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Txic should have the audit done literally any day now. The company has significantly better valuation and operational metrics than SORL, which is selling for about 8.5 per share.......This company will be 10 bucks by Dec 1st. I expect 6 bucks in less than a month. It has a 50 million dollar market cap and will make over half of its entire cap in net earnings for 2010.....you gotta be kidding me! ON THE LAUNCHING PAD.
TXIC charts; weekly shows 3 weeks of higher closing lows.:
Old chart thread on CGS board.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=42378895
Rames China valuation list
http://fixyou.co.uk/valuation_main.php
Peer rank
http://fixyou.co.uk/screen_china_auto.php
GEO bargain, removed in April
http://geoinvesting.com/companies/txic_tongxin_intl/bargain
Institutional holdings
http://www.dailyfinance.com/company/tongxin-international-ltd/txic/nas/institutional-ownership
Quick fundamentals
http://finviz.com/quote.ashx?t=txic&ty=c&ta=1&p=d
Filings
http://www.sec.gov/cgi-bin/browse-edgar?CIK=0001422185&action=getcompany
Moving averages
http://www.profitspi.com/stock-quote/txic.aspx
URL http://www.stockcharts.com/h-sc/ui?s=txic&p=d&yr=0&mn=6&dy=0&id=p28482926237&a=206835916
Weekly
Overview of TXIC http://seekingalpha.com/symbol/txic/instablogs
Aug 16, 2010 7:07 PM | about stocks: TXIC
Tongxin International Ltd., or TXIC, was incorporated on February 12, 2008 as a BVI company. After completion of a acquisition merger among Asia Automotive Acquisition Corporation (“AAAC”) and Hunan Tongxin on April 17, 2008, TXIC became the holding company. Tongxin is engaged in designing, developing and manufacturing engineered vehicle body structures (“EVBS”) for light, medium and heavy duty commercial vehicles in addition to designing, fabricating and testing progressive stamping dies used in the fabrication of EVBS. EVBS consists of complete cab structures and exterior body panels including doors, floor pans, hoods, side panels and fenders. These panels must meet specified dimensions for fit and finish before they are assembled together into a body structure and painted. website: http://www.irpage.net/txic
Hunan Tongxin is is located at Jiangbei Town, Changsha County, Hunan, in the southwest part of China. As the largest independent commercial vehicle EVBS enterprise in China, it supplies over 80 types of small, light, medium and heavy truck EVBS covering Cab Forward and Cab Over Engine layouts used through the global commercial truck industry. In the light passenger car segment, it has recently introduced model 6480 used on internationally designed SUV's. With sales network coverage throughout China , its products are sold within 21 domestic provinces and municipalities and exported to emerging markets in Southeast Asia, and the Middle East.
So, what went wrong? During an audit process as they changed auditors, some related-party transactions with a supplier were discovered as maybe not being made at arm's length. The transactions amount to $7.7m for 2009. As a result, they have not been able to file their 20F for 2009 and in turn no 6Ks have been filed for 2010 Q1 or Q2 either. Given the stigma attached to Chinese companies and the recent Chinese company frauds, the uncertainty and fear have brought the shares down to 50% of book value and 65% of tangible book value. I estimate they currently have about $2/share in cash (50% of stock price). They are growing the business significantly and have huge export potential.
Facts that led me to buy into this Chinese company (I try to avoid them given the transparency/trust issues):
1) The CEO is American with a vast automotive experience with Delphi and GM, both in the US and in Asia.
2) The CFO is Chinese, bilingual with vast US and Chinese GAAP experience with Nissan. She is an important piece of the puzzle as she acts as a bridge between US regulatory and policy requirements for a public company and the Chinese local management and owners used to do things very differently as a Chinese private company.
3) The SEC and the SAIC filing numbers closely match one another, very important!
4) Management owns over 60% of the company.
5) Heartalnd Advisors own about 10% of the company, have visited the plants and done heavy due dilligence: http://www.heartlandfunds.com/HeartlandFunds/HeartlandValueFund/TXIC.htm
6) All the Chinese owners of the acquired company continue to manage the operating company and own 48% of the holdco. This is extremely important as the CEO of Hunan Tongxin, Mr. Zhang, has all the local contacts (gov't and otherwise) that are key to successfully continue to grow the business.
7) Their auditors are the separate US-based BDO Siedman. Some Chinese companies have tried to avoid controversy by hiring BDO Limited as their auditor. Investors see “BDO” in the audit firm’s name, and assume that all BDO’s abide by the same strict audit standards as BDO Seidman, the U.S.-based and most well-known BDO member firm. That’s not true. BDO Limited, the Hong Kong branch of the BDO International network of auditors, has had a number of shady, Chinese fraud blow ups attached to their name. While both carry the BDO affiliation, they are completely separate audit firms. The PCAOB is the accounting industry’s self regulatory organization – it is comprised of accountants from different PCAOB member firms that do annual inspection audits on other PCAOB member firms. It’s referred to as “the auditor of the auditors” because it double-checks selected audits and provides reports on its findings. BDO Seidman allows the PCAOB to inspect its books. BDO Limited does not allow the PCAOB to inspect its books, because it is Hong Kong-based whereas the PCAOB is U.S.-based.
8) Management is very responsive and do hold quaterly investor conf calls. I emailed the CEO and CFO with questions and the set up a conference call with me two days later. After speaking to both the CEO and CFO, my sense is that the CEO, Rudy Wilson, is a no bullshit kind of guy, to the point, candid and very knowledgeable about his business. Jackie Chang, the CFO, knows her stuff and is well prepared.
. I suppose the thesis for owning and accumulating TXIC would seem fairly strong right now. First, to say it is out of favor, like the china small cap sector as a whole, is pretty obvious. Add in the conventional summer stock market dump, and we get this 4.40 stock price. It would appear that the maximum records exposure, if I can call it that, would appear to be an 8 million dollar issue for the years 2008 and 2009. Investors now will not pay for a single iota of risk in this sector, and for this company in particular. Bad Books is the cursory reason to stay away, a sector wicked witch. On the other hand, the stock seems unfairly depressed for many substantial reasons: First, the china implosion is not happening, and in truth, this was a fallacy from jumpstreet. Just a seasonal reason to sell stocks in the sell and may and go away time period. TXIC got hit with this wind quite hard as an emerging heavy industrial company. Then there is the delay and the uncertainty, which causes all investors to pull the trigger and dump value. Impatience....didn't Buffett say something about this, something about the stock market being a too to move wealth from the impatient to the patient investors. It is also somewhat reassuring that on the whole institutional investors such as Heartland are accumulating, based on the latest June figures. One presumes that Heartland in particular has close knowledge of the company, being a holder and accumulator of over a million shares....if this is worth anything. It must be maddening (embarrassing for this and other reasons) for Management to be in a position where they cannot release information about their own company, which they might consider newsworthy....Just gotta think TXIC offers an outstanding risk reward proposition right now, at this level,...especially given the idea that the audit might be done in the next 45 days....and I would expect the stock to rise in anticipation of this event.....with the current "who knows" status being a negative in the stock...but I gotta think strong hands and the price action shows accumulation at this level...frustrated. FWIW, I did own Born, 3K shares, at 5.5 a short while ago, but sold it due to a lack of price action, and because I could get no real info on the company or earnings.....If it will drop back a buck, retrace half, I might bite the bullet and get some, but I will not chase. And I won't let TXIC uncertainty status be a reason to go elsewhere.....rather it should be a reason to add, to sit tight and be right....any
You could email John Mattio at HC..... He's very responsive fwiw
G/L
Their PRs are always missing some key information, that make investors guess...
