Hollysys Automation Technologies Reports Unaudited Financial Results for the First Quarter Ended September 30, 2019
First Quarter of Fiscal Year 2020 Financial Highlights
-- Non-GAAP net income attributable to Hollysys was $29.8 million, an
increase of 6.1% compared to the comparable prior year period.
-- Total revenues were $123.2 million, a decrease of 11.2% compared to the
comparable prior year period.
-- Non-GAAP gross margin was at 37.7%, compared to 37.2% for the comparable
prior year period.
-- Non-GAAP diluted EPS was $0.49, an increase of 6.5% compared to the
comparable prior year period.
-- Net cash provided by operating activities was $39.0 million for the
current quarter.
-- DSO of 204 days, compared to 170 days for the comparable prior year
period.
-- Inventory turnover days of 56 days, compared to 51 days for the
comparable prior year period.
BEIJING, Nov. 13, 2019 /PRNewswire/ -- Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) ("Hollysys" or the "Company"), a leading provider of automation and control technologies and applications in China, today announced its unaudited financial results for the first quarter of fiscal year 2020 ended September 30, 2019 (see attached tables). The management of Hollysys, stated:
IA business finished the quarter with revenue and contract at $64.6 million and $84.0 million, achieving 12.0% and 4.6% YOY growth respectively. Under the guidance of our "3+1+N" strategy, we continued our effort in market penetration in different industries. In our power business, we signed a contract to provide control solution to urban heat supply network, which is the first project of this kind for Hollysys. In chemical business, we have officially completed the milestone Zhong'an coal-chemical project and will continue to provide maintenance and other services afterwards. The project is one of the largest MAV-DCS projects for Hollysys and we provided total solution covering the integration of up to ten systems including control system, asset management system, alarm system, gas detection system, etc. In the petrochemical industry, with our DCS and SIS being certified by CCS (China Classification Society) earlier this year, we are better qualified in providing control solution in offshore oil related business. Our strategic relationship with CNOOC (China National Offshore Oil Corporation) proceeded further as we signed several contracts with them in providing control solution to their offshore oil platform this quarter. Besides market penetration through newly-built projects, we have kept leveraging on our nation-wide network to respond to the aftersales demand of different industries, especially as the control products are approaching the end of life cycle. We maintained close relationship with our existing customers through various types of aftersales service, while also exploited the opportunities in obtaining new clients through replacement and upgrade project, especially in the chemical and petrochemical industries. We are also building up our capability in providing more comprehensive solution covering full life cycle of the project. With the recent completion of the acquisition of a small pharmaceutical and chemical design institute, we are able to get involved in potential projects at earlier stage in the future for better opportunities. In our smart factory solution, following our previous breakthrough contract in the power industry, we have signed several contracts this quarter with both existing and new customers from the chemical industry. Such will be long term cooperation so as to turn their production smart comprehensively step by step. We have also broadened our industrial software solution matrix, as we launched a new solution that help to optimize emission control and signed the first contract with a client from the power industry.
Rail business finished the quarter with revenue and contract at $44.6 million and $21.0 million, recording 11.5% and 70.6% YOY decrease respectively. In the high-speed rail business, the bidding pace of CRC has not met the expectation of the market. We continued to provide aftersales service on our high-speed rail signaling products covering software upgrade, spare parts sales, maintenance and replacement. Meanwhile, we are also actively preparing ourselves for new products and services in the aftersales high-speed rail market. In the inter-city high-speed rail business, we signed contracts to provide ATP with automatic train operation function to the Pearl River Delta region. In subway business, the subway line for the new Beijing Daxing Airport commenced business operation in September, with Hollysys being the provider of SCADA solution that supports driverless operation. Going forward, our rail business will continue to adhere to the diversity strategy for stable and healthy growth and to improve our local service network for more value-adding and differentiated services. With urbanization as an ongoing process, we will keep leveraging our strong R&D capacity and prepare for the application of various types of railway transportation systems in the future.
