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III $3.86 and on a tear from 3.30's just a couple of weeks ago or so on very strong volume for this stock! Worth a look imho...tuna
III $3.86 and on a tear from 3.30's just a couple of weeks ago or so on very strong volume for this stock! Worth a look imho...tuna
III $3.75 +.10 at 52 wk high...stock has been going up nicely for months....worth a look with rising earnings!! tuna
MFRI 12.03 +.27 adding on strong positive earnings vs loss reported yesterday....still too cheap imho...tuna
XRS 12.91 strong earnings last report plus close to 4% dividend and this yesterday after the close from IBD: Two Education Stocks Are Forming Bases
By JUAN CARLOS ARANCIBIA, INVESTOR'S BUSINESS DAILY
Posted 09/12/2013 05:49 PM ET
As the major indexes come out of their mild correction, several stocks in Your Weekly Review are shaping bases that could provide the next opportunities for growth investors.
Two education companies are among them. Grand Canyon Education (LOPE) is less than a point away from the 37.27 buy point of a base-on-base pattern. The Christian-based college's operating earnings slowed to 15% in Q2, following increases of 41%, 35% and 34%.
TAL Education (XRS) is shaping a flat base with a buy point at 13.44. The Chinese provider of tutoring services has uneven earnings. EPS rose 44% in the May-ended quarter. Revenue ranged from 14% to 32% the past four quarters.
Read More At Investor's Business Daily: http://news.investors.com/investing-your-weekly-review/091213-670821-weekly-review-stocks-form-bases.htm#ixzz2emA1Yx3z
Follow us: @IBDinvestors on Twitter | InvestorsBusinessDaily on Facebook
MFRI $11.72 popping on super earnings vs loss...here is earnings and this is a low float stock fyi with a lot more upside imho!!
MFRI Announces Record Second Quarter 2013 Earnings
MarketwiredPress Release: MFRI – 2 hours 47 minutes ago..
NILES, IL--(Marketwired - Sep 12, 2013) - MFRI, Inc. (NASDAQ: MFRI) announced today financial results for the second quarter and six months ended July 31, 2013. Second quarter net sales were $62 million compared to $43 million in the prior-year quarter; net income in the quarter was a second quarter record of $4.4 million or $0.62 per diluted share compared to a net loss of $1.4 million or ($0.20) per diluted share in the prior-year quarter.
SECOND FISCAL QUARTER ENDED JULY 31, 2013
SALES - Sales increased 44% to $62 million in the current quarter from $43 million in the prior-year quarter. Piping systems sales increased 90% or $21 million in the quarter mainly due to sales growth in Saudi Arabia and the United Arab Emirates, ("U.A.E.") for major projects expanding the Grand Mosque in Mecca and the King Abdul-Aziz International Airport in Jeddah. Filtration products sales decreased by $2 million due primarily to reduced domestic demand for fabric filter bags.
GROSS PROFIT - Gross profit approximately doubled to $14 million in the current quarter from $8 million in the prior-year quarter mainly due to the sales increase in piping systems. Filtration products' gross profit increased 11.4% resulting from sales mix favoring cartridge filters versus fabric filter bags.
EXPENSES - Operating expenses as a percent of net sales decreased to 14.5% in the current quarter from 19.1% in the prior-year quarter. Operating expenses increased to $8.9 million in the current quarter from $8.2 million in the prior-year quarter. This dollar increase was due to management incentive compensation expense partially offset by reduced health insurance costs.
NET INCOME - Second quarter net income was $4.4 million compared to net loss of $1.4 million in the comparable prior-year's quarter. Income rose primarily due to the gross profit generated from increased piping system sales.
YEAR-TO-DATE SIX MONTHS ("YTD")
SALES - YTD net sales of $117.2 million increased 35% from $86.5 million for the prior-year YTD. Piping systems sales increased 86% or $37 million due to the aforementioned projects in the Middle East. Filtration products decreased by $6 million primarily due to reduced domestic demand for fabric filter bags.
GROSS PROFIT - Gross profit approximately doubled to $27 million from $14 million in the prior-year period due to the sales increase in piping systems.
EXPENSES - Operating expenses as a percent of sales decreased to 16% in the current year from 19% in the prior year. Operating expenses for the first half of the current year were $19 million, up from $17 million in the prior year. This dollar increase was due to management incentive compensation expense partially offset by reduced health insurance costs.
