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H/Cell Energy Reports FY2018 Second Quarter Financial Results

By GlobeNewswire,  August 10, 2018, 05:05:00 PM EDT


FLEMINGTON, N.J., Aug. 10, 2018 (GLOBE NEWSWIRE) -- 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 fiscal 2018 second quarter ended June 30, 2018.

For the three months ended June 30, 2018, HCCC generated revenue of $2,009,825 and net income of $13,955 or $0.00 in earnings per share, fully diluted. For the six months ended June 30, 2018, HCCC generated revenue of $3,736,149 and a net loss of $97,014 or $(0.01) in earnings per share.

Matthew Hidalgo, CFO of HCCC, commented, "We are very pleased to announce a profitable quarter with record revenue for the company. We had a profitable quarter inclusive of non-cash charges of $64,432 which does not affect the cash flow performance or working capital of HCCC. The company is performing well and is creating more revenue producing opportunities as indicated by our active bid list, which totaled approximately $8.1 million as of June 30, 2018. Our financial condition remains solid with $460,538 in cash, $3,792,845 in assets and $427,535 in working capital as of June 30, 2018. Although we are still a young company from a shareholder value perspective, we continue to grow and add value for our investors. HCCC will be making an effort to generate more investor interest in the months ahead. We remain very encouraged about the future."

About H/Cell Energy Corporation:

H/Cell Energy Corporation is an integrator that focuses on the design and implementation of clean energy solutions including solar, battery, fuel cell and hydrogen generation systems. In addition, through its subsidiaries, HCCC also provides environmental systems and 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
         
    June 30, 2018   December 31, 2017
    (Unaudited)   (Audited)
ASSETS        
 Current assets        
 Cash and cash equivalents   $   460,538     $   455,700  
 Accounts receivable  (net retention)     1,321,820         808,050  
 Prepaid expenses      14,467          14,669  
 Costs and earnings in excess of billings     58,970          51,531  
 Total current assets     1,855,795         1,329,950  
         
 Property and equipment, net      403,941          102,573  
 Security deposits and other non-current assets     21,344          8,416  
 Deferred tax asset     44,257       44,257  
 Customer lists, net     93,887       -  
 Goodwill     1,373,621       -  
         
 Total assets   $   3,792,845     $   1,485,196  
         
LIABILITIES AND STOCKHOLDERS' EQUITY        
         
 Current liabilities        
 Accounts payable and accrued expenses   $   951,769     $   631,385  
 Management fees payable - related party     15,000       31,257  
 Earn out payable     182,056      
 Billings in excess of costs and earnings     93,099         87,206  
 Sales and withholding tax payable     59,894       61,239   
 Current equipment notes payable     33,407       -  
 Current capital lease payable     67,289       -  
 Income tax payable     25,746       98,313  
 Total current liabilities     1,428,260         909,400  
         
 Noncurrent liabilities        
  Capital leases     166,965       -  
  Equipment notes payable     128,919       -  
  Convertible note payable - related party, net of discount     8,891       -  
 Total noncurrent liabilities     304,775       -  
         
 Total liabilities     1,733,035       909,400  
         
 Commitments and contingencies         
         
 Stockholders' equity        
 Preferred stock - $0.0001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding     -       -  
 Common stock - $0.0001 par value; 25,000,000 shares authorized; 7,586,024 and 7,041,579 shares issued and outstanding                
   as of June 30, 2018 and December 31, 2017, respectively     758         704  
 Additional paid-in capital     2,949,459         1,335,656  
 Accumulated deficit     (828,768 )        (731,754 )
 Accumulated other comprehensive loss     (61,639 )        (28,810 )
 Total stockholders' equity    $ 2,059,810     $     575,796  
         
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY   $   3,792,845     $   1,485,196  
                 





 
H/CELL ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - OTHER COMPREHENSIVE INCOME
 
    For the Three Months Ended

June 30,
  For the Six Months

Ended June 30,
      2018       2017     2018       2017
                 
 Revenue                
Construction income   $ 2,009,825     $ 1,906,495   $   3,704,360     $   3,757,250
Related party     -        24,163     31,789         40,253
 Total revenue     2,009,825        1,930,658     3,736,149       3,797,503
                 
 Cost of goods sold                
Direct costs     1,253,043         1,147,909     2,462,456         2,561,729
Direct costs - related party     -         34,440     31,617         50,345
 Total cost of goods sold     1,253,043       1,182,349     2,494,073       2,612,074
                 
 Gross profit     756,782         748,309     1,242,076         1,185,429
                 
 Operating expenses                
General and administrative expenses     687,831       498,124      1,243,015         945,369
Management fees - related party     19,500       45,000     39,000       91,000
 Total operating expenses     707,331       543,124     1,282,015         1,036,369
                 
Income  (loss) from operations     49,451       205,185     (39,939 )     149,060
Income tax provision (benefit)     -       -     -       -
                 
 Income (loss) before other income and expense   $   49,451     $ 205,185   $   (39,939 )   $   149,060
                 
 Other income (loss)     (6,738 )     2,297     (6,738 )       2,298
                 
 Other expenses                
Interest expense     10,146       -     14,092       -
Interest expense - related party     18,676       -     32,891       -
Loss on fixed asset disposal     (64 )     -     3,354       -
Total other expenses     28,758       -     50,337       -
                 
 Net income (loss)   $   13,955     $ 207,482   $   (97,014 )   $   151,358
                 
 Other comprehensive income (loss), net                
                 
Foreign currency translation adjustment     (22,570 )      7,048     (32,829 )       18,417
                 
 Comprehensive income (loss)   $   (8,615 )   $   214,530   $   (129,843 )   $   169,775
                 
 Earnings (loss) per share                
Basic    $   0.00     $   0.03   $   (0.01 )   $   0.02
Diluted   $   0.00     $    0.03   $   (0.01 )   $     0.02
 Weighted average common shares outstanding                
Basic     7,483,980       7,039,357     7,450,235        6,355,468
Diluted     8,819,225       7,948,091      7,450,235         7,259,155 
                 

 

Source: H/Cell Energy Corporation

This article appears in: News Headlines

Referenced Stocks: HCCC, HCCC








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