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News Out....
Co-Operation With Detroit International Auto Salon Highlighted at the Wuhan International Auto Show Ceremonies
Tuesday September 16, 12:53 pm ET
WUHAN, HUBEI PROVINCE, CHINA--(MARKET WIRE)--Sep 16, 2008 -- DIAS Holding, Inc. (OTC BB:DSHL.OB - News)
Amidst 2008 model cars from Mercedes, Maybach, GM and other American, European, Japanese, and domestic Chinese automotive OEMs, the opening ceremonies of the 2008 Wuhan International Auto Show highlighted the executive participation by the Detroit International Auto Salon (DIAS) representing opportunities within Wayne County, Michigan, USA. Chairman and CEO of DIAS Holding, Inc., Mr. Eric Huang, was introduced amongst other dignitaries that included the Honorable Mr. Duan Lun-yi, Vice Governor of Hubei Province; Mr. Weng Yun-Gen of the People's Municipal Government of Wuhan; Mr. Chen Chun-Gen, the Vice Mayor of Suizhou City; Mr. Huang Jian-dong, Vice Mayor of Yaan City; Ms. Lu Ren-qi, Vice President of the China Machinery Industry Federation; and Mr. Xiao Yu, Deputy Director General of China Council for the Promotion of International Trade.
The Hubei province is known as a center of manufacturing for specialty trucks, with over three thousand variants produced, such as cement, sanitation, and lift trucks. "I am impressed with the immensity of this province's manufacturing base, and the quality of products produced," said Eric Huang. "Currently, most of these truck manufacturers fulfill domestic needs, but have desires and plans to enter the international market... we know we can assist these manufacturers to achieve such plans." Later, Mr. Huang led a discussion with the dignitaries explaining how DIAS is positioned to support these emerging companies with facilities and professional staff to showcase, exhibit, and market their products in the U.S.
"I received very favorable encouragement from these representatives," summarized Eric. "We intend to follow through rapidly to assist broadening their branding."
http://biz.yahoo.com/iw/080916/0434292.html
Market maker PATH offering up a few cheapies here at .55, who will be the first in getting the deal of the century!!
Ford CEO 'Very Encouraged' About Chances For Govt Loans -CNBCLast update: 9/12/2008 9:22:08 AM
DOW JONES NEWSWIRES
Ford Motor Co. (F) is "very encouraged" it and the other two U.S. auto makers will get low-cost loans of up to $25 billion from the federal government, Chief Executive Alan Mulally said Friday.
"We're very encouraged with the response that we're getting on the energy bill and also this enabling technology they put in. So I think we're going to move forward with it," Mulally said in an interview on CNBC.
Ford, General Motors Corp. (GM) and Chrysler LLC have appealed to Congress for government-backed loans that would help them develop technology to build vehicles meeting stricter fuel-economy regulations. They recently reduced their request to $25 billion from $50 billion.
The lower amount is the same as the maximum approved in 2007 under a loan program outlined in a federal energy bill aimed at enabling auto makers and suppliers to retool factories to produce new, highly fuel-efficient vehicles. However, Congress never approved funding for the "enabling" program.
Mulally added that Ford was committed over the long term to making fuel-efficient vehicles using new technologies for the U.S. market. This will be easier, he said, now that the company can more readily adapt smaller models it sells overseas to U.S. production.
He defended Ford's - and the auto industry's - past emphasis on larger, less fuel-efficient trucks and sport-utility vehicles because they were what customers wanted.
""Fuel prices were low, the interest rates were low. It's what the customers chose," he said.
Look at where some china 'auto-related' companies are trading, from the high $4 to high $6 area. WATG, CAAS and SORL. Before this overall market sell-off they were trading from $6 - $10 There is no reason imo why DSHL should not trade up at these levels. And with the Auto Salon and the way they are running operations I believe it is even better than the above mentioned examples.
Don't forget the TSX listing should be happenning soon as well.
I think this is a good idea as now oil is weak and PYR makes enough profit to fund expansion.
There may have been some interested in buying some of those Convertible Debentures and thought if they could make the stock price lower they could get a better deal but Pyramid would not play that game.
Pyramid Withdraws Previously Announced Convertible Debenture Offering
Wednesday September 10, 9:23 am ET
CALGARY, ALBERTA--(MARKET WIRE)--Sep 10, 2008 -- Pyramid Petroleum, Inc. (CDNX:PYR.V - News) ("Pyramid" or the "Company") today announced that it has elected to withdraw its previously announced convertible debenture offering. The offering was first announced on June 26th, 2008.
Pyramid's decision to withdraw the offering at this time is primarily attributable to adverse financial market conditions. The Company determined that it has the ability to continue to fund its current capital program through internally generated cash flow.
http://biz.yahoo.com/iw/080910/0432447.html
Cash flow must be very good then. This comapny is so undervalued especially seeing that its trading at only 2x's forward annualized cash flow.
News just out on 8k filing:
DIAS Holding, Inc. Files Form 8-K to Consummate Acquisition of Componus, Inc.; Asia Forging Supply Company and Detroit International Auto Salon Become Subsidiaries
Tuesday September 9, 1:57 pm ET
http://biz.yahoo.com/iw/080909/0432131.html
DSHL News
Wayne County Department of Economic Development & the Detroit International Auto Salon Meet Seven Chinese Municipal Governments in Eight Days
Friday September 5, 1:51 pm ET
DETROIT, MI--(MARKET WIRE)--Sep 5, 2008 -- Dr. Mulugetta Birru, Executive Director of Economic Development Department in Wayne County, Michigan, and Mr. Eric Huang, Chairman and CEO of the Detroit International Auto Salon (DIAS) (OTC BB:DSHL.OB - News), returned last week after an eight day trade mission that successfully engaged several municipal governments in China to promote opportunities for Wayne County and DIAS. Government officials, executives from private industry and associations gathered in seven cities to welcome the U.S. delegation.
"We achieved our goals to engage representatives of Shanghai, Changsha, Xiangtan, Changzhou, Wuxi, Hangzhou, Changchun and Beijing," said Dr. Birru. "In a short time, we impressed them with the possibilities to partner with us."
Dr. Birru and Mr. Huang's delegation arrived in China on August 23rd for the purpose of attracting premier Chinese businesses to Wayne County. Well known in China after sixteen prior visits, Dr. Birru is viewed as one of the most respected U.S. municipal officials. With his extensive relationships and expertise, he has brokered cooperation between Wayne County and county businesses with appropriate government institutions and businesses within China.
"Because Detroit is famous as the world capital of the automotive industry, there are many ways that emerging and entrepreneurial Chinese companies can learn from the experiences within Wayne County," explained Eric Huang. "During this brief but intense trip, we had substantial discussions with key Chinese municipal executives, including Deputy Executive Mayor of Changchun city, the Honorable Jiang Zhiying, the Honorable Xiang Lili, Director General of the Hunan Provincial Department of Commerce, and Mr. Ai Bin, the Director of Beijing Municipal Bureau of Industrial Development Department of Automobile and Transportation Equipment," reported Mr. Huang.
