Farm the turd -- beat the herd
Followers | 88 |
Posts | 10,508 |
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Alias Born | 02/17/2010 |
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CKGT - how low can it go?
CHNC - trying to add some, lol
CNER on suicide watch
Looks like POMO let loose the rally monkey
CEU tankage
CEU tanking
HEAT sub 5
Anyone ever think about shorting VIT at some point?
Added a little CCCL
CGPI continues slow march up, don't forget this one
CAK - CAMAC Energy Announces Gas Discovery on the Zijinshan, China Asset
CPDU - China Pediatric Pharm Inc 3Q EPS 11c
NCTY - anyone follow this one?
'Fourth generation' Internet arrives in Hong Kong
http://www.breitbart.com/article.php?id=CNG.cf1bf79b97d3702c06a7ecf0304f8c22.4e1&show_article=1
NIV - Wireless Telecom Business: NIVS Wins Contracts Worth $2.98 Million. The company said it believes final orders from the conference may exceed $4 million.
CNER - China New Energy Announces Third Quarter FY 2010 Results 11/26 05:00 AM
TIANJIN, China, Nov. 26, 2010 /PRNewswire-Asia-FirstCall/ -- China New Energy Group Company (CNER:$0.27,00$0.00,000.00%) , a natural gas network developer and distributor of natural gas to residential, industrial, and commercial users in small and medium sized cities in China, today announced its third quarter financial results ended September 30, 2010.
Third Quarter 2010 Results
For the third quarter ended September 30, 2010, revenues were $162,066 compared to $1.1 million in the same quarter last year. The decrease was due to a decline in number of connection households. Revenues from connection fees were $124,803 compared to $1.1 million in the same period last year. Revenues from natural gas sales were $37,263 compared to $42,427 for the third quarter of last year.
Gross loss was $33,339 compared to a gross profit of $0.8 million from the third quarter of 2009. Operating expenses were $1.4 million compared to $1.3 million for the third quarter of last year. This increase was primarily due to the fact that the Company is expanding by adding more resources in areas like business development, outside consultants, and the hiring of additional staff to help strengthen the Company's internal controls. Operating loss was $1.4 million, compared to an operating loss of $513,842 for the same period last year.
The Company's third quarter 2010 and third quarter 2009 financial statements include the non-cash impact from the change in fair value of derivative financial instruments of ($8.3) million and $6.0 million, respectively.
Net loss from continuing operations was $10.9 million compared to net income from continuing operations of $5.4 million, or $0.06 per diluted share, in the same period last year. Excluding the non-cash impact from the change in fair value of derivative financial instruments, the Company's adjusted net loss from continuing operations was $2.6 million, compared to an adjusted net loss from continuing operations of $0.7 million for the third quarter of last year. (*)
In March 2010, the Company sold its subsidiary, Yingkou Zhongneng Gas Development Co., Ltd., for RMB 21.9 million (approximately $3.2 million). In December 2009, the Company sold its Acheng Division for RMB 40 million (approximately $6 million). The results of Yingkou Zhongneng and Acheng Division are classified as discontinued operations on the Company's financial statements.
Net loss attributable to common shareholders was $17.3 million compared to net income attributable to common shareholders of $5.9 million, or $0.03 per diluted share, in the same period last year. Adjusted net loss attributable to common shareholders, which excludes the non-cash impact of the change in fair value of derivative financial instruments, was $9.0 million, compared to an adjusted net loss of $130,557 for the third quarter of last year (*)
(*) See table at the end of this press release for a reconciliation of income from continuing operations to exclude the non-cash impact from the change in fair value of derivative financial instruments and for a reconciliation of net income attributable to common shareholders to exclude the non-cash impact from the change in fair value of derivative financial instruments.
First Nine Months of FY2010 Results
For the nine months ended September 30, 2010, revenues were $2.6 million compared to $1.8 million in the same period last year, an increase of 39.9%. Revenues from connection services fees were $2.5 million compared to $1.7 million in the same period last year, an increase of 41.9%. Sales of natural gas were relatively flat at $84,165. Gross profit was $1.7 million compared to $1.2 million in the same period last year, an increase of 46.7%. Gross margin was 67.2% compared to 64.1% last year. Operating loss was $2.3 million compared to $1.4 million in the prior year period, an increase of 62.7%.
