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China Auto Logistics Reports Net Loss on Higher Revenues in 2014 Second Quarter

Auto Sales Margins Continued to Stabilize but Reduced Income From Higher Margin Services Businesses and Higher Interest and Depreciation Costs Related to the Airport International Auto Mall Acquisition Impacted Results as Anticipated

TIANJIN, CHINA -- (Marketwired) -- 08/13/14 -- China Auto Logistics Inc. (the "Company" or "CALI") (NASDAQ: CALI), a top seller in China of luxury imported automobiles, a leading provider of auto-related services and a minority participant in a used car sales joint venture, today announced that in its second quarter ended June 30, 2014, it saw revenues increase 3.11% year over year to nearly $114 million as imported auto sales grew 3.21% in the same time frame. However, anticipated increased depreciation and interest costs related to its acquisition of the Tianjin Airport International Auto Mall, and a decreased contribution to the bottom line from its higher margin services businesses, combined with stabilized but slightly lower gross margins in Auto Sales, produced a net loss attributable to shareholders in the quarter of approximately $1.85 million. This included a small operating loss of just over $300,000.

Mr. Tong Shiping, Chairman and CEO of the Company commented, "From an operating standpoint, during the quarter we continued our strategy of selling cars with reduced margins to maintain and expand our leadership in imported high end auto sales and were pleased that changes in the mix of our sales and our customers continued to result in stabilized bottom line results. Over time, we believe this situation will improve in our favor, particularly as we execute plans to greatly expand our e-commerce based sales and services anchored by new automalls we expect will be built or acquired throughout China in cooperation with our new strategic partner, Tianjin Binhai International Automall, Ltd."

He added, "With our 40% interest in Car King Tianjin, we also have exposure to China's used car market and are reviewing other opportunities we envision through our acquisition of the Airport International Auto Mall, such as retail auto sales. While we have had to fight a difficult economic environment and new competition to reach this point, I can say once again we truly are excited about where the Company is headed and are working diligently to finalize and implement our growth strategy."

Financial Highlights

  • Revenues in the second quarter increased to $113,686,767 from $110,256,310 in the same period last year. These results exclude revenues from the Company's 40% interest in Car King Tianjin, which is accounted for under the equity method of accounting. Sales of Automobiles accounted for 98.07% of all sales in the quarter.

  • Gross profit margins on sales of automobiles in the second quarter decreased to negative 0.06% from 0.26% a year earlier. However, this year's result included a $308,444 reserve for a batch of slow moving vehicles purchased in late 2012 and 2013. Excluding the reserve, the gross profit margin for auto sales would have been 0.21%, slightly lower than the comparable figure a year ago, but higher than the gross profit margin in the first quarter of 2014.

  • The Company's gross profit margin of 1.33% in the second quarter was the same as in the first quarter of the year, but lower than in the same period last year. This year over year decline was largely a consequence of a reduction in margins in Financing Services to 39.04% in the second quarter of 2014 compared to 62.57% in the second quarter of 2013. While revenue in this business declined less than 1% year over year in the quarter, the fee income portion of revenue declined approximately 38%, as the Company decided to temporarily cease providing certain Financing Services due to a reutilization of available funds to finance the Zhonghe acquisition and to provide a working capital loan to Car King Tianjin.

  • Income from the Company's Web-based Advertising Services and Value Added Auto Services declined in the quarter, while Airport Auto Mall Automotive Services made a small contribution to operating income. The Financial Services contribution in the second quarter of 2014 topped the operating income it generated in the same quarter last year.

  • Car King Tianjin, while still in a preliminary development stage, generated $604,766 in revenue in the second quarter from sales of used cars and agency commissions earned from selling automobiles owned by other Car King locations. However, it generated a loss in the quarter, of which the reported equity loss for the Company was $193,121, representing the Company's share of Car King Tianjin's losses.

  • The Company saw an increase in interest, depreciation and amortization costs relating to the Zhonghe acquisition. Interest expense in the second quarter was $1,719,897 related to the bank loans for working capital use and payables related to the Zhonghe acquisition. Depreciation and amortization expense in the quarter was $666,674.

  • The net loss attributable to shareholders in the second quarter was $1,846,254, or a $0.46 loss per share, compared with net income of $800,484, or $0.22 in earnings per share in the same period last year.

  • For the first six months of 2014, revenues increased to $220,661,817 from $217,881,376 a year earlier. The net loss attributable to shareholders was $3,192,422, or a $0.79 loss per share, compared with net income of $1,807,819, or $0.49 in earnings per share in the first six months of 2013.

