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good morning/ 'RedChipNation'
Looks like you are right. There is a mistake somewhere.
I don't think LPH's 10K is right
Diluted should be .6392
compared to .6148
even with rounding
.64 for 2012
.61 for 2011
Hey guys, on the last UNRH presentation from the virtual conference at the end of august, there is no sound. I tried to listen to it but it's not working.
Longwei Petroleum Investment Holding Ltd. (NYSE MKT: LPH)
Longwei Petroleum LPH Announces Completion of Tax Reconciliation Report by Independent Auditors
7/2/2012 2:57:00 PM
TAIYUAN CITY, China, July 2, 2012 /PRNewswire-Asia-FirstCall/ -- Longwei Petroleum Investment Holding Ltd. (NYSE Amex: LPH) ("Longwei" or the "Company"), an energy company engaged in the storage and distribution of finished petroleum products in the People's Republic of China ("PRC"), today announced it has received the report (the "Tax Reconciliation Report" or the "Report") from Child, Van Wagoner & Bradshaw, PLLC, Certified Public Accountants ("CVB"), commissioned by the Company's Audit Committee. The Tax Reconciliation Report reviewed the Company's management reports compared to taxes paid and financial statements filed in the PRC with the Company's publicly reported filings with the Securities and Exchange Commission (the "SEC"). CVB is the Company's independent Public Company Accounting Oversight Board qualified audit firm.
CVB performed certain agreed-upon procedures as enumerated in the Tax Reconciliation Report with respect to the Company's PRC operating subsidiary corporate income tax ("CIT") and value added tax ("VAT") filings for the periods beginning July 1, 2009 to March 31, 2012 as filed with the State Administration of Taxation ("SAT"), and its State Administration for Industry and Commerce ("SAIC") filings for the years ended December 31, 2010 and 2011. These procedures, which were agreed upon by the Company, were performed by CVB solely to assist the Company in its comparison of the PRC subsidiary tax filings to its reports filed with the SEC in the United States ("US") under US Generally Accepted Accounting Principles ("US GAAP").
Tax Reconciliation Report - Summary Findings:
SAT (CIT and VAT) Filings - No variance in revenues reported under US GAAP.
SAIC Income Statement Filings - On a consolidated income statement basis, there is no difference in revenues, and net income has a 1.1% or less difference between the US GAAP and the PRC financial statements and tax filings.
SAIC Balance Sheet Filings - On a consolidated balance sheet basis, there is a less than 1% difference in total assets, total liabilities and total stockholders' equity between the US GAAP and the PRC financial statements and tax filings.
Generally, CVB's field work involved independently verifying reported tax payments and filings with tax authorities in the PRC, including direct online access to the SAT secure database to verify CIT and VAT payments and an on-site meeting at the provincial capital's SAIC office in Taiyuan City to observe and obtain stamped copies of the SAIC filings.
The Audit Committee has advised the board that in its view, the findings of the Report further support the integrity of the Company's accounting system and financial reporting in the PRC and the US. The review was detailed, and it is also the view of the board that the Company's processes were shown to be in accordance with good accounting practices.
"We are pleased the findings in the Report confirm our continued efforts to deliver good financial reporting and transparency for our shareholders," stated Mr. Cai Yongjun, Chairman and CEO of Longwei. "We look forward to reporting strong fiscal 2012 results and completing the acquisition of the Huajie Petroleum assets as a further catalyst for our growth in fiscal 2013."
The procedures and findings of the Tax Reconciliation Report can be found on the Company's website at www.longweipetroleum.com under the "Investors" section. The report includes the following schedules as exhibits:
Schedule A - Sales Revenue Compared between PRC SAT (CIT and VAT) filings to SEC filings
Schedule B - List of Quarterly SAT - CIT Paid, Including Date, Amount, Voucher No. and Invoice No.
Schedule C - List of Monthly SAT - VAT Paid, Including Date, Amount, Voucher No. and Invoice No.
Schedule D - Comparison of December 31, 2011 SAIC filings to SEC filings for the same period of Calendar 2011
Schedule E - Comparison of December 31, 2010 SAIC filings to SEC filings for the same period of Calendar 2010
About Longwei Petroleum Investment Holding Limited
Longwei Petroleum Investment Holding Limited is an energy company engaged in the storage and distribution of finished petroleum products in the People's Republic of China. The Company's oil and gas operations consist of transporting, storage and selling finished petroleum products, entirely in the PRC. The Company's headquarters are located in Taiyuan City, Shanxi Province. The Company has a storage capacity for its products of 120,000 metric tons located at storage facilities in Taiyuan and Gujiao, Shanxi. The Company's Taiyuan and Gujiao facilities can store 50,000 metric tons and 70,000 metric tons, respectively. The Company has the necessary licenses to operate and sell petroleum products not only in Shanxi but throughout the entire PRC. The Company's storage tanks have the largest storage capacity of any non-government operated entity in Shanxi.
The Company seeks to earn profits by selling its products at competitive prices with timely delivery to coal mining operations, power supply customers, large-scale gas stations and small, independent gas stations. The Company also earns revenue under an agency fee by acting as a purchasing agent for other intermediaries in Shanxi, and through limited sales of diesel and gasoline at two retail gas stations, each located at the Company's facilities. The Company seeks to continue to expand its customer base and distribution platform through the utilization of its large storage capacity, which allows the Company the flexibility to take advantage of pricing, supply and demand fluctuations in the marketplace.
