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CHOP 8.12 x 8.14 picking up in PM on super earnings now...tuna
Watch for low PE Chinese SOKF 4.22 to test 4.45 high soon also imho...tuna
Filled more CHOP at 7.95 in PM on beating expectations by .08 in their report this morning...based on 2 analysts in Yahoo stats...tuna
Hey lee, just added APT in PM at $3.75-3.80 on super earnings of .15 vs .01 for the Q and .39 vs .06 for the year fully diluted:
Alpha Pro Tech, Ltd. Announces Fourth Quarter and Full Year Financial Results for the Period Ended December 31, 2009
Company Reports Record Revenues and Net Income for the Fourth Quarter and Full Year
Fourth quarter 2009 revenue increased by 107.3% to a record $18.9 million from $9.1 million in the 2008 fourth quarter, led by a 254.3% increase in Infection Control sales, a 124.0% increase in Building Supply sales and a 31.1% increase in Disposable Protective Apparel sales.
Revenue for 2009 increased by 66.8% to a record $59.7 million from $35.8 million in 2008, with record annual revenues for all product segments.
Net income increased 1,098.6% for the three months ended December 31, 2009 to a record $3.5 million, compared to net income of $0.3 million for the three months ended December 31, 2008.
Net income increased 478.1% for 2009 to a record $9.0 million, compared to net income of $1.6 million for 2008.
Inventory increased by $1.0 million, or 8.6%, to $13.1 million as of December 31, 2009 from December 31, 2008. The increase was primarily due to an increase in inventory for the Infection Control segment as the result of a significant increase in sales, partially offset by a decrease in inventory for the Building Supply segment.
Press Release Source: Alpha Pro Tech, Ltd. On Tuesday March 9, 2010, 4:00 pm EST
NOGALES, Ariz.--(BUSINESS WIRE)--Alpha Pro Tech, Ltd. (NYSE Amex: APT), a leading manufacturer of products designed to protect people, products and environments, including disposable protective apparel, and building products, today announced record financial results for the fourth quarter and the full year ended December 31, 2009.
Consolidated sales for the 2009 fourth quarter increased 107.3% to $18.9 million from $9.1 million in the comparable quarter in 2008. Sales for the Disposable Protective Apparel segment increased by 31.1% in the fourth quarter of 2009, to a quarterly record of $6.5 million compared to $5.0 million for the same period of 2008. Disposable Protective Apparel segment sales in the fourth quarter of this year, although a high for the year, were still adversely affected by a supply chain issue in which goods from Asia were delayed due to the high demand for products relating to the global H1N1 Influenza A pandemic. Building Supply (formerly known as the Engineered Products segment) segment sales for the three months ended December 31, 2009 increased by 124.0% to $4.0 million, compared to $1.8 million for the same period of 2008. The increase for the quarter was primarily due to a 113.6% increase in sales of REX™ Synfelt synthetic roof underlayment and a 73.0% increase in sales of REX™ Wrap house wrap. The sales mix of the Building Supply segment sales for the fourth quarter of 2009 was 74% for synthetic roof underlayment and 26% for house wrap. This is compared to 70% for synthetic roof underlayment and 30% for house wrap in the fourth quarter of 2008. Infection Control segment sales for the three months ended December 31, 2009 increased by 254.3% to a quarterly record of $8.4 million, compared to $2.4 million for the same period of 2008. This quarterly record was also up 33.1% sequentially from the previous quarterly record of $6.3 million set in the third quarter of 2009. Mask sales were up by 504.0%, and shield sales were down by 12.4% for the fourth quarter of 2009.
Consolidated sales for the full year ended December 31, 2009 increased 66.8% to a record $59.7 million from $35.8 million for 2008. Sales for the Disposable Protective Apparel segment increased 12.4% to an annual record of $22.7 million from $20.2 million for the same period of 2008. The segment increase was primarily related to increased sales to the Company’s largest distributor as well as increased sales from a broad base of the Company’s distribution network. Disposable Protective Apparel segment sales during 2009, although a record annual high, were adversely affected by a supply chain issue in which goods from Asia were delayed due to the high demand for products relating to the global H1N1 Influenza A pandemic. Building Supply segment (formerly known as the Engineered Products segment) sales increased in 2009 by 86.1% to an annual record of $15.3 million in 2009 from $8.2 million in 2008, primarily due to a 103.6% increase in sales of REX™ Synfelt synthetic roof underlayment and a 41.0% increase in sales of REX™ Wrap house wrap. The sales mix of the Building Supply segment sales for the full year of 2009 was 72% for synthetic roof underlayment and 28% for house wrap. This is compared to 64% for synthetic roof underlayment and 36% for house wrap in 2008. Infection Control segment sales increased by 194.7% to an annual record of $21.7 million in 2009 from $7.4 million in 2008. Mask sales in 2009 compared to 2008 were up by 283.3%, or $12.8 million, to $17.4 million, and shield sales were up by 86.8%, or $1.8 million, to $3.8 million.
Al Millar, President of Alpha Pro Tech, commented, “Our fourth quarter revenues and profitability continued the positive momentum that we experienced in our earlier quarters in 2009, which allowed us to deliver record results. We continued to see substantial sales growth in our REX™ Synfelt synthetic roof underlayment and, to a lesser extent, our house wrap products. We are currently working on opportunities with existing and new distributors, and we are optimistic about the Building Supply segment throughout 2010 and further into the future. In the Disposable Protective Apparel segment, we expect increased sales from a broad base of our distributors in 2010, but sales to our largest distributor, which were up in 2009, are expected to soften in 2010. Our N-95 Particulate Respirator face mask sales started to slow down in the latter part of the fourth quarter and are expected to return to pre-H1N1 levels in 2010, unless concerns relating to the global H1N1 Influenza A pandemic resume.”
Gross profit increased 157.5% to $9.7 million for the fourth quarter 2009, or 51.1% gross profit margin, from $3.8 million, or 41.1% gross profit margin, for the same period in 2008.
Gross profit increased by 86.5% to $28.9 million for the full year ended December 31, 2009 from $15.5 million in 2008. The gross profit margin was 48.4% for the full year ended December 31, 2009, compared to 43.3% for 2008. Gross profit margin for the three months and full year ended December 31, 2009 was positively affected by the change in product mix in which Infection Control sales, which have higher margins, increased as a percentage of total sales.
Selling, general and administrative expenses increased by 36.5% to $4.4 million for the fourth quarter 2009 from $3.2 million for the same quarter last year. The increase was primarily due to increased employee compensation, increased executive bonuses and increased sales commission. As a percentage of net sales, selling, general and administrative expenses decreased to 23.2% for the three months ended December 31, 2009 from 35.3% for the same period in 2008.
Selling, general and administrative expenses increased by $2.1 million, or 16.3%, to $14.7 million for the full year ended December 31, 2009 from $12.6 million for the same period in 2008. As a percentage of net sales, selling, general and administrative expenses decreased to 24.6% for the full year ended December 31, 2009 from 35.3% for the same period in 2008. The increase was primarily due to the same factors as those mentioned above. Selling, general and administrative expenses as a percentage of sales were significantly lower for the three months and full year ended December 31, 2009 as the Company effectively leveraged the infrastructure that it has built to substantially grow revenue without increasing expenses at the same rate of growth as revenue.
Net income increased 1,098.6% for the three months ended December 31, 2009 to $3.5 million, compared to net income of $0.3 million for the three months ended December 31, 2008. Basic income per share for the three months ended December 31, 2009 and 2008 was $0.16 and $0.01, respectively. Diluted income per share for the three months ended December 31, 2009 and 2008 was $0.15 and $0.01, respectively.
Net income for the full year ended December 31, 2009 increased 478.1% to $9.0 million, compared to net income of $1.6 million for the same period in 2008. Basic income per share for the years ended December 31, 2009 and 2008 was $0.40 and $0.06, respectively. Diluted income per share for the years ended December 31, 2009 and 2008 was $0.39 and $0.06, respectively.
The balance sheet continued to remain strong with a current ratio of 6:1 on December 31, 2009. The Company completed the quarter with cash and cash equivalents of $9.8 million, up 113.0% from $4.6 million as of December 31, 2008, and working capital of $29.0 million, an increase in working capital of 33.7% from December 31, 2008. Inventory increased by $1.0 million, or 8.6%, to $13.1 million as of December 31, 2009 from $12.1 million as of December 31, 2008. The increase was primarily due to an increase in inventory for the Infection Control segment of $2.6 million, or 165.7%, to $4.1 million due to a significant increase in sales. In addition, inventory for the Disposable Protective Apparel segment increased by $0.8 million, or 19.4%, to $5.5 million. This was partially offset by a decrease in inventory for the Building Supply segment in 2009 of approximately $2.4 million, or 40.5%, to $3.5 million.
Lloyd Hoffman, Chief Financial Officer, commented, “Our strong financial performance led to an increase in cash of $5.2 million to $9.8 million. This increase was primarily due to cash provided by operating activities of $7.6 million and cash provided by the exercise of stock options of $0.2 million, offset by $2.1 million in cash used to repurchase stock and cash used in investing activities of $0.5 million, primarily for the purchase of property and equipment. As of December 31, 2009, we had $0.9 million available for additional stock purchases under our stock repurchase program. During the year ended December 31, 2009, we repurchased 1,554,900 shares of common stock at a cost of $2.1 million. As of December 31, 2009, we had repurchased a total of 6,193,800 shares of common stock at a cost of $7.7 million through our repurchase program. Subsequent to our 2009 year end, the Board of Directors authorized an additional $2.0 million of stock repurchases under our stock repurchase program. We retire all shares of stock that are repurchased. Future repurchases are expected to be funded from cash on hand and cash flows from operations.”
The Company currently has no outstanding debt and maintains an unused $3.5 million credit facility.
About Alpha Pro Tech, Ltd.
Alpha Pro Tech, Ltd. is the parent company of Alpha Pro Tech, Inc. and Alpha ProTech Engineered Products, Inc. Alpha Pro Tech, Inc. develops, manufactures and markets innovative disposable and limited-use protective apparel products for the industrial, clean room, medical and dental markets. Alpha ProTech Engineered Products, Inc. manufactures and markets a line of construction weatherization products, including building wrap and roof underlayment. The Company has manufacturing facilities in Salt Lake City, Utah; Nogales, Arizona; Janesville, Wisconsin; Valdosta, Georgia; and a joint venture in India. For more information and copies of all news releases and financials, visit Alpha Pro Tech's Website at http://www.alphaprotech.com.
Certain statements made in this press release constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include any statement that may predict, forecast, indicate or imply future results, performance or achievements instead of historical facts and may be identified generally by the use of forward-looking terminology and words such as “expects”, “anticipates”, “estimates”, “believes”, “predicts”, “intends”, “plans”, “potential”, “may”, “continue”, “should”, “will” and words of similar meaning. Without limiting the generality of the preceding statement, all statements in this press release relating to estimated and projected earnings, margins, costs, expenditures, cash flows, sources of capital, growth rates and future financial and operating results are forward-looking statements. We caution investors that any such forward-looking statements are only estimates based on current information and involve risks and uncertainties that may cause actual results to differ materially from the results contained in the forward-looking statements. We cannot give assurances that any such statements will prove to be correct. Factors that could cause actual results to differ materially from those estimated by us include the risks, uncertainties and assumptions described from time to time in our public releases and reports filed with the Securities and Exchange Commission, including, but not limited to, our most recent Annual Report on Form 10-K. We also caution investors that the forward-looking information described herein represents our outlook only as of this date, and we undertake no obligation to update or revise any forward-looking statements to reflect events or developments after the date of this press release. Given these uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.
