WUHAN GENERAL GROUP (CHINA), INC

CIK:0000842694|SEC Filings

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2012

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

17.

EARNINGS PER SHARE

Components of basic and diluted earnings per share were as follows:

	12 months			12 months
	ended			ended
	December 31,			December 31,
	2012			2011
Basic Earnings Per Share Numeratorc
Net Loss	$	(10,589,709	)	$	(3,859,935	)
Loss from Continuing Operations		(9,875,943	)		(2,933,617	)
Loss from Discontinued Operations		(713,766	)		(926,318	)
Less:
Preferred Dividends		729,130			727,128
Series A Constructive Preferred Dividend		-			-
Series B Constructive Preferred Dividend		-			-
Loss Available to Common Stockholders		(11,318,839	)		(4,587,063	)
Loss from Continuing Operations Available to Common Stockholders		(10,605,073	)		(3,660,745	)
Loss from Discontinued Operations Available to Common Stockholders		(713,766	)		(926,318	)

Diluted Earnings Per Share Numerator
Loss Available to Common Stockholders	$	(11,318,839	)	$	(4,587,063	)
Loss from Continuing Operations Available to Common Stockholders		(10,605,073	)		(3,660,745	)
Loss from Discontinued Operations Available to Common Stockholders		(713,766	)		(926,318	)
Add:
Constructive Preferred Dividends		-			-
Preferred Dividends		729,130			727,128
Loss Available to Common Stockholders on Converted Basis	$	(10,589,709	)	$	(3,859,935	)
Loss from Continuing Operations Available to Common Stockholders on Converted Basis		(9,875,943	)		(2,933,617	)
Loss from Discontinued Operations Available to Common Stockholders on Converted Basis		(713,766	)		(926,318	)

Original Shares:
Additions from Actual Events
- Issuance of Common Stock		32,505,000			28,327,607
- Conversion of Series A Preferred Stock into Common Stock		-			-
- Conversion of Series B Preferred Stock into Common Stock		-			-
- Issuance of Common Stock resulting from the Exercise of Warrants		-			3,937,050
- Issuance of Penalty Shares		-			-
Basic Weighted Average Shares Outstanding		32,505,000			32,264,657

Dilutive Shares:
Additions from Potential Events
- Conversion of Series A Preferred Stock*		-			-
- Conversion of Series B Preferred Stock		-			-
- Exercise of Investor Warrants & Placement Agent Warrants		-			-
- Exercise of Employee & Director Stock Options		-			-
Diluted Weighted Average Shares Outstanding:		32,505,000			32,264,657

Earnings Per Share
Basic-Net Income (Loss)	$	(0.35	)	$	(0.14	)
-Income (Loss) from Continuing Operations		(0.33	)		(0.11	)
-Income (Loss) from Discontinued Operations, net of taxes		(0.02	)		(0.03	)
Diluted-Net Income (Loss)	$	(0.33	)	$	(0.14	)
-Income (Loss) from Continuing Operations		(0.30	)		(0.11	)
-Income (Loss) from Discontinued Operations, net of taxes		(0.02	)		(0.03	)

Weighted Average Shares Outstanding
- Basic		32,505,000			32,264,657
- Diluted		32,505,000			32,264,657