TAXES - The Company's consolidated effective tax rate from continuing operations was a negative 2.9% for the six months ended July 31, 2013, which was affected primarily by the release of the full valuation allowance related to the Company's deferred tax assets in Saudi Arabia.
NET INCOME - Net income was $15.5 million in 2013 compared to a net loss of $3.4 million in the comparable prior-year's period. Income rose due to the asset sale of Thermal Care, Inc., and the aforementioned improvement in sales and profit primarily related to piping systems growth.
BACKLOG - The Company's backlog from continuing operations has increased 61% or $46 million from July 31, 2012. The July 31, 2013 backlog rose $5 million or 4% to $121 million from January 31, 2013.
Backlog July 31, 2013 January 31, 2013 July 31, 2012
in millions
Piping Systems $100.7 $89.5 $63.4
Filtration Products 19.5 25.8 11.1
Corporate and Other .3 .3 .4
Total Backlog $120.5 $115.6 $74.9
Bradley Mautner, President and CEO, said, "The record second quarter results were led by the terrific performance of the Piping Systems business as the team continued delivery of products for the large scale projects in Saudi Arabia and the U.A.E. In addition, piping systems' bookings in the second quarter for offshore pre-insulated piping, sub-sea equipment and other activities increased the backlog $11 million from the beginning of this year. We expect our active marketing efforts continue to add to our project base for future quarters.
"As we have been reporting, the filtration products segment faces a very difficult market for fabric filters but with improved margins and cost controls, we were able to achieve a profit compared to a loss in the prior year's quarter. There are many initiatives under way to improve the Filtration segment, yet soft demand for fabric filters will continue to provide a headwind in the coming quarters.
"Finally, during the quarter we made the strategic decision to exit the HVAC business via the sale of substantially all of its assets, which consisted primarily of backlog on existing orders. The backlog for this business was previously reported in corporate and other. We believe the focus on major project driven needs for our piping systems and on consumables in filtration remain an excellent platform for our manufacturing activities going forward."
MFRI, Inc. is a company engaged in the manufacturing of pre-insulated specialty piping systems for oil and gas gathering, district heating and cooling as well as other applications and custom-designed industrial filtration products to remove particulates from dry gas streams.
Form 10-Q for the period ended July 31, 2013 will be accessible at www.sec.gov and www.mfri.com. For more information visit the Company's website or contact the Company directly.
Statements and other information contained in this announcement which can be identified by the use of forward-looking terminology such as "anticipate," "may," "will," "expect," "continue," "remain," "intend," "aim," "should," "prospects," "could," "position," "future," "potential," "believes," "plans," "likely," "seems," and "probable," or the negative thereof or other variations thereon or comparable terminology, constitute "forward-looking
Great earnings just out on MFRI 11.73 vs loss: Low float stock way undervalued imho:
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MFRI Announces Record Second Quarter 2013 Earnings
MarketwiredPress Release: MFRI – 2 hours 47 minutes ago..
NILES, IL--(Marketwired - Sep 12, 2013) - MFRI, Inc. (NASDAQ: MFRI) announced today financial results for the second quarter and six months ended July 31, 2013. Second quarter net sales were $62 million compared to $43 million in the prior-year quarter; net income in the quarter was a second quarter record of $4.4 million or $0.62 per diluted share compared to a net loss of $1.4 million or ($0.20) per diluted share in the prior-year quarter.
SECOND FISCAL QUARTER ENDED JULY 31, 2013
SALES - Sales increased 44% to $62 million in the current quarter from $43 million in the prior-year quarter. Piping systems sales increased 90% or $21 million in the quarter mainly due to sales growth in Saudi Arabia and the United Arab Emirates, ("U.A.E.") for major projects expanding the Grand Mosque in Mecca and the King Abdul-Aziz International Airport in Jeddah. Filtration products sales decreased by $2 million due primarily to reduced domestic demand for fabric filter bags.
GROSS PROFIT - Gross profit approximately doubled to $14 million in the current quarter from $8 million in the prior-year quarter mainly due to the sales increase in piping systems. Filtration products' gross profit increased 11.4% resulting from sales mix favoring cartridge filters versus fabric filter bags.
EXPENSES - Operating expenses as a percent of net sales decreased to 14.5% in the current quarter from 19.1% in the prior-year quarter. Operating expenses increased to $8.9 million in the current quarter from $8.2 million in the prior-year quarter. This dollar increase was due to management incentive compensation expense partially offset by reduced health insurance costs.
