|
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
|
3 Months Ended |
|
Mar. 31, 2014
|
Mar. 31, 2013
|
| Cash flows from operating activities: |
|
|
| Net (loss) income |
$ (2,739) |
$ 2,918 |
| Adjustments to reconcile net (loss) income to net cash used in operating activities: |
|
|
| Depreciation |
2,910 |
3,117 |
| Amortization |
37 |
27 |
| Land use rights amortization |
117 |
113 |
| Deferred income tax expense |
|
1,133 |
| Share-based compensation expense |
|
380 |
| Changes in operating assets and liabilities: |
|
|
| Bills receivable |
1,238 |
(2,033) |
| Accounts receivable |
(5,148) |
(1,559) |
| Inventories |
2,987 |
(8,339) |
| Prepayments to suppliers |
(23,628) |
(19,077) |
| Consumption tax refund receivable |
27,080 |
(25,219) |
| Other current assets |
(3,472) |
9,967 |
| Accounts payable |
781 |
(24,152) |
| Advances from (to) customers |
(2,342) |
(3,757) |
| Income taxes payable |
(1,491) |
(1,417) |
| Accrued expenses and other payables |
(874) |
780 |
| Net cash used in operating activities |
(4,544) |
(67,118) |
| Cash flows from investing activities: |
|
|
| Purchase of property, plant and equipment |
(9,604) |
(11,382) |
| Net cash used in investing activities |
(9,604) |
(11,382) |
| Cash flow from financing activities: |
|
|
| Pledged bank deposits used for bank borrowings |
(95,308) |
(50,687) |
| Proceeds from short-term bank borrowings |
365,125 |
297,548 |
| Repayment of short-term bank borrowings |
(232,738) |
(183,067) |
| Proceeds from bank notes |
177,471 |
57,116 |
| Repayments of bank notes |
(198,145) |
(45,884) |
| Repurchase of treasury stock |
(168) |
|
| Net cash provided by financing activities |
16,237 |
75,027 |
| Effect of foreign currency exchange rate changes on cash |
(315) |
60 |
| Net increase (decrease) in cash |
1,774 |
(3,413) |
| Cash at beginning of year |
12,309 |
23,378 |
| Cash at end of year |
14,083 |
19,965 |
| Supplemental disclosure of cash flow information: |
|
|
| Income tax paid |
1,480 |
1,579 |
| Interest paid, net of capitalized interest |
|
3,396 |
| Non cash investing and financing activities: |
|
|
| Payable for purchase of property, plant and equipment (net of VAT) |
$ 14,126 |
$ 2,798 |