Consolidated Balance Sheets (Audited)
December 31,
2009 2008
Assets
Current assets:
Cash and cash equivalents $ 9,753,000 $ 4,578,000
Accounts receivable, net of allowance for doubtful
accounts of $65,000 and $71,000 at December 31, 2009 and 2008, respectively 8,593,000 5,091,000
Inventories, net 13,094,000 12,057,000
Prepaid expenses and other current assets 2,792,000 1,340,000
Deferred income taxes 457,000 510,000
Total current assets 34,689,000 23,576,000
Property and equipment, net 3,843,000 3,942,000
Goodwill, net 55,000 55,000
Intangible assets, net 184,000 202,000
Equity investments in and advances to unconsolidated affiliates 1,701,000 1,393,000
Total assets $ 40,472,000 $ 29,168,000
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $ 2,963,000 $ 620,000
Accrued liabilities 2,732,000 1,263,000
Total current liabilities 5,695,000 1,883,000
Deferred income taxes 906,000 819,000
Total liabilities 6,601,000 2,702,000
Commitments and contingencies
Shareholders' equity:
Common stock, $.01 par value, 50,000,000 shares
authorized, 22,419,285 and 23,850,855 issued and outstanding at
December 31, 2009 and 2008, respectively 224,000 239,000
Additional paid-in capital 23,164,000 24,785,000
Accumulated surplus/(deficit) 10,483,000 1,442,000
Total shareholders' equity 33,871,000 26,466,000
Total liabilities and shareholders' equity $ 40,472,000 $ 29,168,000
Consolidated Income Statements
(Unaudited) (Audited)
For the Three Months Ended Year Ended
December 31, December 31,
2009 2008 2009 2008
Net sales $ 18,935,000 $ 9,132,000 $ 59,697,000 $ 35,786,000
Cost of goods sold, excluding depreciation
and amortization shown below 9,260,000 5,375,000 30,823,000 20,306,000
Gross profit 9,675,000 3,757,000 28,874,000 15,480,000
Expenses:
Selling, general and administrative 4,402,000 3,226,000 14,701,000 12,639,000
Depreciation and amortization 178,000 153,000 665,000 586,000
Income from operations 5,095,000 378,000 13,508,000 2,255,000
Other income:
Equity in income of unconsolidated affiliates 116,000 62,000 333,000 185,000
Interest, net 10,000 16,000 17,000 75,000
Income before provision
for income taxes 5,221,000 456,000 13,858,000 2,515,000
Provision for income taxes 1,685,000 161,000 4,817,000 951,000
Net income $ 3,536,000 $ 295,000 $ 9,041,000 $ 1,564,000
Basic income per share $ 0.16 $ 0.01 $ 0.40 $ 0.06
Diluted income per share $ 0.15 $ 0.01 $ 0.39 $ 0.06
Basic weighted average shares outstanding 22,395,517 24,167,769 22,808,099 24,773,497
Diluted weighted average shares outstanding 23,263,129 24,167,769 23,445,564 24,773,497
Contact:
Company Contact:Alpha Pro Tech, Ltd.Al Millar/Donna Millar , 905-479-0654ir@alphaprotech.comorInvestor Relations Contact:Hayden IRCameron Donahue, 651-653-1854cameron@haydenir.com
tuna
Hey SA...I got APT in PM at $3.75-3.80 on super earnings of .15 vs .01 for the Q and .39 vs .06 for the year fully diluted:
Alpha Pro Tech, Ltd. Announces Fourth Quarter and Full Year Financial Results for the Period Ended December 31, 2009
Company Reports Record Revenues and Net Income for the Fourth Quarter and Full Year
Fourth quarter 2009 revenue increased by 107.3% to a record $18.9 million from $9.1 million in the 2008 fourth quarter, led by a 254.3% increase in Infection Control sales, a 124.0% increase in Building Supply sales and a 31.1% increase in Disposable Protective Apparel sales.
Revenue for 2009 increased by 66.8% to a record $59.7 million from $35.8 million in 2008, with record annual revenues for all product segments.
Net income increased 1,098.6% for the three months ended December 31, 2009 to a record $3.5 million, compared to net income of $0.3 million for the three months ended December 31, 2008.
Net income increased 478.1% for 2009 to a record $9.0 million, compared to net income of $1.6 million for 2008.
Inventory increased by $1.0 million, or 8.6%, to $13.1 million as of December 31, 2009 from December 31, 2008. The increase was primarily due to an increase in inventory for the Infection Control segment as the result of a significant increase in sales, partially offset by a decrease in inventory for the Building Supply segment.
Press Release Source: Alpha Pro Tech, Ltd. On Tuesday March 9, 2010, 4:00 pm EST
NOGALES, Ariz.--(BUSINESS WIRE)--Alpha Pro Tech, Ltd. (NYSE Amex: APT), a leading manufacturer of products designed to protect people, products and environments, including disposable protective apparel, and building products, today announced record financial results for the fourth quarter and the full year ended December 31, 2009.
Consolidated sales for the 2009 fourth quarter increased 107.3% to $18.9 million from $9.1 million in the comparable quarter in 2008. Sales for the Disposable Protective Apparel segment increased by 31.1% in the fourth quarter of 2009, to a quarterly record of $6.5 million compared to $5.0 million for the same period of 2008. Disposable Protective Apparel segment sales in the fourth quarter of this year, although a high for the year, were still adversely affected by a supply chain issue in which goods from Asia were delayed due to the high demand for products relating to the global H1N1 Influenza A pandemic. Building Supply (formerly known as the Engineered Products segment) segment sales for the three months ended December 31, 2009 increased by 124.0% to $4.0 million, compared to $1.8 million for the same period of 2008. The increase for the quarter was primarily due to a 113.6% increase in sales of REX™ Synfelt synthetic roof underlayment and a 73.0% increase in sales of REX™ Wrap house wrap. The sales mix of the Building Supply segment sales for the fourth quarter of 2009 was 74% for synthetic roof underlayment and 26% for house wrap. This is compared to 70% for synthetic roof underlayment and 30% for house wrap in the fourth quarter of 2008. Infection Control segment sales for the three months ended December 31, 2009 increased by 254.3% to a quarterly record of $8.4 million, compared to $2.4 million for the same period of 2008. This quarterly record was also up 33.1% sequentially from the previous quarterly record of $6.3 million set in the third quarter of 2009. Mask sales were up by 504.0%, and shield sales were down by 12.4% for the fourth quarter of 2009.
Consolidated sales for the full year ended December 31, 2009 increased 66.8% to a record $59.7 million from $35.8 million for 2008. Sales for the Disposable Protective Apparel segment increased 12.4% to an annual record of $22.7 million from $20.2 million for the same period of 2008. The segment increase was primarily related to increased sales to the Company’s largest distributor as well as increased sales from a broad base of the Company’s distribution network. Disposable Protective Apparel segment sales during 2009, although a record annual high, were adversely affected by a supply chain issue in which goods from Asia were delayed due to the high demand for products relating to the global H1N1 Influenza A pandemic. Building Supply segment (formerly known as the Engineered Products segment) sales increased in 2009 by 86.1% to an annual record of $15.3 million in 2009 from $8.2 million in 2008, primarily due to a 103.6% increase in sales of REX™ Synfelt synthetic roof underlayment and a 41.0% increase in sales of REX™ Wrap house wrap. The sales mix of the Building Supply segment sales for the full year of 2009 was 72% for synthetic roof underlayment and 28% for house wrap. This is compared to 64% for synthetic roof underlayment and 36% for house wrap in 2008. Infection Control segment sales increased by 194.7% to an annual record of $21.7 million in 2009 from $7.4 million in 2008. Mask sales in 2009 compared to 2008 were up by 283.3%, or $12.8 million, to $17.4 million, and shield sales were up by 86.8%, or $1.8 million, to $3.8 million.
Al Millar, President of Alpha Pro Tech, commented, “Our fourth quarter revenues and profitability continued the positive momentum that we experienced in our earlier quarters in 2009, which allowed us to deliver record results. We continued to see substantial sales growth in our REX™ Synfelt synthetic roof underlayment and, to a lesser extent, our house wrap products. We are currently working on opportunities with existing and new distributors, and we are optimistic about the Building Supply segment throughout 2010 and further into the future. In the Disposable Protective Apparel segment, we expect increased sales from a broad base of our distributors in 2010, but sales to our largest distributor, which were up in 2009, are expected to soften in 2010. Our N-95 Particulate Respirator face mask sales started to slow down in the latter part of the fourth quarter and are expected to return to pre-H1N1 levels in 2010, unless concerns relating to the global H1N1 Influenza A pandemic resume.”
Gross profit increased 157.5% to $9.7 million for the fourth quarter 2009, or 51.1% gross profit margin, from $3.8 million, or 41.1% gross profit margin, for the same period in 2008.
Gross profit increased by 86.5% to $28.9 million for the full year ended December 31, 2009 from $15.5 million in 2008. The gross profit margin was 48.4% for the full year ended December 31, 2009, compared to 43.3% for 2008. Gross profit margin for the three months and full year ended December 31, 2009 was positively affected by the change in product mix in which Infection Control sales, which have higher margins, increased as a percentage of total sales.
Selling, general and administrative expenses increased by 36.5% to $4.4 million for the fourth quarter 2009 from $3.2 million for the same quarter last year. The increase was primarily due to increased employee compensation, increased executive bonuses and increased sales commission. As a percentage of net sales, selling, general and administrative expenses decreased to 23.2% for the three months ended December 31, 2009 from 35.3% for the same period in 2008.
Selling, general and administrative expenses increased by $2.1 million, or 16.3%, to $14.7 million for the full year ended December 31, 2009 from $12.6 million for the same period in 2008. As a percentage of net sales, selling, general and administrative expenses decreased to 24.6% for the full year ended December 31, 2009 from 35.3% for the same period in 2008. The increase was primarily due to the same factors as those mentioned above. Selling, general and administrative expenses as a percentage of sales were significantly lower for the three months and full year ended December 31, 2009 as the Company effectively leveraged the infrastructure that it has built to substantially grow revenue without increasing expenses at the same rate of growth as revenue.
Net income increased 1,098.6% for the three months ended December 31, 2009 to $3.5 million, compared to net income of $0.3 million for the three months ended December 31, 2008. Basic income per share for the three months ended December 31, 2009 and 2008 was $0.16 and $0.01, respectively. Diluted income per share for the three months ended December 31, 2009 and 2008 was $0.15 and $0.01, respectively.
Net income for the full year ended December 31, 2009 increased 478.1% to $9.0 million, compared to net income of $1.6 million for the same period in 2008. Basic income per share for the years ended December 31, 2009 and 2008 was $0.40 and $0.06, respectively. Diluted income per share for the years ended December 31, 2009 and 2008 was $0.39 and $0.06, respectively.
The balance sheet continued to remain strong with a current ratio of 6:1 on December 31, 2009. The Company completed the quarter with cash and cash equivalents of $9.8 million, up 113.0% from $4.6 million as of December 31, 2008, and working capital of $29.0 million, an increase in working capital of 33.7% from December 31, 2008. Inventory increased by $1.0 million, or 8.6%, to $13.1 million as of December 31, 2009 from $12.1 million as of December 31, 2008. The increase was primarily due to an increase in inventory for the Infection Control segment of $2.6 million, or 165.7%, to $4.1 million due to a significant increase in sales. In addition, inventory for the Disposable Protective Apparel segment increased by $0.8 million, or 19.4%, to $5.5 million. This was partially offset by a decrease in inventory for the Building Supply segment in 2009 of approximately $2.4 million, or 40.5%, to $3.5 million.
