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let's hope we r both right
Not too dumb if you've been sitting on this one, lol.
10-k out,
.26 versus .22
CHINA RUITAI INTERNATIONAL HOLDINGS CO., LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
Years ended December 31,
2010 2009
Sales $ 43,183,319 $ 35,736,104
Cost of sales (see note below) 30,382,960 23,865,156
Gross margin 12,800,359 11,870,948
Operating expenses:
General and administrative expenses 1,380,869 2,611,721
Selling expenses 1,780,940 1,547,688
Total operating expense 3,161,809 4,159,409
Income from operations 9,638,550 7,711,539
Other income/(expense)
Interest income 985,386 2,370,482
Interest expense (2,347,235 ) (2,473,370 )
Commercial leasing income 1,334,515 -
Cost of commercial leasing (861,104 ) -
Other income/(expense) 255,775 (40,835 )
Other expense, net (632,663 ) (143,723 )
Income before income tax expense 9,005,887 7,567,816
Income tax expense 2,072,593 1,891,955
Net income before allocation to non-controlling interests 6,933,294 5,675,861
Less: Net income attributable to non-controlling interests 69,137 56,759
Net income attributable to China Ruitai 6,864,157 5,619,102
Other comprehensive income
Net Income before allocation to non-controlling interest 6,933,294 5,675,861
Foreign Currency Translation Adjustment 925,958 43,448
Comprehensive income $ 7,859,252 $ 5,719,309
Less: Comprehensive income attributable to non-controlling interests 78,417 57,193
Comprehensive income attributable to China Ruitai $ 7,780,835 $ 5,662,116
Earnings per share – Basic and diluted $ 0.26 $ 0.22
Weighted average number of common shares outstanding
- Basic and diluted 26,000,000 26,000,000
cut a dumbass redneck a break, lol!
lol, boy don't we wish we had crystal balls!
I went after some more of those .68 but didnt get any.
Some lucky SOB did though.
malc
same here malc. had .75 bid in forever, wouldn't fill, put it in today and it filled at .74, very happy to be in!
Glad I waited to get my shares at the entry price I wanted. Finally in today at .74
I will load some more tommorrow or friday if this bargain price stays up for the rest of the week.
malc
raised my bid yesterday, still nothing......arghhhhh, but I will get it...
Loaded up today. There was some volume, and I grabbed my shares.
How are you guys doing?
Koufax,
I just checked my order which I placed on 10/25 and 9:41 am, still not filled, lol!!!!! I remain hopeful!
So is anyone getting stock? With trading so thin, it is hard to do, eh?
Wow, looks like someone wanted in pretty bad today.
2500 @ .85 and three minutes later 1600 more @ one buck.
Not exactly breakout volume but sure looks like one person wanted to be locked and loaded now and obviously willing to even smack the one dollar ask. Will be interesting to see what happens from here...
Thanks Stone, I always appreciate your feedback.
Harleyman - That is an excellent new Ibox. Now all we need are some more eyes upon it but I think they will be coming...
They are apparently using wood now as 10% of their input. They are hoping to step it up to 50%. What that does to their product I don't know.
Apparently even with cotton they use the dregs, the short fibers that are not useful for making clothes.
I think you have pretty much summed up the opinion of the three of us on this board, lol.
I plan on getting in, but carefully so as not to drive the price up. I don't think there is any hurry.
But then again the interest is really starting to grow here, and yesterday saw someone buy 100 shares at a dollar each... I think that was the only trade of the day... Of course you never know when more eyes will find their way here and I'm for sure not saying anything on CGS or anywhere else, not that my opinion matters much, just saying... Until we are all loaded up, eh?
I find it interesting that they mentioned that while they think the price of cotton has stabilized, they are pursuing other raw materials, in specific wood waste materials right? Well, thats def. way cheaper than cotton and cellouse is being extracted from it thats for sure, the processes are already developed and being refined - Hell, half the biodiesel industry has already been all over it. The question is whether or not the technology has progressed enough to make it cost effective to extract raw materials from waste, as opposed to commodity, sources.