"These preliminary discussions normally lead to the establishment of strategic cooperative agreements with these cities," said Dr. Birru. "For instance, Wayne County was invited to set up branch offices in these cities, enabling both parties to strengthen their communications and relationships, ultimately leading to better trade between our County and these cities."
In addition to meetings with municipalities and government agencies, Dr. Birru met several large and successful Chinese enterprises, including FAWER, Rzying, and carmakers, Geely, Changfeng and FAW-VW.
Dr. Birru summarized what makes Wayne County and DIAS attractive for China companies. "The county has very attractive infrastructure for these companies to operate and distribute. With our two airports, and seaport, Wayne County has premier logistical services to support air and sea cargo for distribution into the Midwest and eastern seaboard. Furthermore, the county is a very attractive location for R & D centers because of the proximity of many world-renowned colleges and universities. This November, Wayne County, with the support from DIAS, will host seminars at the major China International Auto Parts Expo. There, Wayne County Executive, Robert A. Ficano, will highlight the many attractive business and community facets to the Chinese business community."
About the DIAS Holding, Incorporated (OTC BB:DSHL.OB - News):
DIAS Holding, Inc. ("DIAS," f/k/a JPC Capital Partners) is a Delaware Corporation servicing the multi-billion dollar industry of providing automotive, trucking, railway and petroleum industries with raw, finished and assembled components. The company's major holdings include Asia Forging Supply Company, Limited of Taiwan, a prime contractor for a network of factories throughout Asia, and the Detroit International Auto Salon, a wholly-owned subsidiary, and the largest independent, year-round exhibition center for automotive products located in Allen Park, MI. For more information about DIAS Holding, Inc., please visit www.diasholding.com.
http://biz.yahoo.com/iw/080905/0431111.html
Wayne County Department of Economic Development & the Detroit International Auto Salon Meet Seven Chinese Municipal Governments in Eight Days
Friday September 5, 1:51 pm ET
DETROIT, MI--(MARKET WIRE)--Sep 5, 2008 -- Dr. Mulugetta Birru, Executive Director of Economic Development Department in Wayne County, Michigan, and Mr. Eric Huang, Chairman and CEO of the Detroit International Auto Salon (DIAS) (OTC BB:DSHL.OB - News), returned last week after an eight day trade mission that successfully engaged several municipal governments in China to promote opportunities for Wayne County and DIAS. Government officials, executives from private industry and associations gathered in seven cities to welcome the U.S. delegation.
"We achieved our goals to engage representatives of Shanghai, Changsha, Xiangtan, Changzhou, Wuxi, Hangzhou, Changchun and Beijing," said Dr. Birru. "In a short time, we impressed them with the possibilities to partner with us."
Dr. Birru and Mr. Huang's delegation arrived in China on August 23rd for the purpose of attracting premier Chinese businesses to Wayne County. Well known in China after sixteen prior visits, Dr. Birru is viewed as one of the most respected U.S. municipal officials. With his extensive relationships and expertise, he has brokered cooperation between Wayne County and county businesses with appropriate government institutions and businesses within China.
"Because Detroit is famous as the world capital of the automotive industry, there are many ways that emerging and entrepreneurial Chinese companies can learn from the experiences within Wayne County," explained Eric Huang. "During this brief but intense trip, we had substantial discussions with key Chinese municipal executives, including Deputy Executive Mayor of Changchun city, the Honorable Jiang Zhiying, the Honorable Xiang Lili, Director General of the Hunan Provincial Department of Commerce, and Mr. Ai Bin, the Director of Beijing Municipal Bureau of Industrial Development Department of Automobile and Transportation Equipment," reported Mr. Huang.
"These preliminary discussions normally lead to the establishment of strategic cooperative agreements with these cities," said Dr. Birru. "For instance, Wayne County was invited to set up branch offices in these cities, enabling both parties to strengthen their communications and relationships, ultimately leading to better trade between our County and these cities."
In addition to meetings with municipalities and government agencies, Dr. Birru met several large and successful Chinese enterprises, including FAWER, Rzying, and carmakers, Geely, Changfeng and FAW-VW.
Dr. Birru summarized what makes Wayne County and DIAS attractive for China companies. "The county has very attractive infrastructure for these companies to operate and distribute. With our two airports, and seaport, Wayne County has premier logistical services to support air and sea cargo for distribution into the Midwest and eastern seaboard. Furthermore, the county is a very attractive location for R & D centers because of the proximity of many world-renowned colleges and universities. This November, Wayne County, with the support from DIAS, will host seminars at the major China International Auto Parts Expo. There, Wayne County Executive, Robert A. Ficano, will highlight the many attractive business and community facets to the Chinese business community."
About the DIAS Holding, Incorporated (OTC BB:DSHL.OB - News):
DIAS Holding, Inc. ("DIAS," f/k/a JPC Capital Partners) is a Delaware Corporation servicing the multi-billion dollar industry of providing automotive, trucking, railway and petroleum industries with raw, finished and assembled components. The company's major holdings include Asia Forging Supply Company, Limited of Taiwan, a prime contractor for a network of factories throughout Asia, and the Detroit International Auto Salon, a wholly-owned subsidiary, and the largest independent, year-round exhibition center for automotive products located in Allen Park, MI. For more information about DIAS Holding, Inc., please visit www.diasholding.com.
http://biz.yahoo.com/iw/080905/0431111.html
PYR.V News....
Pyramid Petroleum Announces Resumes Operations at Gulf of Mexico Offshore Facilities and Operational Updates
Friday September 5, 1:26 pm ET
CALGARY, ALBERTA--(MARKET WIRE)--Sep 5, 2008 -- Pyramid Petroleum Inc. (CDNX:PYR.V - News) today announced that after being shut down due to Hurricane Gustav, the Company has successfully completed its safety survey and has found that no material damage has been reported to its facilities in the Gulf of Mexico. Production has resumed on the High Island platforms; however, the Green Canyon platforms are waiting for third party transmission pipelines to come online before production can be resumed.
Pyramid also provided an update on previously announced operational activities:
- 4 well drilling program: The delay in commencement of drilling operations has been primarily due to the unavailability of a suitable rig. The operator has indicated that it has an opportunity to secure a rig and if successful, the drilling operation will commence within 30 days.
- 8 well workover program: To date, Pyramid has completed 3 workovers in the Green Canyon 184 field. The remaining 5 workovers will be spread between Green Canyon 52 and 184 and scheduled for 4th Quarter 2008. A brief summary on the 3 completed workovers:
1. A-10: Cleared debris and zone was re-perforated. Initial production 140 bopd with 10/64 choke. Well continues to produce at a rate of 140 bopd.
2. A-2: Cleared debris and oil flowed to the surface followed by emulsions. Currently, the well is being analyzed to determine the appropriate solution needed to liquefy the emulsions so that the well can flow without interruption. Initial production rate has not been determined as yet.
3. A-16: Cleared debris and re-perforated. Well did not produce from the existing zone. Currently under analysis to determine if other zones can be considered as candidates for perforation.
