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Time to sign the petition folks. Check this out.
As you may know, China is asking the US to seize assets of corrupt Chinese officials in the US. A petition has been created for getting Chinese government to use the money seized to buy-out shareholders of those US-listed Chinese companies that have either been revoked or been dark for two or more years. I would encourage all the shareholders to sign the petition at:
https://www.change.org/p/us-commerce-department-us-state-department-implement-the-proposal-with-the-chinese-government-to-resolve-the-us-listed-chinese-companies-stock-scandal-please-sign-the-petition?recruiter=181562446&utm_campaign=mailto_link&utm_medium=email&utm_source=share_petition
This will help all the shareholders. As you can see from the proposal, Chinese government will send a letter to the managements of all those companies (including APWR) that they will need to file all the financial reports to comply with US securities laws within 3 months or offer buy-out at a fair price not lower than 70% of the book values.
Check out the petition and sign it!
I think it is time all the stock holders of these stocks started a class cation suit and sued the SEC, the shorts, and the law firms that engineered the entire life cycle of these stocks.
CRTP: Revoked by SEC:
SEC ORDER:
http://www.sec.gov/litigation/admin/2013/34-70729.pdf
Thanks. I was surprised about the 3 day part, as I have seen (been in others) that had no news till the 10th day.
I do not think POPE ever filled papers selling their CRTP shares. They did file a report of their considerable holdings about 10-11 months ago long after CRTP went dark. Very curious.
Ecomike....every SEC Suspended stock is moved to the Grey Sheets after the 3rd day of suspension, but none of them are allowed to trade until the full 10 day suspension has expired.
in CRTP's case the stock cannot begin trading until October 18th.
Today's news, the move to grey sheets means we may be trading in the wild west Grey sheets again tomorrow. That happened once before, the day I bought my shares about 18 months ago.
This is one hell of a fraud if it is a fraud (If there is a Fraud POPE was behind it and the SEC let them run it),
http://ritarpower.xmg09.host.35.com/News.aspx?catid=16
Interesting, Pope is buying this grey sheet stock, the battery stock I mentioned last week, China Rita Power. Also buying the purported fraud Jiangbo, and buying Tianyin Pharma? I wonder what they know?
http://www.nasdaq.com/quotes/institutional-portfolio/pope-asset-management,-llc-96593
Time to sue the SEC IMHO.
This one is a very odd duck. Pope has or had shares and loans to CRTP, and there are very obvious signs the company is in business and doing OK, if not doing very well.
http://www.ritarpower.com/
http://ritarpower.xmg09.host.35.com/news.aspx?id=212
and here comes the SEC to rescue us. I am getting real tired of the SEC letting these stocks trade in the first place, while the criminals are allowed to cash out, and then letting the SEC screw the retail share holders like me with a suspension and possible revoking of the shares right to trade after the cat is out of the bag.
The SEC has it backwards, they seem to be there to protect the Banksters and Lawcrooks, so they can legally unload junk, and then close up shop and stick the retail people with shares they can no longer trade simply because the SEC decides it is time to halt trading.
It is time the SEC took on the Bank-stab-lishment and protected the retail investor for once. It is time the SEC set up a way for these shares to be tradeable with out the expensive bloated costs for reported, tradeable by those willing to take the risk of buying and owning shares like CRTP of companies that actually exist with real operations, real products and real sales.
CRTP might trade for a day or so after the Suspension ends, but the SEC has been ruthless in revoking a suspended stock's registration quickly after the suspension ends, unless the company contacts the SEC to resolve the delinquent Financials...a big issue.
From the SEC Admin Proceeding the company hasn't bothered to contact the SEC to resolve the issues, so it seems unlikely they would do so now.
Excerpts:
2. Respondent’s most recent periodic filing was a Form 10-Q for the period ended September 30, 2010, filed on November 15, 2010.
3. The Division of Corporation Finance sent a delinquency letter to Respondent at its registered agent in the State of Nevada and to its business address in Shenzhen, China on June 25, 2012, requesting compliance with Respondent’s periodic filing obligations.
4. Respondent has failed to respond to the delinquency letter sent to it by the Division of Corporation Finance, or to make any subsequent periodic filings.
:(
What will happen next, will it trade at all, be revoked, go to greys????