NET INCOME - Second quarter net income was $4.4 million compared to net loss of $1.4 million in the comparable prior-year's quarter. Income rose primarily due to the gross profit generated from increased piping system sales.
YEAR-TO-DATE SIX MONTHS ("YTD")
SALES - YTD net sales of $117.2 million increased 35% from $86.5 million for the prior-year YTD. Piping systems sales increased 86% or $37 million due to the aforementioned projects in the Middle East. Filtration products decreased by $6 million primarily due to reduced domestic demand for fabric filter bags.
GROSS PROFIT - Gross profit approximately doubled to $27 million from $14 million in the prior-year period due to the sales increase in piping systems.
EXPENSES - Operating expenses as a percent of sales decreased to 16% in the current year from 19% in the prior year. Operating expenses for the first half of the current year were $19 million, up from $17 million in the prior year. This dollar increase was due to management incentive compensation expense partially offset by reduced health insurance costs.
TAXES - The Company's consolidated effective tax rate from continuing operations was a negative 2.9% for the six months ended July 31, 2013, which was affected primarily by the release of the full valuation allowance related to the Company's deferred tax assets in Saudi Arabia.
NET INCOME - Net income was $15.5 million in 2013 compared to a net loss of $3.4 million in the comparable prior-year's period. Income rose due to the asset sale of Thermal Care, Inc., and the aforementioned improvement in sales and profit primarily related to piping systems growth.
BACKLOG - The Company's backlog from continuing operations has increased 61% or $46 million from July 31, 2012. The July 31, 2013 backlog rose $5 million or 4% to $121 million from January 31, 2013.
Backlog July 31, 2013 January 31, 2013 July 31, 2012
in millions
Piping Systems $100.7 $89.5 $63.4
Filtration Products 19.5 25.8 11.1
Corporate and Other .3 .3 .4
Total Backlog $120.5 $115.6 $74.9
Bradley Mautner, President and CEO, said, "The record second quarter results were led by the terrific performance of the Piping Systems business as the team continued delivery of products for the large scale projects in Saudi Arabia and the U.A.E. In addition, piping systems' bookings in the second quarter for offshore pre-insulated piping, sub-sea equipment and other activities increased the backlog $11 million from the beginning of this year. We expect our active marketing efforts continue to add to our project base for future quarters.
"As we have been reporting, the filtration products segment faces a very difficult market for fabric filters but with improved margins and cost controls, we were able to achieve a profit compared to a loss in the prior year's quarter. There are many initiatives under way to improve the Filtration segment, yet soft demand for fabric filters will continue to provide a headwind in the coming quarters.
"Finally, during the quarter we made the strategic decision to exit the HVAC business via the sale of substantially all of its assets, which consisted primarily of backlog on existing orders. The backlog for this business was previously reported in corporate and other. We believe the focus on major project driven needs for our piping systems and on consumables in filtration remain an excellent platform for our manufacturing activities going forward."
MFRI, Inc. is a company engaged in the manufacturing of pre-insulated specialty piping systems for oil and gas gathering, district heating and cooling as well as other applications and custom-designed industrial filtration products to remove particulates from dry gas streams.
Form 10-Q for the period ended July 31, 2013 will be accessible at www.sec.gov and www.mfri.com. For more information visit the Company's website or contact the Company directly.
Statements and other information contained in this announcement which can be identified by the use of forward-looking terminology such as "anticipate," "may," "will," "expect," "continue," "remain," "intend," "aim," "should," "prospects," "could," "position," "future," "potential," "believes," "plans," "likely," "seems," and "probable," or the negative thereof or other variations thereon or comparable terminology, constitute "forward-looking
Battered UNXL 23.94 just started a reversal higher Friday...much more likely after a huge slam the last week....PSUN 3.25 may also see further upside with better than expected earnings last week...and really like TNP 4.96 with it's strong earnings and the shipping sector has sprung back to life like the solars....all imho....tuna
Motley Fools listed TNP $4.96 close first in it's "3 Stocks That Blew the Market Away" today! In Friday on the big surprise earnings:
By Rick Munarriz | More Articles | Save For Later
May 27, 2013
Every week, I look at three companies that beat market expectations, since I think that's the biggest factor in a stock's ability to beat the market. Leaving Wall Street's pros stunned usually means the companies have more in the tank than the analysts figured, and capital appreciation typically follows.
