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Net earning is 3 cents.
Sales $ 5,049,976 $ 5,282,865
Cost of Sales (2,808,727) (3,013,285)
Gross Profit 2,241,249 2,269,580
Operating Expenses
Selling, general and administrative
Expenses (1,152,665) (1,201,882)
Profit From Operations 1,088,584 1,067,698
Other Income (Expense)
Interest income 26,344 26,839
Interest expense (277) (2,711)
Sundry income 26,685 81,342
Realised foreign exchange profit (loss) 35,485 338,179
Unrealised foreign exchange profit (loss) (321,996) 302,413
(233,759) 746,062
Income Before Income Tax Expense 854,825 1,813,760
Income tax expense (331,934) (565,128)
Net Income 522,891 1,248,632
Net (income) loss attributable to non-controlling i nterests - 462
Net Income Attributable to Stockholders $ 522,891 $ 1,249,094
Basic Income and Diluted Income per Common Share $ 0.03 $ 0.07
Weighted Average Common Shares Used in computing basic
and diluted income (loss) per share 17,350,000 17,350,000
December 2015
(unaudited)
December 2014
(unaudited)
Net Income $ 522,891 $ 1,248,632
Other Comprehensive (Loss)
Foreign currency translation adjustment 1,064,138 (1,771,775)
Total Other Comprehensive (Loss) 1,064,138 (1,771,775)
Total Comprehensive Income $ 1,587,029 $ (523,143)
Total comprehensive income attributable to:
Stockholders of Alloy Steel International, Inc $ 1,587,029 $
(523,143)
Non-controlling interest - (462)
$ 1,587,029 $ (523,605)
ALLOY STEEL INTERNATIONAL, INC. AND CONTROLLED ENTI TIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended December 31, 2015 and 2014
December-15 December-14
Cash Flows From Operating Activities
Net income $ 522,891 $ 1,248,632
Adjustments to reconcile net income to net cash pro vided by (used in)
operating activities:
Depreciation and amortisation 143,481 147,648
Profit on sale of plant and equipment - (59,000)
Loss attributable to non controlling interest - (462)
Increase (decrease) in cash and cash equivalents at tributable to changes
in operating assets and liabilities:
Accounts receivable (4,687) 1,063,954
Inventories 400,586 (520,845)
Prepaid expenses and other current assets 25,080 57,033
Accounts payable and other current liabilities (470,083) (151,309)
Income taxes payable 7,888 (65,737)
Net Cash Provided by (Used in) Operating Activities 625,156 1,719,914
Cash Flows From Investing Activities
Purchase of property, plant and equipment (6,908) (81,275)
Proceeds on sale of property, plant and equipment - 59,000
Net Cash Provided by (Used in) Investing Activities (6,908) (22,275)
Cash Flows From Financing Activities
Repayments on notes and loans payable (9,750) (71,903)
Net Cash Provided by (Used in) Financing Activities (9,750) (71,903)
Effect of Foreign Exchange Rate Changes on Cash and Cash
Equivalents 556,644 (574,496)
Net Increase (Decrease) in Cash and Cash Equivalent s 1,165,142 1,051,240
Cash and Cash Equivalents at Beginning of Period 12,025,603 7,720,048
Cash and Cash Equivalents at End of Period $ 13,190,745 $ 8,771,288
ALLOY STEEL INTERNATIONAL, INC. AND CONTROLLED ENTI TIES
CONSOLIDATED BALANCE SHEETS
December 31, 2015 and September 30, 2015
December
2015
(unaudited)
September
2015
(audited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 13,190,745 $ 12,025,603
Accounts receivable, less allowance for doubtful ac counts
of $nil at December, 2015 and September 30, 2015 3,171,684 3,023,770
Inventories 4,194,920 4,440,622
Prepaid expenses and other current assets 360,693 364,730
Land and building held for sale 4,165,102 4,000,000
TOTAL CURRENT ASSETS 25,083,144 23,854,725
PROPERTY AND EQUIPMENT , net 2,057,649 2,087,358
OTHER ASSETS
Deferred tax assets 372,739 451,149
Other assets 17,863 17,863
Total other assets 390,602 469,012
TOTAL ASSETS $ 27,531,395 $ 26,411,095
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Notes payable, current portion $ 38,755 $ 36,825
Accounts payable 770,940 1,136,234
Royalties payable, related party 70,247 121,432
Current tax payable 1,078,947 1,082,527
Accrued payroll and related costs 424,451 435,789
Other accrued liabilities 25,190 24,079
TOTAL CURRENT LIABILITIES 2,408,530 2,836,886
LONG-TERM LIABILITIES
Notes payable, less current portion 2,033 11,609
Deferred tax liabilities 163,825 192,622
Other liabilities 36,833 36,833
TOTAL LONG-TERM LIABILITIES 202,691 241,064
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS ’ EQUITY
Preferred Stock: $0.01 par value; authorized 3,000, 000 shares; issued
and outstanding – none
- -
Common Stock: $0.01 par value; authorized 50,000,00 0 shares;
17,350,000 issued and outstanding 173,500 173,500
Capital in excess of par value 1,769,382 1,769,382
Retained earnings 28,871,323 28,348,432
Accumulated other comprehensive income (5,859,511) (6,923,649)
Total Alloy Steel International, Inc. Shareholdersquity 24,954,694 23,367,665
Non controlling interest (34,520) (34,520)
TOTAL STOCKHOLDERS ’ EQUITY 24,920,174 23,333,145
TOTAL LIABILITIES AND STOCKHOLDERS ’ EQUITY $ 27,531,395 $ 26,411,095