CRTP SEC Suspension:
http://www.sec.gov/litigation/suspensions/2013/34-70609.pdf
Order:
http://www.sec.gov/litigation/suspensions/2013/34-70609-o.pdf
Admin Proceeding:
http://www.sec.gov/litigation/admin/2013/34-70610.pdf
WOW, the bottom just fell out here down to .05 on just 10,000 shares, CRTP?
This traded on gray sheets for over a year in the 50 to 70 cent range, and POPE is or was a big stake holder as I posted in the prior post!!!
On another related front (CRTP makes lead acid batteries). Autozone recently dropped their 5-7 warranty on batteries and double their battery prices. That was a shock when I replaced one last week!!!
Interesting, Pope is buying this grey sheet stock, the battery stock I mentioned last week, China Rita Power. Also buying the purported fraud Jiangbo, and buying Tianyin Pharma? I wonder what they know?
http://www.nasdaq.com/quotes/institutional-portfolio/pope-asset-management,-llc-96593
Wow, huge price swings here today. Very unusual, and 95% of the volume was in the middle with small price changes, then huge swings up and down on small orders?
After the last 5 months or so of steady volume and prices from .70 to .90, a drop to .25 on no volume and large orders around .45, with the dma up around .75, begs the question, what just happened?
Great news hot off the press for CRTP:
http://seekingalpha.com/article/303735-harbin-electric-buyout-approved-implications-for-u-s-listed-chinese-stocks?ifp=0&source=email_global_markets
This should be the beginning of the end for short attacks on China stocks like CRTP !!! And a beginning of a search for oversold stocks in the China sector like CRTP that are not frauds!!!
Where there is one, there are two,....and so on to many!!!! The same logic the shorts used to throw all China stocks into a tail spin a year ago!!!!
Curious price activity today, two 20000 share buys at almost .80, then 1400 shares sold in two sales (guessing 1000 and 400 share lots) sold at .52, but the offer is .75, ask is .82 right now, very strange. And this stock has no MMs, so even stranger looking!
Thanks for sharing your information, buddy! What do you think JGB-?
CRTP is still filing reports on time as I understand. They volunteered, IIRC, to delist from NASDAQ (A snub at NASDAQ IMHO!). And then were not ready or not interested in hiring or picking a MM to list MM bids and asks, another snub, but there have been active buyers since it went pink!
CE is for late or non filing (very late) stocks, stocks that have not updated their investors with quarterly or annual reports for a long time.
Excellent points, my friend! I agree with you for those beaten China
stocks. Almost all of them bounced 300% ~ 700% so far... Do you have
any idea why only CRTP has no "CE" tag now? What makes it different?
I don't know for sure, but I do know it started trading with out any Market Makers!!! Sort of like a gray sheet stock might. Frankly I trusted it more because there were no MM's to manipulate the damn thing, just buyers and sellers!
The caviat emptor means little me. I have seen stocks rise from the dead, and others crash from the heavens of NASDAQ so I am not sure it really means that much more to tag it onto to old news.
I did not buy a lot of shares, but I bought them cheap, and figured I would just set them aside for a few years and see what happens. I owner 3 or 4 other china stocks like it, and like buying shares it what looks like short and bear mauled bloody shares, that have a real business and real revenue, etc.
I do know it has sold recently at prices that are least twice I paid for my little stash of shares.
Was CRTP first traded with the "Caveat Emtor" label then removed by
the Pink Sheets since you are the only one who ever watched so long? Thanks!
Will the real "liars" please step forward!
http://seekingalpha.com/article/289550-harbin-electric-who-allegedly-doctored-saic-reports?source=email_global_markets
This article should affect us all, even CRTP! Put on your rally caps!
I found this in another china stock forum today. A lot of good info on DD and investing in China RM stocks like ABAT. Most of it bullish!
http://chinasmallcapmonitor.blogspot.com/
also check out:
http://www.globaltimes.cn/DesktopModules/DnnForge%20-%20NewsArticles/Print.aspx?tabid=99&tabmoduleid=94&articleId=666587&moduleId=405&PortalID=0
Wow, $1 already. I did not buy nearly enough of these shares! What a difference not having MMs makes on an already beat up stock!
Note to self: when you buy the bottom, BUY IT, screw nibbling at it! LOL I should have bought more shares at the bottom!