M&E business finished the quarter with revenue and contract at $14.0 million and $33.6 million, recording 54.2% YOY decrease and 128.0% YOY increase respectively. Given the macro economy in Southeast Asia and the Middle East, risk control remains to be the key focus of our M&E business. In IA overseas business, progress is constantly made in terms of establishment of new cooperation with new key EPC players as well as ongoing cooperation with existing partners. Going forward, we will continue our effort in developing partnership with key EPC players, and strengthening localization in manufacture, marketing and services in overseas business.
Fiscal Quarter Ended September 30, 2019 Unaudited Financial Results Summary
To facilitate a clear understanding of Hollysys' operational results, a summary of unaudited non-GAAP financial results is shown as below:
(In USD thousands, except for number of shares and per share data)
Three months ended
Sep 30, 2019
Sep 30, 2018
%
Change
Revenues $
123,230 138,719 (11.2)%
Integrated contract revenue $
104,466 116,650 (10.4)%
Products sales $
6,123 8,040 (23.8)%
Service rendered $
12,641 14,029 (9.9)%
Cost of revenues $
76,771 87,178 (11.9)%
Gross profit $
46,459 51,541 (9.9)%
Total operating expenses $
23,291 21,501 8.3%
Selling $
7,277 7,709 (5.6)%
General and administrative $
10,592 8,570 23.6%
Research and development $
8,942 8,769 2.0%
VAT refunds and government subsidies $
(3,520) (3,547) (0.8)%
Income from operations $
23,168 30,040 (22.9)%
Other income, net $
2,025 558 262.9%
Foreign exchange gain (loss) $
604 (123) (591.1)%
Gains on disposal of investments in equity investees $
5,763
Share of net income of equity investees $
1,541 98 1472.4%
Interest income $
3,029 3,099 (2.2)%
Interest expenses $
(113) (106) 6.6%
Income tax expenses $
6,209 5,455 13.8%
Net income attributable to non-controlling interests $
26 46 (43.5)%
Non-GAAP net income attributable to Hollysys Automation $
29,782 28,065 6.1%
Technologies Ltd.
Non-GAAP basic EPS $
0.49 0.46 6.5%
Non-GAAP diluted EPS $
0.49 0.46 6.5%
$
Share-based compensation expenses 26 84 (69.0)%
Amortization of acquired intangible assets $
75 80 (6.3)%
GAAP Net income attributable to Hollysys Automation Technologies $
29,681 27,901 6.4%
Ltd.
GAAP basic EPS $
0.49 0.46 6.5%
GAAP diluted EPS $
0.49 0.46 6.5%
$
Basic weighted average common shares outstanding 60,470,611 60,448,111 0.0%
Diluted weighted average common shares outstanding 60,483,884 61,263,566 (1.3)%
Operational Results Analysis for the First Quarter Ended September 30, 2019
Comparing to the first quarter of the prior fiscal year, the total revenues for the three months ended September 30, 2019 decreased from $138.7 million to $123.2 million, representing a decrease of 11.2%. Broken down by the revenue types, integrated contracts revenue decreased by 10.4% to $104.5 million, products sales revenue decreased by 23.8% to $6.1 million, and services revenue decreased by 9.9% to $12.6 million.
The Company's total revenues can also be presented in segments as shown in the following chart:
(In USD thousands)
Three months ended Sep 30,
2019 2018
$ % to Total
$ % to Total
Revenue Revenue
Industrial Automation 64,637 52.4% 57,720 41.6%
Rail Transportation Automation 44,576 36.2% 50,368 36.3%
Mechanical and Electrical Solution 14,017 11.4% 30,631 22.1%
Total 123,230 100.0% 138,719 100.0%
Overall gross margin excluding non-cash amortization of acquired intangibles (non-GAAP gross margin) was 37.7% for the three months ended September 30, 2019, as compared to 37.2% for the same period of the prior year. The non-GAAP gross margin for integrated contracts, product sales, and services rendered were 32.6%, 79.9% and 59.5% for the three months ended September 30, 2019, as compared to 30.8%, 75.0% and 67.9% for the same period of the prior year, respectively. The gross margin fluctuation was mainly due to the different revenue mix with different margins. The GAAP overall gross margin which includes non-cash amortization of acquired intangibles was 37.6% for the three months ended September 30, 2019, as compared to 37.1% for the same period of the prior year. The GAAP gross margin for integrated contracts, product sales, and service rendered was 32.5%, 79.9% and 59.5% for the three months ended September 30, 2019, as compared to 30.8%, 75.0% and 67.9% for the same period of the prior year, respectively.