Lloyd Hoffman, Chief Financial Officer, commented, “Our strong financial performance led to an increase in cash of $5.2 million to $9.8 million. This increase was primarily due to cash provided by operating activities of $7.6 million and cash provided by the exercise of stock options of $0.2 million, offset by $2.1 million in cash used to repurchase stock and cash used in investing activities of $0.5 million, primarily for the purchase of property and equipment. As of December 31, 2009, we had $0.9 million available for additional stock purchases under our stock repurchase program. During the year ended December 31, 2009, we repurchased 1,554,900 shares of common stock at a cost of $2.1 million. As of December 31, 2009, we had repurchased a total of 6,193,800 shares of common stock at a cost of $7.7 million through our repurchase program. Subsequent to our 2009 year end, the Board of Directors authorized an additional $2.0 million of stock repurchases under our stock repurchase program. We retire all shares of stock that are repurchased. Future repurchases are expected to be funded from cash on hand and cash flows from operations.”
The Company currently has no outstanding debt and maintains an unused $3.5 million credit facility.
About Alpha Pro Tech, Ltd.
Alpha Pro Tech, Ltd. is the parent company of Alpha Pro Tech, Inc. and Alpha ProTech Engineered Products, Inc. Alpha Pro Tech, Inc. develops, manufactures and markets innovative disposable and limited-use protective apparel products for the industrial, clean room, medical and dental markets. Alpha ProTech Engineered Products, Inc. manufactures and markets a line of construction weatherization products, including building wrap and roof underlayment. The Company has manufacturing facilities in Salt Lake City, Utah; Nogales, Arizona; Janesville, Wisconsin; Valdosta, Georgia; and a joint venture in India. For more information and copies of all news releases and financials, visit Alpha Pro Tech's Website at http://www.alphaprotech.com.
Certain statements made in this press release constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include any statement that may predict, forecast, indicate or imply future results, performance or achievements instead of historical facts and may be identified generally by the use of forward-looking terminology and words such as “expects”, “anticipates”, “estimates”, “believes”, “predicts”, “intends”, “plans”, “potential”, “may”, “continue”, “should”, “will” and words of similar meaning. Without limiting the generality of the preceding statement, all statements in this press release relating to estimated and projected earnings, margins, costs, expenditures, cash flows, sources of capital, growth rates and future financial and operating results are forward-looking statements. We caution investors that any such forward-looking statements are only estimates based on current information and involve risks and uncertainties that may cause actual results to differ materially from the results contained in the forward-looking statements. We cannot give assurances that any such statements will prove to be correct. Factors that could cause actual results to differ materially from those estimated by us include the risks, uncertainties and assumptions described from time to time in our public releases and reports filed with the Securities and Exchange Commission, including, but not limited to, our most recent Annual Report on Form 10-K. We also caution investors that the forward-looking information described herein represents our outlook only as of this date, and we undertake no obligation to update or revise any forward-looking statements to reflect events or developments after the date of this press release. Given these uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.
Consolidated Balance Sheets (Audited)
December 31,
2009 2008
Assets
Current assets:
Cash and cash equivalents $ 9,753,000 $ 4,578,000
Accounts receivable, net of allowance for doubtful
accounts of $65,000 and $71,000 at December 31, 2009 and 2008, respectively 8,593,000 5,091,000
Inventories, net 13,094,000 12,057,000
Prepaid expenses and other current assets 2,792,000 1,340,000
Deferred income taxes 457,000 510,000
Total current assets 34,689,000 23,576,000
Property and equipment, net 3,843,000 3,942,000
Goodwill, net 55,000 55,000
Intangible assets, net 184,000 202,000
Equity investments in and advances to unconsolidated affiliates 1,701,000 1,393,000
Total assets $ 40,472,000 $ 29,168,000
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $ 2,963,000 $ 620,000
Accrued liabilities 2,732,000 1,263,000
Total current liabilities 5,695,000 1,883,000
Deferred income taxes 906,000 819,000
Total liabilities 6,601,000 2,702,000
Commitments and contingencies
Shareholders' equity:
Common stock, $.01 par value, 50,000,000 shares
authorized, 22,419,285 and 23,850,855 issued and outstanding at
December 31, 2009 and 2008, respectively 224,000 239,000
Additional paid-in capital 23,164,000 24,785,000
Accumulated surplus/(deficit) 10,483,000 1,442,000
Total shareholders' equity 33,871,000 26,466,000
Total liabilities and shareholders' equity $ 40,472,000 $ 29,168,000
Consolidated Income Statements
(Unaudited) (Audited)
For the Three Months Ended Year Ended
December 31, December 31,
2009 2008 2009 2008
Net sales $ 18,935,000 $ 9,132,000 $ 59,697,000 $ 35,786,000
Cost of goods sold, excluding depreciation
and amortization shown below 9,260,000 5,375,000 30,823,000 20,306,000
Gross profit 9,675,000 3,757,000 28,874,000 15,480,000
Expenses:
Selling, general and administrative 4,402,000 3,226,000 14,701,000 12,639,000
Depreciation and amortization 178,000 153,000 665,000 586,000
Income from operations 5,095,000 378,000 13,508,000 2,255,000
Other income:
Equity in income of unconsolidated affiliates 116,000 62,000 333,000 185,000
Interest, net 10,000 16,000 17,000 75,000
Income before provision
for income taxes 5,221,000 456,000 13,858,000 2,515,000
Provision for income taxes 1,685,000 161,000 4,817,000 951,000
Net income $ 3,536,000 $ 295,000 $ 9,041,000 $ 1,564,000
Basic income per share $ 0.16 $ 0.01 $ 0.40 $ 0.06
Diluted income per share $ 0.15 $ 0.01 $ 0.39 $ 0.06
Basic weighted average shares outstanding 22,395,517 24,167,769 22,808,099 24,773,497
Diluted weighted average shares outstanding 23,263,129 24,167,769 23,445,564 24,773,497
Contact:
Company Contact:Alpha Pro Tech, Ltd.Al Millar/Donna Millar , 905-479-0654ir@alphaprotech.comorInvestor Relations Contact:Hayden IRCameron Donahue, 651-653-1854cameron@haydenir.com
tuna
GOING...Chinese CHOP 7.29 up on super earnings of .27 vs .19 est. by analysts for Q4:
China Gerui Advanced Materials Group Limited Announces Fourth Quarter and Full Year 2009 Results
Press Release Source: China Gerui Advanced Materials Group Limited On Wednesday March 10, 2010, 6:00 am EST
ZHENGZHOU, China, March 10 /PRNewswire-Asia-FirstCall/ -- China Gerui Advanced Materials Group Limited (Nasdaq:CHOP - News) ("China Gerui," or the "Company"), a leading niche and high value-added steel processing company that utilizes advanced technology to produce specialty steel products in China, today announced financial results for the fourth quarter and full year ended December 31, 2009.
Fourth Quarter 2009 Highlights -- Revenue increased 45.3% to $57.2 million from $39.4 million in the fourth quarter of 2008 -- Gross profit increased 70.3% to $17.0 million from $10.0 million -- Gross margin increased 430 basis points to 29.7% from 25.4% -- Operating income increased 80.9% to $15.7 million from $8.7 million -- Operating margin increased 550 basis points to 27.5% from 22.0% -- Net income attributable to common stockholders increased 111.5% to $11.4 million, or $0.27 per diluted share, from $5.4 million, or $0.18 per diluted share -- Cash and restricted cash of $79.6 million and $37.5 million, respectively, as of year-end 2009, compared to $42.6 million and $24.7 million, respectively, as of year-end 2008 -- Accounts receivable of $4.8 million as of year-end 2009, compared to $10.3 million at year-end 2008 -- Working capital of $49.3 million as of year-end 2009 versus a working capital deficit of $9.4 million at the end of 2008 -- Shareholders' equity of $87.0 million as of year-end 2009, compared to $12.5 million at the end of 2008 Full Year 2009 Highlights -- Full year revenue increased 11.5% to $218.9 million from $196.3 million in full year 2008 -- Gross profit increased 22.2% to $65.8 million from $53.9 million -- Gross margin increased 270 basis points to 30.1% from 27.4% -- Operating income increased 21.6% to $60.3 million from $49.6 million -- Operating margin increased 230 basis points to 27.6% from 25.3% -- Net income attributable to common stockholders increased 101.3% to $43.4 million, or $1.15 per diluted share, from $21.6 million, or $0.72 per diluted share
"We are pleased with our fourth quarter and full year results," said Mr. Mingwang Lu, Chairman and Chief Executive Officer. "Our top line growth was driven by our ability to increase the volume of our sales to meet continued robust customer demand and rising average selling prices for our products. The majority of our revenues come from the domestic consumer market in China, which we believe will continue to exhibit growth. Additionally, our continued focus on operational efficiency and cost controls helped us increase our gross and operating margins and achieve strong bottom line performance. We continue to improve the overall utilization rate of our production capacity and better mobilize existing resources towards higher-margin product offerings to further increase our profitability."
Fourth Quarter 2009 Results
Revenue for the three months ended December 31, 2009 was $57.2 million compared to $39.4 million for the same period in 2008, an increase of 45.3%. The increase in revenue was due to an increase in sales volumes and average selling prices for the Company's products.
Gross profit was $17.0 million compared to $10.0 million for the three months ended December 31, 2008, an increase of 70.3%. Gross margin was 29.7% compared to 25.4% for the same period last year. The increase in gross margin was mostly due to the Company's ability to improve its supply chain management and further optimize its product mix towards higher margin products.
Total operating expenses were $1.3 million, or 2.3% of sales, compared to $1.3 million, or 3.3% of sales, in last year's fourth quarter. Operating income was $15.7 million, or 27.5% of sales, compared to $8.7 million, or 22.0% of sales, in the same period last year, an increase of 80.9%. The increase in operating margin was primarily due to an improvement in operating efficiencies and cost control measures.
Net income attributable to common stockholders was $11.4 million, or $0.27 per diluted share, an increase of 111.5% from $5.4 million, or $0.18 per diluted share, in the same period last year.
Full Year 2009 Results
Revenue for full year 2009 was $218.9 million compared to $196.3 million for the same period in 2008, an increase of 11.5%. Gross profit was $65.8 million compared to $53.9 million for full year 2008, an increase of 22.2%. Total operating expenses were $5.5 million compared to $4.3 million for the same period last year, an increase of 28.8%. Operating income increased 21.6% to $60.3 million, or 27.6% of sales, from $49.6 million, or 25.3% of sales, for full year 2008. Net income attributable to common stockholders increased 101.3% to $43.4 million, or $1.15 per diluted share, compared to $21.6 million, or $0.72 per diluted share, for the same period last year.
Financial Condition
As of December 31, 2009, the Company had $79.6 million in cash and an additional $37.5 million in restricted cash, compared to $42.6 million and $24.7 million, respectively, as of December 31, 2008. Accounts receivable were $4.8 million as of December 31, 2009, compared to $10.3 million as of December 31, 2008. Working capital was $49.3 million versus a working capital deficit of $9.4 million at the end of 2008. Shareholder's equity was $87.0 million, compared to $12.5 million at the end of 2008. The Company has no long-term debt. For the full year 2009, net cash provided by operating activities was $33.8 million.
