HONG KONG, July 22, 2024 /PRNewswire/ — CCSC Generation World Holdings Restricted (the “Company” or “CCSC”) (Nasdaq: CCTG), a Hong Kong-based corporate that engages within the sale, design and production of interconnect merchandise, together with connectors, cables and cord harnesses, these days introduced its monetary effects for the fiscal time ended March 31, 2024.
Mr. Kung Lok Chiu, Prominent Govt Officer and Director of the Corporate, commented, “We believe we have demonstrated resilience and adaptability throughout a challenging fiscal year 2024. Despite market fluctuations, we remain dedicated to innovation and excellence. We have worked to enhance our operational efficiencies and invested strategically in research and development to advance our product developments. Additionally, our Nasdaq listing in January 2024 marks a significant milestone for the Company, providing us with a platform for future growth. Furthermore, we entered into a strategic cooperation framework agreement with Innogetic International Limited (“Innogetic”) in May 2024. In the future, we anticipate exploring and applying digital technology such as artificial intelligence (“AI”) in the field of manufacturing to further advancements in our business. As we explore AI applications in the manufacturing sector in partnership with Innogetic, we endeavor to further the innovation and efficiency in our manufacturing process and enhance our position in the industry. Moreover, CCSC is planning to commence construction of a new European supply chain management center in the Republic of Serbia in second half of 2024. We believe that this strategic expansion, if and when it is established, will support our business by driving long-term growth.”
“We are committed to adopting advanced technologies, developing replicable and scalable solutions, and fostering innovative ideas and products. Looking forward, we are excited about our strategic initiatives aimed at market expansion, product innovation, and enhancing client services. We believe that our commitment to quality and customer satisfaction can drive us forward and create long-term value for our shareholders,” concluded Mr. Kung Lok Chiu.
Fiscal Era 2024 Monetary Highlights
- Earnings was once $14.7 million for fiscal time 2024, in comparison to $24.1 million for fiscal time 2023.
- Improper benefit was once $3.9 million for fiscal time 2024, in comparison to $7.9 million for fiscal time 2023.
- Loss from operations was once $1.8 million for fiscal time 2024, in comparison to source of revenue from operations of $1.8 million for fiscal time 2023.
- Internet loss was once $1.3 million for fiscal time 2024, in comparison to internet source of revenue of $2.2 million for fiscal time 2023.
- Unsophisticated and diluted loss consistent with percentage was once $0.13 for fiscal time 2024, in comparison to ordinary and diluted profits consistent with percentage of $0.22 for fiscal time 2023.
Fiscal Era 2024 Monetary Effects
Earnings
Overall earnings was once $14.7 million for fiscal time 2024, which lowered by means of 38.7% from $24.1 million for fiscal time 2023.
Refer to desk units forth earnings by means of interconnect merchandise:
|
For the years ended March 31, |
Trade |
|||||||||||||||||||||||
|
($ tens of millions) |
2024 |
% |
2023 |
% |
Quantity |
% |
||||||||||||||||||
|
Cables and cord harnesses |
13.6 |
92.4 |
% |
22.2 |
92.3 |
% |
(8.6) |
(38.7) |
% |
|||||||||||||||
|
Connectors |
1.1 |
7.6 |
% |
1.8 |
7.7 |
% |
(0.7) |
(39.3) |
% |
|||||||||||||||
|
Overall |
14.7 |
100.0 |
% |
24.0 |
100.0 |
% |
(9.3) |
(38.7) |
% |
|||||||||||||||
Earnings generated from cables and cord harnesses lowered by means of 38.7%, to $13.6 million for fiscal time 2024, from $22.2 million for fiscal time 2023. Earnings generated from connectors lowered by means of 39.3%, to $1.1 million for fiscal time 2024, from $1.8 million for fiscal time 2023.
The short was once essentially on account of the short within the overall gross sales quantity because of consumers’ shift in opposition to 0 stock in lieu of complex procurement, and the short of the common promoting worth of our merchandise for fiscal time 2024.