This time it's net income that's missing.
While I'm pretty sure the results will be strong, I just don't understand why they are always missing these key points. Perhaps, they need a better IR.
Anyways, I'm still a holder here, and still believe it will take off in a big way sooner than later...
you bring up a good point regarding acquisitions.. i had almost completely forgot that that was one of their original goals
g/l
Nice numbers out of TXIC this morning. FY10 revenues are about what I expected to see; if they can hold margins at similar levels then it will be another strong year of net income growth for the company.
Big question remains: what is happening with the warrants? What will the FDS count be in FY10?
What will the company do with its cash hoard if all warrants convert?
I would recommend buying back some of the warrants or stock with their cash if decent acquisitions are hard to come by. I've been patiently waiting for any news on this.
Don't forget that the tax rate in FY10 will be a low 15%, as will FY09 be retroactively impacted.
Tongxin International Ltd. Provides Preliminary 2009 Revenue Projections of $121 - $124 Million
Guidance for 2010 of $150 - $160 Million in Revenues
Buzz up! 0 Print..Companies:Tongxin International, Ltd..Related Quotes
Symbol Price Change
TXIC 8.10 0.00
{"s" : "txic","k" : "c10,l10,p20,t10","o" : "","j" : ""} Press Release Source: Tongxin International Ltd. On Tuesday February 23, 2010, 8:00 am
CHANGSHA, China, Feb. 23 /PRNewswire-Asia-FirstCall/ -- Tongxin International Ltd. (Nasdaq:TXIC - News), a China-based manufacturer of engineered vehicle body structures ("EVBS" or "truck cabs"), today announced preliminary unaudited revenue between $121 to $124 million for its fiscal year ended December 31, 2009 and is introducing guidance between $150 to $160 million in revenue for 2010. "We were pleased to report strong shipments took place during the fourth quarter of last year," opened Chairman and CEO, Mr. Rudy Wilson. "While the fourth quarter in 2008 was one of our most challenging, 2009 benefited by a rebound in the commercial vehicle market in China and Tongxin's s leading position therein. Complementing our domestic growth, we also witnessed increased year over-year-orders from our export market in South East Asia, namely Vietnam," Wilson confirmed.
Tongxin estimates fourth quarter revenues of $29.5 to $32.5 million, representing 33.5% to 47.1% increase in revenues versus the fourth quarter of 2008. Management expects to report 2009 revenues of between $121 and $124 million, representing 23.0% to 26.0% growth over 2008 revenues of $98.4 million. Tongxin previously released 2009 revenue guidance of $120.0 million and net income of $16.7 million.
2010 Revenue Guidance
Tongxin International is providing revenue guidance of $150 - $160 million for the fiscal year ended December 31, 2010. Guidance is based on anticipated orders and shipments of the Company's new medium and heavy-duty cab models, a further increase in market share, and incremental orders from international customers during 2010.
"Consistent with the continued growth of the commercial vehicle segment in China, we anticipate Tongxin to achieve growth of approximately 25% in 2010," began Duanxiang Zhang, CEO of Hunan Tongxin. "We have recovered completely from the 2008 downturn and we are set to report record results for 2009. Our 2010 growth targets are consistent with our Company's goal to outperform the overall Chinese commercial vehicle market's growth." Zhang concluded.
About Tongxin International Ltd.
Tongxin International Ltd., the largest independent supplier of EVBS in China, is capable of providing EVBS for both the commercial truck and light vehicle market segments. The Company also designs, fabricates and tests dies used in the vehicle body structure manufacturing process. EVBS consists of exterior body panels including doors, floor pans, hoods, side panels and fenders. Tongxin maintains a network of 130 customers throughout 20 provinces in China. Headquartered in Changsha, Tongxin also maintains regional manufacturing in Dali, Ziyang and Zhucheng.
FORWARD LOOKING STATEMENTS
Statements contained in this press release, which are not historical fact, constitute "Forward-Looking Statements." Actual results may differ materially due to numerous important factors that are described in Tongxin International's most recent report to the SEC on Form 6-K, which may be revised or supplemented in subsequent reports to the SEC. Such factors include, among others, the cost and timing of implementing restructuring actions, the Company's ability to generate cost savings or manufacturing efficiencies to offset or exceed contractually or competitively required price reductions or price reductions to obtain new business, conditions in the automotive industry, and certain global and regional economic conditions. Tongxin International does not intend or assume any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
For more information, please contact:
COMPANY:
Mr. Rudy Wilson, CEO
Tel: +1-248-593-8330
Email: rudy@txicint.com
Ms. Jackie Chang, CFO
Tel: +1-626-660-7117
China: +86-134-6755-3808
Email: jackie@txicint.com
Web: http://www.txicint.com
INVESTOR RELATIONS:
John Mattio, SVP
HC International, Inc.
Tel: +1-203-616-5144 (U.S.)
Email: john.mattio@hcinternational.net
Web: http://www.hcinternational.net
I agree. As much as I don't like how the management handled the communication with shareholders lately (providing confusing PRs, that prompted additional explanatory PRs), I think the earnings should prove that the anticipated growth is still there. It's unfortunate how it's been lagging the other players in this sector, even though it has better fundamentals that some of them.
But, at the same time, there is a much better R/R in TXIC right now, than in the other companies in this sector (SORL, WATG, CAAS, CYD)..
I'm patiently waiting on this one. I think the warrants are still being exercised and the common sold, which has held the stock back in its most recent range of 8-10. There were 5MM warrants @ 5.00 that are now capable of being exercised at any time. The company could have forced their conversion if the stock had traded above 10 for a specific period, but it didn't last.....
"The Company's 5,022,742 warrants issued at the time of the IPO carry a strike price of $5.00. The warrants are redeemable in an "all or none option" should the Company's stock price close at or above $10.00 for 20 out of 30 trading days. Warrants expire on April 11, 2011.