Recent Developments -- In February 2010, the Company launched a new corporate website under the domain name of http://www.geruigroup.com . The new website is designed to strengthen China Gerui's communications with investors, customers and business partners. -- In January 2010, the Company's senior management team rang the opening bell at the NASDAQ MarketSite in New York City. -- In December 2009, the Company changed its name to "China Gerui Advanced Materials Group Limited" from "Golden Green Enterprises Limited."
Business Outlook
China Gerui's existing production facility is running at very close to full capacity and for fiscal year 2010 the Company expects to focus on expanding its production lines in order to meet the demand for its products in the Chinese domestic market. In addition to the high-precision cold-rolled steel strip products, the Company will focus on developing other high-margin steel products in the cold-rolled steel category, such as wide strips and sheets.
The Company is on schedule with its plan to construct a new production facility, including two 75,000 ton chromium-coated production lines to be completed by the second half of 2010 and one 100,000 ton zinc-coated production line to be completed by the end of 2011. This expansion is expected to increase the Company's annual production capacity to 500,000 tons by 2011.
Mr. Lu added, "Our immediate focus for 2010 is increasing our production capacity and expanding our product portfolio into higher margin coated steel and wide strip products. We also expect to continue to benefit from the sustained rise in the purchasing power of the Chinese consumer, who is the ultimate buyer of the products our customers produce. Another market trend that we expect to benefit from is the continuing movement toward import replacement in our industry. Our customers are increasingly turning to our high-end precision steel products, which are more competitively priced but of the same quality as the premium priced imported products that they have historically relied upon."
For the first quarter of 2010, the Company expects to achieve revenues of between $54 million and $56 million and net income of between $10.5 million and $11 million. The Company expects to file its Annual Report on Form 20-F for the fiscal year ended December 31, 2009 on or before April 30, 2010.
Conference Call Information
The Company will also host a conference call at 8:00 am ET on Wednesday, March 10, 2010.
Listeners may access the call by dialing +1 (877) 456-7316 five to ten minutes prior to the scheduled conference call time. International callers should dial +1 (706) 758-1304. The conference participant pass code is 60267064.
A replay of the conference call will be available for 14 days starting from 9:00 am ET on Wednesday, March 10, 2010. To access the replay, dial +1 (706) 645-9291. International callers should dial +1 (800) 642-1687. The passcode is 60267064.
A live and archived webcast of the call will be available on the Company's website at http://www.geruigroup.com/Investors.html . To listen to the live webcast, please go to the Company's website at least fifteen minutes prior to the start of the call to register, download and install any necessary audio software.
About China Gerui Advanced Materials Group Limited
China Gerui Advanced Materials Group Limited (formerly Golden Green Enterprises Limited) is a leading niche and high value-added steel processing company that utilizes advanced technology to produce specialty steel products in China. The Company produces high-end, high-precision, ultra-thin, high-strength, cold-rolled steel products that are characterized by stringent performance and specification requirements that mandate a high degree of manufacturing and engineering expertise. China Gerui's products are not standardized commodity products. Instead, the Company's products are tailored to customers' requirements and subsequently incorporated into products manufactured for various applications. The Company sells its products to domestic Chinese customers in a diverse range of industries, including the food packaging, telecommunication, electrical appliance, and construction materials industries. For more information, please visit http://www.geruigroup.com .
Safe Harbor Statement
Certain of the statements made in this press release are "forward-looking statements" within the meaning and protections of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as "may," "will," "anticipate," "assume," "should," "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "plan," "point to," "project," "could," "intend," "target" and other similar words and expressions of the future.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2008 and otherwise in our SEC reports and filings, including the final prospectus for our offering. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at http://www.sec.gov . We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.
For more information, please contact: Company Contact: Email: investors@geruigroup.com Web: http://www.geruigroup.com Investor Relations Contact: CCG Investor Relations Mr. Athan Dounis Tel: +1-646-213-1916 Email: athan.dounis@ccgir.com Financial tables to follow CHINA GERUI ADVANCED MATERIALS GROUP LIMITED (FORMERLY GOLDEN GREEN ENTERPRISES LIMITED) CONSOLIDATED STATEMENTS OF INCOME (IN US DOLLARS) For the Three Months Ended For the Year Ended December 31, December 31, 2009 2008 2009 2008 (Unaudited) (Unaudited) Revenue $57,241,385 $39,404,168 $218,902,632 $196,264,731 Cost of revenue (40,220,298) (29,408,495) (153,095,354) (142,407,995) Gross Profit 17,021,087 9,995,673 65,807,278 53,856,736 Operating expenses: General and administrative expenses (1,097,958) (1,057,784) (4,573,512) (3,431,745) Selling and marketing expenses (204,254) (250,000) (919,049) (831,108) Total operating expenses (1,302,212) (1,307,784) (5,492,561) (4,262,853) Operating income 15,718,875 8,687,889 60,314,717 49,593,883 Other income and (expense): Interest income 149,792 317,174 829,056 1,395,121 Interest expenses (728,071) (799,604) (3,237,757) (3,769,423) Sundry income 77,899 70,777 293,831 155,687 Income before income taxes and non-controlling interest 15,218,495 8,276,236 58,199,847 47,375,268 Income tax expense (3,817,221) (2,202,210) (14,751,569) (11,869,735) Net income before non-controlling interest 11,401,274 6,074,026 43,448,278 35,505,533 Net income attributable to non-controlling interest -- (682,652) -- (13,920,944) Net income attributable to common stockholders $11,401,274 $5,391,374 $43,448,278 $21,584,589 Earnings per share - Basic $0.30 $0.18 $1.29 $0.72 - Diluted $0.27 $0.18 $1.15 $0.72 Weighted average common shares outstanding - Basic 38,035,225 30,000,000 33,751,844 30,000,000 - Diluted 41,958,860 30,000,000 37,675,479 30,000,000 CHINA GERUI ADVANCED MATERIALS GROUP LIMITED (FORMERLY GOLDEN GREEN ENTERPRISES LIMITED) CONSOLIDATED BALANCE SHEETS (IN US DOLLARS) December 31, December 31, 2009 2008 Assets Current assets Cash $79,607,369 $42,622,404 Restricted cash 37,498,169 24,712,349 Accounts receivable, net 4,808,184 10,304,724 Inventories 5,958,880 3,554,313 Prepaid expenses and other deposits 16,473,710 10,921,055 Other receivables 2,292,133 1,266,097 Total current assets 146,638,445 93,380,942 Non-current assets Property, plant and equipment, net 22,338,210 19,941,521 Prepaid machinery deposits 13,973,966 637,882 Land use right, net 1,399,026 1,416,220 Total non-current assets 37,711,202 21,995,623 Total assets $184,349,647 $115,376,565 Liabilities and stockholders' equity Current Liabilities Accounts payable $7,617,953 $5,339,350 Notes payable 41,013,622 26,910,956 Term loans 33,982,715 30,677,903 Income tax payable 3,817,304 2,188,677 Customers deposits 8,146,611 17,484,708 Accrued liabilities and other payables 2,728,585 6,294,406 Dividend payable -- 9,601,549 Due to former minority shareholders -- 4,310,087 Total current liabilities 97,306,790 102,807,636 Non-current liabilities Land use right payable, net -- 28,521 Total non-current liabilities -- 28,521 Total liabilities 97,306,790 102,836,157 Stockholders' equity Common stock, Common stock, 100,000,000 shares authorized with no par value; 40,692,323 and 30,000,000 shares outstanding as of December 31, 2009 and 2008 respectively 45,261,630 300 Additional paid-in capital 6,930,944 6,930,944 Retained earnings 32,438,982 7,515,704 Subscription receivable -- (4,310,087) Accumulated other comprehensive income 2,411,301 2,403,547 Total stockholders' equity 87,042,857 12,540,408 Total liabilities and stockholders' equity $184,349,647 $115,376,565 CHINA GERUI ADVANCED MATERIALS GROUP LIMITED (FORMERLY GOLDEN GREEN ENTERPRISES LIMITED) CONSOLIDATED STATEMENTS OF CASH FLOWS (IN US DOLLARS) For the Year Ended December, 31, 2009 2008 Cash flows from operating activities: Net income $43,448,278 $21,584,589 Adjustments to reconcile net income to net cash provided by/(used in) operating activities: Depreciation of property, plant and equipment 2,792,547 2,447,626 Amortization of land use right 30,827 30,280 Net income attributable to non- controlling interest -- 13,920,944 Changes in assets and liabilities: Accounts receivable, net 5,496,540 (128,270) Inventories (2,404,567) 5,106,310 Prepaid expenses and other deposits (5,552,655) (311,563) Other receivables (1,026,036) (630,379) Accounts payable 2,278,603 (547,173) Income tax payable 1,628,627 (408,010) Customers deposit (9,338,097) 9,035,743 Accrued liabilities and other payables (3,565,821) 1,005,235 Net cash provided by operating activities 33,788,246 51,105,332 Cash flows from investing activities: Capital expenditures for addition of property, plant and equipment (5,213,329) (6,572,185) Capital expenditures on addition of land use right (14,648) -- Changes in restricted cash (12,785,820) (5,485,798) Changes in prepaid machinery deposits (13,336,084) (637,882) Proceeds from former owners -- 25,126,394 Net cash (used in)/provided by investing activities (31,349,881) 12,430,529 Cash flows from financing activities: Repayment of term loans (37,269,379) (26,662,742) Proceeds from term loans 40,574,191 39,985,342 Proceeds from common stock issued 26,736,329 -- Proceeds from notes payable 14,102,666 6,430,053 Proceeds from collection of subscription receivable 4,310,087 -- Dividends paid (9,601,549) (42,254,947) Land use right payable (28,521) (125,604) Amount paid to former minority shareholders (4,310,087) -- Amount paid to former owners -- (61,688) Net cash provided by / (used in) financing activities 34,513,737 (22,689,586) Net increase in cash 36,952,102 40,846,275 Effect on change of exchange rates 32,862 1,557,778 Cash as of January 1 42,622,404 218,351 Cash as of December 31 $79,607,368 $42,622,404 Supplemental disclosures of cash flow information: Cash paid during the year for: Interest paid $3,237,757 $3,769,423 Income tax paid $13,122,287 $12,277,745 Non-cash paid during the year for: Dividend paid $18,525,000 $--
tuna
mm, check strong earnings of CHOP $7.29 close...super earnings of .27 vs est. by analysts of .19 for Q4:
China Gerui Advanced Materials Group Limited Announces Fourth Quarter and Full Year 2009 Results
Press Release Source: China Gerui Advanced Materials Group Limited On Wednesday March 10, 2010, 6:00 am EST
ZHENGZHOU, China, March 10 /PRNewswire-Asia-FirstCall/ -- China Gerui Advanced Materials Group Limited (Nasdaq:CHOP - News) ("China Gerui," or the "Company"), a leading niche and high value-added steel processing company that utilizes advanced technology to produce specialty steel products in China, today announced financial results for the fourth quarter and full year ended December 31, 2009.
