HLS Systems International Limited, the company registered in the British Virgin Islands and headquartered in California, has announced the unaudited financial results for the second quarter of the year 2009. The company engaged in the research, development, production, sale and distribution of industrial automation and control systems for the industrial, rail and nuclear power industries in China, reported record revenues of $52.5 million – a 22.2% increase year-over-year.
Gross margin made 34.6% as compared to 25.9% in the same period of last year. The BVI company generated $12.2 million net cash from operations for the quarter ended on December 31, 2008; cash and cash equivalents of $86.4 million as of December 31, 2008, and working capital of $155.3 million.
By comments of CEO of HLS, Dr. Changli Wang, the record quarterly revenue of the company was primarily due to the accelerating growth of rail and nuclear segments. He also said that HLS is well-positioned to grow its leading share of the industrial and nuclear industries, as there are opportunities in each of the targeted markets.
Company’s CEO said that, with over $86.4 million in cash, HLS has an incredibly strong financial position. They expect that their solid financial foundation will allow them to improve their strength in the rail and industrial automation markets through further investment in research and development while increasing long-term value for the shareholders.