Somebody in another stock forum ticked me off today, they could not connect the dots on the article I posted earlier (last 24 hours) about the recent SEC and China chats, Audit problems, shorts, and so on. And I posted the following below in reply to several that said they did not see anything about shorts in the article...... I thought many readers that are newer, trying to connect the dots, might find my comments interesting. But let me mention that the article claimed that some China/US RM CEOS were caught between the option of telling auditors and the SEC to kiss off, or to violate criminal secrecy laws in China by making certain requested documents public domain.
This is a real good write up today of what is really going on, and why the shorts were so successful with the timing of their attacks on China RM US stocks like CRTP, and so successful with the damage they caused. It is because they are between a rock and hard place. The problem is differences in US and China laws. READ all the way to the end!:
Up another 18% today with a little more volume today. Really wishing I had bought a lot more at .40/share!
Any one besides me here? Somebody is buying this stock, it is up over 50% in a week since I nibbled at .40/share.
I should have bought more!!! LOL
Shenzhen, China , June 23, 2011
China Ritar Power Corp. (the “Company”), today announced its intent to voluntarily delist the Company’s common stock from the NasdaqGlobal Stock Market (“Nasdaq”). The Board determined that maintaining the listing has imposed difficult burdens and high costs on the Company. The Company has immediately proceeded with delisting by providing a written notice to Nasdaq on June 23, 2011 of its intention to delist and will file a Form 25 with the Securities Exchange Commission on or around July 5, 2011. The Company expects the delisting from Nasdaq to become effective July 15, 2011, ten days after filing its Form 25.
Upon delisting from the Nasdaq, the Company expects that trading of the Company’s common shares by shareholders may be effected through quotations on the Pink OTC Market (a centralized quotation service that collects and publishes market maker quotes for securities). This will require at least one market maker to quote the Company’s common shares on the Pink OTC Market after the market maker complies with Pink OTC Market rules. There is no assurance that a market maker will comply with those rules. The Company will remain subject to the periodic reporting requirements of the Securities Exchange Act of 1934, as amended.
The Company has previously reported its receipt of notices from Nasdaq indicating that the Company is not in compliance with Nasdaq listing requirements contained in Marketplace Rule 5250(c)(1), which requires timely filing of SEC periodic reports due to the failure to timely file its annual report on Form 10-K for the fiscal year ended December 31, 2010 and its quarterly report on Form 10-Q for the three months ending March 31, 2011.
About China Ritar
China Ritar designs, develops, manufactures and markets environmentally friendly lead acid batteries with a wide range of capacities and applications, including telecommunications, Uninterrupted Power Source (UPS) devices, Light Electrical Vehicles (LEV), and alternative energy production (solar and wind power). China Ritar sells, markets and services six series and 197 models of Ritar-branded, cadmium-free valve-regulated lead-acid (VRLA) batteries. Products are sold worldwide with sales in 81 countries including China, India, and numerous markets in Europe and the Americas. Additional information can be found at the Company’s website
CRTP website .
No MM's yet, trading blind on a 2+ day chart in pinks, no bid or ask available (no MM's yet), but this stock is trading again on the pinks, with a PE of less than 1, right now about .5 I think. I just bought my first batch of shares at .40, looking to add, especially if it goes any lower. Market cap at this price is something absurd like 1/20th of annual sales!
Ecomike just went long here!!
First time here -
Looking for a 'working' URL for their home page........
very, very nice. Good article by the way over here..
seekingalpha.com/article/243357-china-ritar-power-new-lows-mean-opportunity?source=yahoo
Looks like revs down a bit, but net income is up yoy.
$.16 this quarter, not too shabby!
IT looks like a deal here under $5, I'm a buyer.
Posted by Rames on the CGS board:
CRTP - Rodman & Renshaw raises target to $10
"We are raising our price target on CRTP to $10.00 from $7.00. Our price target increase is primarily driven by our anticipation of a stronger demand environment for CRTP’s product offerings and the company’s profitability in 2010. We believe the recent pullback in CRTP’s share price has created a good entry point for investors looking for growth opportunities in China’s battery space. At current levels CRTP is trading at P/E multiples of ~11.0x and ~7.8x to our 2009 and 2010 earnings estimates."
things look good here. revenues increasing lately. new to nasdaq. could be a great hold when more investors find out. any thoughts anyone?