Pyramid has an ownership interest in some 16 platforms and 105 wells in Gulf of Mexico located in Green Canyon 52, Green Canyon 184, High Island 160, Vermilion 331 and Mustang Island 804. Pyramid operates the Green Canyon and High Island facilities with gross production exceeding 4,000 boepd at an average cost per BOE of $17. Pyramid's share of production from Gulf of Mexico operations is approximately 1,200 boepd. Pyramid has no debt and is deploying its cash flow for workover programs and drilling.
http://biz.yahoo.com/iw/080905/0431142.html
Pyramid Petroleum Announces Resumes Operations at Gulf of Mexico Offshore Facilities and Operational Updates
Friday September 5, 1:26 pm ET
CALGARY, ALBERTA--(MARKET WIRE)--Sep 5, 2008 -- Pyramid Petroleum Inc. (CDNX:PYR.V - News) today announced that after being shut down due to Hurricane Gustav, the Company has successfully completed its safety survey and has found that no material damage has been reported to its facilities in the Gulf of Mexico. Production has resumed on the High Island platforms; however, the Green Canyon platforms are waiting for third party transmission pipelines to come online before production can be resumed.
Pyramid also provided an update on previously announced operational activities:
- 4 well drilling program: The delay in commencement of drilling operations has been primarily due to the unavailability of a suitable rig. The operator has indicated that it has an opportunity to secure a rig and if successful, the drilling operation will commence within 30 days.
- 8 well workover program: To date, Pyramid has completed 3 workovers in the Green Canyon 184 field. The remaining 5 workovers will be spread between Green Canyon 52 and 184 and scheduled for 4th Quarter 2008. A brief summary on the 3 completed workovers:
1. A-10: Cleared debris and zone was re-perforated. Initial production 140 bopd with 10/64 choke. Well continues to produce at a rate of 140 bopd.
2. A-2: Cleared debris and oil flowed to the surface followed by emulsions. Currently, the well is being analyzed to determine the appropriate solution needed to liquefy the emulsions so that the well can flow without interruption. Initial production rate has not been determined as yet.
3. A-16: Cleared debris and re-perforated. Well did not produce from the existing zone. Currently under analysis to determine if other zones can be considered as candidates for perforation.
Pyramid has an ownership interest in some 16 platforms and 105 wells in Gulf of Mexico located in Green Canyon 52, Green Canyon 184, High Island 160, Vermilion 331 and Mustang Island 804. Pyramid operates the Green Canyon and High Island facilities with gross production exceeding 4,000 boepd at an average cost per BOE of $17. Pyramid's share of production from Gulf of Mexico operations is approximately 1,200 boepd. Pyramid has no debt and is deploying its cash flow for workover programs and drilling.
http://biz.yahoo.com/iw/080905/0431142.html
Interesting post on AHAG? Merger Soon?
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=31940157
I checked with the company and found that they had zero damage from the hurricane. They shut the platforms down for the 6 days but that is better than having damages.
By the way the pres release last week on earnings did not explain that sale - remember form May the announcement was:
Friday , April 25, 2008 11:42ET
"Pyramid Petroleum Inc. (PYDPF) announced that it has agreed to sell all of its 5.84% interest in its Montana and Alberta properties for $6.3 Million USD to an arms-length company. The properties contributed a net 130 boepd to Pyramid."
This property they had bought with stock and the price they used for accounting was about 30 cents - so they sold it for less than the original accounting price but they got cash on the sale and they paid off debt so this was a plus and they take the write off on their taxes. So this was not a loss at all to the company but only too the accounting. They sold it as it was only giving them only 130 barrels a day and it was onshore and they are now only on offshore rigs so better for them to buy more off shore.
They had 12 cents per share cash flow the first quarter and 11 the next so still expect to do over 40 cents in cash flow this year.
Nice to see a picture with quite a few bodies. I also didn't know that Shell and Apache were partners with Pyramid, very interesting.
The Houston Team
http://www.pyramidpetroleum.com/about/about_us.html
Pyramid Petroleum, Inc. (TSX-V: PYR) with its headquarters located in Houston, Texas, is an oil and gas exploration and production company with substantial upside through its strategically located operations in the Gulf of Mexico (“GOM”). Pyramid produces 5,000 boepd from 16 platforms with three facilities in the Green Canyon block (52,184, and CPP) having the potential capacity of up to 55,000 BOPD and 100 MMcfd (current utility of 2250 BOPD and 6.4 MMcfd), of which 1,300 boepd is net to Pyramid. Management is contributing extensive experience in developing and managing domestic and international oil and gas projects to successfully progress Pyramid by taking steps to fill capacity through workovers, recompletions, and production handling for other operators in the immediate area. Working interest (“WI”) partners who participate with the company include Chevron and Apache along with other large independents. These WI have an operated and non-operated production of approximately 1300 boepd. Partners Shell and Apache partake in Pyramid’s ownership (19%) in a 12 inch, 30 mile long oil pipeline (throughput capacity 50,000 bopd). With possession of ideal resources, strong executive leadership, and a dedicated staff, Pyramid is deftly creating a pathway to greater future gains.
They compared to last year same period -
To compare to the last quarter they are almost the same, which is in line with the projections.
1st quarter Revenues, net of royalties, for Q1 2008 were $7,562,892
2nd quarter Revenues, net of royalties, for Q2 2008 were $7,911,854 or a gain of $348,000
1st quarter Cash flow from operations for Q1 2008 was $4,310,406
2nd quarter Cash flow from operations for Q2 2008 was $4,286,158 less by $24,000
1st quarter Net income for Q1 2008 was $1,873,809 (5 cents per share)
We do not know the net this quarter as they took a book loss on the sale of some properties, but imagine the real new is similar to the past quarter.
Pyramid Petroleum Announces 2nd Quarter 2008 Results
Thursday August 28, 4:08 pm ET
CALGARY, ALBERTA - Pyramid Petroleum Inc. (TSX VENTURE:PYR) announced today operating results for the 2nd quarter of 2008. The Company's 2008 2nd quarter unaudited interim consolidated financial statements and associated management's discussion and analysis can be found online at www.sedar.com.
Pyramid Petroleum CEO Ilyas Chaudhary stated that, "I am pleased with the operating results, especially the fact that cash flow from operations during the first two quarters of 2008 of 23 cents per share has already exceeded total cash flow from the year 2007 of 22 cents per share. With all fixed debt, other than $1 million long term debt, being fully paid, Pyramid is in a position to accelerate its growth plans by completing capital programs and pursuing selective acquisition opportunities."
2nd QUARTER 2008 HIGHLIGHTS (stated in U.S. dollars)
- Revenues, net of royalties, for Q2 2008 were $7,911,854 compared to $3,216,621 for Q2 2007. The increase is primarily due to additional assets acquired in the Gulf of Mexico during the 2nd quarter of 2007 and higher commodity prices in 2008.
- Cash flow from operations for Q2 2008 was $4,286,158 (11 cents per share) compared to $1,170,513 (3 cents per share) for Q2 2007.
- Net loss for Q2 2008 was $892,913 (2 cents per share) compared to net income of $353,590 (2 cents per share) for Q2 2007. The net loss in the period is due to a recorded book loss - on the disposition of producing properties, which were sold in June 2008.
http://www.pyramidpetroleum.com/investor_relations/press_releases/pr-2008-08-28.html
Good signs for the economy
China's urban fixed-asset investment rose 27.3 percent year-on-year in the first seven months, compared with the first half's 26.8 percent, promising to bolster the economy even as exports weaken.