Refer to desk units forth the disaggregation of earnings by means of areas:
|
For the years ended March 31, |
Trade |
|||||||||||||||||||||||
|
($ tens of millions) |
2024 |
% |
2023 |
% |
Quantity |
% |
||||||||||||||||||
|
Europe |
8.5 |
57.8 |
% |
15.0 |
62.5 |
% |
(6.5) |
(43.3) |
% |
|||||||||||||||
|
Asia |
4.8 |
32.8 |
% |
7.4 |
30.9 |
% |
(2.6) |
(34.9) |
% |
|||||||||||||||
|
Americas |
1.4 |
9.4 |
% |
1.6 |
6.6 |
% |
(0.2) |
(12.4) |
% |
|||||||||||||||
|
Overall |
14.7 |
100.0 |
% |
24.0 |
100.0 |
% |
(9.3) |
(38.7) |
% |
|||||||||||||||
Earnings generated from Europe lowered by means of 43.3%, to $8.5 million for fiscal time 2024, from $15.0 million for fiscal time 2023. The short was once essentially because of the short of gross sales in Denmark, Hungary and Bulgaria, which was once in part offset by means of the rise of gross sales in Italy.
Earnings generated from Asia lowered by means of 34.9%, to $4.8 million for fiscal time 2024, from $7.4 million for fiscal time 2023. The short was once essentially because of gross sales decreases in China of $1.6 million, and gross sales decreases within the Affiliation of Southeast Asian International locations, or ASEAN, of $1.0 million.
Earnings generated from the Americas lowered by means of 12.4%, to $1.4 million for fiscal time 2024, from $1.6 million for fiscal time 2023. The short was once essentially because of the gross sales short in North The usa of $0.2 million.
Price of Earnings
Price of earnings lowered by means of 33.1%, to $10.8 million for fiscal time 2024, from $16.2 million for fiscal time 2023, which was once in sequence with the short of overall earnings.
Stock prices amounted to $7.3 million for fiscal time 2024, in comparison to $12.1 million for fiscal time 2023. The short of stock prices was once essentially because of a 44.1% short within the overall gross sales quantity, which was once in part offset by means of an 8.5% building up within the stock price consistent with unit.
Exertions prices amounted to $2.5 million for fiscal time 2024, in comparison to $2.9 million for fiscal time 2023. The short of work prices was once essentially as a result of we decreased the choice of production workers.
Improper Benefit and Improper Margin
Improper benefit lowered by means of 50.1%, to $3.9 million for fiscal time 2024, from $7.9 million for fiscal time 2023.
Improper benefit margin lowered by means of 6.1%, to 26.6% for fiscal time 2024, from 32.7% for fiscal time 2023.
Running Bills
Running bills lowered by means of 5.1%, to $5.8 million for fiscal time 2024, from $6.1 million for fiscal time 2023. The expense aid was once principally because of the diminish in promoting bills and analysis and building bills. The short was once in part offset by means of the rise within the normal and administrative bills.
Alternative Source of revenue
Alternative source of revenue lowered to $0.5 million for fiscal time 2024, from $0.7 million for fiscal time 2023.
Internet (Loss)/Source of revenue
Internet source of revenue lowered by means of 158.7%, to internet lack of $1.3 million for fiscal time 2024, from internet source of revenue of $2.2 million for fiscal time 2023.
Unsophisticated and Diluted (Loss)/Profits consistent with Percentage
Unsophisticated and diluted loss consistent with percentage was once $0.13 for fiscal time 2024, in comparison to profits consistent with percentage of $0.22 for fiscal time 2023.
About CCSC Generation World Holdings Restricted
CCSC Generation World Holdings Restricted, is a Hong Kong-based corporate that engages within the sale, design and production of interconnect merchandise. The Corporate makes a speciality of custom designed interconnect merchandise, together with connectors, cables and cord harnesses which can be worn for a field of programs in a varied all set of industries, together with commercial, car, robotics, scientific apparatus, pc, community and telecommunication, and shopper merchandise. The Corporate produces each OEM (“original equipment manufacturer”) and ODM (“original design manufacture”) interconnect merchandise for production firms that construct finish merchandise, in addition to digital production services and products (“EMS”) firms that procure and build merchandise to the behalf of such production firms. The Corporate has a varied world buyer bottom situated in additional than 25 international locations all through Asia, Europe and the Americas. For more info, please talk over with the Corporate’s web site: http://ir.ccsc-interconnect.com.