CRTP graduated to Nasdaq this week
http://www.otcbb.com/dynamic/tradingdata/daily/graduations.htm
China Ritar Power Announces First Quarter Fiscal 2009 Results
May 18, 2009 7:00:00 AM
Email Story Discuss on ZenoBank
View Additional ProfilesSHENZHEN, China, May 18 /PRNewswire-Asia-FirstCall/ -- China Ritar Power Corp. (OTC Bulletin Board: CRTP) ('China Ritar' or the 'Company'), a leading Chinese manufacturer of lead acid batteries, today reported its fiscal 2009 first quarter results for the period ended 31 March, 2009.
First Quarter 2009 Highlights
-- Revenue was $17.5 million, down 9% year-over-year
-- Sales volume increased 21% year-over-year
-- Gross profit was $3.3 million with 18.8% gross margin
-- Net income increased 3% year-over-year to $0.53 million
-- Fully diluted earnings per share were $0.03
"During the first quarter, our sales volume increased 21% over the first quarter in fiscal 2008 as a result of continued growth in the renewable energy sector," Mr. Jiada Hu, China Ritar's Chairman and Chief Executive Officer commented. "Moreover, we continued to ramp up production at our new facilities in Hengyang Industrial Park for our battery and lead plate production. Lead plates represented approximately 70.2% of the cost of our batteries for the quarter. As we increase the volume of lead plates manufactured internally, we expect to realize an improvement in our gross margins by 3%-5% over the next few years."
Revenue in the first quarter of 2009 was $17.5 million, down 9% from revenue of $19.3 million in the first quarter of 2008. The decrease in revenue was mainly attributable to a decline in the average selling price (ASP) as a result of approximately 40% drop in the price of lead. The decline in ASP was offset by a 21% increase in sales volume. Moreover, the first quarter is typically the Company's slowest quarter as a result of a slowdown in customers' orders due to the Chinese New Year holiday. Batteries used for telecom, uninterruptible power supply (UPS), renewable energy storage and light electronic vehicles (LEV) accounted for 33%, 31%, 25% and 11% of total sales of the first quarter of 2009, respectively. International sales represented 73% of total sales with domestic sales representing the balance of 27%.
Gross profit for the quarter decreased 18.3% to $3.3 million from $4.0 million in the same period of 2008. Gross margin for first quarter of 2009 was 18.8% compared to 21.0% in the first quarter of 2008. The decline in gross margin was mainly the result of a sales promotion offered to current customers during the quarter and the increased overhead cost at the Hengyang factory. China Ritar's long-term gross margin target is 20.5%.
Operating expenses were $2.5 million or 14.3% of sales, compared to $2.7 million or 14.1% of sales in the first quarter of 2008. Adjusting for $0.96 million in non-cash, stock-based compensation recognized under salaries in the first quarter of 2008, non-GAAP operating expenses were $1.7 million or 9.0% of sales. The non-cash, stock-based compensation relates to the release of shares of the Company's common stock to the Company's CEO from escrow pursuant to a make good agreement to meet the net income target for 2008 of $8.2 million entered into by the Company in connection with its private placement financing in February 2007. The increase in operating expenses is primarily due to an increase in sales commission which represented 4.3% of total sales compared to 0.9% of total sales in the first quarter of 2008. The increase in sales commission is due to increased marketing efforts.
Operating income for the first quarter was $0.79 million compared to $1.3 million in the first quarter of 2008. Adjusting for the previously mentioned non-cash, stock-based compensation, non-GAAP operating income was $2.3 million in the first quarter of 2008.
Net income was $0.54 million in the first quarter of 2009 for fully diluted earnings per share of $0.03 compared to $0.53 million in net income and fully diluted earnings per share of $0.03 in the first quarter of 2008. Excluding the non-cash, stock-based compensation, non-GAAP net income for the first quarter of 2008 was $1.5 million. Non-GAAP fully diluted earnings per share for the first quarter of 2008 were $0.08.
Financial Condition
As of March 31, 2009, China Ritar had $11.8 million in cash and equivalents and restricted cash, $24.0 million in working capital and $30 million in total liabilities. Net cash provided by operating activities for the period was $1.7 million. Shareholders' equity stood at $35.0 million, up from $34.4 million at year end 2008.