The National Bureau of Statistics did not reveal the investment growth for July, but based on these figures, it is estimated that the July figure could be 29.4 percent.
China's domestic demand also grew steadily in July, increasing the possibility that the overall economy may not suffer much while trade is battered by weakening global demand, analysts said.
The annualized growth rate in retail sales rose to a record 23.3 percent in July from 23 percent in June, according to the statistics bureau. This is all the more impressive as inflation dropped to 6.3 percent in July from 7.1 percent in June.
As the country's trade surplus fell 9.6 percent year-on-year in the January-July period, the solid growth in retail sales and investment is an assurance the economy could remain resilient, analysts said.
China's economic growth slowed to 10.4 percent in the first half from almost 12 percent last year.
"With the phasing out of the Olympics influence and the slowing of household incomes, growth in domestic consumption will weaken in the second half, but it will still be the steadiest driver of the economy," Ha Jiming, chief economist at investment bank CICC, said in a research note.
Agreed Zhu Baoliang, senior economist with the State Information Center. Consumption will remain stable for the rest of the year, he said. "Retail sales generally do not change much. It is expected to remain stable, but will not increase rapidly."
Fixed-asset investment, a major pillar of the national economy, may ease in the coming months, he said. A large part of the investment is trade-related, analysts said, and will decline as export slows.
But it should not decline significantly since investment by the government and State enterprises would remain strong, said Duan Hongbin, economist with Ipencil Economic Research Institute in Shanghai. "Private enterprises may feel the need for investment capital, but State enterprises won't."
Although export and trade surplus growth could continue to fall in the coming months and the economy is set to decline, the overall economy can still manage to grow at 10 percent this year, said Zhu.
Macroeconomic regulations would hold the key to the economy, analysts said. China has adopted a tightening policy since the second half of last year to curb inflation and overheating. But the latest stance has been shifted to curbing inflation while ensuring a stable economy, a departure from the previous one.
"I'm not sure to what extent the Chinese economy would slow this year," said Hua Min, director of Fudan University's Institute of World Economy. "In the short term, it will hinge on the degree of policy tightening. If policymakers ease the tightening stance and increase liquidity in the market, the economy can be saved from drastic declines."
Following last week's rumor that the government was considering a massive stimulus plan worth up to 400 billion yuan, the Economic Observer yesterday reported policymakers are indeed considering such a plan, which includes 220 billion yuan in new investments and 150 billion in tax cuts, citing insiders.
The rumor reflects a market expectation that policymakers may intervene to save the economy as global economic prospects remain gloomy, analysts said. And, the belief that the government wishes to spur growth might in itself boost fixed-asset investment in the coming months, said Sherman Chan at Moody's Economy.com in a research note.
"As the authorities appear to have now shifted their top priority from curbing inflation to fuelling economic growth, investors keen to enter the Chinese market have been given an injection of confidence," she said. "Investment will likely continue to grow at a breakneck pace in the coming months."
(China Daily August 26, 2008)
http://www.china.org.cn/business/news/2008-08/26/content_16332330.htm
China growth, Retail sales show record 20% growth
The increase in China's retail sales volume exceeded 20 percent year on year in the last eight months and is still accelerating enough to sustain economic growth above 9.5 percent for the rest of the year, a HSBC report said.
According to the report "China Economic Spotlight" released yesterday, consumer spending was robust despite a slow economy, the disastrous earthquake and the cancellation of May Day golden week.
Taking into account the retail price index, the real retail sales growth hit a decade record of 15.4 percent year on year to about US$100 billion in July from 14.8 percent in June, substantially higher than the monthly average of 12.4 percent in 2007.
Both urban and rural areas showed strong retail sales growth in real terms over the same period last year, with rural retail up 14 percent to 280 billion yuan (US$41.18 billion) and that of urban areas up 17 percent to 600 billion yuan.
Strong consumer spending can be attributed to the rapidly increasing expenditure on accommodation and catering, up 26.5 percent year on year in July, and the robust growth of wholesale and retail trading.
In terms of commodities, petroleum products, jewelry, cosmetics, garments and automobiles are taking the lead. Petroleum product sales rose 55.2 percent year on year in July from 44.4 percent in the first half, reflecting the still strong demand despite the fuel price rise in June.
In real terms, urban disposable income growth has maintained 10 percent growth annually in the last three years, while rural residents' net income is increasing even faster.
With nearly US$1,900 per annum of disposable income for urban residents and almost US$700 per annum cash income for farmers, Chinese people are upgrading their consumption structure, said the report. They spend more on recreational goods and dine out more frequently, hence the fast rising sales of automobiles, garments, cosmetics and jewelry.
(Xinhua News Agency August 27, 2008)
http://www.china.org.cn/business/news/2008-08/27/content_16342019.htm
Honestly I dont think many people can trade this yet as I dont believe brokers have it completely set up yet in their systems.
Yes around $12.63 does look like a good valuation level....
We continue to churn away here at the $1 mark. I would think there cant be that much inventory left at this level and still believe this trades around $2 or more by end of year.
Where can JPCI (DSHL tomorrow) be headed? Here's where some china 'auto-related' companies are trading....
WATG
CAAS
SORL
Yeah, a 50 and 100 share trade went off right before the close at $1.50 from what I see.
^SSEC Shanghai Composite 2,523.28 3:00AM ET 178.81 (7.63%)
Yes some nice accumulation over the last month or so and definately some nice volume today on the move higher. Next stop will be to break the $1.15 52-week high on volume, which I believe will be a cakewalk seeing the growth this company is making.
Agreed, look at some china 'auto-related' charts....
WATG
CAAS
SORL
Six Reasons to Buy China
http://www.taipanpublishinggroup.com/Taipan-Daily-081208.html
CAAS nice #'s.. They are in China Automotive Market.... Componus/DIAS perfectly positioned here.
China Automotive Systems Reports 2008 Second Quarter Results
Tuesday August 12, 6:00 am ET
-- Net Sales reached historical high US$46.5 million; Gross Margin 31%; Net Income grew 93% YoY --
WUHAN, Hubei, China, Aug. 12 /Xinhua-PRNewswire-FirstCall/ -- China Automotive Systems, Inc. (Nasdaq: CAAS - News), a leading power steering components and systems supplier in China, today announced financial results for the second quarter ended June 30, 2008.
2008 Second Quarter Highlights:
-- Net sales increased to a quarterly record US$46.5 million, reflecting
28.1% year-over-year growth;
-- Net sales from steering components for passenger and light-duty
vehicles increased to US$ 28.7 million, reflecting a 25.9%
year-over-year growth;
-- Net sales from steering components for commercial vehicles increased to
US$13.6 million, reflecting a 36.6% increase year-over-year;
-- Net income was US$4.7 million, reflecting 93.2% year-over-year growth;
and
-- Diluted earnings per share was US$0.18, reflecting 80% year-over-year
growth
CAAS reported net sales of $46.5 million for the second quarter ended June 30, 2008, the highest sales for nay quarter in the Company's history. This sales result compared with $36.3 million in the same period in 2007, and $41.5 million for the first quarter of 2008, reflecting a 28.1% year-over-year growth and a 12.2% quarter-over-quarter growth, respectively. Net income for the second quarter of 2008 was $4.7 million, or $0.18 per fully diluted share, as compared with $2.5 million, or $0.10 per fully diluted share, in the same period a year ago, and $4.4 million, or $0.18 per fully diluted share for the first quarter of 2008, reflecting over 93.2% year-over-year and 6.8% quarter-over-quarter net income growth, respectively.