Fourth Quarter 2009 Highlights -- Revenue increased 45.3% to $57.2 million from $39.4 million in the fourth quarter of 2008 -- Gross profit increased 70.3% to $17.0 million from $10.0 million -- Gross margin increased 430 basis points to 29.7% from 25.4% -- Operating income increased 80.9% to $15.7 million from $8.7 million -- Operating margin increased 550 basis points to 27.5% from 22.0% -- Net income attributable to common stockholders increased 111.5% to $11.4 million, or $0.27 per diluted share, from $5.4 million, or $0.18 per diluted share -- Cash and restricted cash of $79.6 million and $37.5 million, respectively, as of year-end 2009, compared to $42.6 million and $24.7 million, respectively, as of year-end 2008 -- Accounts receivable of $4.8 million as of year-end 2009, compared to $10.3 million at year-end 2008 -- Working capital of $49.3 million as of year-end 2009 versus a working capital deficit of $9.4 million at the end of 2008 -- Shareholders' equity of $87.0 million as of year-end 2009, compared to $12.5 million at the end of 2008 Full Year 2009 Highlights -- Full year revenue increased 11.5% to $218.9 million from $196.3 million in full year 2008 -- Gross profit increased 22.2% to $65.8 million from $53.9 million -- Gross margin increased 270 basis points to 30.1% from 27.4% -- Operating income increased 21.6% to $60.3 million from $49.6 million -- Operating margin increased 230 basis points to 27.6% from 25.3% -- Net income attributable to common stockholders increased 101.3% to $43.4 million, or $1.15 per diluted share, from $21.6 million, or $0.72 per diluted share
"We are pleased with our fourth quarter and full year results," said Mr. Mingwang Lu, Chairman and Chief Executive Officer. "Our top line growth was driven by our ability to increase the volume of our sales to meet continued robust customer demand and rising average selling prices for our products. The majority of our revenues come from the domestic consumer market in China, which we believe will continue to exhibit growth. Additionally, our continued focus on operational efficiency and cost controls helped us increase our gross and operating margins and achieve strong bottom line performance. We continue to improve the overall utilization rate of our production capacity and better mobilize existing resources towards higher-margin product offerings to further increase our profitability."
Fourth Quarter 2009 Results
Revenue for the three months ended December 31, 2009 was $57.2 million compared to $39.4 million for the same period in 2008, an increase of 45.3%. The increase in revenue was due to an increase in sales volumes and average selling prices for the Company's products.
Gross profit was $17.0 million compared to $10.0 million for the three months ended December 31, 2008, an increase of 70.3%. Gross margin was 29.7% compared to 25.4% for the same period last year. The increase in gross margin was mostly due to the Company's ability to improve its supply chain management and further optimize its product mix towards higher margin products.
Total operating expenses were $1.3 million, or 2.3% of sales, compared to $1.3 million, or 3.3% of sales, in last year's fourth quarter. Operating income was $15.7 million, or 27.5% of sales, compared to $8.7 million, or 22.0% of sales, in the same period last year, an increase of 80.9%. The increase in operating margin was primarily due to an improvement in operating efficiencies and cost control measures.
Net income attributable to common stockholders was $11.4 million, or $0.27 per diluted share, an increase of 111.5% from $5.4 million, or $0.18 per diluted share, in the same period last year.
Full Year 2009 Results
Revenue for full year 2009 was $218.9 million compared to $196.3 million for the same period in 2008, an increase of 11.5%. Gross profit was $65.8 million compared to $53.9 million for full year 2008, an increase of 22.2%. Total operating expenses were $5.5 million compared to $4.3 million for the same period last year, an increase of 28.8%. Operating income increased 21.6% to $60.3 million, or 27.6% of sales, from $49.6 million, or 25.3% of sales, for full year 2008. Net income attributable to common stockholders increased 101.3% to $43.4 million, or $1.15 per diluted share, compared to $21.6 million, or $0.72 per diluted share, for the same period last year.
Financial Condition
As of December 31, 2009, the Company had $79.6 million in cash and an additional $37.5 million in restricted cash, compared to $42.6 million and $24.7 million, respectively, as of December 31, 2008. Accounts receivable were $4.8 million as of December 31, 2009, compared to $10.3 million as of December 31, 2008. Working capital was $49.3 million versus a working capital deficit of $9.4 million at the end of 2008. Shareholder's equity was $87.0 million, compared to $12.5 million at the end of 2008. The Company has no long-term debt. For the full year 2009, net cash provided by operating activities was $33.8 million.
Recent Developments -- In February 2010, the Company launched a new corporate website under the domain name of http://www.geruigroup.com . The new website is designed to strengthen China Gerui's communications with investors, customers and business partners. -- In January 2010, the Company's senior management team rang the opening bell at the NASDAQ MarketSite in New York City. -- In December 2009, the Company changed its name to "China Gerui Advanced Materials Group Limited" from "Golden Green Enterprises Limited."
Business Outlook
China Gerui's existing production facility is running at very close to full capacity and for fiscal year 2010 the Company expects to focus on expanding its production lines in order to meet the demand for its products in the Chinese domestic market. In addition to the high-precision cold-rolled steel strip products, the Company will focus on developing other high-margin steel products in the cold-rolled steel category, such as wide strips and sheets.
The Company is on schedule with its plan to construct a new production facility, including two 75,000 ton chromium-coated production lines to be completed by the second half of 2010 and one 100,000 ton zinc-coated production line to be completed by the end of 2011. This expansion is expected to increase the Company's annual production capacity to 500,000 tons by 2011.
Mr. Lu added, "Our immediate focus for 2010 is increasing our production capacity and expanding our product portfolio into higher margin coated steel and wide strip products. We also expect to continue to benefit from the sustained rise in the purchasing power of the Chinese consumer, who is the ultimate buyer of the products our customers produce. Another market trend that we expect to benefit from is the continuing movement toward import replacement in our industry. Our customers are increasingly turning to our high-end precision steel products, which are more competitively priced but of the same quality as the premium priced imported products that they have historically relied upon."
For the first quarter of 2010, the Company expects to achieve revenues of between $54 million and $56 million and net income of between $10.5 million and $11 million. The Company expects to file its Annual Report on Form 20-F for the fiscal year ended December 31, 2009 on or before April 30, 2010.
Conference Call Information
The Company will also host a conference call at 8:00 am ET on Wednesday, March 10, 2010.
Listeners may access the call by dialing +1 (877) 456-7316 five to ten minutes prior to the scheduled conference call time. International callers should dial +1 (706) 758-1304. The conference participant pass code is 60267064.
A replay of the conference call will be available for 14 days starting from 9:00 am ET on Wednesday, March 10, 2010. To access the replay, dial +1 (706) 645-9291. International callers should dial +1 (800) 642-1687. The passcode is 60267064.
A live and archived webcast of the call will be available on the Company's website at http://www.geruigroup.com/Investors.html . To listen to the live webcast, please go to the Company's website at least fifteen minutes prior to the start of the call to register, download and install any necessary audio software.
About China Gerui Advanced Materials Group Limited
China Gerui Advanced Materials Group Limited (formerly Golden Green Enterprises Limited) is a leading niche and high value-added steel processing company that utilizes advanced technology to produce specialty steel products in China. The Company produces high-end, high-precision, ultra-thin, high-strength, cold-rolled steel products that are characterized by stringent performance and specification requirements that mandate a high degree of manufacturing and engineering expertise. China Gerui's products are not standardized commodity products. Instead, the Company's products are tailored to customers' requirements and subsequently incorporated into products manufactured for various applications. The Company sells its products to domestic Chinese customers in a diverse range of industries, including the food packaging, telecommunication, electrical appliance, and construction materials industries. For more information, please visit http://www.geruigroup.com .
Safe Harbor Statement
Certain of the statements made in this press release are "forward-looking statements" within the meaning and protections of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as "may," "will," "anticipate," "assume," "should," "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "plan," "point to," "project," "could," "intend," "target" and other similar words and expressions of the future.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2008 and otherwise in our SEC reports and filings, including the final prospectus for our offering. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at http://www.sec.gov . We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.
For more information, please contact: Company Contact: Email: investors@geruigroup.com Web: http://www.geruigroup.com Investor Relations Contact: CCG Investor Relations Mr. Athan Dounis Tel: +1-646-213-1916 Email: athan.dounis@ccgir.com Financial tables to follow CHINA GERUI ADVANCED MATERIALS GROUP LIMITED (FORMERLY GOLDEN GREEN ENTERPRISES LIMITED) CONSOLIDATED STATEMENTS OF INCOME (IN US DOLLARS) For the Three Months Ended For the Year Ended December 31, December 31, 2009 2008 2009 2008 (Unaudited) (Unaudited) Revenue $57,241,385 $39,404,168 $218,902,632 $196,264,731 Cost of revenue (40,220,298) (29,408,495) (153,095,354) (142,407,995) Gross Profit 17,021,087 9,995,673 65,807,278 53,856,736 Operating expenses: General and administrative expenses (1,097,958) (1,057,784) (4,573,512) (3,431,745) Selling and marketing expenses (204,254) (250,000) (919,049) (831,108) Total operating expenses (1,302,212) (1,307,784) (5,492,561) (4,262,853) Operating income 15,718,875 8,687,889 60,314,717 49,593,883 Other income and (expense): Interest income 149,792 317,174 829,056 1,395,121 Interest expenses (728,071) (799,604) (3,237,757) (3,769,423) Sundry income 77,899 70,777 293,831 155,687 Income before income taxes and non-controlling interest 15,218,495 8,276,236 58,199,847 47,375,268 Income tax expense (3,817,221) (2,202,210) (14,751,569) (11,869,735) Net income before non-controlling interest 11,401,274 6,074,026 43,448,278 35,505,533 Net income attributable to non-controlling interest -- (682,652) -- (13,920,944) Net income attributable to common stockholders $11,401,274 $5,391,374 $43,448,278 $21,584,589 Earnings per share - Basic $0.30 $0.18 $1.29 $0.72 - Diluted $0.27 $0.18 $1.15 $0.72 Weighted average common shares outstanding - Basic 38,035,225 30,000,000 33,751,844 30,000,000 - Diluted 41,958,860 30,000,000 37,675,479 30,000,000 CHINA GERUI ADVANCED MATERIALS GROUP LIMITED (FORMERLY GOLDEN GREEN ENTERPRISES LIMITED) CONSOLIDATED BALANCE SHEETS (IN US DOLLARS) December 31, December 31, 2009 2008 Assets Current assets Cash $79,607,369 $42,622,404 Restricted cash 37,498,169 24,712,349 Accounts receivable, net 4,808,184 10,304,724 Inventories 5,958,880 3,554,313 Prepaid expenses and other deposits 16,473,710 10,921,055 Other receivables 2,292,133 1,266,097 Total current assets 146,638,445 93,380,942 Non-current assets Property, plant and equipment, net 22,338,210 19,941,521 Prepaid machinery deposits 13,973,966 637,882 Land use right, net 1,399,026 1,416,220 Total non-current assets 37,711,202 21,995,623 Total assets $184,349,647 $115,376,565 Liabilities and stockholders' equity Current Liabilities Accounts payable $7,617,953 $5,339,350 Notes payable 41,013,622 26,910,956 Term loans 33,982,715 30,677,903 Income tax payable 3,817,304 2,188,677 Customers deposits 8,146,611 17,484,708 Accrued liabilities and other payables 2,728,585 6,294,406 Dividend payable -- 9,601,549 Due to former minority shareholders -- 4,310,087 Total current liabilities 97,306,790 102,807,636 Non-current liabilities