As of September 30th, the Company reported 1,008,349 warrants have been converted into common shares by investors in 2009. The balance of warrants outstanding, 4,014,393, if converted will yield the Company approximately, $20.1 million in proceeds.
-Nov 2009 PR
The relative valuation here is compelling given its potential growth in FY10 and when you compare it to other stocks in its segment....WATG, CAAS, SORL, etc.
Tested 50 dma earlier. Watching for $9.25-9.30 break, and we should see a run towards the recent high ($12)
Tongxin International Ltd. Secures Tax Holiday as New and High Technology Enterprise in China
Income tax-rate reduced to 15% for three year period beginning in 2009
As a result, management increases 2009 Net Income Guidance to $16.7 million
CHANGSHA, China, December 7, 2009 /Xinhua-PRNewswire-FirstCall/ -- Tongxin International Ltd. (NASDAQ: TXIC - News), a China-based manufacturer of engineered vehicle body structures ("EVBS") and stamped parts for the commercial automotive industry, today announced it has been granted a tax holiday as a New and High Technology Enterprise in China.
For the calendar year 2009 year and through 2011, Tongxin International's effective income tax rate will be reduced to 15% from the standard tax rate of 25%. Tongxin has completed its mandatory 15-day waiting period after its conditional certification as a New and High Technology Enterprise on October 29, 2009 and recently received formal notification of their new status from the local tax authorities.
Tongxin's new tax rate will be calculated for the Company's 2009 full year earnings and thus management anticipates approximately $2.0 million in incremental earnings as a result of the adjustment. Calendar 2009 net income guidance is increased to $16.7 million.
About Tongxin International Ltd.
Tongxin International Ltd., the largest independent supplier of EVBS in China, is capable of providing EVBS for both the commercial truck and light vehicle market segments. The Company also designs, fabricates and tests dies used in the vehicle body structure manufacturing process. EVBS consists of exterior body panels including doors, floor pans, hoods, side panels and fenders. Tongxin maintains a network of 130 customers throughout 20 provinces in China. Headquartered in Changsha, Tongxin also maintains regional manufacturing in Dali, Ziyang and Zhucheng.
FORWARD LOOKING STATEMENTS
Statements contained in this press release, which are not historical fact, constitute "Forward-Looking Statements." Actual results may differ materially due to numerous important factors that are described in Tongxin International's most recent report to the SEC on Form 6-K, which may be revised or supplemented in subsequent reports to the SEC. Such factors include, among others, the cost and timing of implementing restructuring actions, the Company's ability to generate cost savings or manufacturing efficiencies to offset or exceed contractually or competitively required price reductions or price reductions to obtain new business, conditions in the automotive industry, and certain global and regional economic conditions. Tongxin International does not intend or assume any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
For more information, please contact:
COMPANY:
Mr. Rudy Wilson, CEO
Tel: 248-593-8330
Email: rudy@txicint.com
Ms. Jackie Chang, CFO
Tel: 626-660-7117
China: +86-13467553808
Email: jackie@txicint.com
Web: www.txicint.com
INVESTOR RELATIONS:
John Mattio, SVP
HC International, Inc. - New York
Tel: +1-203-616-5144 (U.S.)
Email: john.mattio@hcinternational.net
Web: http://www.hcinternational.net/
Ed, I agree that TXIC is undervalued in the low 8s. I can't help wondering how much of this selling pressure is coming from warrant holders who exercised recently or other shareholders who see the possibility of more shares being converted and are concerned about the potential dilution. All in, the fds count here is 16.3MM, which is approx 25% higher than Q3 09 total.
The company should be getting the tax reduction soon, which will cause the tax rate to drop from 25 to 15%. Also, they seem to be comfortable with a 15-20% LT growth rate, and given the tremendous expanion of infrastructure in China, strong demand seems to be fairly likely in 2010 for truck and SUV cabs.
I think once the company can get its guidance together for FY10, this should take off again. I think sales growth will be at least 20% higher next year, and possibly 30-40% at the high end.
It underperformed other chinese small caps in the past few weeks, but sooner than later it'll reach its deserved value.
I'm expecting announcement on the tax cut approval by the end of the year and revised estimates as well...
looking ripe again here at this level.. reloaded warrants yesterday and will probably add today
Added some TXIC this morning $8.21 :)
TXIC/TXICW looking cheap here imo compared to CAAS, WATG and SORL
Tongxin International Ltd. Confirms Capital Structure and Reaffirms 2009 Guidance
Press Release
Source: Tongxin International Ltd.
On 8:00 am EST, Wednesday November 18, 2009
Buzz up! 0 Print.Companies:Tongxin International, Ltd.
CHANGSHA, China, Nov. 18 /PRNewswire-Asia-FirstCall/ -- Tongxin International Ltd. (Nasdaq: TXIC - News), a China-based manufacturer of engineered commercial vehicle body structures ("EVBS" or "Truck Cabs") and stamped body parts, is clarifying its capital structure to current and prospective investors in response to questions posed during the Company's third quarter earnings conference call. Management is also reaffirming its 2009 revenue guidance of $120 million and $14.7 million in net income.
Related Quotes
Symbol Price Change
TXIC 8.57 0.00
{"s" : "txic","k" : "c10,l10,p20,t10","o" : "","j" : ""} As reported in the Company's 2008 20-F filing on May 18, 2009, the capital structure was as follows:
HT Management Common Shares (Restricted) 6,500,000
AAAC Management Common Shares (Restricted) 1,149,000
Public Common Shares (Float) 3,651,336
Total Common Shares 11,300,336
Warrants 5,022,742
TOTAL SHARES 16,323,078
The Company's 5,022,742 warrants issued at the time of the IPO carry a strike price of $5.00. The warrants are redeemable in an "all or none option" should the Company's stock price close at or above $10.00 for 20 out of 30 trading days. Warrants expire on April 11, 2011.
As of September 30th, the Company reported 1,008,349 warrants have been converted into common shares by investors in 2009. The balance of warrants outstanding, 4,014,393, if converted will yield the Company approximately, $20.1 million in proceeds.
As of September 30, 2009, the Company capital structure used in its third quarter 2009 6-K report was the following:
Management Shares - HNTX and AAAC (Restricted) 7,649,000
Public Common Shares (Float) 4,659,685
Total Common Shares 12,308,685
Warrants 4,014,393
TOTAL SHARES 16,323,078
For the period ended September 30, 2009, Tongxin reported a total of 11,649,143 weighted average shares outstanding and 13,067,271 weighted average fully diluted shares outstanding. For the nine month period ended September 30, 2009 Tongxin reported 11,417,883 million weighted basic and fully-diluted shares outstanding. These share counts were utilized to calculate the Company's reported results on September 30, 2009. Due to the non-cash effect on the Company's reported GAAP financial results, Tongxin International believes that non-GAAP earnings and non-GAAP net income results more adequately reflect the Company's operational performance.