Business Outlook
In 2008, China Ritar completed its new manufacturing complex in Hengyang City, Hunan Province. The complex has five lead acid battery production lines with designed production capacity of approximately 1.25 million kilowatt-hours and a lead plate production line with designed annual production capacity of 15,000 tons, per eight hour shift. The battery production lines are currently operating at approximately 60% utilization rate and are expected to reach 80% to 85% by the second or third quarter of 2009. With 19 production lines in operation, the Company believes that it has sufficient capacity to support its growth plans for 2009 and does not have plans for any capital expenditures at this time.
China Ritar has qualified to be a battery supplier for China's build out of the country's 3G mobile telecommunications networks and is in the final stage of the contract biding process. The Company expects the biding process will be completed by mid-June.
"We are very excited about the growth prospects for 2009, specifically in the domestic market as the Chinese government has committed significant resources to the advancement of its telecommunication and renewable energy industries," Mr. Hu commented. "While demand for our lead acid batteries used for telecommunication and renewable energy applications remains healthy in both international and domestic markets, we are concentrating the majority of our marketing efforts on the domestic market which is expected to increase to about 40% of total sales by the end of the year."
Conference Call
China Ritar will host a conference call at 9:00 am EDT on Monday, May 18, 2009 to discuss the first quarter fiscal 2009 results. To participate in the conference call, please dial the following number fifteen minutes prior to the scheduled conference call time: 888-419-5570. International callers should dial 617-896-9871. The pass code for the call is 647 125 73. If you are unable to participate in the call at this time, a replay will be available for 14 days starting on Monday, May 18, 2009 at 11:00 AM EDT. To access the replay, dial 888-286-8010, international callers should dial 617-801-6888. The conference pass code is 659 756 30. This conference call will be broadcast live over the Internet and can be accessed by all interested parties by clicking on http://ir.ritarpower.com/en/ . Please access the link at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software. For those unable to participate during the live broadcast, a 90-day replay will be available shortly after the call by accessing the same link.
Use of Non-GAAP Financial Measures
To supplement China Ritar's condensed consolidated financial statements presented on a GAAP basis, China Ritar is providing certain income statement information that is not calculated according to GAAP. China Ritar believes that its non-GAAP disclosures are useful in evaluating its operating results as this information supplies the user with another view of the matching of costs and expenses. A reconciliation of the adjustments to GAAP results for the three month periods ended March 31, 2008 is included below. The non-GAAP information presented is supplemental and is not purported to be a substitute for information prepared in accordance with GAAP.
Non-GAAP financial results for the three month periods ended March 31, 2008 discussed in this release reflect operating results excluding the impact of the non-cash, stock-based compensation recognized under salaries in relation to the release of shares of the Company's common stock to the Company's CEO from escrow pursuant to a make good agreement to meet the net income target for 2008 of $8.2 million entered into by the Company in connection with its private placement financing in February 2007.
About China Ritar Corp.
China Ritar designs, develops, manufactures and markets environmentally friendly, lead acid batteries with a wide range of capacities and applications, including telecommunications, Uninterruptible power supply (UPS) devices, light electrical vehicles (LEV), and renewable energy systems (solar and wind power). China Ritar sells, markets and services six series and 197 models of Ritar-branded, cadmium-free valve-regulated lead-acid (VRLA) batteries. Products are sold worldwide with sales in 81 countries including China, India, and numerous markets in Europe and the Americas. Additional information can be found at the Company's website http://www.ritarpower.com .