Land use right payable, net -- 28,521 Total non-current liabilities -- 28,521 Total liabilities 97,306,790 102,836,157 Stockholders' equity Common stock, Common stock, 100,000,000 shares authorized with no par value; 40,692,323 and 30,000,000 shares outstanding as of December 31, 2009 and 2008 respectively 45,261,630 300 Additional paid-in capital 6,930,944 6,930,944 Retained earnings 32,438,982 7,515,704 Subscription receivable -- (4,310,087) Accumulated other comprehensive income 2,411,301 2,403,547 Total stockholders' equity 87,042,857 12,540,408 Total liabilities and stockholders' equity $184,349,647 $115,376,565 CHINA GERUI ADVANCED MATERIALS GROUP LIMITED (FORMERLY GOLDEN GREEN ENTERPRISES LIMITED) CONSOLIDATED STATEMENTS OF CASH FLOWS (IN US DOLLARS) For the Year Ended December, 31, 2009 2008 Cash flows from operating activities: Net income $43,448,278 $21,584,589 Adjustments to reconcile net income to net cash provided by/(used in) operating activities: Depreciation of property, plant and equipment 2,792,547 2,447,626 Amortization of land use right 30,827 30,280 Net income attributable to non- controlling interest -- 13,920,944 Changes in assets and liabilities: Accounts receivable, net 5,496,540 (128,270) Inventories (2,404,567) 5,106,310 Prepaid expenses and other deposits (5,552,655) (311,563) Other receivables (1,026,036) (630,379) Accounts payable 2,278,603 (547,173) Income tax payable 1,628,627 (408,010) Customers deposit (9,338,097) 9,035,743 Accrued liabilities and other payables (3,565,821) 1,005,235 Net cash provided by operating activities 33,788,246 51,105,332 Cash flows from investing activities: Capital expenditures for addition of property, plant and equipment (5,213,329) (6,572,185) Capital expenditures on addition of land use right (14,648) -- Changes in restricted cash (12,785,820) (5,485,798) Changes in prepaid machinery deposits (13,336,084) (637,882) Proceeds from former owners -- 25,126,394 Net cash (used in)/provided by investing activities (31,349,881) 12,430,529 Cash flows from financing activities: Repayment of term loans (37,269,379) (26,662,742) Proceeds from term loans 40,574,191 39,985,342 Proceeds from common stock issued 26,736,329 -- Proceeds from notes payable 14,102,666 6,430,053 Proceeds from collection of subscription receivable 4,310,087 -- Dividends paid (9,601,549) (42,254,947) Land use right payable (28,521) (125,604) Amount paid to former minority shareholders (4,310,087) -- Amount paid to former owners -- (61,688) Net cash provided by / (used in) financing activities 34,513,737 (22,689,586) Net increase in cash 36,952,102 40,846,275 Effect on change of exchange rates 32,862 1,557,778 Cash as of January 1 42,622,404 218,351 Cash as of December 31 $79,607,368 $42,622,404 Supplemental disclosures of cash flow information: Cash paid during the year for: Interest paid $3,237,757 $3,769,423 Income tax paid $13,122,287 $12,277,745 Non-cash paid during the year for: Dividend paid $18,525,000 $--
tuna
Bale, Chinese CHOP 7.29 close up on super earnings of .27 vs est. by analysts of .19 for Q4...at least my gapper pick rose (haha):
China Gerui Advanced Materials Group Limited Announces Fourth Quarter and Full Year 2009 Results
Press Release Source: China Gerui Advanced Materials Group Limited On Wednesday March 10, 2010, 6:00 am EST
ZHENGZHOU, China, March 10 /PRNewswire-Asia-FirstCall/ -- China Gerui Advanced Materials Group Limited (Nasdaq:CHOP - News) ("China Gerui," or the "Company"), a leading niche and high value-added steel processing company that utilizes advanced technology to produce specialty steel products in China, today announced financial results for the fourth quarter and full year ended December 31, 2009.
Fourth Quarter 2009 Highlights -- Revenue increased 45.3% to $57.2 million from $39.4 million in the fourth quarter of 2008 -- Gross profit increased 70.3% to $17.0 million from $10.0 million -- Gross margin increased 430 basis points to 29.7% from 25.4% -- Operating income increased 80.9% to $15.7 million from $8.7 million -- Operating margin increased 550 basis points to 27.5% from 22.0% -- Net income attributable to common stockholders increased 111.5% to $11.4 million, or $0.27 per diluted share, from $5.4 million, or $0.18 per diluted share -- Cash and restricted cash of $79.6 million and $37.5 million, respectively, as of year-end 2009, compared to $42.6 million and $24.7 million, respectively, as of year-end 2008 -- Accounts receivable of $4.8 million as of year-end 2009, compared to $10.3 million at year-end 2008 -- Working capital of $49.3 million as of year-end 2009 versus a working capital deficit of $9.4 million at the end of 2008 -- Shareholders' equity of $87.0 million as of year-end 2009, compared to $12.5 million at the end of 2008 Full Year 2009 Highlights -- Full year revenue increased 11.5% to $218.9 million from $196.3 million in full year 2008 -- Gross profit increased 22.2% to $65.8 million from $53.9 million -- Gross margin increased 270 basis points to 30.1% from 27.4% -- Operating income increased 21.6% to $60.3 million from $49.6 million -- Operating margin increased 230 basis points to 27.6% from 25.3% -- Net income attributable to common stockholders increased 101.3% to $43.4 million, or $1.15 per diluted share, from $21.6 million, or $0.72 per diluted share
"We are pleased with our fourth quarter and full year results," said Mr. Mingwang Lu, Chairman and Chief Executive Officer. "Our top line growth was driven by our ability to increase the volume of our sales to meet continued robust customer demand and rising average selling prices for our products. The majority of our revenues come from the domestic consumer market in China, which we believe will continue to exhibit growth. Additionally, our continued focus on operational efficiency and cost controls helped us increase our gross and operating margins and achieve strong bottom line performance. We continue to improve the overall utilization rate of our production capacity and better mobilize existing resources towards higher-margin product offerings to further increase our profitability."
Fourth Quarter 2009 Results
Revenue for the three months ended December 31, 2009 was $57.2 million compared to $39.4 million for the same period in 2008, an increase of 45.3%. The increase in revenue was due to an increase in sales volumes and average selling prices for the Company's products.
Gross profit was $17.0 million compared to $10.0 million for the three months ended December 31, 2008, an increase of 70.3%. Gross margin was 29.7% compared to 25.4% for the same period last year. The increase in gross margin was mostly due to the Company's ability to improve its supply chain management and further optimize its product mix towards higher margin products.
Total operating expenses were $1.3 million, or 2.3% of sales, compared to $1.3 million, or 3.3% of sales, in last year's fourth quarter. Operating income was $15.7 million, or 27.5% of sales, compared to $8.7 million, or 22.0% of sales, in the same period last year, an increase of 80.9%. The increase in operating margin was primarily due to an improvement in operating efficiencies and cost control measures.
Net income attributable to common stockholders was $11.4 million, or $0.27 per diluted share, an increase of 111.5% from $5.4 million, or $0.18 per diluted share, in the same period last year.
Full Year 2009 Results
Revenue for full year 2009 was $218.9 million compared to $196.3 million for the same period in 2008, an increase of 11.5%. Gross profit was $65.8 million compared to $53.9 million for full year 2008, an increase of 22.2%. Total operating expenses were $5.5 million compared to $4.3 million for the same period last year, an increase of 28.8%. Operating income increased 21.6% to $60.3 million, or 27.6% of sales, from $49.6 million, or 25.3% of sales, for full year 2008. Net income attributable to common stockholders increased 101.3% to $43.4 million, or $1.15 per diluted share, compared to $21.6 million, or $0.72 per diluted share, for the same period last year.
Financial Condition
As of December 31, 2009, the Company had $79.6 million in cash and an additional $37.5 million in restricted cash, compared to $42.6 million and $24.7 million, respectively, as of December 31, 2008. Accounts receivable were $4.8 million as of December 31, 2009, compared to $10.3 million as of December 31, 2008. Working capital was $49.3 million versus a working capital deficit of $9.4 million at the end of 2008. Shareholder's equity was $87.0 million, compared to $12.5 million at the end of 2008. The Company has no long-term debt. For the full year 2009, net cash provided by operating activities was $33.8 million.
Recent Developments -- In February 2010, the Company launched a new corporate website under the domain name of http://www.geruigroup.com . The new website is designed to strengthen China Gerui's communications with investors, customers and business partners. -- In January 2010, the Company's senior management team rang the opening bell at the NASDAQ MarketSite in New York City. -- In December 2009, the Company changed its name to "China Gerui Advanced Materials Group Limited" from "Golden Green Enterprises Limited."
Business Outlook
China Gerui's existing production facility is running at very close to full capacity and for fiscal year 2010 the Company expects to focus on expanding its production lines in order to meet the demand for its products in the Chinese domestic market. In addition to the high-precision cold-rolled steel strip products, the Company will focus on developing other high-margin steel products in the cold-rolled steel category, such as wide strips and sheets.
The Company is on schedule with its plan to construct a new production facility, including two 75,000 ton chromium-coated production lines to be completed by the second half of 2010 and one 100,000 ton zinc-coated production line to be completed by the end of 2011. This expansion is expected to increase the Company's annual production capacity to 500,000 tons by 2011.
Mr. Lu added, "Our immediate focus for 2010 is increasing our production capacity and expanding our product portfolio into higher margin coated steel and wide strip products. We also expect to continue to benefit from the sustained rise in the purchasing power of the Chinese consumer, who is the ultimate buyer of the products our customers produce. Another market trend that we expect to benefit from is the continuing movement toward import replacement in our industry. Our customers are increasingly turning to our high-end precision steel products, which are more competitively priced but of the same quality as the premium priced imported products that they have historically relied upon."
For the first quarter of 2010, the Company expects to achieve revenues of between $54 million and $56 million and net income of between $10.5 million and $11 million. The Company expects to file its Annual Report on Form 20-F for the fiscal year ended December 31, 2009 on or before April 30, 2010.
Conference Call Information
The Company will also host a conference call at 8:00 am ET on Wednesday, March 10, 2010.
Listeners may access the call by dialing +1 (877) 456-7316 five to ten minutes prior to the scheduled conference call time. International callers should dial +1 (706) 758-1304. The conference participant pass code is 60267064.
A replay of the conference call will be available for 14 days starting from 9:00 am ET on Wednesday, March 10, 2010. To access the replay, dial +1 (706) 645-9291. International callers should dial +1 (800) 642-1687. The passcode is 60267064.
A live and archived webcast of the call will be available on the Company's website at http://www.geruigroup.com/Investors.html . To listen to the live webcast, please go to the Company's website at least fifteen minutes prior to the start of the call to register, download and install any necessary audio software.
About China Gerui Advanced Materials Group Limited
China Gerui Advanced Materials Group Limited (formerly Golden Green Enterprises Limited) is a leading niche and high value-added steel processing company that utilizes advanced technology to produce specialty steel products in China. The Company produces high-end, high-precision, ultra-thin, high-strength, cold-rolled steel products that are characterized by stringent performance and specification requirements that mandate a high degree of manufacturing and engineering expertise. China Gerui's products are not standardized commodity products. Instead, the Company's products are tailored to customers' requirements and subsequently incorporated into products manufactured for various applications. The Company sells its products to domestic Chinese customers in a diverse range of industries, including the food packaging, telecommunication, electrical appliance, and construction materials industries. For more information, please visit http://www.geruigroup.com .