For the Three Months For the Nine Months
Ended September 30th, Ended September 30th,
2009 2009
GAAP Net Income ($10,898) ($9,106)
Non-GAAP Net Income** $3,816 $12.338
Non-GAAP Basic EPS** $0.33 $1.08
Non-GAAP EPS - Diluted ** $0.29 $1.08
** Non-GAAP numbers exclude the unrealized, non-cash, loss associated with the value of the Company's warrants and warrant expense. Unrealized warrant loss for the three and nine month period ended September 30, were ($10,882,247) and ($17,612,722) respectively. Warrant expense for the three month and nine month period ended September 30, 2009, was ($3,831,164). In the Company's 6-K, unrealized warrant losses were grouped with the "Other Income" line item on the Company's statement of operations.
Tongxin International also provided additional details about the Company's 2009 guidance of $120 million in revenues and $14.7 million in net income on the Conference Call. Tongxin International reaffirmed both guidance numbers on the call and anticipates a strong fourth quarter for the 2009 year. From an operating basis, the Company anticipates earnings to be above previous issued guidance, however, expenses related to ongoing SOX costs, completion of the Company's ERP system and additional staff hires planned for the fourth quarter may offset incremental net income beyond the Company's guided net income of $14.7 for the full year 2009.
About Tongxin International Ltd.
Tongxin International Ltd., the largest independent supplier of EVBS in China, is capable of providing EVBS for both the commercial truck and light vehicle market segments. The Company also designs, fabricates and tests dies used in the vehicle body structure manufacturing process. EVBS consists of exterior body panels including doors, floor pans, hoods, side panels and fenders. Tongxin maintains a network of 130 customers throughout 20 provinces in China. Headquartered in Changsha, Tongxin also maintains regional manufacturing in Dali, Ziyang and Zhucheng.
FORWARD LOOKING STATEMENTS
Statements contained in this press release, which are not historical fact, constitute "Forward-Looking Statements." Actual results may differ materially due to numerous important factors that are described in Tongxin International's most recent report to the SEC on Form 6-K, which may be revised or supplemented in subsequent reports to the SEC. Such factors include, among others, the cost and timing of implementing restructuring actions, the Company's ability to generate cost savings or manufacturing efficiencies to offset or exceed contractually or competitively required price reductions or price reductions to obtain new business, conditions in the automotive industry, and certain global and regional economic conditions. Tongxin International does not intend or assume any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
For more information, please contact:
For the Company:
Ms. Jackie Chang
Tongxin International
Tel: +1-626-660-7117
China: +86-134-6755-3808
Email: jackie@txicint.com
Web: http://www.txicint.com
Investor Relations:
John Mattio
HC International, Inc.
Tel: +1-203-616-5144 (U.S.)
Email: john.mattio@hcinternational.net
Web: http://www.hcinternational.net
Tongxin International Ltd. to Host Conference Call for Third Quarter 2009 Financial Results at 10:00am ET on Tuesday,
November 10, 2009
CHANGSHA, China, November 5 /Xinhua-PRNewswire-FirstCall/ -- Tongxin International Ltd. (NASDAQ: TXIC - News), a China-based manufacturer of engineered commercial vehicle body structures ("EVBS" or "Truck Cabs") and stamped body parts, announced its conference call to review the Company's third quarter 2009 financial results. Mr. Rudy Wilson, CEO, and Ms. Jackie Chang, CFO, will conduct the call scheduled for Tuesday, November 10th at 10:00a.m. ET. The Company plans to release its third quarter 2009 results after market close, Monday November 9th.
To attend the call, please use the dial information below. When prompted, ask for the "Tongxin International Conference Call" and/or be prepared to provide the conference ID. Details of the conference call are noted below:
Date: November, 10th 2009
Time: 10:00am ET
Conference Line Dial-In (U.S.): 1-877-941-4776
International Dial-In: 1-480-629-9762
Conference ID: 4182012
Webcast link: http://viavid.net/dce.aspx?sid=00006CE2
Please dial in at least 10-minutes before the call to ensure timely participation. A playback will be available through November 17th, 2009. To listen, please call 1-800-406-7325 within the United States or 1-303-590-3030 when calling internationally. Utilize the pass code 4182012 for the replay.
This call is being webcast by ViaVid Broadcasting and can be accessed by clicking on this link -http://viavid.net/dce.aspx?sid=00006CE2, or at ViaVid's website at http://www.viavid.net, where the webcast can be accessed through November 10th, 2010.
About Tongxin International Ltd.
Tongxin International Ltd., the largest independent supplier of EVBS in China, is capable of providing EVBS for both the commercial truck and light vehicle market segments. The Company also designs, fabricates and tests dies used in the vehicle body structure manufacturing process. EVBS consists of exterior body panels including doors, floor pans, hoods, side panels and fenders. Tongxin maintains a network of 130 customers throughout 20 provinces in China. Headquartered in Changsha, Tongxin also maintains regional manufacturing in Dali, Ziyang and Zhucheng.
FORWARD LOOKING STATEMENTS
Statements contained in this press release, which are not historical fact, constitute "Forward-Looking Statements." Actual results may differ materially due to numerous important factors that are described in Tongxin International's most recent report to the SEC on Form 6-K, which may be revised or supplemented in subsequent reports to the SEC. Such factors include, among others, the cost and timing of implementing restructuring actions, the Company's ability to generate cost savings or manufacturing efficiencies to offset or exceed contractually or competitively required price reductions or price reductions to obtain new business, conditions in the automotive industry, and certain global and regional economic conditions. Tongxin International does not intend or assume any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
For more information, please contact:
For the Company:
Ms. Jackie Chang, CFO
Tongxin International
Tel: +1-626-660-7117
China: +86-13467553808
Email: jackie@txicint.com
Web: www.txicint.com
Investor Relations:
John Mattio
HC International, Inc.
Tel: +1-203-616-5144 (U.S.)
Email: john.mattio@hcinternational.net
Web: www.hcinternational.net
i'm watching for reentry if it gets cheap enough
Looks like you made a great call, getting demolished here with entry in $11's and high $8's, still guidance at $1.30 EPS this year and most likely going to increase, I'll wait and hold, as this should be/could be a $15+ stock
yep... oh to still have my 100,000 warrants ;)
You did awesome in it anyways, but I think this is going past $15
All out unfortunately
Are you no longer in TXIC? It's running nicely today....
thanks stock.. i actually bought a decent amount <= .10 ... i only WISH i still had my 100k warrants at today's prices
DB7 congrats on holding all those shares when this was down to $1.50 and no one wanted it, and you loading up on more warrants, you had a ton of skin in the game and a ton of patience, congrats!