For further information on Longwei Petroleum Investment Holding Limited, please visit http://www.longweipetroleum.com. You may register to receive Longwei Petroleum Investment Holding Limited's future press releases or request to be added to the Company's distribution list by contacting Dave Gentry at info@redchip.com.
Forward-Looking Statements
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about Longwei's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Longwei's operations are conducted in the PRC and, accordingly, are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company's results may be adversely affected by changes in the political and social conditions in the PRC and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation. Other potential risks and uncertainties include but are not limited to the ability to procure, properly price, retain and successfully complete projects, and changes in products and competition. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. Readers should review carefully reports or documents the Company files periodically with the Securities and Exchange Commission.
Contact:
At the Company:
Michael Toups, Chief Financial Officer
U.S. Office +1 727-641-1357
mtoups@longweipetroleum.com
http://www.longweipetroleum.com
Investor Relations:
Mike Bowdoin
RedChip Companies, Inc.
Tel: +1-800-733-2447, Ext. 110
Email: info@redchip.com
Web: http://www.redchip.com
List of past big gainers under RedChip coverage:
http://www.marketwatch.com/story/redchip-has-a-long-track-record-of-discovering-winning-stocks-2012-06-26
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Disclosure: ASUR, HGSH and CDXC are clients of RedChip Companies, Inc. RedChip Companies, Inc., employees and affiliates may have positions and affect transactions in the securities or options of the issuers mentioned herein. For full financial disclosures for all RedChip clients, please visit RedChip Disclosures.
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IPO vs RTO - IPO's are well vetted, road shows, safe and secure.
Maybe Herb should do a halftime show on Facebook
@BigonChina,
I completely understand your position on LPH and believe your sentiments are shared with many other LPH shareholders. Below you will find the LPH earnings release that went to the market yesterday after the close. At the bottom of the press release is Mike Bowdoin's contact information. Feel free to shoot him an email or give him a call if you would like to further discuss LPH as a company and your views on them as a shareholder.
TAIYUAN CITY, China, May 10, 2012 /PRNewswire-Asia-FirstCall/ -- Longwei Petroleum Investment Holding Ltd. (LPH) ("Longwei" or the "Company"), an energy company engaged in the storage and distribution of finished petroleum products in the People's Republic of China ("PRC"), today announced its financial results for the three and nine months ended March 31, 2012.
Third Quarter Fiscal Year 2012 Financial Highlights: (Year-over-Year, 3-Month Results)
Revenues increased 8.1% to $129.2 million, compared with $119.6 million.
The Company's Taiyuan and Gujiao fuel storage facilities contributed revenues of $60.6 million and $64.3 million, respectively. Agency fees contributed $4.4 million to revenues.
Current Assets increased $48.2 million or 33.8% to $190.8 million at March 31, 2012, compared with $142.6 million at June 30, 2011. The Company also maintained a deposit of $87.0 million paid in cash generated through operations toward the purchase price of $110.1 million for the assets of Huajie Petroleum.
Stockholders' Equity increased $54.3 million or 20.1% to $316.0 million at March 31, 2012, compared with $261.7 million at June 30, 2011.
Nine Months Fiscal Year 2012 Financial Highlights: (Year-over-Year, 9-Month Results)
Revenues increased 6.0% to $374.2 million, compared with $353.1 million.
Income Before Taxes increased 10.9% to $64.0 million, compared with $57.7 million.
GAAP Net Income Attributable to Common Shareholders increased 17.8% to $47.9 million, compared with $40.7 million.
Basic EPS increased to $0.48 per share and Diluted EPS to $0.47 per share, compared to $0.42 per Basic EPS and $0.40 per Diluted EPS for the nine months ended March 31, 2011.
The Company's Taiyuan and Gujiao fuel storage facilities contributed revenues of $183.7 million and $175.4 million, respectively. Agency fees contributed $15.2 million to revenues.
"Our two facilities continue to generate solid sales," stated Mr. Cai Yongjun, Chairman and CEO of Longwei. "Although rising fuel prices and the slow reaction of retail price increases implemented by the PRC impacted our margins during the third quarter, our earnings remain strong and we are well positioned for growth. We are working to finalize the Huajie Petroleum asset purchase, which will add another 100,000 metric tons to our storage capacity. As the largest private fuel distributor in Shanxi Province, we will continue to benefit from China's growing demand for petroleum products."
Summary of Third Quarter Results of Operations
Revenues – During the third quarter ended March 31, 2012, Longwei's sales increased 8.1% to $129.2 million, up from $119.6 million in the third quarter of fiscal 2011. The Company's Taiyuan and Gujiao fuel storage facilities contributed revenues of $60.6 million and $64.3 million, respectively, during the third quarter.
During this period Longwei's product mix was approximately split between diesel (52%), gasoline (47%), and other petroleum products (1%) sales. The weighted average sales price per metric ton ("mt") of petroleum products sold increased approximately 16.0% to $1,226mt from $1,057mt during the three months ended March 31, 2012 and 2011, respectively. The increase in the price per mt of petroleum products was due to the increase in international crude oil prices and corresponding retail petroleum price increases set by the PRC. Between the two periods ended March 31, 2011 and 2012, the PRC increased retail petroleum prices four times, but decreased retail prices once in October 2011. The Company continues to allocate product sales between its two facilities to better serve its customer base.
Total sales volume for the three-month period ended March 31, 2012 dropped 5.9% to 101,856mt from 108,216mt for the three-month period ended March 31, 2011. The drop in volume was primarily due to rising fuel prices between the periods and the PRC's attempts to slow down economic growth. During this timeframe Longwei also declined certain sales opportunities to maintain its margins during a period of rising inventory costs, as well as carefully managed its cash flow due to the large deposit paid for the Huajie Petroleum assets. The deposit of $87.0 million has been paid from cash flow generated through operations.