Now I'm not a technical guy and I could be totally wrong but seems to me that if the cotton part of the equation can be replaced with some form of essentially free raw material then once that process becomes fine tuned it should ultimately increase the margins, to what extent is only determined by the price of cotton compared to using an alternative raw material.
The biodiesel industry in whole has really gotten beaten up over this particular issue. And with the fallen price of petroleum, combined with the rising costs of their raw material, corn, well, it hasnt boded well for the bottom line. The most funded US company using wood waste materials to produce their biodeisel, Verenium, still is not profitable from what I've seen. Point being, I'm not sure how viable the this kinda alternative is yet.
Going to dig more this weekend on this and other issues. But tonite its out later to play some blues and have a date nite with the wife sans kids. Ahh, friday...
malc.
I plan on getting in, but carefully so as not to drive the price up. I don't think there is any hurry.
I am optimistic about the future of this company, but not so optimistic that I would bet the ranch on it. I think that the business will be quite succesful. The real question is whether the US investor will see any benefit from it.
Please note as well that Global Hunter has a report out that includes the following:
"The company does not have a near term catalyst or expansion plans. The 500MT EC line was the first capex plan since 2007. Along with illiquidity, we expect the company to raise additional capital for further growth."
One interesting piece of information came out of the meeting. I asked about all the bank loans on the balance sheet (which are essentially offset by restricted cash). Here is the answer:
Beijing tells banks to make loans. Banks tell CRUI to take more loans, secured by cash. CRUI goes along with this to cultivate relationships. Banks get to book loans, as per instructions, without risking loss.
I tell this tale because I believe that the good will that CRUI has built up with the banks will in fact make real loans available to it to fund expansion etc. So, unlike many China small caps, bank financing may in fact be available, at least to an extent.
Thanks Koufax for the update on the company. I have been considering getting in here for quite some time now, but it sure trades thin and doesnt seem to have much positive attention or driving force for quite some time now.
Still, a very attractive P/E at this level. I just have a few questions for you, and thats whether or not you are in at this point in time, and if the intangibles you mentioned are hampering a positive outlook for the future. Thanks.
malc.
My Meeting with Chairman Ma
Actually the meeting was with several people, including the Chairman, the CFO, VP of Finance, IR person, and a [very pretty] assistant to the Chairman.
Before the meeting I read the SEC files and discovered that there is a lot of hair on this one. For example, the Company 'lent' tens of millions of dollars to a company controlled by the Chairman and the President, and was repaid not in cash, but in the form of a budget hotel with 49 apartments, which was valued at about $5MM more than the loan amount, so the company continues to shovel cash to Chairman Ma and the President. There are other examples, but this gives you the flavor.
I asked about each related-party transaction. What I was told is that the hotel is being sold, that other transactions are being unwound, and that the company is trying to clean up its act in order to behave like a US public company.
I asked if the company pursues patent protection for its R&D discoveries. The answer was no, it relies on trade secrets.
I aked about the rising price of cotton. I was told (a) that they think the price is no going to rise further, and (b) they are well along towards finding other sources of cellulose (e.g., wood chips) that will do just fine, thank you, and spare them having to buy as much cotton.
In sum, they have a very nice business. Do they plan to adhere to public company standards? It is not clear. Do they plan to raise more capital? That is less clear, but otherwise, why would they be spending their time in the US raising their profile?
I hope this helps.
My meeting is Wednesday. I board a train for NYC at about noon. Get me any thoughts before then.
Cheers.
Welcome Koufax, that is awesome, I will give it some thought and send you my questions, thanks for offering!!!!!
Well this company looks to be solid but is subject to a rapidly-rising cotton price. I wonder whether this may cause its products to become so expensive that customers switch out to substitute products. Using cotton ether as a paint-thickener, for example, might not be economic and there are probably other thickeners available.
FYI - I expect to meet the president of the company next week. Are there questions that you would like to have answered?
Disclosure: I hold no position in this company right now
Welcome all, was surprised to find this stock didn't have a board, let's talk!!!