Now we get much needed volume and break over $10-10.50. That would be a nice start.
Tongxin International, Ltd. Secures Second 'On-Site' Manufacturing Contract with Leading Commercial Vehicle Manufacturer
Second contract of its type provides insight into manufacturing trend in China
Press Release
Source: Tongxin International Ltd.
On 9:00 am EDT, Thursday October 8, 2009
Buzz up! 0 Print.Companies:Tongxin International, Ltd.
CHANGSHA, China, Oct. 8 /PRNewswire-Asia-FirstCall/-- Tongxin International, Ltd. (Nasdaq: TXIC - News), a China-based manufacturer of engineered vehicle body structures("EVBS"), today announced a new contract with a leading Chinese commercial vehicle manufacturer to manufacture and assemble Tongxin's cab model 1280 on-site and in the customer's production facilities in China.
Related Quotes
Symbol Price Change
TXIC 9.87 0.00
{"s" : "txic","k" : "c10,l10,p20,t10","o" : "","j" : ""} Tongxin reported that it will design the dies and moulds and ship them to the customer where a team of Tongxin staff will work on the customer's production line to assemble its model 1280,a cab-over-engine, for heavy duty commercial trucks. Tongxin's manufacturing and assembly team will stamp the truck cab parts, assemble and weld the cab and deliver unpainted cabs to the manufacturers' paint line for painting and interior fittings prior to final assembly on a finished truck. The customer opted to have Tongxin assemble its cabs on-site instead of purchasing the complete cab bodies direct from Tongxin to reduce shipping expense and capitalize on Tongxin's expertise in building EVBS. Assembly began in October at the manufacturer's facility under a 3-year contract running through September, 2012. In addition to their in-house manufacturing of the model 1280 cab, Tongxin will continue to ship the customer several other models from its manufacturing plant in Changsha.
This is the second such type of contract involving manufacturing on the part of Tongxin at a customer's assembly plant. On August 4, 2009, the Company announced the first contract with another leading commercial vehicle manufacturer. Both customers are considered "top-ten" customers of the Company's more than 130-strong customer base in 21 sales regions throughout China.
"It is encouraging to see that this trend in localized manufacturing on our customer's line is beneficial for both parties," stated Duanxiang Zhang, Vice Chairman and CEO of Hunan Tongxin. "A contract of this type significantly develops our relationship with our customer base as it offers both a traditional option of shipments from our manufacturing sites to the customer, or, if they find it beneficial, our team assembling our designs on our customer's site. We are pleased to see our customer's turning to us for collaborative options."
About Tongxin International Ltd.
Tongxin International Ltd., the largest independent supplier of EVBS in China, is capable of providing EVBS for both the commercial truck and light vehicle market segments. The Company also designs, fabricates and tests dies used in the vehicle body structure manufacturing process. EVBS consists of exterior body panels including doors, floor pans, hoods, side panels and fenders. Tongxin maintains a network of 130 customers throughout 20 provinces in China. Headquartered in Changsha, Tongxin also maintains regional manufacturing in Dali, Ziyang and Zhucheng.
FORWARD LOOKING STATEMENTS
Statements contained in this press release, which are not historical fact, constitute "Forward-Looking Statements." Actual results may differ materially due to numerous important factors that are described in Tongxin International's most recent report to the SEC on Form 6-K, which may be revised or supplemented in subsequent reports to the SEC. Such factors include, among others, the cost and timing of implementing restructuring actions, the Company's ability to generate cost savings or manufacturing efficiencies to offset or exceed contractually or competitively required price reductions or price reductions to obtain new business, conditions in the automotive industry, and certain global and regional economic conditions. Tongxin International does not intend or assume any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
For more information, please contact:
COMPANY:
Mr. Rudy Wilson, CEO
Tel: 248-593-8330
Email: rudy@txicint.com
Ms. Jackie Chang, CFO
Tel: 626-660-7117
China: +86-13467553808
Email: jackie@txicint.com
Web: www.txicint.com
INVESTOR RELATIONS:
John Mattio, SVP
HC International, Inc.
Tel: +1-914-669-5340 (U.S.)
Email: john.mattio@hcinternational.net
Web: www.hcinternational.net
aim higher...aim higher :), but $13 would be my first intermediate target. It has all the ingredients to do FUQI type run. Not to $30 though, but high teens are not out of the picture. Like the chart and the latest developments.
ot: have you seen steel's new warrant play?-> http://investorshub.advfn.com/boards/board.aspx?board_id=16014
nice! welcome back ed.. you think she's going to gun for $15+ huh?
Hey guys, I'm back for the ride on TXIC train in the $9's. Looking for major move here soon!
related: Wonder Auto Announces an Acquisition for $12 Million in Cash Transaction
Press Release
Source: Wonder Auto Technology, Inc.
On Wednesday September 23, 2009, 8:00 am EDT
Buzz up! 0 Print.Companies:Wonder Auto Technology, Inc.
JINZHOU CITY, China, Sept. 23 /PRNewswire-Asia-FirstCall/ -- Wonder Auto Technology, Inc. (Nasdaq: WATG; "Wonder Auto" or "the Company"), a leading manufacturer of automotive electrical parts, suspension products and engine accessories in China, today announced that one of its wholly-owned subsidiaries, Jinzhou Wanyou Mechanical Parts Co., Ltd, spent US$12 million in acquiring 100% equity of Friend Birch (Friend Birch Limited (Hong Kong)), including Friend Birch's rods and shafts technology development center, technologies and patents and two wholly-owned subsidiaries, which produce automotive mechanical springs, gas springs, and gas spring rods and shafts, etc.
Friend Birch Limited (Hong Kong) is engaged in designing, manufacturing and marketing automotive springs, gas springs, gas spring shafts and other thin mechanical shaft products. Friend Birch has built a substantial customer base in Chinese and European OEM and after markets. The acquisition of Friend Birch's R&D center will enhance the technology, improve the quality and increase the variety of our rod and shaft products, which will contribute to the achievement of the company's strategy to increase its market share globally.
Mr. Qingjie Zhao, Chairman and CEO of Wonder Auto Technology, Inc. commented: "This acquisition will bring us about five million in extra capacity, which will greatly ease the pressure of our limited capacity at the moment for our rods and shafts. It is forecasted that this acquisition will provide us with an extra net income of two million dollars in the next 12 months. What's more, we achieved this acquisition by our own capital and this currently demonstrates that we have a healthy cash flow that satisfies the capital needs for our daily operating and expansion activities."