Ahead-Having a look Statements
Positive statements on this announcement are forward-looking statements, together with, however no longer restricted to, the Corporate’s proposed Providing. Those forward-looking statements contain recognized and unknown dangers and uncertainties and are in line with the Corporate’s fresh expectancies and projections about month occasions that can impact its monetary status, result of operations, trade technique and monetary wishes. Buyers can in finding many (however no longer all) of those statements by means of the significance of phrases akin to “may,” “will,” “could,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “propose,” “potential,” “continue”, or alternative matching expressions on this press let go. The Corporate undertakes incorrect legal responsibility to replace or revise publicly any forward-looking statements to mirror next going on occasions or instances, or adjustments in its expectancies, excluding as is also required by means of regulation. Despite the fact that the Corporate believes that the expectancies expressed in those forward-looking statements are cheap, it can’t ensure you that such expectancies will transform right kind, and the Corporate cautions buyers that fresh effects would possibly fluctuate materially from the predicted effects and encourages buyers to check alternative components that can impact its month leads to the Corporate’s registration remark and alternative filings with the U.S. Securities and Trade Fee.
For more info, please touch:
CCSC Generation World Holdings Restricted
Investor Members of the family Branch
E mail: [email protected]
Ascent Investor Members of the family LLC
Tina Xiao
Telephone: +1-646-932-7242
E mail: [email protected]
|
CCSC TECHNOLOGY INTERNATIONAL HOLDINGS LIMITED |
||||||||
|
CONSOLIDATED BALANCE SHEETS |
||||||||
|
(Quantity in U.S. bucks, excluding for choice of stocks) |
||||||||
|
As of March 31, |
||||||||
|
2024 |
2023 |
|||||||
|
Belongings |
||||||||
|
Stream property: |
||||||||
|
Money |
$ |
5,525,430 |
$ |
7,708,310 |
||||
|
Limited coins |
209,317 |
9,305 |
||||||
|
Accounts receivable |
2,750,214 |
2,260,222 |
||||||
|
Inventories, internet |
2,023,456 |
2,187,518 |
||||||
|
Deferred preliminary people providing prices |
– |
1,051,038 |
||||||
|
Pay as you go bills and alternative fresh property |
1,474,405 |
814,308 |
||||||
|
Overall fresh property |
11,982,822 |
14,030,701 |
||||||
|
Non-current property: |
||||||||
|
Attribute, plant and gear, internet |
198,901 |
211,949 |
||||||
|
Intangible asset, internet |
38,183 |
88,319 |
||||||
|
Running right-of-use property |
1,659,297 |
2,121,070 |
||||||
|
Finance rent right-of-use asset |
17,788 |
– |
||||||
|
Deferred tax property, internet |
287,394 |
41,015 |
||||||
|
Alternative non-current property |
3,753,646 |
41,844 |
||||||
|
Overall non-current property |
5,955,209 |
2,504,197 |
||||||
|
TOTAL ASSETS |
$ |
17,938,031 |
$ |
16,534,898 |
||||
|
Liabilities and Shareholders’ Fairness |
||||||||
|
Stream liabilities: |
||||||||
|
Accounts payable |
$ |
2,175,974 |
$ |
1,663,749 |
||||
|
Walk from consumers |
207,293 |
186,874 |
||||||
|
Collected bills and alternative fresh liabilities |
1,523,843 |
1,648,970 |
||||||
|
Taxes payable |
24,974 |
365,851 |
||||||
|
Running rent liabilities, fresh |
506,061 |
485,051 |
||||||
|
Finance rent liabilities, fresh |
4,454 |
– |
||||||
|
Lengthy-term storagefacility mortgage, fresh portion |
– |
39,725 |
||||||
|
Overall fresh liabilities |
4,442,599 |
4,390,220 |
||||||
|
Non-current liabilities: |
||||||||
|
Running rent liabilities, non-current |
1,184,056 |
1,653,411 |
||||||
|
Finance rent liabilities, non-current |
13,709 |
– |
||||||
|
Overall non-current liabilities |
1,197,765 |