Safe Harbor Statement
Certain of the statements made in this press release are "forward-looking statements" within the meaning and protections of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as "may," "will," "anticipate," "assume," "should," "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "plan," "point to," "project," "could," "intend," "target" and other similar words and expressions of the future.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2008 and otherwise in our SEC reports and filings, including the final prospectus for our offering. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at http://www.sec.gov . We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.
For more information, please contact: Company Contact: Email: investors@geruigroup.com Web: http://www.geruigroup.com Investor Relations Contact: CCG Investor Relations Mr. Athan Dounis Tel: +1-646-213-1916 Email: athan.dounis@ccgir.com Financial tables to follow CHINA GERUI ADVANCED MATERIALS GROUP LIMITED (FORMERLY GOLDEN GREEN ENTERPRISES LIMITED) CONSOLIDATED STATEMENTS OF INCOME (IN US DOLLARS) For the Three Months Ended For the Year Ended December 31, December 31, 2009 2008 2009 2008 (Unaudited) (Unaudited) Revenue $57,241,385 $39,404,168 $218,902,632 $196,264,731 Cost of revenue (40,220,298) (29,408,495) (153,095,354) (142,407,995) Gross Profit 17,021,087 9,995,673 65,807,278 53,856,736 Operating expenses: General and administrative expenses (1,097,958) (1,057,784) (4,573,512) (3,431,745) Selling and marketing expenses (204,254) (250,000) (919,049) (831,108) Total operating expenses (1,302,212) (1,307,784) (5,492,561) (4,262,853) Operating income 15,718,875 8,687,889 60,314,717 49,593,883 Other income and (expense): Interest income 149,792 317,174 829,056 1,395,121 Interest expenses (728,071) (799,604) (3,237,757) (3,769,423) Sundry income 77,899 70,777 293,831 155,687 Income before income taxes and non-controlling interest 15,218,495 8,276,236 58,199,847 47,375,268 Income tax expense (3,817,221) (2,202,210) (14,751,569) (11,869,735) Net income before non-controlling interest 11,401,274 6,074,026 43,448,278 35,505,533 Net income attributable to non-controlling interest -- (682,652) -- (13,920,944) Net income attributable to common stockholders $11,401,274 $5,391,374 $43,448,278 $21,584,589 Earnings per share - Basic $0.30 $0.18 $1.29 $0.72 - Diluted $0.27 $0.18 $1.15 $0.72 Weighted average common shares outstanding - Basic 38,035,225 30,000,000 33,751,844 30,000,000 - Diluted 41,958,860 30,000,000 37,675,479 30,000,000 CHINA GERUI ADVANCED MATERIALS GROUP LIMITED (FORMERLY GOLDEN GREEN ENTERPRISES LIMITED) CONSOLIDATED BALANCE SHEETS (IN US DOLLARS) December 31, December 31, 2009 2008 Assets Current assets Cash $79,607,369 $42,622,404 Restricted cash 37,498,169 24,712,349 Accounts receivable, net 4,808,184 10,304,724 Inventories 5,958,880 3,554,313 Prepaid expenses and other deposits 16,473,710 10,921,055 Other receivables 2,292,133 1,266,097 Total current assets 146,638,445 93,380,942 Non-current assets Property, plant and equipment, net 22,338,210 19,941,521 Prepaid machinery deposits 13,973,966 637,882 Land use right, net 1,399,026 1,416,220 Total non-current assets 37,711,202 21,995,623 Total assets $184,349,647 $115,376,565 Liabilities and stockholders' equity Current Liabilities Accounts payable $7,617,953 $5,339,350 Notes payable 41,013,622 26,910,956 Term loans 33,982,715 30,677,903 Income tax payable 3,817,304 2,188,677 Customers deposits 8,146,611 17,484,708 Accrued liabilities and other payables 2,728,585 6,294,406 Dividend payable -- 9,601,549 Due to former minority shareholders -- 4,310,087 Total current liabilities 97,306,790 102,807,636 Non-current liabilities Land use right payable, net -- 28,521 Total non-current liabilities -- 28,521 Total liabilities 97,306,790 102,836,157 Stockholders' equity Common stock, Common stock, 100,000,000 shares authorized with no par value; 40,692,323 and 30,000,000 shares outstanding as of December 31, 2009 and 2008 respectively 45,261,630 300 Additional paid-in capital 6,930,944 6,930,944 Retained earnings 32,438,982 7,515,704 Subscription receivable -- (4,310,087) Accumulated other comprehensive income 2,411,301 2,403,547 Total stockholders' equity 87,042,857 12,540,408 Total liabilities and stockholders' equity $184,349,647 $115,376,565 CHINA GERUI ADVANCED MATERIALS GROUP LIMITED (FORMERLY GOLDEN GREEN ENTERPRISES LIMITED) CONSOLIDATED STATEMENTS OF CASH FLOWS (IN US DOLLARS) For the Year Ended December, 31, 2009 2008 Cash flows from operating activities: Net income $43,448,278 $21,584,589 Adjustments to reconcile net income to net cash provided by/(used in) operating activities: Depreciation of property, plant and equipment 2,792,547 2,447,626 Amortization of land use right 30,827 30,280 Net income attributable to non- controlling interest -- 13,920,944 Changes in assets and liabilities: Accounts receivable, net 5,496,540 (128,270) Inventories (2,404,567) 5,106,310 Prepaid expenses and other deposits (5,552,655) (311,563) Other receivables (1,026,036) (630,379) Accounts payable 2,278,603 (547,173) Income tax payable 1,628,627 (408,010) Customers deposit (9,338,097) 9,035,743 Accrued liabilities and other payables (3,565,821) 1,005,235 Net cash provided by operating activities 33,788,246 51,105,332 Cash flows from investing activities: Capital expenditures for addition of property, plant and equipment (5,213,329) (6,572,185) Capital expenditures on addition of land use right (14,648) -- Changes in restricted cash (12,785,820) (5,485,798) Changes in prepaid machinery deposits (13,336,084) (637,882) Proceeds from former owners -- 25,126,394 Net cash (used in)/provided by investing activities (31,349,881) 12,430,529 Cash flows from financing activities: Repayment of term loans (37,269,379) (26,662,742) Proceeds from term loans 40,574,191 39,985,342 Proceeds from common stock issued 26,736,329 -- Proceeds from notes payable 14,102,666 6,430,053 Proceeds from collection of subscription receivable 4,310,087 -- Dividends paid (9,601,549) (42,254,947) Land use right payable (28,521) (125,604) Amount paid to former minority shareholders (4,310,087) -- Amount paid to former owners -- (61,688) Net cash provided by / (used in) financing activities 34,513,737 (22,689,586) Net increase in cash 36,952,102 40,846,275 Effect on change of exchange rates 32,862 1,557,778 Cash as of January 1 42,622,404 218,351 Cash as of December 31 $79,607,368 $42,622,404 Supplemental disclosures of cash flow information: Cash paid during the year for: Interest paid $3,237,757 $3,769,423 Income tax paid $13,122,287 $12,277,745 Non-cash paid during the year for: Dividend paid $18,525,000 $--
tuna
CHOP 7.29 +.05 "green" again reports tomorrow!
Chinese low pe SOKF 4.22 +.07 here...needing to break 4.45 to break out to a new 52wk high...tuna
Gapper CHOP 7.18 -.06 reports earnings tomorrow...tuna
Chinese SOKF 4.20 +.05 improving as the overall market has faltered...
LOL!!! Wise words fabian...I've had it work for and against me on showing patience. With Chinese stocks leading the market it seems, I feel more comfortable with this one and will see if I can't improve on my record in holding for longer periods...haha! Thanks and glad you did okay with it!! tuna
BLGW .93 +.01 ut'ing on it's news .04 from all-time high here!!
Another presentation for SOKF 4.15 March 17th:
SOKO Fitness & Spa Group to Present at Upcoming Investor Conferences
Press Release Source: SOKO Fitness & Spa Group, Inc. On Thursday March 4, 2010, 7:00 am EST
HARBIN, China, March 4 /PRNewswire-Asia-FirstCall/ -- SOKO Fitness & Spa Group, Inc. (OTC Bulletin Board:SOKF.ob - News) ("SOKO"), an operator of fitness centers, beauty salons and spas in Northeast China as well as suburban Beijing, today announced that company management will present at the following upcoming investor conferences:
-- Rodman & Renshaw Annual China Investment Conference at The Regent Hotel in Beijing, China on March 8, 2010 at 3:15pm Beijing time (2:15am Eastern time); -- Roth 22nd Annual OC Growth Stock Conference at The Ritz-Carlton in Laguna Niguel, California on March 17, 2010 at 9:00am Pacific time.
An audio and slide webcast of each presentation will be available under the "Events and Presentations" page on the "Investor" section of SOKO's website at http://www.sokofitness.com/Investors/company2-5.htm . Following the live presentations, archives will be available for 90 days.
To request a one-on-one meeting with representatives of SOKO or to be added to SOKO's email list, please contact Lee Roth at soko@tpg-ir.com or call 212-481-2050.
About SOKO Fitness & Spa Group, Inc.
SOKO Fitness & Spa Group, Inc., an OTCBB listed company (SOKF.OB), is an operator of fitness centers and beauty salons and spas in key cities in Northeastern China as well as in suburban Beijing. SOKO provides programs, services, and products combined with exercise, education, and nutrition to help their members lead a healthy life and achieve their fitness goals. For further information, please go to http://www.sokofitness.com .
To be added to SOKO's email distribution for future news releases, please send your request to soko@tpg-ir.com.
Cautionary Note Regarding Forward Looking Statements
This press release and the statements of representatives of SOKO Fitness & Spa Group, Inc. (the "Company") related thereto contain, or may contain, statements that are not historical facts and are therefore "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the Company's plans, objectives, projections, beliefs, expectations and intentions and other statements identified by words such as "projects," "may," "could," "would," "should," "believe," "expect," "anticipate," "estimate," "intend," "plan," or similar expressions. These statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties, including those detailed in the Company's filings with the Securities and Exchange Commission. Actual results, including, without limitation, results regarding the Company's expansion strategies, service offerings, client, membership and customer figures, proposed new center openings and prospects and strategies for growth, may differ significantly from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company's control). The Company does not undertake any obligation to update any forward- looking statement, except as required under applicable law.
For more information, please contact: The Piacente Group, Inc. Investor Relations Brandi Floberg or Lee Roth Tel: +1-212-481-2050 Email: soko@tpg-ir.com Shawn Qu SOKO Fitness & Spa Group, Inc. Tel: +1-908-208-8681 Email: shawnqu@sokofitness.com Judy Jiang SOKO Fitness & Spa Group, Inc. Tel: +86-451-8770-2280 Email: judyjiang@sokofitness.com
I just returned and see SOKF 4.20 x 4.25 here fabian...would have guessed it would have tried to break 4.45 today possibly, but I'll show some patience with it due to the great value imho...tuna
Just back, Chinese SOKF 4.15 but bidding 4.20 x 4.25 here...super bargain imho with .31 net income in the first half of the year vs .18 previous year...equates to a PE of 6 if they only make another .31 in the 2nd half. Seems way too cheap for that kind of growth imho...tuna
SOKF 4.20 +.05 holding all mine for a break of 4.45 soon imho w/great earnings and revenue growth forward pe of about 6 if they just match 2nd half earnings of .31 in the first half...big spread in bid/ask has dried up volume for now though it is still 3X normal for the day already...tuna
SOKF 4.35 +.20 just a dime from 52wk high on strong volume again today...tuna
Cool wick, SOKF 4.35 +.20 HOD on over 3X normal daily volume now!! tuna
EIGH .13 +.01 at HOD also...