Second quarter net sales for 2008 from steering products for passenger and light-duty vehicles increased by 25.8% year-over-year to $28.7 million as compared with $22.8 million reported in the same period for 2007. Net sales from steering products for commercial vehicles for the second quarter of 2008 increased to $13.6 million, a 36.6% year-over-year gain compared with the $9.9 million reported in the same period for 2007. Net sales from oil pumps and sensors for the second quarter of 2008 increased to $4.0 million as compared with $3.5 million reported in the same period for 2007, reflecting a 14.4% year-over-year growth.
"We closed our slow season with a high note as we continue to outpace our market growth and win accounts from our competitors. While we continue to expand market share among Chinese domestic branded auto makers, we are also increasingly pursing businesses from European joint venture auto makers in China, We now have two major European auto powerhouses, Volkswagen and Peugeot, in our customer list for domestic China market. As we strive to increase the shipment to those OEMs, our next target is American auto makers," said Mr. Qizhou Wu, Chief Executive Officer of China Automotive Systems.
Gross profit for the second quarter of 2008 increased to $14.4 million as compared with $12.1 million reported in the same period for 2007, and $12.2 million for the first quarter of 2008, reflecting a 20% year-over-year increase and an 18% quarter-over-quarter increase, respectively. Gross margin increased to 31.1% in the second quarter from 29.5% in the first quarter of 2008. Operating income for the second quarter of 2008 was $5.5 million as compared with $5.9 million reported in the same period for 2007 and $6.8 million for the first quarter of 2008. Lower operating income was mainly due to higher general and administrative expenses from a number of non-recurring expenses such as higher professional fees due to the issuance of the $35 million convertible notes and Henglong acquisition.
Net income was $4.7 million as compared to $2.5 million, in the second quarter of 2007, reflecting a 93.2% year over year increase. The earnings per share on a fully diluted basis in the second quarter of 2008 were $0.18 as compared to $0.10 in the same period of 2007, reflecting an 80% year-over-year increase. Weighted average diluted earnings per share are adjusted for 28.8 million shares in the 2008 second quarter from the convertible debt issued in 2008 compared with almost 24 million in the same quarter in 2007. The increased second quarter net income was largely due to the acquisition of Henglong minority interest and an income tax refund benefit for domestic equipment purchased. The Company also received a tax refund from government in the same period of last year.
Total cash and cash equivalents as of June 30, 2008 were $28.4 million as compared with $19.5 million as of December 31, 2007. Stockholder's equity increased to $77.4 million as of June 30, 2008 from $67.2 million as of December 31, 2007. Working capital reached almost $70 million. Total account and notes receivables were $104.3 million reflecting higher sales. Notes receivables, which are guaranteed bank payment from customers, were $44.1 million as of June 30, 2008. Property, plant equipment increased to $49.3 million as China Automotive Systems' machinery and equipment rose by $6.6 million since December 31, 2007. The long-term convertible notes payable are valued at $32.7 million.
Mr. Qizhou Wu, Chief Executive Officer of China Automotive Systems, stated, "After winning the FAW Volkswagen contract last year, we are excited to enter another European automakers' auto parts purchasing system in China. After an almost three-year evaluation, Peugeot has approved the performance and quality of our products to be installed in their flagship vehicles in China. We will continue to focus on broadening our product offerings and maintaining high-quality standards to win key contracts from major automakers in China."
Mr. Jie Li, Chief Financial Officer, stated, "While global and Chinese auto and auto parts markets are experiencing pressure from higher raw material prices and lower average selling prices, we have incorporated a series of efficiency measures to optimize our manufacturing facilities while providing growth. Also, since the first quarter, the unit cost of commercial vehicles steering gear increased, due to the sharp rise of the price of steel, its main raw material. We also successfully negotiated with our customers and raised the selling price of commercial vehicles steering gear. As a result, we maintained our gross margin over 30%."
Recent Development
On July 7th, CAAS announced that its key subsidiary, Jingzhou Henglong Automotive Parts Co. ("Henglong"), has signed a supply agreement with Dongfeng Peugeot Citroen Automobile Co. Ltd. ("DPCA"). Beginning from July, Henglong will ship 3000 units of power steering gears per month to DPCA for its Dongfeng Peugeot 206 model. DPCA and Henglong are also in the process of finalizing commercial orders for two other models -- Dongfeng Elysee R23 and Dongfeng Picasso N68.
China Automotive Systems announced that it received all the $35 million from a previously announced private placement transaction with Lehman Brothers for $30 million and with YA Global Investments, L.P., which is managed by Yorkville Advisors, LLC, for $5 million. The proceeds are planned to support the Company's acquisitions, capital expenditures for expansion and working capital for future growth. The Company also announced that the previously announced acquisition of an additional 35.5% of Henglong Automotive Parts Company was approved by the local Ministry of Commerce of the People's Republic of China in Jingzhou, Hubei Province, China. With this transaction completed, China Automotive Systems now owns 80% of Henglong, and this transaction will be accretive to net earnings in 2008.
Conference Call
Management will conduct a conference call on Tuesday, August 12 at 8:00 a.m. Eastern Daylight Time to discuss these results. A question and answer session will follow management's presentation.
To participate, please call the following numbers 10 minutes before the call start time and ask to be connected to the China Automotive Systems conference call:
Phone Number: +1-877-407-9205 (North America)
Phone Number: +1-201-689-8054 (International)
In addition, the conference call will be broadcast live over the Internet at: http://www.caasauto.com .
Please go to the web site at least 15 minutes early to register, download and install any necessary software.
A telephone replay of the call will be available after the conclusion of the conference call through 11:59 p.m. Eastern Daylight Time on Tuesday, August 26, 2008. The dial-in details for the replay are: U.S. Toll Free Number +1-877-660-6853, International dial-in number +1-201-612-7415; using Account "286" and Conference ID "293370" to access the replay. The internet audio stream will also be available until 11:59 p.m. Eastern Daylight Time on Tuesday, August 26 at 11:59 p.m. EDT.
About CAAS
Based in Hubei Province, People's Republic of China, China Automotive Systems, Inc. is a leading supplier of power steering components and systems to the Chinese automotive industry, operating through seven Sino-foreign joint ventures. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles. The Company currently offers 4 separate series of power steering and 307 models of power steering with an annual production capacity of 1.1 million sets, steering columns, steering oil pumps and steering hoses. Its customer base is comprised of leading Chinese auto manufacturers such as China FAW Group, Corp., Donfeng Auto Group Co., Ltd., Brilliance China Automotive Holdings Ltd., Beiqi Foton Motor Co., Ltd. and Chery Automobile Co., Ltd., etc. For more information, please visit: http://www.caasauto.com .