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China RuiTai International Holdings Co. Ltd. is one of the largest non-ionic cellulose ether producers in China. Cellulose ether is a purified, cotton based organic chemical that dissolves in water and other organic solvents. It acts as a thickener and stabilizer in aqueous solutions, making it a beneficial additive in a wide variety of commercial products and industries. Cellulose ether is used in the pharmaceutical industry, in PVC products, food and beverage products, the petroleum industry and in cosmetics.
China RuiTai is capable of producing 8,000 metric tons of cellulose ether annually, which represents over twenty percent of all cellulose ether produced in China. The Company also provides thirty percent of China's exports. Founded in 1999, China RuiTai operates under the brand name RuiTai with 626 employees. The Company's executive offices are located in Wenyang County, Feicheng City, Shandong Province, China.
Products
China RuiTai has twelve major product lines, which are marketed under the brand name "RuiTai." The product lines, which are focused on cellulose ether, include:
Hydroxypropyl Methyl Cellulose(HPMC)
Methyl Cellulose(MC)
Ethyl Cellulose Aqueous Dispersion(EAD)
Ethyl Cellulose(EC)
Hydroxyethyl Cellulose(HEC)
CMC
Microcrystalline Cellulose(MCC)
HEMC
Hypromellose Phthalate(HPMCP)
Hydroxypropyl Cellulose(HPC)
Film Coating Pre-Mixed Reagent.
New Products
Pullulan
Overview
Pullulan is natural water-soluble polysaccharide, produced from starch or sugar by fermentation. It is colorless, tasteless, odorless, resistant to oil and unaffected by small thermal variations. It has many applications, such as it’s usage in medicine, food, and cosmetics industries.
In medicinal applications, pullulan can be formed into capsules, tablets, non-crystalline substances, plasma, vaccine and wound sutures.
Pullulan plays a role as a preservative, quality improver, emulsifier, forming and thickening agent in the food industry.
Pullulan has an additional application in the health food sector: since the human body can only digest one-third of the glucose formed by pullulan, the leftover two-thirds are formed into isomaltose that cannot be digested and absorbed. Isomaltose stimulates the growth of bifidobacterium. Bifidobacterium is a micro-bacterium that is beneficial to the digestive system by: synthesizing the organic acids a body needs, lowering the intestinal pH and inhibiting the growth of other harmful micro-organisms.
In cosmetic applications, pullulan can be formed into shampoo, lotion, and facial masks.
Manufacturing
The manufacturing facility covers 3,000 square meters plant, and a 1,500 square meters warehouse. The annual production for pullulan is 100 tons
Production
China RuiTai International Holdings Co., Ltd. enjoys a strong cost advantage as the leading producer of cellulose ether in China. The RuiTai brand is synonymous with quality, and our capacity is supported by ten state-of-the-art manufacturing facilities capable of producing 10,000 metric tons of cellulose ether per year. China RuiTai's manufacturing plant encompasses approximately 2,798,640 square feet of space and includes ten workshops with over 3,000 pieces of manufacturing equipment. The Company also maintains a 322,920 square foot office building on its property and just completed a new two story 4000-square meter plant capable of producing 100 tons of biopolysaccharide per year
Domestic Distribution
China RuiTai’s dominant market share in China is based on its thirty local sales centers, with a minimum of one sales center in each province. A powerful base for international distribution has also been developed. China is expected to be one of two dominant growth areas for cellulose ether over the next several years. Domestic growth is anticipated to expand along with the growth of China’s middle class. China’s 11th Five-Year Plan includes investing in construction and supports strong investment in commercial and residential housing where adhesive cellulose ethers play a fundamental role in mortar and tile masonry.
International Distribution
China RuiTai International Holdings Co. Ltd. We currently hold 20% of China’s international export market for cellulose ether products, which is important to our future growth. Out strategy for international distribution is to increase our exports by further building awareness of the “RUTOCEL” and “RuiTai” brands internationally. We currently export to the United States, Europe, India, Japan, and South East Asia.