  • Diluted weighted average common shares outstanding were 4,034,494 for the second quarter of 2014, compared with 3,694,394 for the same period of 2013.

Operational Highlights

Steep competition and a slower economy were the key factors affecting results in the second quarter. However, an improved sales mix contributed to the growth reported in revenues in the period. While sales volume decreased approximately 15% from 1,240 automobiles sold in the second quarter last year, to 1,048 automobiles in the second quarter of 2014, the average selling price per automobile increased to $106,000 from $87,000 year over year. Of further note, during the second quarter, the Company's top three customers, all car dealers, accounted for 19% of sales, as compared with 30% of sales a year earlier. The Company continues to seek to enlarge its customer base while maintaining strong relationships with its top customers.

While, as described above, Financing Services revenue was down only slightly year over year, the key contribution to this result was interest income generated rather than fees for services. Nevertheless, Financing Services continued to be the top contributor to operating income.

A small amount of revenue was generated during the second quarter by leasing space in the recently acquired Airport International Automall to Car King Tianjin. As previously announced, the Company is aiming to determine how to best utilize this facility in the second half of 2014 and hopes that it may begin contributing to the Company's financial results.

After the end of the quarter, on August 6, 2014, the Company made a major announcement of a new strategic cooperation agreement with a leading auto dealer leasing and development company, Tianjin Binhai International Automall. It is anticipated this new cooperation will greatly expand the Company's high end imported auto business with a new e-commerce platform anchored by the purchase and construction of new automalls throughout China. One of the key drivers of this new arrangement was a recent revision of governmental rules on imported cars, which the Company believes will provide it with a much higher degree of flexibility in operating this business.

Outlook

As noted earlier, the Company's optimism with respect to its long term growth has increased measurably in recent weeks as it has pursued the diversification it has been seeking with the acquisition of the Airport International Auto Mall, and with the significant potential for expansion it envisions as a consequence of the strategic cooperation agreement it has entered into.

Recently, the Company also has encountered a major challenge in the form of a notice from the Depository Trust Company of plans to impose a "global lock" on the Company's common shares. The Company is responding vigorously to this challenge which it views as unfairly harming shareholders even though the Company itself has not been charged with any wrongdoing. It has hired special counsel to handle the matter and is determined to do everything possible to protect shareholders, and will continue to update shareholders whenever new information on the matter becomes available.

Conference Call Invitation

The Company will discuss 2014 Second Quarter results during a live conference call and webcast on Thursday, August 14, 2014 at 8:00 am Eastern Time. This will follow distribution of a news release with the Company's 2014 second quarter results on Wednesday, August 13, 2014.

To participate in the call, interested participants should call 1-888-438-5524 when calling within the United States or 1-719-457-2627 when calling internationally. Please ask for the China Auto Logistics 2014 Second Quarter Earnings Conference Call, Conference ID: 3136573. There will be a playback available until August 21, 2014. To listen to the playback, please call 1-877-870-5176 when calling within the United States or 1-858-384-5517 when calling internationally. Use the Replay Pin Number: 3136573.

This call is being webcast by ViaVid Broadcasting and can be accessed by clicking on this link http://public.viavid.com/index.php?id=110599 or at ViaVid's website at http://viavid.com.

SEE ATTACHED TABLES

About China Auto Logistics Inc.

China Auto Logistics Inc. is one of China's top sellers of imported luxury vehicles. It also provides a growing variety of "one stop" automobile related services such as short term dealer financing. Additionally, in November, 2013, it acquired the owner and operator of the 26,000 square meter Airport International Auto Mall in Tianjin for $91.4 million, with plans to develop the auto mall, among other things, as the flagship site for a joint venture with Car King (China) Used Car Trading Co., Ltd. Most recently, in August, 2014, the Company entered into a strategic cooperation agreement with a leading auto dealer leasing and development company, through which the Company hopes it may substantially expand e-commerce sales of high end luxury imported automobiles.

Information Regarding Forward-Looking Statements
Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. These and other risks are described in our filings with the U.S. Securities and Exchange Commission. We do not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise.


