H/Cell Energy Reports FY2018 Second Quarter Financial Results
August 10, 2018 - 5:05 PM EDT
close
H/Cell Energy Reports FY2018 Second Quarter Financial Results
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