Net loss from continuing operations was $11.9 million compared to net income from continuing operations of $6.4 million for the nine months ended September 30, 2009. Adjusted net loss from continuing operations, which excludes the non-cash impact of the change in fair value of derivative financial instruments, was $3.9 million compared with an adjusted net loss from continuing operations of $1.6 million, for the first nine months of 2009.
Net loss attributable to common shareholders was $18.8 million compared to net income attributable to common shareholders of $8.9 million, or $0.05 per diluted share, in the first nine months of 2009. Adjusted net loss attributable to common shareholders, which excludes the non-cash impact of the change in fair value of derivative financial instruments, was $10.8 million, compared to an adjusted net income of $837,686 for the first nine months of 2009.
Financial Condition
As of September 30, 2010, the Company had cash and cash equivalents of $0.6 million. The Company has no long term debt. Shareholders' equity was negative $27.9 million as of September30, 2010. During the first nine months of 2010, operating cash flow was negative $0.5 million versus negative cash from operations of $0.9 million in the prior year period. Capital expenditures for the nine months ended September 30, 2010 were approximately $38.4 million, which was primarily for the construction of gas pipelines and stations.
Recent Developments
In September 2010, the Company's wholly-owned PRC subsidiary, China New Energy Investment Co., Ltd, entered into certain equity transfer agreements with Beijing Fengyin Xianghe Scientific Technology Co., Ltd. a PRC company controlled by Mr. Tang Zhixiang, to acquire 70% equity interests in Beijing Century Dadi Gas Engineering Co., Ltd. and Zhoulu Dadi Gas Co. Ltd. (collectively, "Dadi Gas") for a total purchase price of RMB 270 million (approximately $40 million).
Business Outlook
Mr. Chong concluded, "We believe that we remain on track to complete three significant acquisitions by year end—Dadi Gas, Fuzhou Zhongran and Lean Longran. These firms can add tremendously to our business prospects, since they are all players in under-penetrated, fast-growing small- and medium-sized cities. The efforts of the Company's management are very much focused on closing the acquisitions and positioning China New Energy (CNER:$0.27,00$0.00,000.00%) to execute on its business plan once the deals are concluded. We anticipate that the acquisitions will bring about substantial synergies, including guaranteed and steady supply of gas from upstream suppliers; better pricing for gas, related products and other purchases; lower transportation costs; lower operating expenses; and flexible mobilization and placement of professional and technical staff. In addition, we expect the acquisitions to improve our cash flow and overall financial position, creating great opportunities for revenue, profit growth, and an increase in shareholder value."
NEP riiiiiiiiiipping!! with two p's lol
TXIC - I got in @ 1.25, tempted to sell here...
UTA - added @ 6.05, CCCL added @ 7.6
What is everyone holding into Friday?
What Does SEC Form 424B5 Mean?
The prospectus form that companies must file to disclose information referred to in forms 424B2 and form 424B3. It outlines updated prospectus information, facts or events from previously-filed forms.
The form must be filed within two business days of the determination date of an offering price or the date first used following the effective date of a public offering or sale of securities by the company. Companies are required to file prospectus form 424B5 in accordance with Rule 424(b)(5) of the Securities Exchange Act of 1933.
NEP, huge volume today
good move, bouncing
NEP - How about contacting someone else at IRC to voice our concern?
http://icrinc.com/web/contact.php
AERL - added @ 8.70
NEP falling apart, hv
NEP tanking, just watching/holding my shares for now
poured myself a jameson to relieve the bordom. dont judge me
screw the deep fry, sign me up for that menu!
CCCL - get some here @ 7.75 imo, this surely can't last forever
Deep fried's the way to go, just be careful. I lit my deck on fire a few years back. Lesson learned, thaw bird before immersing in boiling oil.
Bought UTA, AERL,NIV today, added TXIC, CCCL
weird, now its working
USAA doesnt either
CVNP Fidelity doesn't have ticker in their system....
NIV - in @ 2.3
its pretty cool!
http://investorshub.advfn.com/boards/poststream.aspx
Anybody else here using ihub's new poststream function? Its pretty cool, always you to monitor all you favorite boards on one page!