                          CHINA AUTO LOGISTICS INC.
                    CONDENSED CONSOLIDATED BALANCE SHEETS

                                                    June 30,
                                                      2014      December 31,
                                                  (Unaudited)       2013
                                                 ------------- -------------
ASSETS
Current assets
  Cash and cash equivalents                      $   1,823,512 $  15,041,505
  Restricted cash                                   46,515,415    29,665,536
  Accounts receivable - trade, Car King Tianjin        649,857             -
  Receivable related to auto mall management
   fees                                                      -       255,712
  Receivables related to financing services        101,530,958    68,568,562
  Inventories                                       14,708,838    15,343,671
  Advances to suppliers                             58,261,106    38,074,096
  Prepaid expenses                                      26,742        12,311
  Value added tax refundable                           185,054       283,478
  Deferred tax assets                                   12,671        48,345
                                                 ------------- -------------
    Total current assets                           223,714,153   167,293,216

Property and equipment, net                         71,167,042    72,977,985
Ownership interest in Car King Tianjin                  86,952       577,904
Due from Car King Tianjin                            1,380,946             -
Goodwill                                            20,012,637    20,159,365
Intangible assets, net                                 487,934       547,155
                                                 ------------- -------------
    Total Assets                                 $ 316,849,664 $ 261,555,625
                                                 ------------- -------------

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
  Bank overdraft                                 $   2,418,079 $   2,439,429
  Lines of credit related to financing services     88,192,066    66,173,312
  Short term borrowings                             53,446,006     6,259,598
  Accounts payable                                   1,118,103             -
  Notes payable to suppliers                         8,935,534    21,275,203
  Accrued expenses                                     632,969       236,599
  Customer deposits                                 34,838,101    35,205,567
  Deferred revenue                                     160,897       202,428
  Rental deposits                                       81,232             -
  Payable related to acquisition of Zhonghe -
   current portion, net                             16,213,975    15,706,581
  Due to former shareholder                          2,207,275     2,223,458
  Due to director                                      499,459       597,393
  Income tax payable                                   296,155       174,540
  Deferred tax liability                               656,347       786,413
                                                 ------------- -------------
    Total current liabilities                      209,696,198   151,280,521

Payable related to acquisition of Zhonghe,
 excluding current portion, net                     36,410,075    35,306,223
Deferred tax liability                              11,677,488    12,239,842
                                                 ------------- -------------
    Total liabilities                              257,783,761   198,826,586
                                                 ------------- -------------
Equity
China Auto Logistics Inc. shareholders' equity
  Preferred stock, $0.001 par value, 5,000,000
   shares authorized, none issued and
   outstanding                                               -             -
  Common stock, $0.001 par value, 95,000,000
   shares authorized, 4,034,394 shares issued
   and outstanding as of June 30, 2014 and
   December 31, 2013                                     4,034         4,034
  Additional paid-in capital                        22,979,734    22,979,734
  Accumulated other comprehensive income             7,180,105     7,642,886
  Retained earnings                                 28,338,247    31,530,669
                                                 ------------- -------------
    Total China Auto Logistics Inc.
     shareholders' equity                           58,502,120    62,157,323
Noncontrolling interests                               563,783       571,716
                                                 ------------- -------------
    Total equity                                    59,065,903    62,729,039
                                                 ------------- -------------

    Total liabilities and shareholders' equity   $ 316,849,664 $ 261,555,625
                                                 ------------- -------------


                         CHINA AUTO LOGISTICS INC.
        CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

                         Three Months Ended           Six Months Ended
                              June 30,                    June 30,
                     --------------------------  --------------------------
                         2014          2013          2014          2013
                     ------------  ------------  ------------  ------------

Net revenue          $113,686,767  $110,256,310  $220,661,817  $217,881,376
Cost of revenue       112,665,784   108,441,227   218,217,037   213,838,574
                     ------------  ------------  ------------  ------------
    Gross profit        1,020,983     1,815,083     2,444,780     4,042,802
                     ------------  ------------  ------------  ------------

Operating expenses:
  Selling and
   marketing              199,272       192,808       385,799       362,842
  General and
   administrative       1,122,147       359,336     2,366,979       952,699
                     ------------  ------------  ------------  ------------
    Total operating
     expenses           1,321,419       552,144     2,752,778     1,315,541
                     ------------  ------------  ------------  ------------

(Loss) income from
 operations              (300,436)    1,262,939      (307,998     2,727,261
                     ------------  ------------  ------------  ------------

Other income
 (expenses)
  Interest income         198,010        20,358       258,909       242,646
  Interest expense     (1,719,897)     (142,439)   (3,042,480)     (219,075)
  Gain on disposal
   of property and
   equipment                  246             -        11,940             -
  Equity loss -
   share of investee
   company loss          (193,121)            -      (488,385)            -
  Foreign exchange
   loss                   (72,318)      (20,219)      (72,414)     (186,370)
                     ------------  ------------  ------------  ------------
    Total other
     expenses          (1,787,080)     (142,300)   (3,332,430)     (162,799)
                     ------------  ------------  ------------  ------------

