Business
Tantech Announces Interim Financial Results for Six Months Ended June 30, 2020
Reports 9.3% Increase in Revenue and 100% Increase in Earnings Per Share LISHUI, China, Sept. 30, 2020 /PRNewswire/ -- Tantech Holdings Ltd. (NASDAQ: TANH),
About this update from Tantech Holdings Ltd.
[{"type":"text","content":"Reports 9.3% Increase in Revenue and 100% Increase in Earnings Per Share\n\n\n \n LISHUI, China, Sept. 30, 2020 /PRNewswire/ -- Tantech Holdings Ltd. (NASDAQ: TANH), (\"Tantech\" or the \"Company\"), a clean energy company in China, today announced its unaudited interim financial results for the six months ended June 30, 2020.\nFinancial Highlights\nFor the Six Months Ended June 30,\n($ millions, expect per share data and percentages)\n2020\n2019\n%Change\nRevenues\n$\n22.9\n$\n21.0\n9.3%\nConsumer product\n$\n16.2\n$\n20.7\n(21.9)%\nTrading\n$\n6.3\n$\n0.2\n3,180%\nGross profit\n$\n3.1\n$\n3.7\n(16.5)%\nGross margin\n13.4%\n17.6%\n(4.2) percentage points\nOperating margin\n7.9%\n9.0%\n(1.1) percentage points\nNet income from continuing operations\n$\n1.0\n$\n1.2\n（18.5)%\nNet income (loss) from discontinued operations\n$\n0.00\n$\n(0.76)\n(100)%\nNet income\n$\n1.0\n$\n0.4\n125.3%\nBasic/ Diluted earnings per share\n$\n0.04\n$\n0.02\n100%\n \nTotal revenues increased 9.3% to $22.9 million from $21.0 million. Sales in the Company's trading segment increased significantly due to a demand surge for bamboo charcoal used for air purification and sanitation products, which more than offset a decrease in the Company's consumer product segment primarily due to the impact of COVID-19 disruptions and closures. Gross profit decreased 16.5% to $3.1 million from $3.7 million, and gross margin decreased by 4.2% to 13.4% from 17.65, primarily due to product mix. Selling expenses decreased 25% to $0.20 million from $0.27 million, primarily reflects a decrease in in-person sales activities due to COVID-19 closures and a shift toward lower cost, online marketing support during the first six months in fiscal 2020 compared to the same period last year.General and administration expenses decreased 48% to $0.76 million from $1.5 million The decrease was primarily attributable to COIVD-19 closures, along with a decrease in professional fees and consulting expenses, as compared to the same period last year.Research and development expenses increased $0.30 million from $0.04 million, primarily due to increased activities related to electrical battery and vehicle research in the Company's electric vehicle segment, as compared to the same period last year.Other income decreased 50% to $0.02 million from $0.04 million, primarily due to lower government su...