About Wonder Auto
Based in Jinzhou City, Liaoning, China, Wonder Auto Technology, Inc., through its Chinese subsidiaries, designs, develops, manufactures and sells automotive electrical parts, suspension products and engine accessories. Wonder Auto was ranked second in sales revenue in the China market for automotive alternators and starters in 2008. With respective 5 different series and over 230 models of alternators, 150 models of starters, various suspension and engine related parts, the Company supplies to a wide range of automakers, engine producers and auto parts suppliers both in domestic China and overseas. Wonder Auto's main customers include Beijing MOBIS Auto Parts & Components Co., Ltd, Harbin Dongan Automotive Engine Co., Ltd, Shenyang Xinguang Huachen Auto Engine Co., Ltd, SWT, Shenyang Aerospace Mitsubishi Motors Engine Co., Ltd., Shanghai VW and Weifang Diesel Engine. For more information, please log on http://www.watg.cn .
Safe Harbor Statement
This press release may contain forward-looking information about Wonder Auto Technology, Inc. and its wholly owned subsidiaries which are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology, and include discussions of strategy, statements about industry trends and Wonder Auto Technology, Inc.'s future performance, operations and products. This and other "Risk Factors" are contained in Wonder Auto Technology, Inc.'s public filings with the SEC. The Company assumes no obligation and does not intend to update any forward-looking statements, except as required by law.
For more information, please contact:
Sun He
Investor Relations Officer
Tel: +86-10-8478-5339
Cell: +86-153-1161-1742
Email: sunhe@watg.cn
Yechon Xie
Investor Relations Manager
Tel: +86-416-266-1186
Cell: +86-137-0006-1685
Email: ycxie@watg.cn
Tongxin International, Ltd. Launches New Website
CHANGSHA, China, September17, 2009/Xinhua-PRNewswire-FirstCall/ -- Tongxin International Ltd. (NASDAQ: TXIC - News), a China-based manufacturer of engineered vehicle body structures (“EVBS” or “truck cabs”) and stamped parts for the commercial automotive industry,announced today the launch of the Company’s new Web site, www.txicint.com.
The complete redesign of the Web site includes a robust Company Overview with images of the facilities in China, a company profile, biographies of the management team, and the areas Tongxin International covers in China. The Products section of the site presents the core product families: the “mini” segment of EVBS, the “light” commercial segment, both “medium” and “heavy” commercial segments and the Company’s advancements in the minivan and light vehicle segments which include SUV, MPV and MP vehicles.
New to the site is the Investor Relations tab. In the Investor Relations section of the site, prospective and current investors can review the Company’s governance, SEC filings, press releases, quarterly financials, events including the shareholders’ meetings and obtain the latest price quotes and information about the performance TXIC stock.
Company contact information including names, addresses and phone numbers is listed in the “Contact Us” section of the site. Tongxin’s Web site is available in both English and Chinese
"We recognize the importance of our Web site for marketing purposes globally and also as a means for our shareholders to rely on us as the main source of information on our company,” stated Ms. Jackie Chang, CFO of Tongxin International. “txicint.com will be updated frequently with news from our Company and feature additional products we design and market to our customers in China and around the world. Over time, we will build in other valuable components into our Web site including a FAQ section and links to global automotive market data,” Chang concluded.
About Tongxin International Ltd.
Tongxin International Ltd., the largest independent supplier of EVBS in China, is capable of providing EVBS for both the commercial truck and light vehicle market segments. The Company also designs, fabricates and tests dies used in the vehicle body structure manufacturing process. EVBS consists of exterior body panels including doors, floor pans, hoods, side panels and fenders. Tongxin maintains a network of 130 customers throughout 20 provinces in China. Headquartered in Changsha, Tongxin also maintains regional manufacturing in Dali, Ziyang and Zhucheng.
FORWARD LOOKING STATEMENTS
Statements contained in this press release, which are not historical fact, constitute “Forward-Looking Statements.” Actual results may differ materially due to numerous important factors that are described in Tongxin International’s most recent report to the SEC on Form 6-K, which may be revised or supplemented in subsequent reports to the SEC. Such factors include, among others, the cost and timing of implementing restructuring actions, the Company’s ability to generate cost savings or manufacturing efficiencies to offset or exceed contractually or competitively required price reductions or price reductions to obtain new business, conditions in the automotive industry, and certain global and regional economic conditions. Tongxin International does not intend or assume any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
For more information, please contact:
Best regards,
John Mattio
SVP, Hayden Communications International, Inc.
56 June Road, Suite 201
P.O. Box 425
North Salem, NY 10560
USA
t: US + 1 (914) 669-5340
f. US + 1 (914) 669-0220
e: john.mattio@HCInternational.net
w: www.HCInternational.net
Please access the attached hyperlink for an important electronic communications disclaimer:
http://www.haydenir.com/email_disclaimer.html
TXIC $10.15, TXICW $5.10 .. this has been a great mover
Tongxin International, Ltd. to Ring Nasdaq Opening Bell on September 18, 2009
Press Release
Source: Tongxin International Ltd.
On Tuesday September 15, 2009, 9:00 am EDT
Buzz up! 0 Print.Companies:Tongxin International, Ltd.
CHANGSHA, China, Sept. 15 /PRNewswire-Asia-FirstCall/ -- Tongxin International Ltd. (Nasdaq: TXIC - News), a China-based manufacturer of engineered vehicle body structures ("EVBS" or "truck cabs") and stamped parts for the commercial automotive industry, announced today that CEO of Hunan Tongxin, Duanxiang Zhang, will ring the Nasdaq opening bell on September 18, 2009.
Mr. Zhang will be joined by the Company's US and China-based management teams which include the Company's Chairman, Mr. Rudy Wilson, Ms. Jackie Chang, CFO, Mr. Weiwu Peng, COO, and select members of Tongxin's board of directors. In addition to being broadcast on national business television at 9:30 am ET, the bell-ringing ceremony will be webcast live on NASDAQ's website and on the NASDAQ MarketSite Tower in New York City's Times Square.
"We are pleased to ring the Nasdaq bell at this point in our Company's history," said Duanxiang Zhang. "Our performance in 2009 represents the abilities of our company and the growth of the EVBS and automotive industries in China. We can think of no better time to formally inaugurate our company's relationship with Nasdaq and our shareholders," Zhang concluded.
About Tongxin International Ltd.