Selling expenses were $7.3 million for the three months ended September 30, 2019, representing a decrease of $0.4 million or 5.6% compared to $7.7 million for the same quarter of the prior year. Presented as a percentage of total revenues, selling expenses were 5.9% and 5.6% for the three months ended September 30, 2019, and 2018, respectively.
General and administrative expenses, excluding non-cash share-based compensation expenses (non-GAAP G&A expenses), were $10.6 million for the quarter ended September 30, 2019, representing an increase of $2.0 million or 23.6% compared to $8.6 million for the same quarter of the prior year. Presented as a percentage of total revenues, non-GAAP G&A expenses were 8.6% and 6.2% for quarters ended September 30, 2019 and 2018, respectively. The GAAP G&A expenses which include the non-cash share-based compensation expenses were $10.6 million and $8.7 million for the three months ended September 30, 2019 and 2018, respectively.
Research and development expenses were $8.9 million for the three months ended September 30, 2019, representing an increase of $0.1 million or 2.0% compared to $8.8 million for the same quarter of the prior year. Presented as a percentage of total revenues, R&D expenses were 7.3% and 6.3% for the quarter ended September 30, 2019 and 2018, respectively.
The VAT refunds and government subsidies were $3.5 million and $3.5 million for the quarter ended September 30, 2019 and 2018, respectively.
The income tax expenses and the effective tax rate were $6.2 million and 17.3% for the three months ended September 30, 2019, as compared to $5.5 million and 16.3% for comparable prior year period. The effective tax rate fluctuation was mainly due to the different pre-tax income mix with different tax rates, as the Company's subsidiaries are subject to different tax rates in various jurisdictions.
The non-GAAP net income attributable to Hollysys, which excludes the non-cash share-based compensation expenses calculated based on the grant-date fair value of shares or options granted, amortization of acquired intangible assets, and fair value adjustments of a bifurcated derivative, was $29.8 million or $0.49 per diluted share based on 60.5 million diluted weighted average ordinary shares outstanding for the three months ended September 30, 2019. This represents a 6.1% increase over $28.1 million or $0.46 per share based on 61.3 million diluted weighted average ordinary shares outstanding reported in the comparable prior year period. On a GAAP basis, net income attributable to Hollysys was $29.7 million or $0.49 per diluted share representing an increase of 6.4% over $27.9 million or $0.46 per diluted share reported in the comparable prior year period.
Contracts and Backlog Highlights
Hollysys achieved $138.6 million of new contracts for the three months ended September 30, 2019. The backlog as of September 30, 2019 was $578.9 million. The detailed breakdown of new contracts and backlog by segments is shown below:
(In USD thousands) New contracts achieved Backlog
for the three months as of Sep 30, 2019
ended Sep 30, 2019
% to Total
$ % to Total
Contract Backlog
$
Industrial Automation 83,960 60.5% 195,341 33.7%
Rail Transportation 21,008 15.2% 288,972 49.9%
Mechanical and Electrical Solutions 33,640 24.3% 94,578 16.3%
Total 138,608 100.0% 578,891 100.0%
Cash Flow Highlights
For the fiscal year ended September 30, 2019, the total net cash inflow was $15.3 million. The net cash provided by operating activities was $39.0 million. The net cash provided by investing activities was $8.1 million and mainly consisted of $31.9 million of matured time deposits, and $4.5 million of proceeds received for the disposal of an equity investment, which were partially offset by $27.8 million of time deposits placed with banks. The net cash used in financing activities was $20.3 million and mainly consisted of $20.0 million repayments of bonds payable.
Balance Sheet Highlights
The total amount of cash and cash equivalents were $340.0 million, $332.5 million, and $276.9 million as of September 30, 2019, June 30, 2019 and September 30, 2018, respectively.
For the three months ended September 30, 2019, DSO was 204 days, as compared to 170 days for the comparable prior year period and 160 days for the last quarter; and inventory turnover was 56 days, as compared to 51 days for the comparable prior year period and 42 days for the last quarter.
