
$ |
0.18 |
|
Weighted average number of share outstanding – basic |
11,517,123 |
11,290,000 |
|||
Diluted net income per common share |
$ |
0.21 |
$ |
0.18 |
|
Weighted average number of share outstanding – diluted |
11,636,367 |
11,290,000 |
CLPS INCORPORATION |
|||||
CONSOLIDATED BALANCE SHEETS |
|||||
As of |
|||||
2018 |
2017 |
||||
ASSETS |
|||||
Current assets |
|||||
Cash and cash equivalents |
$ |
9,742,886 |
$ |
4,814,568 |
|
Accounts receivable, net |
16,267,835 |
6,644,774 |
|||
Prepayments, deposits and other assets, net |
1,231,217 |
578,391 |
|||
Prepaid income tax |
206,361 |
169,557 |
|||
Amount due from underwriter on the over-allotment |
1,472,592 |
- |
|||
Amount due from related parties |
131,321 |
118,006 |
|||
Total Current Assets |
29,052,212 |
12,325,296 |
|||
Property and equipment, net |
333,897 |
273,347 |
|||
Intangible assets, net |
260,059 |
305,464 |
|||
|
173,560 |
195,080 |
|||
Escrow receivable |
200,000 |
- |
|||
Prepayments, deposits and other assets, net |
119,372 |
123,783 |
|||
Long-term investment -equity method |
142,590 |
- |
|||
Long-term investment -cost method |
151,124 |
- |
|||
Deferred tax assets, net |
512,097 |
298,953 |
|||
Total Assets |
$ |
30,944,911 |
$ |
13,521,923 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||
Current liabilities |
|||||
Short-term bank loans |
$ |
2,553,989 |
$ |
- |
|
Accounts payable and other current liabilities |
1,454,770 |
239,165 |
|||
Tax payables |
904,850 |
640,864 |
|||
Deferred revenue |
125,080 |
110,631 |
|||
Customer deposits |
200,836 |
97,740 |
|||
Salaries and benefits payable |
7,341,688 |
5,392,434 |
|||
Amounts due to related parties |
208,342 |
1,729,791 |
|||
Total Current Liabilities |
12,789,555 |
8,210,625 |
|||
Commitments and Contingencies |
|||||
Shareholders' Equity |
|||||
Common share, |
1,359 |
1,129 |
|||
Additional paid-in capital |
17,285,543 |
7,120,943 |
|||
Statuary reserves |
1,118,467 |
680,671 |
|||
Retained earnings (Accumulated deficit) |
(524,618) |
(2,521,285) |
|||
Accumulated other comprehensive loss |
(401,677) |
(447,270) |
|||
Total CLPS Incorporation's Shareholders' Equity |
17,479,074 |
4,834,188 |
|||
Non-controlling Interests |
676,282 |
477,110 |
|||
Total Shareholders' Equity |
18,155,356 |
5,311,298 |
|||
Total Liabilities and Shareholders' Equity |
$ |
30,944,911 |
$ |
13,521,923 |
View original content:http://www.prnewswire.com/news-releases/clps-incorporation-reports-financial-results-for-the-fourth-quarter-and-full-year-of-2018-300718615.html
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