Morning Alert: Highpower International Inc (HPJ), Chesapeake Energy Corporation (CHK)

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Highpower International Inc (NASDAQ:HPJ)

Stock’s Trading Stats:

Highpower International Inc (NASDAQ:HPJ) is trading up with a percentage change of 24.12% and is at $2.47 right now. The Company’s market capitalization stands at $35.10 Million in the current trading Session whereas, its outstanding shares are 15.10 Million.

Recent Press Release:

Highpower International Inc (HPJ) on March 24 announced its financial results for the fiscal fourth quarter and year ended December 31, 2015.

Fiscal Year 2015 Operating and Financial Highlights (all results are compared to prior year period)

  • Net sales were $146.2 million compared to $147.1 million.
  • Lithium battery net sales increased 14.9% to $78.6 million from $68.4 million.
  • Gross margin was 19.1%, compared to 20.5%, due to a decrease in the average selling price of both Ni-MH batteries and lithium batteries, and increased labor costs.
  • EBITDA increased 20.7% to $10.3 million, compared to $8.6 million; Adjusted EBITDA was $10.1 million compared to $9.7 million.
  • Net income attributable to the Company increased 40.0% to $3.9 million, or $0.25 per diluted share, compared to $2.8 million, or $0.18 per diluted share. Non-GAAP net income attributable to the Company was to $3.6 million, or $0.23 per diluted share, compared to $3.9 million, or $0.26 per diluted share.
  • Received order from a global consumer electronics company to provide lithium polymer batteries for smartphone backup power products.
  • Received “The Best Design Company of China’s Energy Storage Industry” award.
  • Secured a contract to produce a 100KWH energy storage system (ESS) for China Southern Power Grid.
  • Granted US patent for its safety technology on rechargeable battery.

Fiscal 2015 Fourth Quarter Operating and Financial Highlights (all results are compared to prior year period)

  • Net sales increased 7.2% to $37.9 million from $35.3 million, primarily due to increased revenue contributions from the lithium batteries as a result of the increased battery sales into the electric bus and high end consumer electronic device markets.
  • Gross margin was 17.5% compared to 20.1%.
  • Net income attributable to the Company was $166,973, or $0.01 per diluted share, compared to $2.0 million, or $0.13 per diluted share.

Chesapeake Energy Corporation (NYSE:CHK)

Stock’s Trading Stats:

Chesapeake Energy Corporation (NYSE:CHK) is surging 25.78% percent and is at $5.66 in the Real-Time trading session. The stock’s market capitalization stands at $4.60 Billion with outstanding shares of 680.57 Million.

Recent Press Release:

Chesapeake Energy Corporation (CHK) on April 11 announced it has amended its $4.0 billion secured revolving credit facility agreement maturing in 2019 with its bank syndicate group. Key attributes include:

  • Borrowing base reaffirmed at $4.0 billion, consistent with current availability
  • Next scheduled redetermination of borrowing base postponed until June 2017
  • Senior secured leverage ratio covenant relief granted until September 2017
  • Interest coverage ratio covenant reduced to 0.65x through March 2017

Following the recent redetermination review by its bank syndicate group, Chesapeake’s senior secured revolving credit facility borrowing base was reaffirmed at $4.0 billion, consistent with current availability. In connection with the redetermination, Chesapeake agreed to pledge additional assets as collateral under the Credit Agreement. As part of the amendment, the next scheduled borrowing base redetermination review has been postponed, and the lenders have agreed not to exercise their interim redetermination right, in each case until June 2017. The amendment includes a collateral value coverage test, which may limit Chesapeake’s borrowing capacity if its collateral coverage ratio falls below 1.25x, tested as of March 31, 2017.