Conference Call
The Company will host a conference call at 8:00 pm November 13, 2019 U.S. Eastern Time / 9:00 am November 14, 2019 Beijing Time, to discuss the financial results for the first quarter of fiscal year 2020 ended September 30, 2019 and business outlook.
To participate, please call the following numbers ten minutes before the scheduled start of the call. The conference call identification number is 6174508.
Standard International Dial-In Number:
+65 67135090
Participant Local Dial-In Numbers:
Australia, Sydney
+61 290833212
China, Domestic 4006208038
China, Domestic Landline only 8008190121
China, Hong Kong
+852 30186771
China, Taiwan
+886 255723895
Japan, Tokyo
+81 345036012
Korea (South), Seoul
+82 27395177
United Kingdom, London
+44 2036214779
United States, New York
+1 8456750437
Participant ITFS Dial-In Numbers:
Australia 1800411623
Australia 1300717205
Belgium 080071900
Canada 18663861016
France 0800912761
Germany 08001820671
China, Hong Kong 800906601
China, Taiwan 0809091568
India 18002666846
Indonesia, PT Indosat access 0018030179156
Indonesia, PT Telkom access 0078030179156
Italy 800874737
Japan 0120925376
Korea (South), Domestic 0808500474
Malaysia 1800820152
Netherlands 08000221931
New Zealand 0800880084
Norway 80010719
Philippines 180016120306
Switzerland 0800561006
Thailand 001800656772
United Kingdom 08082346646
United States 18665194004
In addition, a recording of the conference call will be accessible within 48 hours via Hollysys' website at: http://hollysys.investorroom.com
About Hollysys Automation Technologies Ltd. (NASDAQ: HOLI)
Hollysys is a leading automation control system solutions provider in China, with overseas operations in eight other countries and regions throughout Asia. Leveraging its proprietary technology and deep industry know-how, Hollysys empowers its customers with enhanced operational safety, reliability, efficiency, and intelligence which are critical to their businesses. Hollysys derives its revenues mainly from providing integrated solutions for industrial automation and rail transportation. In industrial automation, Hollysys delivers the full spectrum of automation hardware, software, and services spanning field devices, control systems, enterprise manufacturing management and cloud-based applications. In rail transportation, Hollysys provides advanced signaling control and SCADA (Supervisory Control and Data Acquisition) systems for high-speed rail and urban rail (including subways). Founded in 1993, with technical expertise and innovation, Hollysys has grown from a research team specializing in automation control in the power industry into a group providing integrated automation control system solutions for customers in diverse industry verticals. As of March 2019, Hollysys had cumulatively carried out more than 25,000 projects for approximately 15,000 customers in various sectors including power, petrochemical, high-speed rail, and urban rail, in which Hollysys has established leading market positions.
SAFE HARBOUR:
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are "forward-looking statements," including statements regarding: the ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Such forward-looking statements, based upon the current beliefs and expectations of Hollysys' management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For further information, please contact:
Hollysys Automation Technologies Ltd.
www.hollysys.com
+8610-58981386
investors@hollysys.com
HOLLYSYS AUTOMATION TECHNOLOGIES LTD.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(In USD thousands except for number of shares and per share data)
Three months ended
Sep 30,
2019 2018
(Unaudited) (Unaudited)
Net revenues
Integrated contract revenue $
104,466 $
116,650
Products sales 6,123 8,040
Revenue from services 12,641 14,029
Total net revenues 123,230 138,719
Cost of integrated contracts 70,500 80,748
Cost of products sold 1,231 2,008
Costs of services rendered 5,115 4,502
Gross profit 46,384 51,461
Operating expenses
Selling 7,277 7,709
General and administrative 10,618 8,654
Research and development 8,942 8,769
VAT refunds and government subsidies (3,520) (3,547)
Total operating expenses 23,317 21,585
Income from operations 23,067 29,876
Other income, net 2,025 558
Foreign exchange gain (loss) 604 (123)
Gains on disposal of investments in equity investees 5,763
Share of net income of equity investees 1,541 98
Interest income 3,029 3,099
Interest expenses (113) (106)
Income before income taxes 35,916 33,402
Income taxes expenses 6,209 5,455
Net income 29,707 27,947
Net income attributable to non-controlling interests 26 46
---
Net income attributable to Hollysys Automation Technologies Ltd. $
29,681 $
27,901
Other comprehensive loss, net of tax of nil
Translation adjustments (34,174) (29,137)
Comprehensive loss (4,467) (1,190)
Less: comprehensive (loss) income attributable to non-controlling interests (25) 46
---
Comprehensive loss attributable to Hollysys Automation Technologies Ltd. $
(4,442) $
(1,236)
Net income per ordinary share:
Basic 0.49 0.46
Diluted 0.49 0.46
Shares used in income per ordinary share computation:
Weighted average number of ordinary shares 60,470,611 60,448,111
Weighted average number of diluted ordinary shares 60,483,884 61,263,566
HOLLYSYS AUTOMATION TECHNOLOGIES LTD.