Cost of Sales – Costs of sales increased by $11.9 million or 12.4% to $107.4 million for the quarter ended March 31, 2012 from $95.5 million for the quarter ended March 31, 2011. The increase in cost of sales was primarily due to the higher weighted average inventory costs during a period of rising international prices and the PRC's slow reaction to implement price increases. The PRC retail price was decreased in October 2012 and subsequently increased in February and March 2012 to more accurately reflect worldwide crude oil prices. The Company pays market prices to its refinery suppliers and carefully manages its inventory levels to adjust to pricing fluctuations. The three-month weighted average cost basis per mt of petroleum product the Company sold increased by $172mt or 19.5% to $1,054mt in the three months ended March 31, 2012 from $882mt during the three months ended March 31, 2011.
Operating Expenses - Operating expenses for the third quarter totaled $913,000 as compared to $1.1 million for the third quarter of fiscal 2011. As a percentage of revenues, operating expenses decreased to 0.7% for the quarter ended March 31, 2012 from 0.9% for the quarter ended March 31, 2011. Operating income decreased 9.0% to $20.9 million during the third quarter of fiscal 2012, primarily due to the price increases in inventory and the slow adjustment of retail petroleum prices in the PRC.
Net Income - Net income decreased by $11.4 million or 43.4% to $14.9 million for the three months ended March 31, 2012 from $26.4 million for the three months ended March 31, 2011, primarily due to the increase in other income/expenses associated with the accounting for the non-cash warrant derivative liability charge. The non-cash expense charge for the change in the warrant derivative liability for the third quarter of 2012 was $733,177, compared to the non-cash income reported for the change in the warrant derivative liability of $9.2 million in the third quarter of 2011. The non-cash income and expense are accounted for in accordance with GAAP for the change in the fair value of the warrant derivative liability. Net income attributable to common shareholders decreased by $11.4 million or 43.4% to $14.9 million for the three months ended March 31, 2012 from $26.3 million for the three months ended March 31, 2011.
Net income for the nine months ended March 31, 2012 increased by $7.1 million to $47.9 million from $40.9 million for the nine months ended March 31, 2011.
EPS - The Company's basic and diluted GAAP earnings per share decreased $0.11 or 42.3% to $0.15 from $0.26 for the three months ended March 31, 2012 and 2011, respectively.
The Company's basic GAAP earnings per share increased $0.06 or 14.3% to $0.48 from $0.42 for the nine months ended March 31, 2012 and 2011, respectively. The Company's diluted GAAP earnings per share increased $0.07 or 17.5% to $0.47 from $0.40 for the nine months ended March 31, 2012 and 2011, respectively.
Liquidity and Capital Resources
Cash and cash equivalents totaled $6.9 million at March 31, 2012. As of March 31, 2012, the Company's current assets increased $48.2 million or 33.8% to $190.8 million at March 31, 2012 from $142.6 million at year-end June 30, 2011, primarily due to the increase in inventory and advances to suppliers to take advantage of price fluctuations in international crude oil prices during the quarter ended March 31, 2012. The Company also maintained a cash deposit of $87.0 million for the purchase of the Huajie Petroleum assets.
The Company's current ratio is approximately 21:1 (current assets to current liabilities) and improves to approximately 42:1 including the deposit, but net of the fair value of the warrant derivative liability at December 30, 2011. Total current assets including the purchase deposit for the Huajie Petroleum assets as of March 31, 2012 were $277.8 million. The Company had no long-term debt as of March 31, 2012.
The average age of inventory increased to 50 days from 44 days during the nine months ended March 31, 2012 compared to the nine-month period ended March 31, 2011 to account for additional product purchases for on-hand inventory during a period of fluctuating prices to take advantage of refinery price drops in product cost by utilizing the Company's large storage capacity. During this time the Company also increased its advances to suppliers to lock in pricing based on uncertainty associated with the international price fluctuations and the impact of declining world economic conditions on international crude oil prices. The ratio of advances to suppliers to inventory increased to approximately 1.5:1 at March 31, 2012 from 1.1:1 at June 30, 2011, and the combined balance in both inventory on-hand and advances to suppliers increased $42.2 million or 38.7% to $151.5 million from $109.2 million during the nine-month period. The Company has used its working capital to increase inventory and product availability based on current changes in market price. The Company is balancing its working capital to take advantage of pricing opportunities, as well as balancing the funding required to complete the acquisition of the Huajie Petroleum assets.
Longwei entered into a letter of intent with Shangxi Jiangtong Chemicals Co., Ltd. ("Jiangtong") in March 2011 to acquire the assets of Jiangtong's wholly-owned subsidiary Huajie Petroleum Co., Ltd. ("Huajie"). The Company intends to acquire the assets of a fuel storage depot in northern Shanxi Province (located in Xingyuan, Shanxi), including fuel tanks with a 100,000-metric-ton storage capacity. The Company has paid a deposit of 550 million RMB (approximately USD $87.0 million) toward the full purchase price of 700 million RMB (approximately USD $110.8 million). The assets are non-operational with no revenue-producing history and include land use rights for 98 acres of land, 100,000 tonnage fuel tanks with accessory facilities and equipment, a special transportation railway line, and a 3,000-square-meter office building. The Company engaged a third-party independent valuation firm for the appraisal of the fair market value of the assets to be acquired. Longwei will account for the purchase of the proposed assets as an asset purchase. The Company intends to use its cash on hand and working capital assets to finance the acquisition. Longwei is working with the seller and local officials to finalize the asset transfer.