Corporate Profile
China RuiTai International Holdings Co. Ltd operates ten non-ionic cellulose ether production facilities in China with thirty distribution centers and is a major exporter of cellulose ether and. Cellulose ether is used as a thickening agent in a wide range of industries. The Company's 2007 annual production of 8,000 metric tons of cellulose ether is developed from a purified cotton base and represents 18% of China's cellulose ether production. China RuiTai holds approximately 20% percent of China's export market, which includes the United States, the European Union, Eastern Europe and Asia.
China RuiTai's is focused on the production, sale and export of deeply processed chemicals, with an emphasis on non-ionic cellulose ether products. Cellulose ether is a purified, cotton based organic chemical that dissolves in water and other organic solvents. It acts as a thickener and stabilizer in aqueous solutions, making it a beneficial additive in a wide variety of commercial products and industries, including the pharmaceutical industry, the construction industry, PVC products, food and beverage products, the petroleum industry, and the cosmetics industry.
China RuiTai was founded in 1999 and operates under the brand name RuiTai with 626 employees.
The Company's executive offices are located in Wenyang County, Feicheng City, Shandong Province, China 271603 Telephone: 86 538 3850 703.
Investor Presentation
March 2011
We make consumer products better, stronger, safer
and longer lasting.
1
Safe Harbor Statement
Under the Private Securities Litigation Reform Act of 1995: Any statements set forth
herein that are not historical facts are forward-looking statements that involve risks
and uncertainties that could cause actual results to differ materially from those in the
forward-looking statements.
Potential risks and uncertainties include, but are not limited to, such factors as
unanticipated changes in product demand, interruptions in the supply, downturns in the
Chinese economy, changes in applicable regulations, and other information detailed
from time to time in the Company's filings and future filings with the United States
Securities and Exchange Commission. Accordingly, although the Company believes
that the expectations reflected in such forward-looking statements are reasonable,
there can be no assurance that such expectations will prove to be correct.
2
Company Vision
We are the leading cellulose ether
manufacturer in China
We maintain a diversified
product portfolio
We have a global sales network
Our management team is experienced
in our industry
We make consumer products better,
stronger, safer and longer lasting
We constantly develop
new products to address current and
prospective customer needs
“ As consumer products mature in China, we intend to be the leading supplier of cellulose
ether in the Chinese market and a recognized exporter of cellulose ether worldwide. “
President Xing Fu Lu
3
China Ruitai’s Product
As an adhesive, Hydroxypropyl Methyl Cellulose (“HPMC”) is used as a binding agents in
adhesives such as glues or other construction materials.
As a food stabilizer or filler, Microcrystalline Cellulose (“MC”) is a stabilizer in foods or
inactive filler in tablets and pharmaceuticals.
As a thickening and bonding agent, Hydroxyethyl Cellulose (“HC’) and Ethyl Cellulose
(“EC”) are used in cosmetics, shampoos, gels and pharmaceuticals.
Ginned cotton and wood pulp are the key raw materials for producing cellulose ether.
Cotton
Cellulose Ether
Cotton Crops
Cellulose ether is an organic, cotton-based chemical that dissolves in water and solvents for
use as a thickening and bonding agent in liquids and solids and a stabilizer in foods.
What is Cellulose Ether ?
Ginned Cotton
4
Select Financials
China Ruitai International Holdings Co, Ltd
OTCBB: CRUI
Sector
Industrial / Processed Chemicals
Fiscal Year
December 31st
Last-Traded Price (3/4/11)
$0.61
52-Week Range
$0.30 - $1.50
Average Volume (3 months)
2,560
Common Shares Outstanding (3/4/11)
26.0 M
Market Capitalization
$15.9 M
Management Ownership
86.5%
2009 Revenue
$35.7 M 13.1%
2009 Net Income
$5.6 M 8.4%
2009 Diluted EPS
$0.21 8.5%
2010 Guidance
REVENUES
NET INCOME
EPS
$ 43.0 M 20.4 %
$7.0 M 25.0 %
$0.27 23.8%
5
Corporate Overview
Original manufacturer of cellulose ether in China
The largest domestic manufacturer of non-ionic cellulose ether
Located in Wenyang town, Shandong province
12 major product categories marketed under the trademarked brand names
“RuiTai™” and “Rutocel™”
10 production lines with annual production capacity of 8,500 tons
555 full-time employees
Shandong
Ruitai
6
Milestones
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
In Oct, Tai An Ruitai Cellulose Co, Ltd.