Tongxin International Ltd., the largest independent supplier of EVBS in China, is capable of providing EVBS for both the commercial truck and light vehicle market segments. The Company also designs, fabricates and tests dies used in the vehicle body structure manufacturing process. EVBS consists of exterior body panels including doors, floor pans, hoods, side panels and fenders. Tongxin maintains a network of 130 customers throughout 20 provinces in China. Headquartered in Changsha, Tongxin also maintains regional manufacturing in Dali, Ziyang and Zhucheng.
FORWARD LOOKING STATEMENTS
Statements contained in this press release, which are not historical fact, constitute "Forward-Looking Statements." Actual results may differ materially due to numerous important factors that are described in Tongxin International's most recent report to the SEC on Form 6-K, which may be revised or supplemented in subsequent reports to the SEC. Such factors include, among others, the cost and timing of implementing restructuring actions, the Company's ability to generate cost savings or manufacturing efficiencies to offset or exceed contractually or competitively required price reductions or price reductions to obtain new business, conditions in the automotive industry, and certain global and regional economic conditions. Tongxin International does not intend or assume any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
For more information, please contact:
COMPANY:
Mr. Rudy Wilson, CEO
Tel: +1-248-593-8330
Email: rudy@txicint.com
Ms. Jackie Chang, CFO
Tel: +1-626-660-7117
China: +86-134-6755-3808
Email: jackie@txicint.com
Web: http://www.txicint.com
INVESTOR RELATIONS:
John Mattio, SVP
HC International, Inc.
Tel: +1-914-669-5340 (U.S.)
Email: john.mattio@hcinternational.net
Web: http://www.hcinternational.net
db, thanks for the tip. I checked out the company you suggested and they do have some characteristics that match my style - small cap, solid IP and the chart does look due for a move up. With insiders buying, that's a major positive sign too, one of the best, IMO.
I'll probably take a small position next week as I sell some of my holdings into the current upmove that a few started today. Hopefully, it won't pop before I get an entry near its current level.
thx
both in the market and txic hopefully ;)
Tongxin International, Ltd. to Present at the Rodman & Renshaw Annual Global Investment Conference on September 11th at 11:15am ET
Press Release
Source: Tongxin International Ltd.
On Monday August 31, 2009, 9:00 am EDT
Buzz up! 0 Print.Companies:Tongxin International, Ltd.
CHANGSHA, China, Aug. 31 /PRNewswire-Asia-FirstCall/ -- Tongxin International Ltd. (Nasdaq: TXIC - News), a China-based manufacturer of engineered vehicle body structures ("EVBS" or "truck cabs") and stamped parts for the commercial automotive industry, today announced that it will present at the Rodman & Renshaw Annual Global Investment Conference, to be held September 9-11, 2009, at the New York Palace Hotel in New York City.
Mr. Rudy Wilson, Chairman and CEO, and Ms. Jackie Chang, CFO and CAO, are scheduled to present at 11:15am ET on Friday, September 11th and are available to host one-on-one meetings with conference attendees throughout the three-day event. Mr. Wilson and Ms. Chang will discuss the Company's products and distribution including their recently announced "on-site" manufacturing contract with one of their top customers in China, the business climate and growth opportunities in the commercial automotive industry in China and worldwide, the Company's recent financial results and Tongxin's long-term growth plans.
Conference registration is mandatory. For more information on the conference, contact your Rodman & Renshaw representative or to register please visit http://www.rodmanandrenshaw.com .
Tongxin International will host meetings throughout the New York area on September 10th. To request meetings with the Company, please contact Mr. John Mattio of HC International at (914) 669-5340 or by email at john.mattio@hcinternational.net.
About Tongxin International Ltd.
Tongxin International Ltd., the largest independent supplier of EVBS in China, is capable of providing EVBS for both the commercial truck and light vehicle market segments. The Company also designs, fabricates and tests dies used in the vehicle body structure manufacturing process. EVBS consists of exterior body panels including doors, floor pans, hoods, side panels and fenders. Tongxin maintains a network of 130 customers throughout 20 provinces in China. Headquartered in Changsha, Tongxin also maintains regional manufacturing in Dali, Ziyang and Zhucheng.
For more information, please contact:
COMPANY:
Mr. Rudy Wilson, CEO
Tel: +1-248-593-8330
Email: rudy@txicint.com
Ms. Jackie Chang, CFO
Tel: +1-626-660-7117
China: +86-134-6755-3808
Email: jackie@txicint.com
Web: http://www.txicint.com
INVESTOR RELATIONS:
John Mattio, SVP
HC International, Inc.
Tel: +1-914-669-5340 (U.S.)
Email: john.mattio@hcinternational.net
Web: http://www.hcinternational.net
A little beaten down today along with a lot of other high flying Chinese stocks and it might consolidate a bit around the 20 day MA over the next few days. But fundamentals are still very strong and this stock is not overpriced even above 10, given it's earnings and growth rate. OBV shows strong accumualation and the sell offs the last few days have not been on very high volume.
14% upside today isn't too bad, especially on a day when many China stocks got clobbered.
I prefer a strong and steady rise to the type of froth that stocks like RINO have right now. Wouldn't want to see TXIC turned totally too quickly into a wildly speculative trading tool. It's nice to have gains that have some staying power.
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TXIC Overview:
http://www.hcinternational.net/pdf/client_overviews/TXICcorporateprofile.pdf
TXIC / TXICW
3 Month Charts:
TXIC
TXICW
1 Year Charts:
TXIC
TXICW
Q1 2009:
NEW YORK and CHANGSHA, China, May 18 /PRNewswire-Asia-FirstCall/ -- Tongxin International Ltd. ("Tongxin") ("Company") (Nasdaq: TXIC - News) a manufacturer of engineered commercial vehicle body structures ("EVBS" or "Cabs"), SUV passenger vehicle bodies and stamped body parts for the Chinese commercial vehicle market, today announced the Company's first quarter financial results for the three month period ended March 31, 2009.
First Quarter Financial Results
Net revenues for the first quarter ended March 31, 2009 reached $29.5 million, an approximate $0.8 million, or 2.6% decrease, over the same period prior year. According the China Association of Automobile Manufacturers (CAAM), a total of 692,000 trucks were built in the first three months of 2009 with more than half, approximately 343, 800 units, built in March alone. The three month total is 4.4% below 2008 totals for the same period in 2008. As of April 30, 2009, CAAM also reported 339,300 commercial vehicles built in April, on par with March 2009 build totals.
Tongxin's decrease in revenues is consistent with the market and representative of the strong first quarter the industry witnessed in 2008 in an effort to build trucks prior to Euro III emissions standards enacted on July 1, 2008 and prior to factory restrictions imposed on manufacturers prior to the Beijing Olympics. Additionally, the Company also reported a drop in exports, from $4.4 million in export sales the first quarter of 2008 to approximately $1.8 million for the first quarter in 2009, due to timing of customer shipments to Vietnam. Since both the cabs and chassis are shipped to Vietnam, the drop could be attributable to timing of components availability and not a loss of customer volume; Tongxin has three export customers in Vietnam. Excluding exports from Tongxin's revenues, the Company reported an increase in domestic revenues of 6.3% from its more than 130-plus customers throughout China.