2012 Financial Outlook
Based on slower volume sales and price fluctuations in international crude oil prices, as well as the PRC retail petroleum price fluctuations, the Company has adjusted its fiscal year end revenue and earnings guidance originally set in August 2011. The Company estimates it will generate revenues of approximately $520.0 million and net income of approximately $64.0 million (adjusted net of non-cash warrant derivative liability expenses) for the fiscal year ending June 30, 2012. The annual guidance is 8.0% ahead of last year's audited fiscal year end revenues of $481.6 million and in line with fiscal 2012 net income. Previous fiscal 2012 guidance was set before China's economy started slowing late last year following the PRC government's efforts to cool inflation and deflate a housing boom in the country. During this timeframe the Company also declined certain sales opportunities to maintain its margins during a period of rising inventory costs, as well as carefully managed its cash flow due to the large deposit paid for the Huajie Petroleum assets. The deposit of $87.0 million has been paid in cash generated through operations.
Economic indicators now show China's economic growth may have recently bottomed out and is starting to bounce back. A government reading on the manufacturing sector has recently shown improvement, as has an Organization for Economic Cooperation and Development ("OECD") forecast of future economic activity. OECD is an index of leading indicators and has estimated that China's economy has "regained momentum." According to UBS economist Tao Wang, "Looking ahead, there are already signs of stabilization and improvement." The Chinese government is now aiming for economic growth of 7.5% in 2012, lower than its goal for last year of about 8%. The World Bank predicts the Chinese economy will slow to an 8.2% growth rate this year but rebound to 8.6% in 2013. (CNNMoney, April 13, 2012).
"The International Energy Agency expects China to account for almost half of the world's oil demand growth over the next five years," stated Michael Toups, Chief Financial Officer of Longwei. "We expect strong long-term revenue and earnings growth as China's increasing industrialization continues to drive demand for fuel products. To meet this demand, we are continuing to work toward the closing of the Huajie asset acquisition. We remain focused on executing our business strategy, and we believe our commitment to achieving strong operational results will result in improved shareholder value."
Conference Call and Webcast
Management will host a conference call to discuss these financial results on Tuesday, May 15, 2012 at 10:00 a.m. EDT (7:00 a.m. PDT).
To participate in the call, please dial (888) 504-7961, or (719) 325-2157 for international calls, approximately 10 minutes prior to the scheduled start time. Interested parties can also listen via a live Internet webcast, which can be found via the Company's website at http://www.longweipetroleum.com, or alternately at http://ViaVid.net.
A replay of the call will be available for two weeks from 1:00 p.m. EDT on May 15, 2012, until 11:59 p.m. EDT on May 29, 2012. The number for the replay is (877) 870-5176, or (858) 384-5517 for international calls; the passcode for the replay is 4273433. In addition, a recording of the call will be available via the Company's website at http://www.longweipetroleum.com for one year.
About Longwei Petroleum Investment Holding Limited
Longwei Petroleum Investment Holding Limited is an energy company engaged in the storage and distribution of finished petroleum products in the People's Republic of China. The Company's oil and gas operations consist of transporting, storage and selling finished petroleum products, entirely in the PRC. The Company's headquarters are located in Taiyuan City, Shanxi Province. The Company has a storage capacity for its products of 120,000 metric tons located at storage facilities in Taiyuan and Gujiao, Shanxi. The Company's Taiyuan and Gujiao facilities can store 50,000 metric tons and 70,000 metric tons, respectively. The Company has the necessary licenses to operate and sell petroleum products not only in Shanxi but throughout the entire PRC. The Company's storage tanks have the largest storage capacity of any non-government operated entity in Shanxi.
The Company seeks to earn profits by selling its products at competitive prices with timely delivery to coal mining operations, power supply customers, large-scale gas stations and small, independent gas stations. The Company also earns revenue under an agency fee by acting as a purchasing agent for other intermediaries in Shanxi, and through limited sales of diesel and gasoline at two retail gas stations, each located at the Company's facilities. The Company seeks to continue to expand its customer base and distribution platform through the utilization of its large storage capacity, which allows the Company the flexibility to take advantage of pricing, supply and demand fluctuations in the marketplace.
For further information on Longwei Petroleum Investment Holding Limited, please visit http://www.longweipetroleum.com. You may register to receive Longwei Petroleum Investment Holding Limited's future press releases or request to be added to the Company's distribution list by contacting Dave Gentry at info@redchip.com.
Forward-Looking Statements
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about Longwei's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Longwei's operations are conducted in the PRC and, accordingly, are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company's results may be adversely affected by changes in the political and social conditions in the PRC and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation. Other potential risks and uncertainties include but are not limited to the ability to procure, properly price, retain and successfully complete projects, and changes in products and competition. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. Readers should review carefully reports or documents the Company files periodically with the Securities and Exchange Commission.
Contact:
At the Company:
Michael Toups, Chief Financial Officer
U.S. Office +1 727-641-1357
mtoups@longweipetroleum.com
http://www.longweipetroleum.com
Investor Relations:
Mike Bowdoin
RedChip Companies, Inc.