CONSOLIDATED BALANCE SHEETS
(In USD thousands except for number of shares and per share data)
Sep 30, Jun 30,
2019 2019
(Unaudited) (audited)
ASSETS
Current assets
Cash and cash equivalents $
339,932 $
332,509
Time deposits with maturities over three months 136,200 145,139
Restricted cash 30,288 22,260
Accounts receivable, net of allowance for doubtful accounts of $44,875 and 245,696 282,594
$47,162 as of September 30, 2019 and June 30, 2019, respectively
Costs and estimated earnings in excess of billings, net of allowance for doubtful 192,201 197,955
accounts of $7,807 and $6,981 as of September 30, 2019 and June 30, 2019,
respectively
Accounts receivable retention 11,660 5,468
Other receivables, net of allowance for doubtful accounts of $4,840 and $4,879 as 25,274 27,109
of September 30, 2019 and June 30, 2019, respectively
Advances to suppliers 22,825 12,901
Amounts due from related parties 29,832 36,295
Inventories 46,319 42,983
Prepaid expenses 391 644
Income tax recoverable 1,832 3,621
Total current assets 1,082,450 1,109,478
Non-current assets
Restricted cash 3,485 3,618
Non-current costs and estimated earnings in excess of billings 4,828
Accounts receivable retention 7,785 6,390
Prepaid expenses 8 2
Property, plant and equipment, net 72,718 76,006
Prepaid land leases 15,977 16,599
Intangible assets, net 1,258 1,383
Investments in equity investees 37,319 40,386
Investments securities 4,600 4,776
Goodwill 36,298 37,054
Deferred tax assets 9,313 13,725
Non-current right-of-use assets 5,262
Total non-current assets 198,851 199,939
Total assets 1,281,301 1,309,417
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Derivative financial liability 758
Short-term bank loans 1,585 1,909
Current portion of long-term loans 307 20,310
Dividends payable 12,672
Accounts payable 109,519 110,384
Construction cost payable 86 94
Deferred revenue 135,519 141,385
Accrued payroll and related expenses 15,577 14,512
Income tax payable 2,669 2,541
Warranty liabilities 8,212 8,039
Other tax payables 1,245 665
Accrued liabilities 28,139 35,507
Amounts due to related parties 3,714 5,395
Total current liabilities 319,244 341,499
Non-current liabilities
Accrued liabilities 5,084 3,530
Long-term loans 890 978
Non-current accounts payable 4,473
Deferred tax liabilities 13,251 12,173
Warranty liabilities 3,245 4,077
Non-current lease liability 5,072
Total non-current liabilities 32,015 20,758
Total liabilities 351,259 362,257
Commitments and contingencies -
Stockholders' equity:
Ordinary shares, par value $0.001 per share, 100,000,000 shares authorized; 60 60
60,342,099 shares issued and outstanding as of September 30, 2019 and June
30, 2019
Additional paid-in capital 223,660 223,634
Statutory reserves 48,698 48,698
Retained earnings 725,521 708,515
Accumulated other comprehensive income (69,645) (35,521)
Total Hollysys Automation Technologies Ltd. stockholder's equity 928,294 945,386
Non-controlling interests 1,748 1,774
Total equity 930,042 947,160
Total liabilities and equity $
1,281,301 $
1,309,417
HOLLYSYS AUTOMATION TECHNOLOGIES LTD
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In USD thousands).