Safe Harbor Statement This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations or beliefs, including, but not limited to, statements concerning the Company's operations, financial performance and, condition and the impact of acquisitions on its financial performance. For this purpose, statements that are not statements of historical fact may be deemed to be forward-looking statements. The Company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the impact of competitive products, pricing and new technology; changes in demand for the Company's products; changes in consumer preferences and tastes; and effectiveness of marketing; changes in laws and regulations; fluctuations in costs of production, delays and cost overruns related to developing and opening new production facilities; and other factors as those discussed in the Company's reports filed with the Securities and Exchange Commission from time to time.
China Automotive Systems, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
Three Months Ended June 30,
2008 2007
Net product sales, including $747,405 and
$1,173,244 to related parties for the
three months ended June 30, 2008 and 2007 $ 46,508,340 $ 36,312,338
Cost of product sold, including $2,651,000
and $1,414,954 purchased from related
parties for the three months ended June 30,
2008 and 2007 32,045,336 24,218,532
Gross profit 14,463,004 12,093,806
Add: Gain on other sales 117,710 147,993
Less: Operating expenses -
Selling expenses 2,936,835 2,813,166
General and administrative expenses 4,151,633 2,080,578
R&D expenses 563,295 468,517
Depreciation and amortization 1,451,064 935,173
Total Operating expenses 9,102,827 6,297,434
Income from operations 5,477,887 5,944,365
Add: Other income, net -- --
Financial income (expenses) net (464,988) (16,495)
Gain (loss) on change in fair value of
derivative 995,153 --
Income before income taxes 6,013,900 5,927,870
Less: Income tax expenses (benefits) (415,458) 1,067,535
Income before minority interests 6,429,358 4,860,335
Less: Minority interests 1,685,003 2,405,181
Net income $ 4,744,355 $ 2,455,154
Net income per common share -
Basic $ 0.19 $ 0.10
Diluted $ 0.18 $ 0.10
Weighted average number of common shares
outstanding -
Basic 24,880,071 23,959,702
Diluted 28,834,380 23,962,153
Three Months Ended June 30,
2008 2007
Net income $ 4,744,355 $ 2,455,154
Other comprehensive income:
Foreign currency translation gain 2,350,934 1,265,553
Comprehensive income $ 7,095,289 $ 3,720,707
Six Months Ended June 30,
2008 2007
Net product sales, including
$2,798,487 and $2,075,828
to related parties for the
six months ended June 30,
2008 and 2007 $ 87,975,383 $ 64,695,730
Cost of product sold, including
$4,603,390 and $2,466,434
purchased from related parties
for the six months ended
June 30, 2008 and 2007 61,300,009 43,410,018
Gross profit 26,675,374 21,285,712
Add: Gain on other sales 251,900 260,087
Less: Operating expenses -
Selling expenses 5,412,176 4,406,812
General and administrative expenses 5,767,783 3,589,605
R&D expenses 738,973 587,982
Depreciation and amortization 2,745,791 1,828,424
Total Operating expenses 14,664,723 10,412,823
Income from operations 12,262,551 11,132,976
Add: Other income, net 199,459 38,462
Financial income (expenses) net (438,447) (411,492)
Gain (loss) on change in fair value of
derivative 995,153 --
Income before income taxes 13,018,716 10,759,946
Less: Income tax expenses 408,937 2,361,615
Income before minority interests 12,609,779 8,398,331
Less: Minority interests 3,435,250 4,300,076
Net income $ 9,174,529 $ 4,098,255
Net income per common share
Basic $ 0.37 $ 0.17
Diluted $ 0.36 $ 0.17
Weighted average number of common
shares outstanding
Basic 24,422,429 23,948,950
Diluted 27,394,392 23,956,740
Six Months Ended June 30,
2008 2007
Net income $ 9,174,529 $ 4,098,255
Other comprehensive income:
Foreign currency translation gain 4,734,820 1,265,553
Comprehensive income $ 13,909,349 $ 5,363,808
China Automotive Systems, Inc.
Condensed Consolidated Balance Sheets
June 30, 2008 December 31, 2007
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 28,431,206 $ 19,487,159
Pledged cash deposits 4,356,164 4,645,644
Accounts and notes receivable, net,
including $989,921 and $1,869,480
from related parties at June
30, 2008 and December 31, 2007,
net of an allowance for doubtful
accounts of $3,460,274 and
$3,827,838 at June 30, 2008 and
December 31, 2007 104,331,962 82,022,643
Advance payments and other, including
$502,729 and $55,323 to related
parties at June 30, 2008 and
December 31, 2007 2,459,167 922,578
Inventories 26,210,406 20,193,286
Total current assets $ 165,788,905 $ 127,271,310
Long-term Assets:
Property, plant and equipment, net $ 49,349,170 $ 46,585,041
Intangible assets, net 605,548 589,713
Other receivables, net, including
$499,595 and $638,826 from related
parties at June 30, 2008 and
December 31, 2007, net of an
allowance for doubtful accounts of
$1,157,549 and $652,484 at
June 30, 2008 and December 31, 2007 898,728 888,697
Advance payments for property, plant and
equipment, including $2,881,471 and
$1,560,378 to related parties at
June 30, 2008 and December 31, 2007. 9,454,039 6,260,443
Long-term investments 78,727 73,973
Deferred income tax assets 1,801,170 1,315,510
Total assets $ 227,976,287 $ 182,984,687
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Bank loans $ 7,289,586 $ 13,972,603
Accounts and notes payable, including
$1,028,014 and $1,134,817 to related
parties at June 30, 2008 and
December 31, 2007 60,059,051 47,530,383
Customer deposits 600,163 135,627
Accrued payroll and related costs 2,819,597 2,664,464
Accrued expenses and other payables 13,714,500 14,938,055
Accrued pension costs 4,016,853 3,622,729
Taxes payable 7,077,652 9,080,493
Amounts due to shareholders/directors 250,820 304,601
Total current liabilities $ 95,828,222 $ 92,248,955
Long-term liabilities:
Advances payable 355,665 334,600
Derivative liabilities 927,047 --
Convertible notes payable, net 32,678,740 --
Total liabilities $ 129,789,674 $ 92,583,555
Minority interests $ 20,769,924 $ 23,166,270
Related Party Translations
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value -
Authorized - 20,000,000 shares,
Issued and outstanding - None $ -- $ --
Common stock, $0.0001 par value -
Authorized - 80,000,000 shares
Shares Issued and Outstanding -
26,983,244 shares and 23,959,702
shares at June 30, 2008 and
December 31, 2007, respectively 2,698 2,396
Additional paid-in capital 26,398,126 30,125,951
Retained earnings -
Appropriated 7,525,777 7,525,777
Unappropriated 32,765,804 23,591,275
Accumulated other comprehensive income 10,724,284 5,989,463
Total stockholders' equity $ 77,416,689 $ 67,234,862
Total liabilities and stockholders'
equity $ 227,976,287 $ 182,984,687
China Automotive Systems, Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
Six Months Ended June 30,
2008 2007
Cash flows from operating activities:
Net income $ 9,174,529 $ 4,098,255
Adjustments to reconcile net income from
continuing operations to net cash provided
by operating activities:
Minority interests 3,435,250 4,300,076
Stock-based compensation 95,400 --
Depreciation and amortization 4,766,575 3,440,985
Allowance for doubtful accounts (Recovered) 218,515 (107,765)
Deferred income taxes assets (398,551) --
Amortization for discount of convertible note
payable 181,328 --
Gain (loss) on change in fair value of
derivative (995,153) --
Other operating adjustments (4,203) 5,622