Tel: +1-800-733-2447, Ext. 110
info@redchip.com
http://www.redchip.com
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100, Maitland, FL 32751, (800) 733-2447,
Fax: (407) 644-0758, info@redchip.com
Disclosure: None of the profiles issued by RedChip Companies, Inc., constitutes a recommendation for any investor to purchase or sell any particular security or that any security is suitable for any investor. Any investor should determine whether a particular security is suitable based on the investor's objectives, other securities holdings, financial situation needs, and tax status. All materials are subject to change without notice. Information is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. Longwei Petroleum Investment Holding Ltd. (“LPIH”) is a client of RedChip Companies, Inc. and of RedChip Visibility, a division of RedChip Companies. LPIH paid RedChip Visibility, a division of RedChip Companies, Inc., $30,000 for twelve (12) months of RedChip Visibility Program services, which included the preparation of the equity research report(s). The equity research report(s) were prepared for informational purposes only and were paid for by the company portrayed in the report. Information contained in the equity research report(s) is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. The equity research report(s) are not a recommendation of a solicitation to purchase or sell any security, nor do they constitute investment advice. RedChip Companies, Inc., is currently engaged by this company to provide investor awareness services. Investor awareness services and programs are designed to help small-cap companies communicate their investment characteristics. For the period February 2008 through February 2009, LPIH agreed to pay RedChip Companies, Inc. 300,000 shares of free-trading stock plus $30,000 in cash per quarter for investor relations services. For the 12-month period March 2009 through March 2010, LPIH agreed to pay RedChip Companies, Inc. a monthly fee of $15,000 in cash and 1.5 million shares of Rule 144 stock for investor relations and consulting services. For the period April 8, 2009 through June 8, 2009 LPIH increased the monthly cash fee paid for investor relations services from $15,000 per month to $20,000 per month. For the period July 8, 2009 through September 8, 2009 the monthly cash fee of $20,000 was reduced to $15,000 in cash for investor relations services. For the period July 30, 2009 through October 8, 2010 RedChip received an additional 846,800 shares of free-trading stock for investor relations services. For the period of September 8, 2009 through October 8, 2010 the monthly cash fee of $15,000 was reduced to $10,000 in cash for investor relations services. RedChip received a one-time IR consulting fee which includes expenses of $295,000 for 18 months of service. RedChip Companies, Inc. invested in the issuer and owns or owned up to 500,000 shares of the issuer's stock that was registered. These shares may be sold during the time it represents the company for investor relations activities. RedChip may sell anywhere from 5,000 shares to 200,000 shares during any two-month period of its investor relations activities, depending upon the liquidity of the stock. RedChip Companies, Inc., employees and affiliates may maintain positions and buy and sell the securities or options of the issuers mentioned herein.
I'm sorry but I did not get to see the presentation.
On the surface, I'm very unhappy with the company. As a shareholder, I'm wondering how their major acquisition has not been completed yet. There is no reason that LPH should not be taking a bank loan to get this finished, get the inventory, and start selling some oil.
Either something has gone wrong or I believe the CEO has made a poor decision here. The stock has fallen from a peak of $3.50 to the same level it was two years ago when LPH was a much smaller company.
@BigOnChina did you get a chance to watch CFO Toups' LPH presentation from 2012 New York Conference Yet?
If not here it is. LPH Investor Presentation
LPH Longwei Petroleum Announces Conference Call to Discuss Third Quarter Fiscal 2012 Financial Results
TAIYUAN CITY, China, May 4, 2012 /PRNewswire-Asia-FirstCall/ -- Longwei Petroleum Investment Holding Ltd. (NYSE Amex: LPH) ("Longwei" or the "Company"), an energy company engaged in the storage and distribution of finished petroleum products in the People's Republic of China ("PRC"), today announced that it will hold a conference call to discuss its financial results for the third fiscal quarter ended March 31, 2012.
The conference call is scheduled for Tuesday, May 15, 2012 at 10:00 a.m. Eastern time (7:00 a.m. Pacific). Mr. Michael Toups, Chief Financial Officer, will host the call and be available during the question-and-answer session.
To participate in the call, please dial (888) 504-7961, or (719) 325-2157 for international calls, approximately 10 minutes prior to the scheduled start time. Interested parties can also listen via a live Internet webcast, which can be found via the Company's website at http://www.longweipetroleum.com, or alternately at http://ViaVid.net.
A replay of the call will be available for two weeks from 1:00 p.m. EDT on May 15, 2012, until 11:59 p.m. EDT on May 29, 2012. The number for the replay is (877) 870-5176, or (858) 384-5517 for international calls; the passcode for the replay is 4273433. In addition, a recording of the call will be available via the Company's website at http://www.longweipetroleum.com for one year.
About Longwei Petroleum Investment Holding Limited
Longwei Petroleum Investment Holding Limited is an energy company engaged in the storage and distribution of finished petroleum products in the People's Republic of China. The Company's oil and gas operations consist of transporting, storage and selling finished petroleum products, entirely in the PRC. The Company's headquarters are located in Taiyuan City, Shanxi Province. The Company has a storage capacity for its products of 120,000 metric tons located at storage facilities in Taiyuan and Gujiao, Shanxi. The Company's Taiyuan and Gujiao facilities can store 50,000 metric tons and 70,000 metric tons, respectively. The Company has the necessary licenses to operate and sell petroleum products not only in Shanxi but throughout the entire PRC. The Company's storage tanks have the largest storage capacity of any non-government operated entity in Shanxi.
The Company seeks to earn profits by selling its products at competitive prices with timely delivery to coal mining operations, power supply customers, large-scale gas stations and small, independent gas stations. The Company also earns revenue under an agency fee by acting as a purchasing agent for other intermediaries in Shanxi, and through limited sales of diesel and gasoline at two retail gas stations, each located at the Company's facilities. The Company seeks to continue to expand its customer base and distribution platform through the utilization of its large storage capacity, which allows the Company the flexibility to take advantage of pricing, supply and demand fluctuations in the marketplace.