1,653,411 |
||||||
|
TOTAL LIABILITIES |
5,640,364 |
6,043,631 |
||||||
|
Loyalty and Contingencies |
– |
– |
||||||
|
Shareholders’ fairness |
||||||||
|
Common Stocks (par price of US$0.0005 consistent with percentage; 100,000,000 stocks |
5,791 |
5,000 |
||||||
|
Subscription receivable |
– |
(5,000) |
||||||
|
Spare paid-in capital |
4,855,795 |
1,236,773 |
||||||
|
Statutory book |
813,235 |
813,235 |
||||||
|
Retained profits |
8,491,783 |
9,786,946 |
||||||
|
Collected alternative complete loss |
(1,868,937) |
(1,345,687) |
||||||
|
Overall shareholders’ fairness |
12,297,667 |
10,491,267 |
||||||
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
17,938,031 |
$ |
16,534,898 |
||||
|
CCSC TECHNOLOGY INTERNATIONAL HOLDINGS LIMITED |
||||||||||||
|
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS)/INCOME |
||||||||||||
|
(Quantity in U.S. bucks, excluding for choice of stocks) |
||||||||||||
|
For the years ended March 31, |
||||||||||||
|
2024 |
2023 |
2022 |
||||||||||
|
Internet earnings |
$ |
14,748,551 |
$ |
24,059,556 |
$ |
27,169,935 |
||||||
|
Price of earnings |
(10,825,943) |
(16,190,985) |
(19,694,031) |
|||||||||
|
Improper benefit |
3,922,608 |
7,868,571 |
7,475,904 |
|||||||||
|
Running bills: |
||||||||||||
|
Promoting bills |
(1,039,882) |
(1,097,150) |
(866,136) |
|||||||||
|
Normal and administrative bills |
(4,134,394) |
(3,898,894) |
(3,318,815) |
|||||||||
|
Analysis and building bills |
(594,521) |
(1,084,119) |
(829,024) |
|||||||||
|
Overall working bills |
(5,768,797) |
(6,080,163) |
(5,013,975) |
|||||||||
|
(Loss)/source of revenue from operations |
(1,846,189) |
1,788,408 |
2,461,929 |
|||||||||
|
Alternative (bills)/source of revenue: |
||||||||||||
|
Alternative non-operating (bills)/source of revenue, internet |
(35,509) |
49,873 |
415,934 |
|||||||||
|
Executive subsidy |
7,255 |
62,627 |
17,910 |
|||||||||
|
Foreign currencies alternate source of revenue/(loss) |
425,308 |
562,527 |
(199,759) |
|||||||||
|
Monetary and passion source of revenue/(bills), internet |
67,636 |
22,455 |
(7,028) |
|||||||||
|
Overall alternative source of revenue |
464,690 |
697,482 |
227,057 |
|||||||||
|
(Loss)/source of revenue prior to source of revenue tax expense |
(1,381,499) |
2,485,890 |
2,688,986 |
|||||||||
|
Source of revenue tax receive advantages/(expense) |
86,336 |
(277,738) |
(399,828) |
|||||||||
|
Internet (loss)/source of revenue |
(1,295,163) |
2,208,152 |
2,289,158 |
|||||||||
|
Alternative complete (loss)/source of revenue |
||||||||||||
|
Foreign currencies translation adjustment |
(523,250) |
(728,399) |
368,037 |
|||||||||
|
Overall complete (loss)/source of revenue |
$ |
(1,818,413) |
$ |
1,479,753 |
$ |
2,657,195 |
||||||
|
(Loss)/profits consistent with percentage |
||||||||||||
|
Unsophisticated and Diluted |
$ |
(0.13) |
$ |
0.22 |
$ |
0.23 |
||||||
|
Weighted reasonable choice of common stocks |
||||||||||||
|
Unsophisticated and Diluted |
10,288,525 |
10,000,000 |
10,000,000 |
|||||||||
|
CCSC TECHNOLOGY INTERNATIONAL HOLDINGS LIMITED |
||||||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||||||
|
(Quantity in U.S. bucks, excluding for choice of stocks) |
||||||||||||
|
For the years ended March 31, |
||||||||||||
|
2024 |
2023 |
2022 |
||||||||||
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
||||||||||||
|
Internet (loss)/source of revenue |
$ |
(1,295,163) |
$ |
2,208,152 |
$ |
2,289,158 |
||||||
|
Changes to reconcile internet (loss)/source of revenue to internet coins (worn in)/equipped |
||||||||||||
|
Stock write-down |
188,268 |
369,512 |
117,807 |
|||||||||
|
Depreciation and amortization |
238,757 |
221,106 |
330,269 |
|||||||||
|
Amortization of right-of-use asset |
509,086 |
526,546 |
330,812 |
|||||||||
|