Safe Harbor Statement
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Certain statements in this press release and oral statements made by China Ritar on its conference call in relation to this release, constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included herein are forward-looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with and available from the Securities and Exchange Commission. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
-- FINANCIAL TABLES TO FOLLOW --
Three Months Ended March 31,
(Unaudited)
2009(000) % 2008(000) %
Revenue by Product
UPS 5,434 31% 6,739 35%
Telecom 5,785 33% 8,086 42%
LEV 1,928 11% 2,503 13%
Renewable Energy Storage 4,382 25% 1,925 10%
Total Revenue 17,531 100% 19,255 100%
CHINA RITAR POWER CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
Three Months Ended March 31,
2009 2008 2008
GAAP NON-GAAP GAAP
Revenue $17,530,804 $19,254,556 $19,254,556
Cost of sales
14,236,015 15,220,717 15,220,717
Gross profit 3,294,789 4,033,839 4,033,839
Operating expenses
Salaries 463,634 247,503 1,210,853
Sales commission 749,224 179,150 179,150
Shipping and handling cost 297,096 289,055 289,055
Other selling, general and
administrative expenses 995,326 1,026,587 1,026,587
Total Expenses 2,505,280 1,742,295 2,705,645
Operating profit 789,509 2,291,544 1,328,194
Other income and (expenses)
Interest income 58,154 45,782 45,782
Other income 2,540 -- --
Interest Expense (147,424) (142,234) (142,234)
Foreign currency exchange loss (49,810) (306,261) (306,261)
Other expenses (1,663) (726) (726)
Other (expenses) (138,203) (403,439) (403,439)
Income before income taxes and
non-controlling interests 651,306 1,888,105 924,755
Income taxes (117,047) (404,900) (404,900)
Net income 534,259 1,483,205 519,855
Net loss attributable to non-controlling
interest 7,694 14,236 14,236
Net income attributable to China Ritar
Power Corp. shareholders 541,953 1,497,441 534,091
Earnings per share:
- Basic $0.03 $0.08 $0.03
- Diluted $0.03 $0.08 $0.03
Weighted average number of shares
outstanding:
- Basic 19,133,154 19,114,390 19,114,390
- Diluted 19,133,154 19,525,797 19,525,797
CHINA RITAR POWER CORP. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
FOR THE THREE MONTHS ENDED MARCH 31, 2008
Three months ended
Adjusted Net income March 31, 2008
Net Income (Loss) and Diluted EPS Net Income Diluted EPS
Adjusted Amount Non-GAAP 1,497,441 0.08
Adjustments
Non-cash compensation adjustment (1) 963,350 0.05
Amount per consolidated statement of operations 534,091 0.03
(1) Non cash compensation expense in connection with the release from
escrow to certain employees of shares of common stock that had been
deposited into escrow to certain China Ritar employees in connection
with the Company's private placement in February 2007
CHINA RITAR POWER CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
As of March 31, As of December 31,
ASSETS 2009 2008
(Unaudited) (Audited)
Current assets:
Cash and cash equivalents $ 8,696,963 $ 8,300,472
Accounts receivable, net of
allowances of $1,311,511 and
$1,311,759 16,532,716 20,015,989
Inventory 16,366,159 14,578,230
Advance to suppliers 1,420,309 1,340,107
Other current assets 4,131,664 3,564,793
Restricted cash 3,058,963 4,387,679
Total current assets 50,206,774 52,187,270
Non-current assets:
Property, plant and equipment, net 10,735,355 10,905,369
Construction in progress 3,425,036 3,089,854
Intangible assets, net 12,920 17,088
Land use right 474,181 476,687
Rental and utility deposits 82,785 82,801
Total assets $ 64,937,051 $ 66,759,069
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 12,445,038 $ 13,483,218
Income and other taxes payable 2,808,951 2,941,267
Accrued salaries 364,639 447,022
Bills payable 5,201,738 4,321,915
Derivative instruments 213,856 236,898
Other current liabilities 2,854,944 2,808,483
Current portion of long term loans 877,719 877,886
Short-term loans 1,483,758 3,596,955
Total current liabilities 26,250,643 28,713,644
Long-term liabilities:
Long-term loans 3,657,163 3,657,859
Total liabilities 29,907,806 32,371,503
Stockholders' equity:
Preferred stock, $.001 par value,
10,000,000 shares authorized, no
shares issued and outstanding -- --
Common stock at $.001 par value;
authorized 100,000,000 shares
authorized, 19,134,992 shares
issued and outstanding 19,135 19,135