Three months ended
Sep 30, 2019
---
(Unaudited)
Cash flows from operating activities:
Net income $
29,707
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment 2,417
Amortization of prepaid land leases 99
Amortization of intangible assets 75
Allowance for doubtful accounts 716
loss on disposal of long-lived assets 7
Share of net gain from equity investees (1,541)
Share-based compensation expenses 26
Deferred income tax expenses 5,312
Accretion of convertible bond 57
Gains on disposal of investments in equity investees (5,763)
Changes in operating assets and liabilities:
Accounts receivable 17,090
Costs and estimated earnings in excess of billings (6,081)
Inventories (4,993)
Advances to suppliers (10,567)
Other receivables 1,004
Deposits and other assets 239
Due from related parties 5,223
Accounts payable 7,147
Deferred revenue 3,679
Accruals and other payables (5,720)
Due to related parties (1,682)
Income tax payable 1,893
Other tax payables 614
Net cash provided by operating activities 38,958
Cash flows from investing activities:
Time deposits placed with banks (27,842)
Purchases of property, plant and equipment (491)
Proceeds from disposal of property, plant and equipment 58
Maturity of time deposits 31,879
Proceeds received for the disposal of an equity investment 4,458
Net cash provided by investing activities 8,062
Cash flows from financing activities:
Proceeds from short-term bank loans 1,343
Repayments of short-term bank loans (1,632)
Proceeds from long-term bank loans 41
Repayments of long-term bank loans (103)
Repayments of bonds payable (19,995)
Net cash used in financing activities (20,346)
Effect of foreign exchange rate changes (11,356)
Net decrease increase in cash, cash equivalents and restricted cash $
15,318
Cash, cash equivalents and restricted cash, beginning of period $
358,387
Cash, cash equivalents and restricted cash, end of period 373,705
Non-GAAP Measures
In evaluating our results, the non-GAAP measures of "Non-GAAP cost of integrated contracts", "Non-GAAP general and administrative expenses", "Non-GAAP net income attributable to Hollysys Automation Technologies Ltd. stockholders", "Non-GAAP basic earnings per share", and "Non-GAAP diluted earnings per share" serve as additional indicators of our operating performance and not as a replacement for other measures in accordance with U.S. GAAP. We believe these non-GAAP measures are useful to investors, as they exclude the non-cash share-based compensation expenses, which is calculated based on the number of shares or options granted and the fair value as of the grant date, amortization of acquired intangible assets, and fair value adjustments of a bifurcated derivative. They will not result in any cash inflows or outflows. We believe that using non-GAAP measures help our shareholders to have a better understanding of our operating results and growth prospects. In addition, given the business nature of the Company, it has been a common practice for investors to use such non-GAAP measures to evaluate the Company.
The following table provides a reconciliation of the non-GAAP measures with the most directly comparable U.S. GAAP measures for the periods indicated:
Three months ended
Sep 30,
2019 2018
(Unaudited) (Unaudited)
Cost of integrated contracts $
70,500 $
80,748
Less: Amortization of acquired intangible assets 75 80
Non-GAAP cost of integrated contracts $
70,425 $
80,668
General and administrative expenses $
10,618 $
8,654
Less: Share-based compensation expenses 26 84
Non-GAAP general and administrative expenses $
10,592 $
8,570
Net income attributable to Hollysys Automation Technologies Ltd. $
29,681 $
27,901
Add:
Share-based compensation expenses 26 84
75 80
Amortization of acquired intangible assets
Non-GAAP net income attributable to Hollysys Automation $
29,782 $
28,065
Technologies Ltd.
60,470,611 60,448,111
Weighted average number of basic ordinary shares
60,483,884 61,263,566
Weighted average number of diluted ordinary shares
Non-GAAP basic earnings per share $
0.49 $
0.46
Non-GAAP diluted earnings per share $
0.49 $
0.46
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SOURCE Hollysys Automation Technologies, Ltd
