August 10, 2018 - 5:05 PM EDT
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H/Cell Energy Reports FY2018 Second Quarter Financial Results

FLEMINGTON, N.J., Aug. 10, 2018 (GLOBE NEWSWIRE) -- H/Cell Energy Corporation (OTCQB-HCCC) (“HCCC”), a company that designs and implements clean energy solutions featuring hydrogen energy systems, has announced financial results for its fiscal 2018 second quarter ended June 30, 2018.

For the three months ended June 30, 2018, HCCC generated revenue of $2,009,825 and net income of $13,955 or $0.00 in earnings per share, fully diluted. For the six months ended June 30, 2018, HCCC generated revenue of $3,736,149 and a net loss of $97,014 or $(0.01) in earnings per share.

Matthew Hidalgo, CFO of HCCC, commented, "We are very pleased to announce a profitable quarter with record revenue for the company. We had a profitable quarter inclusive of non-cash charges of $64,432 which does not affect the cash flow performance or working capital of HCCC. The company is performing well and is creating more revenue producing opportunities as indicated by our active bid list, which totaled approximately $8.1 million as of June 30, 2018. Our financial condition remains solid with $460,538 in cash, $3,792,845 in assets and $427,535 in working capital as of June 30, 2018. Although we are still a young company from a shareholder value perspective, we continue to grow and add value for our investors. HCCC will be making an effort to generate more investor interest in the months ahead. We remain very encouraged about the future.”

About H/Cell Energy Corporation:

H/Cell Energy Corporation is an integrator that focuses on the design and implementation of clean energy solutions including solar, battery, fuel cell and hydrogen generation systems. In addition, through its subsidiaries, HCCC also provides environmental systems and security systems integration. HCCC serves the residential, commercial and government sectors. Please visit our website at www.hcellenergy.com for more information.

Forward Looking Statements:

Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on current expectations and actual results could differ materially. H/Cell Energy Corporation does not undertake an obligation to update or revise any forward-looking statement. The information set forth herein speaks only as of the date hereof.

H/Cell Energy Corporation
Investor Relations
908-837-9097 x-2


 
  H/CELL ENERGY CORPORATION
  CONDENSED CONSOLIDATED BALANCE SHEETS
     
  June 30, 2018 December 31, 2017
  (Unaudited) (Audited)
ASSETS     
 Current assets    
 Cash and cash equivalents $  460,538  $  455,700 
 Accounts receivable  (net retention)  1,321,820     808,050 
 Prepaid expenses   14,467      14,669 
 Costs and earnings in excess of billings  58,970      51,531 
 Total current assets  1,855,795     1,329,950 
     
 Property and equipment, net   403,941      102,573 
 Security deposits and other non-current assets  21,344      8,416 
 Deferred tax asset  44,257   44,257 
 Customer lists, net  93,887   - 
 Goodwill  1,373,621   - 
     
 Total assets  $  3,792,845  $  1,485,196 
     
LIABILITIES AND STOCKHOLDERS' EQUITY     
     
 Current liabilities    
 Accounts payable and accrued expenses $  951,769  $  631,385 
 Management fees payable – related party  15,000   31,257 
 Earn out payable  182,056   
 Billings in excess of costs and earnings  93,099     87,206 
 Sales and withholding tax payable  59,894   61,239  
 Current equipment notes payable  33,407   - 
 Current capital lease payable  67,289   - 
 Income tax payable  25,746   98,313 
 Total current liabilities   1,428,260     909,400 
     
 Noncurrent liabilities    
  Capital leases  166,965   - 
  Equipment notes payable  128,919   - 
  Convertible note payable – related party, net of discount  8,891   - 
 Total noncurrent liabilities  304,775   - 
     
 Total liabilities  1,733,035   909,400 
     
 Commitments and contingencies      
     
 Stockholders' equity     
 Preferred stock - $0.0001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding  -   - 
 Common stock - $0.0001 par value; 25,000,000 shares authorized; 7,586,024 and 7,041,579 shares issued and outstanding        
   as of June 30, 2018 and December 31, 2017, respectively  758     704 
 Additional paid-in capital  2,949,459     1,335,656 
 Accumulated deficit  (828,768)     (731,754)
 Accumulated other comprehensive loss  (61,639)     (28,810)
 Total stockholders' equity   $2,059,810  $    575,796 
     
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY  $  3,792,845  $  1,485,196 
         



 
H/CELL ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS – OTHER COMPREHENSIVE INCOME
 
  For the Three Months Ended
June 30,
 For the Six Months
Ended June 30,
   2018   2017  2018   2017
         
 Revenue         
Construction income $2,009,825  $1,906,495 $  3,704,360  $  3,757,250
Related party  -    24,163  31,789     40,253
 Total revenue   2,009,825    1,930,658  3,736,149   3,797,503
         
 Cost of goods sold         
Direct costs  1,253,043     1,147,909  2,462,456     2,561,729
Direct costs – related party  -     34,440  31,617     50,345
 Total cost of goods sold   1,253,043   1,182,349  2,494,073   2,612,074
         
 Gross profit   756,782     748,309  1,242,076     1,185,429
         
 Operating expenses         
General and administrative expenses  687,831   498,124   1,243,015     945,369
Management fees – related party  19,500   45,000  39,000   91,000
 Total operating expenses   707,331   543,124  1,282,015     1,036,369
         
Income  (loss) from operations  49,451   205,185  (39,939)  149,060
Income tax provision (benefit)  -   -  -   -
         
 Income (loss) before other income and expense $  49,451  $205,185 $  (39,939) $  149,060
         
 Other income (loss)  (6,738)  2,297  (6,738)    2,298
         
 Other expenses        
Interest expense  10,146   -  14,092   -
Interest expense – related party  18,676   -  32,891   -
Loss on fixed asset disposal  (64)  -  3,354   -
Total other expenses  28,758   -  50,337   -
         
 Net income (loss)  $  13,955  $207,482 $  (97,014) $  151,358
         
 Other comprehensive income (loss), net         
         
Foreign currency translation adjustment  (22,570)   7,048  (32,829)    18,417
         
 Comprehensive income (loss)  $  (8,615) $  214,530 $  (129,843) $  169,775
         
 Earnings (loss) per share         
Basic  $  0.00  $  0.03 $  (0.01) $  0.02
Diluted $  0.00  $   0.03 $  (0.01) $    0.02
 Weighted average common shares outstanding         
Basic  7,483,980   7,039,357  7,450,235    6,355,468
Diluted  8,819,225   7,948,091   7,450,235     7,259,155 
         

 

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Source: GlobeNewswire (August 10, 2018 - 5:05 PM EDT)

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