SOKF 4.30 +.15 on over 2X normal daily volume now...nice start! Also CHOP 7.37 +.13 reports tomorrow...another Chinese company I like! tuna
SOKF 4.26 +.11 w/high of 4.35 on 2X normal daily volume already!!
SOKF 4.25 +.10 on more than it's average daily volume already with a tight bid/ask of 4.22 x 4.25 liking it's chances to take out that 4.45 52wk high soon with it's rapid growth in revs and earnings and forward PE of just 6 imho...tuna
SOKF 4.25 +.10 on over it's average daily volume already!!
CHOP 7.33 +.09 reports earnings tomorrow!
EBIG .195 +.01 nearing .20's here!!
SOKF 4.25 +.10 early on here!
BLGW .97 +.05 at all time high on it's news today!
Re: EBIG .185 dividend shares of upcoming IPO's they're bringing, I believe with settlement delays that tomorrow is the last day to buy to qualify for dividend shares...tuna
Chinese CHOP 7.24 reports earnings tomorrow!!
Here is SOKF's business BRIG:
Press Release Source: SOKO Fitness & Spa Group, Inc. On Wednesday February 10, 2010, 7:00 am EST
HARBIN, China, Feb. 10 /PRNewswire-Asia-FirstCall/ -- SOKO Fitness & Spa Group, Inc. (OTC Bulletin Board: SOKF) ("SOKO" or the "Company"), an operator of fitness centers, beauty salons and spas in Northeast China as well as suburban Beijing, today provided an update on its recently broadened geographic expansion strategy. In addition to its core strategy of targeting Tier-2 cities in China, SOKO has extended its geographic expansion strategy to include targeting facility openings in select under-penetrated, suburban areas of Tier-1 cities in China where it sees the potential to capture market share and achieve significant returns on investment.
SOKO defines a Tier-1 city in China as one of the major metropolitan areas in the country, with a population of a least 10 million. SOKO defines Tier-2 cities as cities with populations between 1 and 7 million.
During its 17 year history, SOKO has maintained operations in Tier-2 markets such has Harbin and Shenyang in Northeast China, where the SOKO has developed its brand and strategy to cross-sell its fitness center, beauty salon and spa services in these generally under-served and less competitive markets. According to its broadened geographic expansion strategy, SOKO will continue to seek selected Tier-1 center opening initiatives in under-served areas of these more competitive markets that will target spa and salon facilities, as well as additional fitness and yoga centers and new services such as medical beauty centers in order to cross-sell its services between business segments.
SOKO's broadened geographic expansion strategy was recently evidenced by its entry into the suburban Beijing market in December 2009 through the acquisition of a majority interest in two fitness centers. The acquisition of these centers is consistent with SOKO's growth strategy to pursue strategic geographic expansion through strategic acquisition. SOKO plans to pursue additional expansion opportunities in the Beijing, primarily targeting under- penetrated, suburban areas and sections of the city in which SOKO believes it has the potential to capture significant local market share.
"While we continue to target Tier-2 cities where we believe we have the most potential for return on investment, we believe a significant opportunity exists in and around larger markets as well," said Tong Liu, Chief Executive Officer of SOKO. "We believe that pursuing strategic growth opportunities in suburban areas of Tier-1 markets, such as Beijing, is consistent with our core strategy of opening facilities in areas that feature relatively low penetration from competitors, and where we believe SOKO can most effectively compete.
"As we move forward, we will look to broaden the range of services we offer to include beauty and aesthetics in addition to fitness centers. We believe this strategy will continue to enable us to cross-market and sell our full range of SOKO-branded services. We believe that we will be able to execute on this core strategy in these newer markets in a manner similar to what we have achieved in our historical markets of Harbin and Shenyang," Mr. Liu concluded.
SOKO's two currently owned Beijing fitness center facilities comprise a combined membership base of approximately 2,000 and are located in Beijing's Huilongguan district, a high-density commercial and middle class residential district with a population of approximately 300,000. Each club occupies over 3,000 square meters and features state-of-the-art exercise facilities, high- end equipment and other amenities consistent with SOKO's existing fitness center properties.
About SOKO Fitness & Spa Group, Inc.
SOKO Fitness & Spa Group, Inc., an OTCBB listed company (SOKF.OB), is an operator of fitness centers and beauty salons and spas key cities in Northeastern China as well as in suburban Beijing. SOKO provides programs, services, and products combined with exercise, education, and nutrition to help their members lead a healthy life and achieve their fitness goals. For further information, please go to http://www.sokofitness.com .
To be added to the Company's email distribution for future news releases, please send your request to soko@tpg-ir.com.
This is part of a recent PR....tuna
Watch BMGO .16 with a huge contract win yesterday more upside imho:
Bergamo Acquisition Corp. Announces Project for Lebanon
Lebanese Government Providing 100% Financing to Guarantee the Performance of the Project
Press Release Source: Bergamo Acquisition Corp. On Monday March 8, 2010, 9:20 am EST
LAS VEGAS--(BUSINESS WIRE)--Bergamo Acquisition Corp. (OTC Pink Sheets: BGMO - News) is pleased to announce a new solar power project for the Republic of Lebanon. This week Bergamo key management will travel to Lebanon to conclude the Letter of Intent ("LOI") with the Government of Lebanon. Attending this meeting on March 11, 2010 for Bergamo will be Salim Chamdia and Haseeb Fatani, both Vice Presidents of Bergamo E & A. Attending the meeting for Bergamo subsidiary Suntrough Energy, Inc. will be Fazal Chaudhry. The total cost for the project will be USD $500 Million. Under the terms of the LOI, the Lebanese government will provide 100% of the total finance package. Bergamo E & A will be responsible for the technical know-how and will provide a turn-key operation for the government of Lebanon under the terms of the LOI and the letter of credit to be issued by the Lebanese government to support Bergamo activities and its involvement in the project.
The Letter of Credit will be issued to Bergamo E & A, the wholly owned subsidiary of Bergamo Acquisition Corp. It should be noted that Bergamo will not be required to find a lender or finance source for the project. It should be also be noted that all of the terms have already been agreed to in advance of this meeting. This meeting is to formalize understandings and move forward between Bergamo E & A and the Government of Lebanon.
For most of the past two weeks, Bergamo President and CEO Hillard Herzog has been overseas in connection with the agreement with Esoft Informatics Private Ltd. The Company anticipates an announcement on that funding shortly. Mr. Herzog's travels are total and apart from the project in Lebanon as announced in this release today.
The Bergamo team is aggressively working on other projects and will be updating investors as developments are confirmed.
Certain statements contained in this document may constitute "forward-looking statements." When used in this document, the words "may," "would," "could," "will," "intend," "plan," "anticipate," "believe," "estimate," "expect," "investigate," "looking at" as they relate to Bergamo Acquisition Corp. or its management, are intended to identify forward-looking statements or information. Such forward-looking statements include, among others, the expectations or claims, as applicable. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors could cause Bergamo actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements or information, including among other things, those risk factors which are discussed elsewhere in documents that Bergamo files from time to time with securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements or information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Bergamo Acquisition Corp. expressly disclaims any intention or obligation to update or revise any forward-looking statements and information whether as a result of new information, future events or otherwise. All written and oral forward-looking statements and information attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements.
Contact:
Bergamo Acquisition Corp.Hillard Herzog, President & CEO, 702-269-0820 Investor RelationsJohn Pentony, President, 972-292-8930 John@QuarterbackIR.comorThe Eversull Group, Inc.Jack Eversull, President, 972-378-7917 or 972-571-1624 jack@theeversullgroup.com
tuna
Chinese play for this week imho: SOKF $4.15 just began to move yesterday on it's 3rd highest volume in the last 2 years...had a presentation yesterday and another coming this month. as traders have shifted from one Chinese stock to another, I think it's SOKF's turn to take the spotlight as this rapidly growing company with an implied PE of about 6 if they do no more than equal the net income of .31 vs .18 in the first half again in the second half! The 52wk high is $4.45 so reachable yet today possibly...and a break of that could have it testing $5 in a hurry imho...definitely worth a good look...tuna
Hi fabian! If SOKF $4.15 maintains high volume and breaks it's 4.45 52wk high today or tomorrow, I surely don't think a test of $5 would be unlikely very soon...as traders have shifted from one Chinese stock to another, I think it's our turn in this rapidly growing company with an implied PE of about 6 if they do no more than equal the net income of .31 vs .18 in the first half again in the second half....we'll see anyway! Have a good one!! tuna
BLGW .92 (nickel from all-time high) has news today on expanding their services:
Bloggerwave: World's Most Multilingual Commercial Blogging Company
Press Release Source: Bloggerwave, Inc. On Tuesday March 9, 2010, 8:00 am
MOUNTAIN VIEW, CA--(Marketwire - 03/09/10) - Bloggerwave Inc. ("Bloggerwave") (OTC.BB:BLGW - News), a commercial blogging company, is pleased to announce that it is the first to start customizing its sites locally, country by country, providing its services internationally in more languages than any other company in its field.
Bloggerwave currently serves its clients and bloggers in four languages, and plans on launching platforms in additional languages in the near future. Already available in English, Danish, Swedish, and German, the Company's multilingual capabilities are one of the strengths that propelled Bloggerwave to be the leading strategic commercial blogging company in Europe.
Management is currently in discussions to add widely-used international languages such as French and Spanish, as well as Japanese, Korean and Chinese as the company formulates its U.S. and Asian expansion plans.
About Bloggerwave
Bloggerwave helps its corporate clients harness the power of the Internet by leveraging the power and credibility of blogs to promote products and services. It connects clients directly with thousands of pre-approved bloggers around the globe, giving the bloggers the opportunity to write about and review specific products or services and include a link to the company's website. Once a company is blogged about, it increases its Internet buzz, credibility, site hits, ranking on search engines -- and ultimately, its bottom line. Bloggerwave has shot to the top in just three years of operation, achieving status as the No. 1 company of its kind worldwide and 3rd in the U.S. market. Bloggerwave is now focusing on becoming the best among its U.S. competitors. The Company currently has offices in the United States and Europe, and a virtual presence worldwide.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements; projected events in this press release may not occur due to unforeseen circumstances, various factors, and other risks identified in a company's annual report on Form 10-K and other filings made by such company.
For more information about Bloggerwave Inc. visit http://www.bloggerwaveinc.com/ or contact Stanley Wunderlich at (800) 625-2236 extension 7770 or info@cfsg1.com
Contact:
CONTACTStanley WunderlichConsulting For Strategic Growth 1, Ltd. 880 Third Ave, 6th Floor New York NY 10022 Telephone: (800) 625-2236 Fax: (646) 205-7771
tuna
Thanks for those SA!! SOKF + BLGW are 2 I'm in now and SOKF (earned .31 net per share vs .18 in 6mos. report) at 4.15 close isn't too far from it's 52wk high...while BLGW .92 is a nickel away from it's all-time high...best of luck today!! tuna
Thanks....yes filled at 10k twice...but that maybe better be about it for awhile as I have a bucket load now...haha! I will add more on weakness but it would have to be in the .14 - .15 area I think...and we may not see that again?! Good night mb!! tuna
Yes indeed it will and SOKF too imho!! tuna
LOL!!! Yes!!! tuna