Losses/(positive aspects) from disposal of fastened property |
2,188 |
5,621 |
(61,205) |
|||||||||
|
Deferred tax (receive advantages)/expense |
(249,892) |
51,780 |
(17,927) |
|||||||||
|
Foreign currencies alternate (positive aspects)/losses |
(227,691) |
(562,527) |
199,759 |
|||||||||
|
Adjustments in working property and liabilities: |
||||||||||||
|
Accounts receivable |
(500,747) |
586,559 |
286,662 |
|||||||||
|
Inventories |
(101,220) |
2,028,980 |
(1,272,692) |
|||||||||
|
Quantity due from matching events |
– |
478,285 |
(51,421) |
|||||||||
|
Pay as you go bills and alternative fresh property |
(704,610) |
179,619 |
16,666 |
|||||||||
|
Running right-of-use property |
– |
(2,240,092) |
62,343 |
|||||||||
|
Alternative non-current property |
(77,220) |
41,314 |
19,310 |
|||||||||
|
Accounts payable |
563,226 |
(2,054,385) |
757,114 |
|||||||||
|
Walk from consumers |
22,060 |
113,383 |
(92,699) |
|||||||||
|
Taxes payable |
(340,992) |
112,295 |
220,736 |
|||||||||
|
Collected bills and alternative fresh liabilities |
(64,258) |
(91,373) |
117,673 |
|||||||||
|
Running rent liabilities |
(490,319) |
1,704,248 |
(409,019) |
|||||||||
|
Financing Hire liabilities |
24 |
– |
– |
|||||||||
|
Quantity because of matching events |
– |
(215,388) |
78,270 |
|||||||||
|
Internet coins (worn in)/equipped by means of working actions |
(2,528,503) |
3,463,635 |
2,921,616 |
|||||||||
|
CASH FLOWS FROM INVESTING ACTIVITIES |
||||||||||||
|
Acquire of feature and gear |
(156,999) |
(153,409) |
(376,785) |
|||||||||
|
Prepayment of long-term apparatus and mildew fashion |
(3,639,312) |
– |
– |
|||||||||
|
Progress from disposal of feature and gear |
– |
10,891 |
199,146 |
|||||||||
|
Acquire of intangible asset |
(29,476) |
(64,364) |
– |
|||||||||
|
Internet coins worn in making an investment actions |
(3,825,787) |
(206,882) |
(177,639) |
|||||||||
|
CASH FLOWS FORM FINANCING ACTIVITIES |
||||||||||||
|
Proceeds from momentary storagefacility loans |
– |
136,784 |
107,076 |
|||||||||
|
Repayments of momentary storagefacility loans |
– |
(136,784) |
(107,076) |
|||||||||
|
Repayments of long-term storagefacility loans |
(39,853) |
(156,174) |
(153,053) |
|||||||||
|
Proceeds from issuance of common stocks, internet of issuance price |
4,665,444 |
– |
– |
|||||||||
|
Fee for deferred preliminary people providing prices |
– |
(596,446) |
(459,265) |
|||||||||
|
Capital contribution by means of shareholder |
5,000 |
– |
462,469 |
|||||||||
|
Fee made for foremost portion of financing rent liabilities |
(4,322) |
– |
(7,553) |
|||||||||
|
Internet coins equipped by means of/(worn in) financing actions |
4,626,269 |
(752,620) |
(157,402) |
|||||||||
|
Impact of alternate fee adjustments on coins and limited coins |
(254,847) |
(72,458) |
46,415 |
|||||||||
|
Internet alternate in coins and limited coins |
(1,982,868) |
2,431,675 |
2,632,990 |
|||||||||
|
Money and limited coins, starting of the time |
7,717,615 |
5,285,940 |
2,652,950 |
|||||||||
|
Money and limited coins, finish of the time |
$ |
5,734,747 |
$ |
7,717,615 |
$ |
5,285,940 |
||||||
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: |
||||||||||||
|
Money paid for source of revenue tax |
$ |
(859,882) |
$ |
(119,679) |
$ |
(471,259) |
||||||
|
Money gained from source of revenue tax refund |
$ |
– |
$ |
126,413 |
$ |
461,418 |
||||||
|
Money paid for passion |
$ |
(228) |
$ |
(4,986) |
$ |
(8,650) |
||||||
|
Money paid for working rent |
$ |
(575,014) |
$ |
(601,953) |
$ |
(635,499) |
||||||
|
Supplemental disclosure of non-cash making an investment and financing actions: |
||||||||||||
|
Proper-of-use property got in alternate for working rent tasks |
$ |
137,617 |
$ |
2,263,898 |
$ |
138,450 |
||||||
SOURCE CCSC Generation World Holdings Restricted