Changes in operating assets and liabilities:
(Increase) decrease in:
Pledged deposits 602,009 734,198
Accounts and notes receivable (16,249,120) (11,092,496)
Advance payments and other (1,444,927) (280,899)
Inventories (4,680,059) (1,425,194)
Increase (decrease) in:
Accounts and notes payable 9,349,207 3,825,270
Customer deposits 456,276 116,009
Accrued payroll and related costs (13,849) 457,740
Accrued expenses and other payables (699,033) (537,559)
Accrued pension costs 155,338 68,177
Taxes payable (2,591,573) 1,520,988
Advances payable (2,876) --
Net cash provided by (used in) operating
activities $ 2,753,149 $ 5,123,407
Cash flows from investing activities:
(Increase) decrease in other receivables (408,139) (34,753)
Cash received from equipment sales 96,317 146,412
Cash paid to acquire property, plant and
equipment (7,573,715) (6,064,201)
Cash paid to acquire intangible assets (101,601) (28,717)
Cash paid for the acquisition of 35.5% of
Henglong (10,000,000) --
Net cash (used in) investing activities $ (17,987,138) $ (5,981,259)
Cash flows from financing activities:
(Decrease) in proceeds from bank loans (7,564,564) (4,156,545)
Dividends paid to the minority interest
holders of Joint-venture companies (4,697,780) (4,377,448)
(Decrease) in amounts due to
shareholders/directors (82,610) 100
Proceeds from issuance of common stock -- 1,145,500
Proceeds from issuance of convertible note
payable 35,000,000 --
Net cash provided by (used in) financing
activities $ 22,655,046 $ (7,388,393)
Cash and cash equivalents effected by foreign
currency $ 1,522,990 $ 455,351
Net increase (decrease) in cash and cash
equivalents 8,944,047 (7,790,894)
Cash and cash equivalents at beginning of
period 19,487,159 27,418,500
Cash and cash equivalents at end of period $ 28,431,206 $ 19,627,606
For further information, please contact:
Jie Li
Chief Financial Officer
China Automotive Systems
Email: jieli@chl.com.cn
Kevin Theiss
Investor Relations
Grayling Global
Tel: +1-646-284-9409
Email: ktheiss@hfgcg.com
Pyramid is one great story emerging here. I wouldn't be suprised to see this trading over $2 by years end. A hidden undervalued gem here imo. Not to mention the huge exposure we will get once listed on the TSX, which I would think is just around the corner...
More signs of growth in "our area", CHINA!
CYD,China Yuchai International Reports Strong Unit Sales By Its Subsidiary for First Half of 2008
Monday August 11, 6:23 am ET
SINGAPORE, Aug. 11 /Xinhua-PRNewswire-FirstCall/ -- China Yuchai International Limited (NYSE: CYD - News; "China Yuchai" or the "Company"), announced today that its subsidiary, Guangxi Yuchai Machinery Company Limited ("Yuchai"), the leading manufacturer and distributor of diesel engines in China, extended its leadership position in China's diesel engine market in the first half of 2008. All diesel engine product lines showed robust growth. Specifically, compared to the same period last year, unit sales of truck engines increased 19%, bus engines grew 26%, and sales of generator sets rose 32%.
In addition, Yuchai has achieved rapid growth in the urban transportation market. Its National III and National IV engine unit sales rose 310% in the first half of 2008 compared with the same period last year. Yuchai's National III diesel engines has captured approximately 65% of China's total National III bus market, and Yuchai's National IV diesel engines now account for 80% of this bus segment.
Also, during the first half of 2008, export units of Yuchai's diesel engines outside of China soared 185% compared with the same period in 2007.
China Yuchai also announced that Yuchai was awarded the 5 Star Car Services Award for its excellent after sales service from the China Auto News publication, a division of the People's Daily. Yuchai is one of 15 companies in the car industry that achieved this distinction. Yuchai continues to improve its service offerings with more than 30 offices within China and over 40 branches overseas.
About China Yuchai International
China Yuchai International Limited, through its subsidiary, Guangxi Yuchai Machinery Company Limited ("Yuchai"), engages in the manufacture, assembly, and sale of a wide array of light-duty, medium-sized and heavy-duty diesel engines for construction equipment, trucks, buses, and cars in China. Yuchai also produces diesel power generators, which are primarily used in the construction and mining industries. Through its regional sales offices and authorized customer service centers, the Company distributes its diesel engines directly to auto OEMs and retailers and provides maintenance and retrofitting services throughout China. Founded in 1951, Yuchai has established a reputable brand name, strong research & development team and significant market share in China with high-quality products and reliable after-sales support. In 2007, Yuchai sold approximately 383,000 diesel engines and was consistently ranked No. 1 in unit sales by China Association of Automobile Manufacturers. For more information, please visit http://www.hlcorp.com.sg/cyi .
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "project," "targets," "optimistic," "intend," "aim," "will" or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that may be deemed forward-looking statements. These forward- looking statements are based on current expectations or beliefs, including, but not limited to, statements concerning the Company's operations, financial performance and condition. The Company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including those discussed in the Company's reports filed with the Securities and Exchange Commission from time to time. The Company specifically disclaims any obligation to update the forward-looking information in the future.
For more information, please contact:
Kevin Theiss / Dixon Chen
Grayling Global
Tel: +1-646-284-9409
Email: ktheiss@hfgcg.com
dchen@hfgcg.com
China Auto Market is the place to be!!!!
Part of the blame for China’s thirst for energy goes to China’s consumers who are buying cars and driving over China’s expanding highway network with a degree of enthusiasm rarely seen outside of the United States. With auto production setting new records every month, it is small wonder that commodities such as copper, steel and, of course, oil are jumping in price relentlessly.
The surge in auto production and consumption is also happening in a number of other emerging economies, such as India. But China is truly the proverbial thousand-pound gorilla in the global commodity inflation situation.
http://sfomag.com/article.aspx?ID=1211
Looking good. Gap was filled a few weeks ago; now only upside from here. Looks like some nice accumulatin going on right now before earnings come out. As we await Q2 financials, here's a brief look back at Q1 and growth they've shown year over year.
* $0.05 eps and .12 cashflow (stock currently in mid 70s making it incredibly cheap on projected earnings and cash flow); currently trading under 2X projected annual cash flow
* current 1300boepd production; guiding for 3000 boepd exit rate 12/08
Pyramid Petroleum's 1st Quarter 2008 Operational Cash Flow is $0.12 Per Share
CALGARY, May 30, 2008 (Canada NewsWire via COMTEX News Network) --
Pyramid Petroleum, Inc. (TSXV: PYR) announced today the results of the 1st quarter of 2008. The Company's 2008 1st quarter interim financial statements and associated management's discussion and analysis can be found online at www.sedar.com.