Additional paid-in capital 19,222,727 19,222,727
Retained earnings 12,595,158 12,053,205
Accumulated other comprehensive
income 3,199,920 3,092,499
Total China Ritar shareholders'
equity 35,036,940 34,387,566
Non-controlling interest (7,695) --
Total equity $ 35,029,245 $ 34,387,566
Total liabilities and stockholders'
equity $ 64,937,051 $ 66,759,069
CHINA RITAR POWER CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Three Months Ended
March 31,
2009 2008
Operating activities
Net income $541,953 $534,091
Adjustments to reconcile net income from
operations to net cash used in operating
activities:
Depreciation of property, plant and
equipment 324,251 189,596
Amortization of intangible assets and land
use right 3,592 --
Allowance of bad debts -- 11,985
Gain on disposal (365) --
Stock-based compensation - make good
provision -- 963,350
Allowance for inventory valuation and slow
moving items -- 18,993
Unrealized loss on derivative instruments (22,992) --
Non-controlling interests (7,694) (14,236)
Changes in operating working capital
items:
Accounts receivable 3,478,753 (1,702,569)
Inventory (1,790,335) (1,906,722)
Advance to suppliers -- 2,233,541
Other current assets (567,432) (145,011)
Accounts payable (1,035,407) (640,889)
Income and other tax payable (131,730) (162,787)
Accrued salaries (82,281) (136,874)
Bills payable 880,465 (1,804,702)
Other current liabilities 123,431 397,779
Net cash provided by (used in) operating
activities 1,714,209 (2,164,455)
Investing activities
Loan to related parties -- (4,566)
Purchase of property, plant and equipment (496,069) (1,243,342)
Sales proceeds of disposal of fixed assets 4,388 --
Net cash used in investing activities (491,681) (1,247,908)
Financing activities
Proceeds from other loan borrowings -- 130,649
Proceeds from bank borrowings 1,626,177 1,290,457
Repayment of bank borrowings (3,738,257) --
Restricted cash 1,327,610 1,624,452
Net cash provided by financing activities (784,470) 3,045,558
Effect of exchange rate changes in cash (41,567) 190,483
Net increase (decrease) in cash and cash
equivalents 396,491 (176,322)
Cash and cash equivalents, beginning of
period 8,300,472 4,775,562
Cash and cash equivalents, end of period $8,696,963 $4,599,240
For more information, please contact:
Elite IR
John Marco, Partner
Tel: +1-310-819-2948
Email: John.marco@elite-ir.com
Elite IR
Leslie J. Richardson, Partner
Tel: +852-3183-0283
Email: Leslie.richardson@elite-ir.com
SOURCE China Ritar Power Corp.
----------------------------------------------
At Elite IR
John Marco
Partner
+1-310-819-2948
or John.marco@elite-ir.com
or Leslie J. Richardson
Partner
+852-3183-0283
or Leslie.richardson@elite-ir.com
both for China Ritar
China Ritar Power Announces Conference Call to Discuss First Quarter Fiscal 2009 Results
May 11, 2009 9:00:00 AM
Email Story Discuss on ZenoBank
View Additional ProfilesSHENZHEN, China, May 11 /PRNewswire-Asia-FirstCall/ -- China Ritar Power Corp. (OTC Bulletin Board: CRTP) ("China Ritar" or the "Company"), a leading Chinese manufacturer of lead acid batteries, today announced that it will conduct a conference call at 9:00 a.m. Eastern Time on Monday, May 18, 2009 to discuss the first quarter fiscal 2009 results.
Joining Mr. Jiada Hu, Chairman and Chief Executive Officer of China Ritar, will be Mr. Shengzhong Peng, Board Secretary of China Ritar.
To participate in the live conference call, please dial the following number fifteen minutes prior to the scheduled conference call time: 888-419-5570, international callers should dial 617-896-9871; conference passcode is 647 125 73.
If you are unable to participate in the call at this time, a replay will be available for 14 days starting on Monday, May 18, 2009 at 11:00 a.m. Eastern Time. To access the replay, dial 888-286-8010 and enter the passcode 659 756 30. International callers should dial 617-801-6888 and enter the same passcode.
This conference call will be broadcast live over the Internet and can be accessed by all interested parties by clicking on http://ir.ritarpower.com/en/ . Please access the link at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software. For those unable to participate during the live broadcast, a 90-day replay will be available shortly after the call by accessing the same link.
About China Ritar Corp.