"We believe that the first quarter of 2009 is a better representation of our performance for the coming year", stated Vice-Chairman Duanxiang Zhang of Hunan Tongxin. "Baring the regulation of Euro III standards that produced a strong first quarter in 2009, we are very encouraged by the uptick in business and shipments for the last three months. As domestic demand and the effects of the stimulus package begin to work their way through the economy plus a noticeable return of export orders, we, anticipate a succession of strong quarters for Tongxin and continued demand for our commercial vehicle cabs in 2009," Zhang concluded.
Cost of goods sold were $21.0 million in the first quarter 2009, a decrease of $1.7million or 7.3% versus the same period in 2008. The decrease in costs is directly related to the drop in cold-rolled steel pricing. Based on a comparison between January 2008 and January 2009, per ton pricing on cold rolled steel has fallen approximately 15.0% from $766.00 per ton to $666.00 per ton (source - Management, Engineering and Production MEPS, Consultancy UK, ltd.). Corresponding gross profits for the first quarter were $8.4 million compared to $7.5 million in the first quarter of 2008. As a result, gross margins increased 370 basis points to 28.6% in 2008 from 24.9% for the prior quarter ended March 31, 2008.
Total operating expenses for the first quarter of 2009 were $2.7 million versus $1.8 million for the same period in 2008. Included in the first quarter operating expenses was approximately $607,000 in corporate costs reflecting added financial, legal and accounting expenses, listing costs on NASDAQ, and administrative expenses. The most significant portion of these costs is approximately $233,000 in SOX compliance costs as the Company works towards SOX compliance with its partner, Ernst and Young. As a percentage of revenues, operating expenses were 8.2% compared with 6.0% for the same period, 2008. Operating income and operating margin for the quarter were $6.0 million and 20.5%, respectively, versus $5.7million and 18.9%, respectively for the same period in 2008.
Earnings before interest and taxes were $6.0 million versus $5.75 million the period ended March 31st, 2008. Tongxin pays the standard Chinese corporate tax rate of 25% however the Company is in the processes of applying for a reduction in taxes for companies based in the Henan province and in a related automotive industry. Net income was $4.1 million, representing an increase of 6.6% from $3.8 million reported in the same period prior year. Excluding costs associated with SOX compliance of $233,000, adjusted net income would be $4.3 million. Net profit margins were 13.9% for the quarter which represented a 130-basis point increase in net margins from 12.6% reported the first quarter of 2008. Earnings per share for the quarter were $0.36 based on 11.3 million shares outstanding.
Ms. Jackie Chang, Chief Financial and Accounting Officer stated, "The Company will continue to experience the favorable Impact of lower steel prices and increasing vehicle production volumes throughout the year. Steel is approximately 80% of our cost of goods thus we allocate significant time managing these costs carefully and our pricing to our customer base."
Balance Sheet and Cash Flow Discussion
As of March 31, 2009, Tongxin International had approximately $6 million in cash and cash equivalents versus $11.3 million on December 31, 2008. The company maintained a current ratio of 1.08 and $25.3 million in accounts receivable on March 31, 2009. Corresponding days sales outstanding were 95 days. Stockholders' equity was $84.1 million on March 31, 2009 from $18.7 million for the same period 2008, an increase of $65.4 million which is the purchase price of the acquisition. Cash flow from operations is a negative $2.4 million due to higher trade receivables as a result of higher revenue in the first quarter.
The Company has approximately five million warrants outstanding with strike price of $5.00 and callable at $10.00. At the Company's option, and in the event the selling price of the Company's common shares trades at an average price of $10.00 or more for twenty days out of a thirty day selling period, it may redeem warrants on "an all-or-none" basis. If the warrants are redeemed the Company would recognize gross proceeds of approximately $25 million.
2009 Guidance
For the fiscal year ending December 31, 2009, we anticipate consolidated earnings per share of $1.10 (based upon shares outstanding of 11,294,633).
About TXI
Tongxin International Ltd., is the largest independent supplier of EVBS in China, is capable of providing EVBS for both the commercial truck and light vehicle market segments, in addition to designing, fabricating and testing dies used in the manufacturing process. EVBS consists of exterior body panels including doors, floor pans, hoods, side panels and fenders.
Forward Looking Statements
Statements contained in this press release, which are not historical fact, including the anticipated date of listing of the Class A Common Stock on the NASDAQ Global Market, constitute "Forward-Looking Statements." Actual results may differ materially due to numerous important factors that are described in Tongxin International's most recent report to the SEC on Form 6-K, which may be revised or supplemented in subsequent reports to the SEC. Such factors include, among others, the cost and timing of implementing restructuring actions, the Company's ability to generate cost savings or manufacturing efficiencies to offset or exceed contractually or competitively required price reductions or price reductions to obtain new business, conditions in the automotive industry, and certain global and regional economic conditions. Tongxin International does not intend or assume any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
For more information, please contact: John Mattio SVP, HC International, Inc. Tel: +1-914-669-5340 Email: john.mattio@hcinternational.net
earnings table***->
2009 Q1: Revenue: $29,500,000 Net Income: $4,100,000 EPS: $.36 Gross Margin: 28.6%
2008 Q4: Revenue: $22,100,000 Net Income: $ 900,000 EPS: $.08 Gross Margin: ?
2008 Q3: Revenue: $22,800,000 Net Income: $2,100,000 EPS: $.19 Gross Margin: 19.2%
2008 Q2: Revenue: $23,200,000 Net Income: $2,452,000 EPS: $.19 Gross Margin: 19.6%
2008 Q1: Revenue: $30,300,000 Net Income: $3,847,000 EPS: $.34 Gross Margin: 24.9%
2007 Q4: Revenue: $20,288,000 Net Income: $2,318,000 EPS: $ ? Gross Margin: ?
2007 Q3: Revenue: $??,???,??? Net Income: $2,500,000 EPS: $ ? Gross Margin: ?
2007 Q2: Revenue: $18,719,000 Net Income: $2,263,000 EPS: $ ? Gross Margin: 26.0%
2007 Q1: Revenue: $23,906,000 Net Income: $2,779,000 EPS: $ ? Gross Margin: 24.4%
***Please let me know if you have data where one of my questions marks are OR if you notice something incorrect as i just threw this together in a hurry
Conference Call which i highly recommend listening to:
http://viavid.net/dce.aspx?sid=00006449
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