<< 1st QUARTER 2008 HIGHLIGHTS - Revenues, net of royalties, for Q1 2008 were $7,562,892 compared to $718,444 for Q1 2007. The increase is primarily due to additional assets acquired in the Gulf of Mexico during the 2nd quarter of 2007. - Cash flow from operations for Q1 2008 was $4,310,406 (12 cents per share) compared to $333,279 (1 cent per share) for Q1 2007. - Net income for Q1 2008 was $1,873,809 (5 cents per share) compared to $115,377 (nil) for Q1 2007. The following is the summary of financial results for the Company for thethree month periods ended March 31, 2008 and 2007. Three months ended March 31 2008 2007 --------------------------- ---- ---- Total sales volumes (boe 6:1) - net of royalties 125,724 17,108 Daily sales volumes (boe 6:1) - net of royalties 1,382 190 Statements of Net Income and Retained Earnings US dollars Oil and gas sales ($), net of royalties 7,562,892 718,444 Oil and gas sales per boe ($) 60.15 41.99 Net oil and gas revenue ($) 5,655,553 525,190 Net oil and gas revenue per boe ($) 44.98 30.70 Net income for the period ($) 1,873,809 115,377 Net income per share - basic and diluted ($) 0.05 - Statements of Cash Flows Cash flow from operations ($) 4,310,406 333,279 Cash flow from operations per share ($) 0.12 0.01 Weighted average number of shares - basic 37,317,595 36,605,095
The Peoples Republic of Profit on at 9pm EST tonight fwiw
http://www.cnbc.com/id/25349698
WATG out with good earnings...a nice comparison as JPCI is in similar market. Could we see $5-$10 here with the new merger? We shall see, but from the looks of the industry it looks mighty strong and still at its infancy.
WATG beats by .01, 6:23AM Wonder Auto Tech beats by $0.01, beats on revs; guides Q3 revs in-line (WATG) 8.44 : Reports Q2 (Jun) earnings of $0.20 per share, $0.01 better than the First Call consensus of $0.19; revenues rose 55.5% year/year to $36.7 mln vs the $35.1 mln consensus. Co issues in-line guidance for Q3, sees Q3 revs of $39 mln vs. $39.03 mln consensus, and gross margins to exceed 25.5%.
Look at this article, Componus/DIAS merger couldnt be at a better time. Amazing growth going on in China's automotive market right now and it's just the beginning.
China Automotive Systems on fast track
Thursday August 7, 6:13 am ET
Shannon Roxborough
On China's vast system of roads and highways, where traffic was once almost exclusively made up of bicycles, two-wheel modes of transport are increasingly sharing the pavement with cars of every stripe—from a wide range of American, European and Japanese imports to a host of affordable offerings from homegrown automakers.
In fact, the automotive industry in China has grown by leaps and bounds in the past several years, thanks to the country's 2001 entry into the World Trade Organization and its phenomenal economic progress. Annual sales of passenger vehicles doubled between 2003 and 2007, driving China past Japan into the spot of the world's second-largest vehicle market after the United States.
While the global auto industry is being battered by sagging economic conditions that have caused consumers to put big-ticket items on the back burner, China's vehicle sales continue to increase, albeit at a slower pace than in previous years. And in one segment of the automotive sector, a domestic player is accelerating fast, grabbing market share and expanding its alliances with automakers to cash in on the automotive boom. Meet China Automotive Systems, Inc. (NasdaqCM:CAAS - News), a top supplier of automotive steering systems and components to Chinese automakers and, to a lesser extent, the American market.
Operating through seven Sino-foreign joint ventures from its base in the south-central city of Jingzhou in Hubei province, nine-year-old China Automotive has grown to become a major player in its niche, supplying the expanding mainland passenger and commercial vehicle market. The company produces over 1 million power steering systems as well as steering columns, steering pumps and steering hoses. Its customer base is primarily comprised of Chinese auto and truck manufacturers including Chery Automobile Co., Ltd., Beiqi Foton Motor Co., Ltd., Dongfeng Auto Group Co. and China FAW Group, Corp. In total, it has forged relationships with over 60 vehicle manufacturers, including joint ventures established by General Motors (NYSE:GM - News) and Volkswagen. The company also markets parts and provides after sales service and R&D support in North America through its subsidiary, Henglong USA Corporation, based in Troy, Mich., a suburb of Detroit.
China Automotive raced through the first quarter, finishing with exceptional result that included a 46% increase in net sales, which rose to $41.5 million, and a nearly 170% spike in net income, which shot up to $4.4 million. The top brass expects second-quarter revenue to cross the finish line at over $52 million, which would mean more than a 43% year-over-year increase, with diluted earnings per share (EPS) of between $0.18 and $0.22.
Last month, the company's Jingzhou Henglong Automotive Parts Co. subsidiary won a contract to supply Dongfeng Peugeot Citroen, a Chinese-French venture, with 3000 units of power steering gears for its 206 model subcompact car. The two companies are also on the verge of finalizing terms for orders for two other Dongfong Peugot models.
While some industry watchers express concerns over the state of China's economy, the mixed signals being sent by Chinese consumers, and surging production costs being faced by auto manufacturers, others are anything but fearful about the health of the Chinese auto market.
Analyst Ping Luo of Global Hunter Securities kicked off coverage of China Automotive Systems with a "buy" rating and a 1-year target price set to $9. The analyst noted the company's robust supply agreements with leading original equipment manufacturers and said it is poised for growth going forward, bolstered by the expansion of the domestic auto market in China. Global Hunter expects China Automotive to generate top-line growth of 30% in the next two years, fueled by rising in domestic sales and foreign exports.
According to Indian research firm RNCOS, publishers of the China Automobile Industry Forecast (2006-2010), even with the rise of gasoline prices and slower-than-expected growth in the Chinese auto market (which is expected to dip to around 15%, down from 22% in 2007 and 24% in 2006), the continuing increase of discretionary income among the Chinese should mean ongoing growth in auto sales, thus China Automotive's business.
China Automotive's fortunes are inseparably linked to the performance of the overall domestic auto market (if the sector is being squeezed, auto parts suppliers feel the pinch in their bottom line). And while there's no question that the Chinese auto business faces serious obstacles to achieving growth on par with the lofty numbers seen in recent years, a slowdown was inevitable given the sheer size of the market.
The company has a lot riding on the strength of the burgeoning Chinese auto industry, which according to the latest report released by the China Association of Automobile Manufacturers, is still "showing stable growth." If the assessment proves to be everything it is cracked up to be, China Automotive appears well on its way to steering clear of bumps in the road to continued success.
The stock, which has traded between $4.40 and $10.47 over the past 52 weeks, closed at $6.xx on Wednesday.
http://biz.yahoo.com/smallcapinvestor/080807/10579.html?.v=1
Like they say patience is a virtue; Not everyone has it. Those that do will be rewarded here imho
Looks like all gaps filled. A trade went off at .65 the other day filling that old gap from about 1.5 months ago. Next leg bring us to $1.50-$2.00?
Better start your accumulation soon, news released on merger approved unanimously