Deer Consumer Products, Inc.

CIK:0001388855|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME (UNAUDITED) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Revenue	$ 45,006,010	$ 45,127,684	$ 94,875,113	$ 79,803,830
Cost of revenue	31,855,819	31,978,784	66,205,680	56,697,985
Gross profit	13,150,191	13,148,900	28,669,433	23,105,845
Operating expenses
Selling	4,201,546	2,912,415	8,215,753	5,529,852
General and administrative	1,416,013	1,034,061	2,767,499	2,274,687
Total operating expenses	5,617,559	3,946,476	10,983,252	7,804,539
Income from operations	7,532,632	9,202,424	17,686,181	15,301,306
Non-operating income (expenses)
Interest income	131,869	46,165	443,309	108,700
Exchange loss	(6,733)	(150,732)	(42,895)	(266,855)
Other expenses, net	(22,282)	(43,469)	(26,783)	(81,767)
Subsidy income		7,960	236,230	1,007,192
Total non-operating income (expenses), net	102,854	(140,076)	609,861	767,270
Income before income tax	7,635,486	9,062,348	18,296,042	16,068,576
Income tax expense	1,909,413	1,715,817	4,743,881	2,928,099
Net income	5,726,073	7,346,531	13,552,161	13,140,477
Other comprehensive item
Foreign currency translation gain (loss)	(957,678)	2,005,459	(743,806)	3,481,869
Comprehensive Income	$ 4,768,395	$ 9,351,990	$ 12,808,355	$ 16,622,346
Basic weighted average shares outstanding (in Shares)	33,592,562	33,592,562	33,592,562	33,592,562
Diluted weighted average shares outstanding (in Shares)	33,592,562	33,592,562	33,592,562	33,592,562
Basic earnings per share (in Dollars per share)	$ 0.17	$ 0.22	$ 0.40	$ 0.39
Diluted earnings per share (in Dollars per share)	$ 0.17	$ 0.22	$ 0.40	$ 0.39

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)	6 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)	Jun. 30, 2012 USD ($)	Jun. 30, 2011 USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 13,552,161	$ 13,140,477
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	2,113,775	1,438,861
Stock-based compensation	0	51,314
(Increase) decrease in current assets:
Accounts receivable	(17,566,409)	1,631,055
Advances to suppliers	(2,530,853)	1,458,712
Other receivables, prepayments, and deposits	757,358	(346,960)
VAT receivable	4,775,646
Inventories	1,133,152	(10,200,635)
Other assets		4,628
Increase (decrease) in current liabilities:
Accounts payable	(4,983,962)	(9,998,292)
Advance from customers	1,134,456	1,617,080
Taxes payable	389,985	(2,847,344)
Notes payable	(692,107)	(3,487,834)
Other payables and accrued expenses	(487,834)	(742,220)
Net cash used in operating activities	(2,404,632)	(8,281,158)
CASH FLOWS FROM INVESTING ACTIVITIES:
Certificate of deposit	(475,632)
Change in restricted cash	127,104	(5,169,534)
Acquisition of intangible assets	(10,570)	(4,270,594)
Acquisition of property & equipment	(52,299)	(889,945)
Refund of deposit on land use right		10,380,731
Construction in progress	(26,620)	(2,367,640)
Net cash used in investing activities	(438,017)	(2,316,982)
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid	(1,679,628)	(1,679,978)
Net cash used in financing activities	(1,679,628)	(1,679,978)
EFFECT OF EXCHANGE RATE CHANGE ON CASH & EQUIVALENTS	(37,341)	626,584
NET DECREASE IN CASH & EQUIVALENTS	(4,559,618)	(11,651,534)
CASH & EQUIVALENTS, BEGINNING OF PERIOD	13,961,434	33,956,591
CASH & EQUIVALENTS, END OF PERIOD	9,401,816	22,305,057
Supplemental Cash flow data:
Income tax paid	4,387,432	3,213,565
Interest paid	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS(USD ($))	Jun. 30, 2012	Dec. 31, 2011
CURRENT ASSETS
Cash & equivalents	$ 9,401,816	$ 13,961,434
Restricted cash		127,235
Accounts receivable	37,989,248	20,553,235
Advances to suppliers	5,896,487	2,920,746
Other receivables and prepaid expenses	1,566,339	1,240,726
VAT receivable	3,767,154	8,562,076
Deposits	71,628	1,153,019
Inventories	59,655,682	61,017,231
Total current assets	118,348,354	109,535,702
NON-CURRENT ASSETS
Certificate of deposit	474,316
Advance for equipment purchase	378,784	844,964
Deposit for land use right	844,429	847,646
Property and equipment, net	34,312,572	36,137,609
Construction in progress	21,088,038	21,141,715
Intangible assets, net	35,402,003	35,895,528
Total noncurrent assets	92,500,142	94,867,462
TOTAL ASSETS	210,848,496	204,403,164
CURRENT LIABILITIES
Accounts payable	2,976,726	7,977,167
Advance from customers	2,183,745	1,056,442
Income tax payable	5,243,759	4,864,267
Other payables and accrued expenses	2,256,685	2,753,617
Dividend payable		1,679,628
Notes payable	0	692,821
Total current liabilities	12,660,915	19,023,942
COMMITMENTS AND CONTINGENCIES	0	0
STOCKHOLDERS' EQUITY
Common stock, $0.001 par value; 75,000,000 shares authorized; 33,592,562 shares issued and outstanding	33,593	33,593
Paid-in capital	91,187,588	91,187,584
Statutory reserve	10,624,783	9,157,606
Development fund	5,312,391	4,578,803
Accumulated other comprehensive income	14,026,151	14,769,957
Retained earnings	77,003,075	65,651,679
Total stockholders' equity	198,187,581	185,379,222
TOTAL LIABILITIES AND EQUITY	$ 210,848,496	$ 204,403,164