For further information on Longwei Petroleum Investment Holding Limited, please visit http://www.longweipetroleum.com. You may register to receive Longwei Petroleum Investment Holding Limited's future press releases or request to be added to the Company's distribution list by contacting Dave Gentry at info@redchip.com.
Forward-Looking Statements
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about Longwei's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Longwei's operations are conducted in the PRC and, accordingly, are subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company's results may be adversely affected by changes in the political and social conditions in the PRC and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation. Other potential risks and uncertainties include but are not limited to the ability to procure, properly price, retain and successfully complete projects, and changes in products and competition. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. Readers should review carefully reports or documents the Company files periodically with the Securities and Exchange Commission.
Contact:
At the Company:
Michael Toups, Chief Financial Officer
U.S. Office +1 727-641-1357
mtoups@longweipetroleum.com
http://www.longweipetroleum.com
Investor Relations:
Mike Bowdoin
RedChip Companies, Inc., Ext. 110
Tel: +1-800-733-2447
Email: info@redchip.com
http://www.redchip.com
2012 RedChip Small-Cap New York Conference Video Archives now available:
APNT Applied Nanotech
ASUR Asure Software
CBLY China Bilingual Technology and Education
CDXC ChromaDex Corp.
FSPI First Surgical Partners
HGSH China HGSH Real Estate
LLEN L&L Energy
LPH Longwei Petroleum
MXOM Pan American Goldfields
Conference Presentation Videos
2012 RedChip Small-Cap New York Conference Video Archives now available:
APNT Applied Nanotech
ASUR Asure Software
CBLY China Bilingual Technology and Education
CDXC ChromaDex Corp.
FSPI First Surgical Partners
HGSH China HGSH Real Estate
LLEN L&L Energy
LPH Longwei Petroleum
MXOM Pan American Goldfields
Conference Presentation Videos
CDXC Products now in Walgreens and GNC
ChromaDex Corp. (“CDXC” or the “Company”) this quarter generated measurable results on its initiative to integrate the legacy business into downstream opportunities. Recent senior management changes and additions to the management team set the stage for the nationwide launch of two products under its BluScience™ line. The two products, HeartBlu (launch date January 2012) and EternalBlu (launch date February 2012), entered Walgreens, a national drug store chain with more than 8,000 stores....
Continuing Reading 4Q11 Research Update
LLEN 3QFY12 Update: Organic Production for 4QFY12 Forecasted to Show Sharp Improvement
The operating environment in 3QFY12 remained difficult as major accidents near its DaPuAn mine and the continued intermittent slowdown of its Ping Yi mine hurt coal production; 4QFY12 will see significant improvements from 3QFY12 as LLEN has apparently turned the corner with four out of five mines operating at or near their approved mining permits; upgraded from Speculative Buy to Buy on more visible growth ahead.
Access the Full LLEN Report
On March 12, 2012, L & L Energy, Inc. (LLEN) announced its financial results for the third quarter ended January 31, 2012 (3QFY12), with revenue of $30.2 million and net income of $3.9 million. The 3QFY12 revenue figure represented a 54.2% decline from 3QFY11, while the net income figure was 69.3% below the figure in the corresponding year-ago period. The financial results for 3QFY12 were below our estimates, primarily due to a major accident in early 3QFY12 near its DaPuAn mine that caused this mine to suffer a 50% drop in production. Elsewhere, the continued idling of the Ping Yi mine since August 14, 2011 due to a fatal accident at the nearby Guohekou mine (not owned by LLEN) also hurt coal production. Lower coal production during 3QFY12 in turn reduced the coal washing, coal wholesaling and coal coking businesses of LLEN. Management also cited the two-week idling of nearly all businesses throughout China during the Chinese New Year holiday, which impacted the Company’s third-quarter revenue by approximately 15%, slightly higher than our estimate.
(NasdaqCM: ASUR) Asure Software Inc., 4Q11 Research Update.
RedChip Assistant Director of Research, Thomas Pfister, reviews the most recent research update for Asure Software Inc.
Watch ASURE Research Update Video
Acquisition to be Major Catalyst for Revenue Increase
Greater Capacity Provides Growth Potential Correction - The following is a correction to the update published on 2/1/12. China Bilingual Technology and Education Group, Inc. (“CBLY” or the “Company”), an educational company which owns and operates K-12 private schools in Shanxi and Sichuan Provinces of PRC (People’s Republic of China), reported its first quarter results on January, 2012. Revenue for the first quarter increased 74.0% year-over-year to $10.4 million as Shanxi South School increased the total enrollment by 4,020 students from approximately 9,200 students to 13,220 students for the current school year. Net income decreased 76.1% year-over-year to $0.65 million, which was due to increases in interest, depreciation and amortization expenses associated with Shanxi South School (newly acquired school) and overhead costs associated with all three schools’ operations. EPS decreased by $0.07 from $0.09 to $0.02. Continued in research update....
Rating: Strong Buy
Target Price: $5.00
Recent Price: $0.83
Access 1Q12 Research Update
Strong cash position with favorable conditions for future expansion.