(Loss) income before
 income taxes          (2,087,516)    1,120,639    (3,640,428)    2,564,462

Income taxes
 (benefits) expense      (234,537)      321,148      (440,410)      756,648
                     ------------  ------------  ------------  ------------

Net (loss) income      (1,852,979)      799,491    (3,200,018)    1,807,814

Less: Net loss
 attributable to
 noncontrolling
 interests                 (6,725)         (993)       (7,596)           (5)
                     ------------  ------------  ------------  ------------

Net (loss) income
 attributable to
 shareholders of
 China Auto
 Logistics Inc.      $ (1,846,254) $    800,484  $ (3,192,422) $  1,807,819
                     ============  ============  ============  ============

(Loss) earnings per
 share attributable
 to shareholders of
 China Auto
 Logistics Inc. -
 basic and diluted   $      (0.46) $       0.22  $      (0.79) $       0.49
                     ============  ============  ============  ============

Weighted average
 number of common
 shares Outstanding
 - basic and diluted    4,034,494     3,694,394     4,034,494     3,694,394
                     ============  ============  ============  ============


                         CHINA AUTO LOGISTICS INC.
        CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

                                                  Six Months Ended June 30,
                                                 --------------------------
                                                     2014          2013
                                                 ------------  ------------
Cash flows from operating activities
Net (loss) income                                $ (3,200,018) $  1,807,814

Adjustments to reconcile net (loss) income to
 net cash provided by(used in) operating
 activities
Depreciation on property and equipment              1,283,899        56,661
Amortization on intangible assets                      55,380             -
Gain on disposal of property and equipment            (11,940)            -
Equity loss - share of investee company loss          488,385             -
Change of Inventory reserve                           166,241             -
Change of deferred tax assets                          35,551             -
Change of deferred tax liabilities                   (189,768)            -

Changes in operating assets and liabilities:
Restricted cash                                    15,794,841   (19,633,033)
Accounts receivable - trade, Car King Tianjin        (651,524)            -
Receivable related to auto mall management fees       255,494             -
Receivables related to financing services         (33,700,611)   (4,444,767)
Notes receivable                                            -     1,631,363
Inventories                                           335,161    12,896,225
Advances to suppliers                             (20,471,286)  (22,846,983)
Prepaid expenses, other current assets and other
 assets                                               (14,761)       72,991
Value added tax receivable                             92,836       145,902
Accounts payable                                    1,117,510       624,299
Line of credit related to financing services       22,692,784    22,862,005
Notes payable to suppliers                        (12,244,657)            -
Accrued expenses                                      398,833       (43,416)
Accrued interest                                    1,578,200             -
Value added tax payable                                     -        (1,572)
Customer deposits                                     (98,091)   15,626,790
Deferred revenue                                      (40,168)      (40,399)
Rental deposits                                        81,123             -
Income tax payable                                    123,169       (12,445)
                                                 ------------  ------------
Net cash (used in) provided by operating
 activities                                       (26,123,417)    8,701,435
                                                 ------------  ------------

Cash flows from investing activities
Proceeds from disposal of property and equipment       17,954             -
Purchase of property and equipment                     (6,802)      (10,873)
Advances to Car King Tianjin                       (1,389,253)            -
Acquisition deposit for Zhonghe                             -   (16,122,531)
                                                 ------------  ------------
Net cash used in investing activities              (1,378,101)  (16,133,404)
                                                 ------------  ------------

Cash flows from financing activities
Bank overdraft                                         (3,615)    2,409,457
Proceeds from short-term borrowings                59,796,676    22,152,978
Repayments of short-term borrowings               (12,405,885)  (19,944,736)
(Increase) decrease in restricted cash related
 to short-term borrowings                         (32,905,773)   (2,866,586)
Proceeds from director                                405,942       402,203
Repayments to director                               (513,820)     (396,537)
                                                 ------------  ------------
Net cash provided by financing activities          14,373,525     1,756,779
                                                 ------------  ------------

Effect of exchange rate change on cash                (90,000)       76,647
                                                 ------------  ------------

Net decrease in cash and cash equivalents         (13,217,993)   (5,598,543)

Cash and cash equivalents at the beginning of
 period                                            15,041,505     8,888,749
                                                 ------------  ------------
Cash and cash equivalents at the end of period   $  1,823,512  $  3,290,206
                                                 ------------  ------------

Supplemental disclosure of cash flow information
Interest paid                                    $  3,298,777  $  1,538,774
                                                 ------------  ------------
Income taxes paid                                $          -  $    744,203
                                                 ------------  ------------

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