was established
1st and 2 nd production lines with
Annual designed production capacity
was 500 tons (HPMC, MC)
In May, EC was successfully
developed
3rd HEC production line was
launched (annual production
capacity 500 tons)
In July, H-HPC was developed
4th HPC production line was launched
(annual production capacity 170 tons)
5th production line with annual
capacity of 750 tons was launched
HEMC was developed
6th production line with
annual capacity of 3,000
tons was launched
MCC was developed
7th production line with
annual capacity of 450
tons was launched
8th production line with
annual capacity of 1,300
tons was launched
9th production line with annual
capacity of 1,500 tons was
launched
In November, Shandong Ruitai Co,
Ltd. conducted RTO on OTCBB\
10th production line with
annual capacity of 500
tons of EC was launched
7
Product Categories
MC / HPMC / HEC / EC
12 major product categories with 260 industry-specific products
HEC and EC (Hydroxyethyl Cellulose
and Ethyl Cellulose)
Normal grade for shampoo, paint and
glossy gels and pharmaceutical
Gross Profit Margin: 46.46%-51.64%
HPMC (Hydroxypropyl Methyl
Cellulose) Epoxy component for
cement and adhesive applications
and also pharmaceutical, food and
cosmetics.
Gross Profit Margin: 30%-31.14%
Revenue Contribution (%)
FY2010
MC (Microcrystalline Cellulose)
Adhesive and stabilizer in construction
materials, ceramics, disperser for
pesticide etc
Gross Profit Margin: 17.91 – 24.23%
8
Product Uses
Pharmaceutical
Membrane reagent, stabilizer,
thickener
Construction
Latex paint, cement applications as
thickener and adhesive
Food and Personal Care
Thickening agent in jam, ice cream,
and toothpaste
Cosmetics
Thickener for shampoo and lipstick
Petro-chemical
Basic component in PVC
Wide Applications for Non-Ionic Cellulose Ether
9
Global Demand
Source: * Cellulose Industry Association
Global demand for nonionic cellulose ether in 2009
was 650K tons and expected to reach 750K tons in 2010* with a
Long –term CAGR of 9.1%
Nonionic cellulose ether global
demand by industry
PVC
Pharmaceutical
Construction
Other
10
Domestic Demand
Domestic Market
Total: 66, 500
tons/yr
Construction
Latex paint, mortar dry
mix, paint filler
2 5,000 tons/yr
PVC
HPMC improves quality
and performance
15,000 tons/yr
Pharmaceutical
Membrane re-agent,
disperser, stabilizer,
thickener
10,000 tons/yr
Food & Cosmetic
Toothpaste, ice cream,
eye-drops, thickener and
stabilizer
3,500 tons/yr
Others
e.g. Military
5,000 tons/yr or above
Petroleum
HPMC being used in
petroleum drilling
8,000 tons/yr
Non-ionic cellulose ether consumption by industry
Domestic output of non-ionic cellulose ether in 2009 was approximately 45,000
tons. The gap between output and demand was fulfilled by import
Source: Cellulose Industry Association
HPMC
EC
MC. HEC & EC
HPMC
HPMC
HPMC
11
Attractive Industry Outlook
International markets
provide opportunities
Attractive international marketplace
looking for lower cost cellulose products.
Industry consolidation
opportunities
Fragmented market offers capacity and
customer growth through acquisitions
China maintains labor and
raw material cost advantage
China Ruitai’s products are less
expensive than imports and competitive in
export markets
Domestic demand driven by key
consumer and infrastructure verticals
Policy stimulus in 2010:
Construction materials go to village*
Product properties difficult to substitute
Source: * No. 1 documents from Central Government in 2010 issued at Jan 31st 2010
12
Facilities and Production Lines
Staff of 555 including manufacturing on 10 production
lines, sales, marketing, administration and research and
development.