The Company’s liquidity and solvency position appears solid, as the Company had cash and cash equivalents of $9.0 million as of November 30, 2011. CBLY enjoys high cash flow with limited exposure to cash collection risk due to the prepayment model whereby course tuition fees are collected in advance and revenue recognized after services are provided; the Company has no accounts receivable. As prepayment of tuition fees for
future years comes with a discount, a significant portion of the Company’s customer base opts to prepay tuition fees a year or more in advance. In addition, a clause which nullifies refunds on repaid fees after the first three months of a school year discourages student withdrawals and guarantees a lower rate of attrition.
Trading at an attractive valuation.
CBLY shares currently trade at a P/E (ttm) of 2.3x which is significantly lower than the median P/E (ttm) of 15.8x for its publicly listed peers. Given the positive trends in China’s education industry, strong growth in enrollment rates expected for the Company in 2012 and 2013, and high margins enjoyed by the Company. We believe that a major discount to the broad market averages is unwarranted. Continued in research update...
ASUR - 4Q11 Results Above RedChip and Management Guidance.
Asure Software, Inc. (“ASUR” or the “Company”) a provider of cloud based workplace optimization software, reported 4Q11 results that exceeded our expectations. Revenue of $3.65 million was in line with our estimate of $3.63 million. Gross margin declined
slightly to 75% as a result of a 294% QoQ increase in hardware revenue (primarily due to the ADI Time acquisition). Total deferred revenue of $5.0 million as of December 31, 2011, was 28.1% higher than our expectation of $3.9 million. ASUR continued to report impressive growth in free cash flow (fcf), generating $1.5 million in 4Q11 vs. our estimate of $1.1 million. EBITDA of $0.72 million in 4Q11 also exceeded our estimate of $0.59 million. FCF, bolstered in the quarter by a one-time program that moved clients who were paying fees month-to-month to an annual fee basis, is expected to revert towards more normal levels in 1Q12 (management has guided for $0.5 - $0.6 million in fcf in 1Q12) but remain strong. Management stated on the earnings call that moving to an annual fee helps standardize the offering for its clients and also makes collecting receivables easier. Additionally, in our opinion, having clients pay on an annual fee basis versus monthly will help improve the Company’s retention rate and improve relationships with its customers. Management guidance for FY12 remains unchanged at $1.00 fcf/share, $4.0 million EBITDA, and $18.0 million revenue, vs. RedChip estimates of $1.01 fcf/share, $3.6 million EBITDA, and $18.6 million revenue. Free cash flow yield based on FY12 estimates is 15.2%, much higher than any of the comps in our peer group.
April 10, 2012
Rating: Strong Buy
Target Price: $22.80
Recent Price: $6.76
4Q11 Research
Organic cloud bookings up 101% YoY and 63% QoQ. ASUR cloud bookings continued to exhibit excellent growth, with cloud bookings from NetSimplicity growing 82% YoY and 64% QoQ and cloud bookings from iEmployee growing 151% YoY and 60% QoQ. Clientele additions during the quarter were strong, as the Company added/expanded business with AT&T, Johns Hopkins, GE’s aviation division, Keiser University in Florida, Salesforce.com and Goodwill. The strong growth in cloud-based bookings led to a strong increase in deferred revenue (up 140% YoY and 86% QoQ), along with recurring revenue (excluding acquisition revenue) as a percentage of revenue increasing to 84% (up from 80% in the three previous quarters). The increase in recurring revenue, along with effective cost control on the part of management, led to a higher EBITDA margin of 19.6% in 4Q11. According to our estimation of QoQ changes in total bookings (as defined by quarterly revenue + change in deferred revenue), ASUR has grown its bookings since 2Q10 at a QoQ rate of 37.0%, a figure that is higher than any of our peers (table shown on page 3). Going forward, given past growth in bookings and recent product and service improvements implemented by ASUR (ADI Time and Legiant acquisitions, offering time clocks in a cloud-based business model, developing a mobile strategy), we expect ASUR to continue to grow cloud-based bookings in 2012, and as such are projecting a YoY increase in deferred revenue of 16% in 2012 to $5.8 million.
We don't want to comment on this issue as an authority as it sounds more like a legal matter best explained by an attorney. You may find this reading helpful though.
Topics in Chinese Law - VIE Structures: What You Need to Know
by: David Roberts and Thomas Hall of O'Melveny & Meyers LLP
We initiate our coverage on China HGS Real Estate Inc. (HGSH) with a SPECULATIVE BUY rating and a target price of $1.82. On a macro basis, the People’s Bank of China’s announcement to lower the reserve requirement ratio (RRR) by 50bps on February 18, after a similar RRR cut on November 30 last year, suggests that the policy direction of the central government has changed. We believe the improved liquidity in the market, along with the expectation of more RRR cuts and incremental housing policy easing to come, will help revive homebuyers’ confidence and stimulate housing demand.
April 10, 2012
Rating: Speculative Buy
Target Price: $1.82
Recent Price: $0.96
HGSH Initial Report
In our view, HGSH is an attractive play to participate in the long-term growth prospects of China’s property market, which continues to be supported by China’s sustained economic growth, increasing personal affluence, growing urbanization and an expanding mortgage lending market. Specifically, we like the Company’s focus on developing residential properties in Tier 3 and Tier 4 cities and counties in Central and Western China. We believe these markets can provide a stable operating environment with relatively high profit margins, because Tier 3 and Tier 4 cities are subject to less austerity control with less market competition as compared to Tier 1 and Tier 2 cities, which are crowded with national developers and are the central government’s targets in its effort to curb property prices.
Question for Redchip.