China Ritar designs, develops, manufactures and markets environmentally friendly, lead acid batteries with a wide range of capacities and applications, including telecommunications, Uninterruptible Power Supply (UPS) devices, Light Electrical Vehicles (LEV), and alternative energy systems (solar and wind power). China Ritar sells, markets and services six series and 197 models of Ritar-branded, cadmium-free valve-regulated lead-acid (VRLA) batteries. Products are sold worldwide with sales in 81 countries including China, India, and numerous markets in Europe and the Americas. Additional information can be found at the Company's website http://www.ritarpower.com .
For more information, please contact:
Elite IR
John Marco, Partner
Tel: +1-310-819-2948
Email: John.marco@elite-ir.com
Elite IR
Leslie J. Richardson, Partner
Tel: +852-3183-0283
Email: Leslie.richardson@elite-ir.com
SOURCE China Ritar Power Corp.
----------------------------------------------
John Marco
Partner
+1-310-819-2948 or John.marco@elite-ir.com
or Leslie J. Richardson
Partner
+852-3183-0283
or Leslie.richardson@elite- ir.com
both of Elite IR for China Ritar Power Corp.
Quarterly Report (10-Q)
Date : 11/13/2008 @ 5:20PM
http://ih.advfn.com/p.php?pid=nmona&cb=1226630379&article=29307112&symbol=NB%5ECRTP
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China Ritar Retains Elite Investor Relations for Strategic IR Campaign
SHENZHEN, China, Sept 23, 2008 /Xinhua-PRNewswire-FirstCall via COMTEX/ -- China Ritar Power Corp. (OTC Bulletin Board: CRTP), (the "Company" or "China Ritar"), a leading Chinese manufacturer of lead-acid batteries, today announced that it has retained Elite Investor Relations ("Elite IR") to lead an expanded investor relations campaign.
"We are very excited to work with Elite IR as we launch a new investor relations campaign to raise our profile and ensure that the broad investment community fully understands our growth prospects," commented Mr. Jiada Hu, China Ritar's Chairman and CEO. "China Ritar is a rapidly growing international lead-acid battery company based in Shenzhen, China. We have built a strong position in our targeted niche markets: uninterruptible power sources, telecommunications, light electric vehicles and renewable energy such as wind and solar power. We are in the process of expanding our production capacity from 14 lines today to 34 lines by the end of 2010. Moreover, we expect our gross margins to improve 3-5% in the long-term as we integrate lead plate manufacturing."
"We are looking forward to working with China Ritar in developing and executing a highly visible investor relations campaign. In addition to the Company's aggressive ramping up of its production capacity, China Ritar also has under development some exciting new technologies for smaller and lighter batteries that last up to 50% longer than current batteries. Moreover, I believe China Ritar will experience a significant benefit from the rising demand for renewable energy," commented Ms. Nancy Chen, Managing Partner of Elite IR. "Our goals are to improve visibility and sponsorship throughout the global financial communities, creating a more appropriate market valuation and understanding of the potential of China Ritar."
About China Ritar
China Ritar designs, develops, manufactures and markets environmentally friendly lead-acid batteries with a wide range of capacities and applications, including telecommunications, Uninterrupted Power Source (UPS) devices, Light Electrical Vehicles (LEV), and alternative energy production (solar and wind power). China Ritar sells, markets and services six series and 197 models of Ritar-branded, cadmium-free valve-regulated lead-acid (VRLA) batteries. Products are sold worldwide with sales in 56 countries including China, India, and numerous markets in Europe and the Americas. Additional information can be found at the company's website http://www.ritarpower.com .
About Elite IR
Elite IR is a professional investor relations service provider focused on offering the highest level of personalized IR support to U.S. and Hong Kong listed companies. The Company provides high quality, strategic, service-oriented IR counsel that is critical to maintaining visibility in the global equity markets and a fair market value. As a full service firm, Elite IR is committed to building a long-term cooperation with its clients. Additional information can be found at http://www.elite-ir.com .
Safe Harbor Statement
This press release contains certain statements that may include "forward looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website ( http://www.sec.gov ). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For more information, please contact:
Elite IR
John Marco, Managing Partner
Tel: +1-310-819-2948
Email: John.marco@elite-ir.com
Elite IR
Leslie J. Richardson, Managing Partner
Tel: +852-3183-0283
Email: Leslie.richardson@elite-ir.com
SOURCE China Ritar Power Corp.
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