Since 2000, China Ruitai has built a succession of
production lines each year.
Current capacity of 10 production lines total approximately
8,500 tons per year.
Production lines are able to manufacture 260 different
types of cellulose ether tailored to specific product
manufacturing needs.
Lines are able to “adapt” to new product requirements and
differing blends of cellulose ethers specific to customers’
product requirements.
13
Research and Development
Research team of 36 and actively recruiting
from top chemical engineering programs in the
Shandong Provinces.
Long-term relationship with prestigious
academic institutes:
Beijing Institute of Technology
Guangzhou Chemical Research Institute
Jinxi Chemical Research Institute
Shenyang Medical College
China Pharmaceutical University
Wuxi Chemical Research Institute
Research teams coordinate with sales teams to
meet strict customer requirements
14
Sales and Customer Base
Stable sales network
Factory-direct sales force with significant
industry experience
Additional sales offices in JiangSu, Shanxi,
Guangxi, Guangdong, Xinjiang, Sichuang,
Yunnan, Heilongjiang and Hunan province
Broad customer base
Exports to US, Europe, Japan, India and South
Korea
Centralized sales for pharmaceutical, cosmetic
and food industry in the Shan Dong headquarter
95% direct sales to the customer
Domestic distribution into over 30 provinces
managed by 9 major sales offices
Source: * 12 months ended December 31, 2010
15
INTERNATIONAL
DOMESTIC
Established Competitors include Dow
Chemical (US), Shin-Etsu (Japan),
Hercules (US), and Clariant Co
(Germany), Samsung Fine (South
Korea)
Higher price due to high production
and labor costs associated with cotton
cultivation and procurement
International companies have difficulty
competing with Chinese producers’
competitive prices
Fragmented market with majority focused
on the construction industry
Relatively concentrated market in
pharmaceutical, food and petro-chemical
industries
Main Established competitors are:
ShanDong Heda - 5,000 tons/yr
Hercules China - 3,000 tons/yr
Huzhou Zhanwang – 3,000 tons/yr
Competition
With 8,500 tons of annual production,
China Ruitai is the Leading Manufacturer in China
16
Management Team
Xing Fu Lu
President
Gang Ma
CFO
Dianmin Ma
Chairman &
CEO
Chairman Ma started the company in 2000 which was the original manufacturer of cellulose
ether in China.
Mr. Ma is a Professional Accountant with approximately 20 years of experience in the
chemical industries in China.
He has formerly served as Finance Manager for FeiCheng JinTai Company, FeiCheng Oil
Chemical Plant, and FeiCheng RuiTai Fine Chemical Company, Ltd.
Gang Ma was appointed Chief Financial Officer on November 8, 2007.
Mr. Ma worked for Shangdong GMB Company from August 1995 to July 1999 in the
company’s financial and accounting department.
Crystal
Tang, VP
of Finance
Worked as associate in PricewaterCoopers investment management group.
Graduated from University of Illinois with a Master’s in Accounting.
Xing Fu Lu is a professional engineer with over 25 years of experience.
Previously the General Manager in FeiCheng Oil Chemical Plant, and FeiCheng RuiTai
Fine Chemical Company, Ltd.
17
Revenue Growth
Total revenue for the first nine months of fiscal 2010 was $32.6 M, up 21.3% from
$26.9 M in the prior year’s period.
Adding to the revenues for the first nine months of 2010 were more sales to new
customers from the pharmaceutical, cosmetics and food industries.
18
Gross Profits and Margins
The gross profit margin decreased by 5.2% for the nine months ended Sept 30, 2010, from
35.5% to 30.2%, compared to the same period of fiscal 2009 as a result of the increase in
price for ginned cotton, the Company’s main raw material.
Ruitai is passing through price increases start from Q3 and resulted to increased the margin
for 570 basis points to 32% in the third quarter of 2010.