* Potentially anti-dilutive

Consolidated Statements of Cash Flows (USD $)	12 Months Ended
Consolidated Statements of Cash Flows (USD $)	Dec. 31, 2012	Dec. 31, 2011
Cash Flow from Operating Activities
Net Loss	$ (10,589,709)	$ (3,859,935)
Discontinued operation loss, net of tax	713,766	926,318
Amortization	70,801	110,189
Depreciation	2,534,274	3,211,177
Expense for warrant recapitalization		3,459,815
Loss on disposal of property, plant and equipment	(107,942)
Impairment loss on inventory	754,950
Impairment loss on property, plant and equipment	2,558,037
Bad debt expenses	7,297,878
Decrease/(Increase) in Accounts Receivable	(12,369,761)	(7,087,023)
Decrease/(Increase) in Notes Receivable		251,066
Decrease/(Increase) in Other Receivables	(2,299,233)	(2,218,699)
Decrease/(Increase) in Related Party Receivables	10,875,477	(7,016,248)
Decrease/(Increase) in Inventory	(36,640,297)	(3,433,493)
Decrease/(Increase) in Advances to Suppliers	(2,288,603)	10,249,023
Decrease/(Increase) in Advances to Employees	(36,673)	292,047
Decrease/(Increase) in Prepaid Expenses		(6,524)
Decrease/(Increase) in Prepaid Taxes	(1,043,039)	(39,859)
Decrease/(Increase) in Deferred Tax Asset	(494,957)	(46,298)
Increase/(Decrease) in Accounts Payable	12,056,452	(4,141,227)
Increase/(Decrease) in Taxes Payable	(7,137,582)	381,443
Increase (Decrease) In Other Payable	8,641,308	1,225,583
Increase/(Decrease) in Related Party Payable	4,221,435	(570,819)
Increase/(Decrease) in Accrued Liabilities	(1,517,425)	707,094
Cash Provided by operating activities - continuing operations	(22,085,058)	(8,428,658)
Increase/(Decrease) in Customer Deposits	2,715,785	(827,566)
Cash Provided by operating activities - discontinued operations	225,769	(137,767)
Cash Sourced/(Used) in Operating Activities	(21,859,289)	(8,566,425)
Cash Flows from Investing Activities
Cash Released/(Invested in) Restricted Time Deposits	1,857,612	16,646,665
Proceeds from withdraw of Short Term Investment Fund		1,140,718
Payments for Purchases and Construction of Plant & Equipment	(17,691,883)	(5,158,888)
Purchases of Intangible assets	(4,059)
Proceeds from disposal of property, plant and equipment	282,799
Payments for Deposits	(517,674)	(5,510,403)
Cash Used in investing activities - continuing operations	(16,073,205)	7,118,092
Cash Used in investing activities - discontinued operations	(418,882)	(231,278)
Cash Sourced/(Used) in Investing Activities	(16,692,087)	6,886,814
Cash Flows from Financing Activities
Net proceeds from Bank Loans and Notes	(1,217,331)	26,379,700
Dividends Paid
Cash provided by financing activities - continuing operations	(1,217,331)	26,379,700
Cash provided by financing activities - discontinued operations
Cash Sourced/(Used) in Financing Activities	(1,217,331)	26,379,700
Net Increase/(Decrease) in Cash & Cash Equivalents for the Period - continuing operations	(39,375,594)	25,069,134
Net Increase/(Decrease) in Cash & Cash Equivalents for the Period - discontinued operations	(193,113)	(369,045)
Net Increase/(Decrease) in Cash & Cash Equivalents for the Period	(39,568,706)	24,700,089
Effect of Currency Translation - continuing operations	647,228	5,596,599
Effect of Currency Translation - discontinued operations	189,787	254,274
Total Effect of Currency Translation	837,015	5,850,873
Cash & Cash Equivalents at Beginning of Period - continuing operations	57,522,050	26,856,317
Cash & Cash Equivalents at Beginning of Period - discontinued operations	21,501	136,272
Cash & Cash Equivalents at Beginning of Period	57,543,551	26,992,589
Cash & Cash Equivalents at End of Period - continuing operations	18,793,684	57,522,050
Cash & Cash Equivalents at End of Period - discontinued operations	18,175	21,501
Cash & Cash Equivalents at End of Period	$ 18,811,859	$ 57,543,551

Consolidated Balance Sheets (USD $)	Dec. 31, 2012	Dec. 31, 2011
Current Assets
Cash	$ 18,793,684	$ 57,522,050
Restricted Cash	12,095,682	13,953,294
Notes Receivable
Accounts Receivable	66,645,898	56,567,722
Other Receivable	16,582,122	18,487,992
Related Party Receivable	3,008,186	7,041,613
Inventory	49,186,140	13,300,792
Advances to Suppliers	27,473,331	25,184,728
Advances to Employees	66,832	30,158
Prepaid Expenses		7,041
Prepaid Taxes	1,084,249	41,210
Deferred Tax Asset	1,733,787	1,238,831
Current assets held for sale	729,294	2,223,395
Total Current Assets	197,399,205	195,598,826
Non-Current Assets
Property, Plant & Equipment, net	53,098,651	29,591,719
Land Use Rights, net	1,943,631	1,976,326
Construction in Progress	4,187,459	15,031,490
Deposits	5,279,449	5,555,926
Intangible Assets, net	110,994	145,041
Long-term assets held for sale	24,561,260	24,672,213
Total Assets	286,580,649	272,571,541
Current Liabilities
Bank Loans & Notes	118,797,991	113,966,333
Accounts Payable	17,535,033	5,478,580
Taxes Payable	3,703,651	10,841,233
Other Payable	13,990,562	5,035,021
Related parties payable	2,799,340
Dividend Payable	2,183,389	1,454,257
Accrued Liabilities	2,075,599	3,593,025
Customer Deposits	9,893,557	7,177,771
Current liabilities associated with assets held for sale	8,270,165	1,401,330
Total Current Liabilities	179,249,287	148,947,550
Long Term Liabilities
Bank Loans and Notes		6,048,989
Total Liabilities	179,249,287	154,996,539
STOCKHOLDERS' EQUITY
Common Stock - $0.0001 Par Value 100,000,000 Shares Authorized; 32,505,000 and 28,327,607Shares Issued & Outstanding at December 31, 2012 and 2011, respectively	3,251	3,251
Additional Paid in Capital	42,090,417	42,090,417
Statutory Reserve	4,563,592	4,563,592
Retained Earnings	10,050,556	21,369,395
Accumulated Other Comprehensive Income	19,356,304	18,281,105
Total Stockholders' Equity	107,331,362	117,575,002
Total Liabilities & Stockholders' Equity	286,580,649	272,571,541
Series A Convertible Preferred Stock [Member]
STOCKHOLDERS' EQUITY
Preferred Stock value	624	624
Additional Paid in Capital - Preferred Stock	8,170,415	8,170,415
Additional Paid in Capital - Warrants	63,171	63,171
Additional Paid in Capital - Beneficial Conversion Feature	6,371,547	6,371,547
Series B Convertible Preferred Stock [Member]
STOCKHOLDERS' EQUITY
Preferred Stock value	635	635
Additional Paid in Capital - Preferred Stock	12,637,158	12,637,158
Additional Paid in Capital - Warrants
Additional Paid in Capital - Beneficial Conversion Feature	$ 4,023,692	$ 4,023,692