TBET: can somebody confirm that TBET as a VIE does not need to hold a proxy in case of a buyout? If true, that would greatly simplify the process. Great to know since lots of China stocks are structured as VIE.
from viking86 on the CGS board
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(Nasdaq: ASUR) Initial Report $22.90 PT
Initial Report "Strong BUY" $22.90 PT
Asure Software, Inc. (“Asure”, “ASUR”, or the “Company”) is an Austin, Texas and Warwick, Rhode Island, based provider of cloud based workplace optimization software. The Company has two main product lines: Its workforce management solution and its
workplace management solution. The Company’s current executive management team joined the Company in 2009, and immediately began to slash nonperforming business lines and excess costs with an eye toward moving the business toward a software-as-aservice (SaaS) business model and increasing the Company’s recurring revenue streams.
ASUR recently returned to profitability, earning $0.02 per share and achieving $2.0 million in free cash flow over the 12 months ended September 2011. The Company has recently completed two acquisitions which are expected to drive future growth in
revenue, free cash flow, and EPS. We are projecting FY12 revenue, free cash flow, and EPS of $18.7 million, $3.4 million, and $0.54, respectively. Based on our FY11 revenue projection of $10.9 million, this represents YoY revenue growth of 71%
(Nasda: LOCM) Local.com Q4FY11 Research Update
Q4FY11 LOCM Update $4.80 PT
The growth of Local.com’s business continues unabated. On January 12, 2012, the Company announced record fourth quarter 2011 search traffic. The Company reached total traffic of 93.7 million monthly unique visitors (MUVs) on the Local.com site and network during the fourth quarter, up from 91.9 million MUVs from the third quarter 2011 and up from 80.1 million MUVs from the year ago period. On February 7, 2012, the Company announced that its display network served a record one billion ad impressions during December 2011, up 300% over January 2011. The record impressions were served across the flagship Local.com site, the Company’s syndication network of more than 1,000 regional media sites, and the Company’s recently launched display ad network, which powers display advertising for third-party web publishers. The Company’s display ads generate CPM revenues when banner ads are served through the system.
We are maintaining a buy recommendation. We have adjusted our 12-month price target from $4.95 to $4.80 to reflect a slight reduction in our 2012 revenue estimate (still up 43% from 2011) and a slightly higher shares outstanding assumption. This target remains well below the stock’s January 2010 high of $7.25, but twice the current market price.
China Bilingual Technology and Education Group CBLY Q1 FY12 Update
Q1FY12 Update $5.00 PT
The Company provides high quality education and claims one of the lowest studentteacher ratios compared to public schools in China. The current ratio of students to teachers for the Company’s Shanxi North Campus, Shanxi South Campus and Sichuan Guang’an Experimental School is 12:1, 14:1 and 15:1; compared to an average of around 18:1 for public schools in China, the ratios here are much lower. High educational quality standards have enabled the Company to make rapid progress in enrollment rates and charge a premium compared to public schools in the region.
Redcip..... so what is the deal with WEMU !!??! Thanks.
PennyNK
I sent you an email, I hope you received it.
Unfortunately I'm not an ihub member so I can't respond to the private message. If you can message me with your email, I'll contact you.
RedChip Virtual Conference Starts Tomorrow
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redchipir, are you still here? If so, I think we should chat
ONBI Trustworthy China Company - P/E 3.2x Agritech Company with China Operations and U.S. Management
ONBI A China Company You CAN Trust
RedChip Companies' President Dave Gentry participates in panel discussion at DealFlow Media's China IPO Conference
DealFlow Media's China IPO Discussion
Reuters article about U.S. listed China stocks. Pretty fair assessment.
Reuters China Stock Article
Bob ZSTN is no longer a client of RedChip's but RedChip Research is still covering them.
ZSTN are they still a client?
OTCBB Delistings and Rule 15c2-11: What Happened?
OTCBB Delistings and Rule 15c2-11
LTUS video
http://blog.geoinvesting.com/?p=395
Are you walking away from LTUS?
Yes, I saw it. It got very personal against Dave.
Next time:
point out that the journalist Herb did not call the company for comment or rebuttal. LLEN is in the USA after all, no excuse.
Herb also didn't contact the educational US companies he slammed the day before. Dave is right, he just sits behind a computer.
Yet Herb called around about Dave's past at the University.
The attack is Herb is working for Shorts.
CNBC did a series of stories where they visited Iran and talked about how we can invest in Iran. Yet no feet on the ground in China.
Cool....I think CNBC has offices in China for it's around the clock coverage. They could do it the right way and hit the ground.
However Herb has been accused of being a proxy for Short sellers.
He's may not be interesting in the facts.
Buying ad space isn't a bad idea....
I agree with you Herb won't quit. But what they put on television was only the first half of the the interview. The post show interview has Herb and Dave going at some more.
Wait about 30 min and I'll post the rest of the interview here.
Herb isn't going away. He's may even increase his attacks.
Herb the journalist of 25 years, that didn't contact the LLEN officers in Washington state to comment before he went on the air to bash.
Of coarse giving Verizon's CEO a free 15 minute commercial before Dave got to respond, is okay, lol.
Perhaps LLEN should buy Ad time on CNBC. It worked for Sirius.
Real,
Thanks for the encouraging words. I guess that means you don't think we are getting shut down anymore, eh?
Great job Dave, on CNBC. Loved your tone.
Hated that it was 3 against 1 with changing topics.
Redchip shutdown.
Sorry to hear it boys. CNBC is shutting down Redchip and the other IR firms promoting China RTO's and uplisted stocks.
Herb Greenberg has your number. Or lets say the Short's phone number.
And I must say, it's going to be a gravy train. They are going to make a killing.
Good luck with your new careers!
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