19
Net Income Growth
Net income for the first nine months of fiscal year 2010 was $5.3 M, compared to $4.4 M
in the prior year’s corresponding period, a 19.2% increase year over year.
Ruitai strictly controls costs to maximize earnings
20
Summary Statements
FY ended Dec 31
2008
2009
9 month 2010
Mgmt.
($'s in millions)
(Audited)
(Audited)
(Unaudited)
Guidance*
Revenues
41.1
35.7
32.6
43.0
Y/Y Growth
7.0%
-13.1%
Gross Profit
13.0
23.9
9.8
Gross Profit Margin
31.6%
66.8%
30.2%
Operating Income
8.3
7.7
7.6
Operating Margin
20.1%
21.6%
23.2%
Net Income
5.2
5.6
5.3
7.0
Net Margin
12.6%
15.7%
16.2%
16.3%
Dec 31, 2008
Dec 31, 2009
Sept 30, 2010
($'s in millions)
(Audited)
(Audited)
(Unaudited)
Cash and Equivalents
5.3
10.2
22.0
Current Assets
57.3
64.4
58.5
Total Assets
82.1
120.2
114.4
Current Liabilities
66.0
96.2
86.5
Total Liabilities
66.0
98.1
86.5
Total Stockholders' Equity
16.2
22.0
27.9
INCOME
BALANCE SHEET
21
Summary Cash Flow
($'s in thousands)
nine months ended Sept 30,
2010
2009
Cash Flow from Operating Activities
Net Income
5,290
4,439
Depreciation
1,778
968
Amortization of land use rights
84
80
Stock based compensation
0
166
Change in Operating Assets and Liabilities:
Restricted cash
16,769
(1,057)
Accounts receivable
(3,824)
(1,916)
Notes receivable
5,696
0
Advance to suppliers
(361)
0
Inventories
758
1,497
Other receivable
(1,207)
(886)
Accounts payable
1,081
343
Notes payable
(25,007)
11,691
Advance from customers
1,198
(237)
Income Tax Payable
953
970
Other payables
1,212
(2)
Net Cash Provided by Operating Activities
5,247
16,056
Cash Flows from Investing Activities
Purchase of property and equipment
(1,593)
(1,282)
Net Cash Provided by (Used In) Investing Activities
(1,593)
(1,282)
Net Cash Provided by (Used In) Financing Activities
7,750
(9,793)
Effect of exchange rate changes on cash
439
16
Net Change in Cash and Cash and Equivalents
(11,404)
-4,980
Cash and Cash Equivalents at Beginning of Period
10,175
5,319
Cash and Cash Equivalents at End of Period
22,019
10,315
22
Growth Strategies
Capture greater domestic share through aggressive sales
and marketing programs
Focus sales and production on high margin products
Grow international markets through distributors
Develop new products for specific industries
Increase Ruitai™ brand equity and recognition
23
Contact Us
Auditor: Bernstein & Pinchuck LLP
Drew Bernstein
Seven Penn Plaza,New York, NY 10001
(212) 279-7900
Internal Control advisor: UHY Advisors
Melanie Chen
19 west 44th street,New York, NY 10036
(212) 381-4700
Attorney: Loeb & Loeb, LLP
Mitchell S. Nussbaum
345 Park Avenue, New York, NY10154
212.407.4159/212.504.3013
PRC Attorney: B & D Law Firm
Andy Gu
86 10 6478 9105
www.bdlawyer.com.cn
Company:
Crystal Tang VP - US Office
(212)-899-5131 Fax:(212) 899-3189
1221 Avenue of Americas Suite 4200
New York, NY 10020
crystal@rutocel.com
Mr. Dianmin Ma, CEO
Wenyang Town, Feicheng City ShanDong,
China 271603
Telephone: 86 538 38 50 703
http://www.ruitai.com
http://www.rutocel.com
Investor Relations:
John T. Mattio, SVP
HC International, CT and NY
(203) 616 5144
John.mattio@hcinternational.net
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