Let's look at a few companies that humbled the pros over the past few trading days.
We can start with Tsakos Energy Navigation Limited (NYSE: TNP ) . Shares of the energy transporter moved 27% higher last week after surprising the market with a quarterly profit. Business isn't great at Tsakos. Revenue dipped slightly during the period, and a profit of $0.02 a share may not turn heads. However, analysts were bracing for a loss of $0.08 a share on a sharper decline in revenue.
Watch UNXL $23.45 close down HUGE since Friday but reversal today I'm guessing!! In for 1k from about $23.72 that I didn't sell yesterday after I scalped it twice for about $350 total gain. Also still in LIWA from low $5's with buys as high as $6.20 and it's at $6.02 now but like the momentum and higher volume in this very low PE great earnings company! Happy trading....tuna
LIWA $6.22 +.26 new 52wk HI...and III 2.01 +.05 nearing 52wk HI of $2.15 so far both on strong volume for these issues!!
LIWA $5.96 close on Friday and was it's second highest volume in a year and breaking old 52wk high of $5.58 and just over $6 in AH. Liking III $1.96 close Friday also as both companies posted very strong earnings earlier this month ($2.15 is 52wk high). Best of luck everyone and cheers from Bangkok, Thailand!!
Staying in LIWA $5.96 close on second highest volume in a year and breaking old 52wk high of $5.58 Friday. Also adding on any weakness more III $1.96 close.....both companies reported very strong earnings May 10 and May 13 respectively. III hit a new 52wk high of $2.15 after earnings were announced. Good luck all!
Added more LIWA at 5.49 early as it looked ready to break it's 52wk high of 5.58 and it is now 5.66 on strong volume for it. Really strong earnings reported a couple of weeks ago. Also added more III which had a good earnings report earlier this week....filled at 1.93 and 1.95 now 1.99 coming off it's 50dma of 1.93 with hod at 2.04 so far. Best of luck all!! tuna
Looking for new 52wk highs on LIWA $5.37 (5.58 52wk high) after strong earnings out about 2 weeks ago....here is the majority of the report:
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Lihua International Reports First Quarter 2013 Financial Results
First Quarter Revenue Increases 29.1% Year-over-Year to $218.2 Million
Press Release: Lihua International, Inc. – Fri, May 10, 2013 6:00 AM EDT.. .
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DANYANG, China, May 10, 2013 /PRNewswire/ -- Lihua International, Inc. (LIWA) ("Lihua" or the "Company"), a leading Chinese developer, designer, and manufacturer of low cost, high quality alternatives to pure copper products, including refined copper products, copper wire and copper clad aluminum ("CCA") wire, today announced financial results for the first quarter ended March 31, 2013.
First Quarter 2013 Financial Highlights (USD in Millions, except per-share data):
Three Months Ended March 31,
2013
2012
% Change
Revenue
$ 218.2
$ 169.1
+29.1%
Gross Profit
$ 21.1
$ 18.6
+13.0%
Net Income
$ 13.3
$ 11.5
+16.0%
Earnings Per Share (Diluted)
$ 0.44
$ 0.38
+18.4%
Non-GAAP Net Income
$ 13.4
$ 11.8
+13.4%
Non-GAAP Earnings Per Share (Diluted)
$ 0.45
$ 0.39
+15.4%
Adjusted EBITDA
$ 19.1
$ 16.7
+14.2%
As of March 31, 2013, Lihua had a strong balance sheet with $168.9 million in cash and cash equivalents, or $5.64 per diluted share, compared with $144.3 million, or $4.82 per diluted share, as of December 31, 2012. Cash flow from operations for the first quarter was $24.7 million, compared with cash flow from operations of $6.7 million in the first quarter of 2012.
First Quarter 2013 and Recent Business Highlights
•In January 2013, completed construction of and launched production on the Company's third dedicated copper anode smelter. This smelter produced over 1,200 tons of copper anode in March 2013, and is expected to reach designed annual capacity of 25,000 -- 30,000 tons in the second quarter.
•Also in January 2013, began construction of its fourth copper anode smelter. The Company expects to complete construction of this smelter by the end of the second quarter, bringing annual scrap copper refinery capacity to 150,000 -- 170,000 tons from 125,000 -- 140,000 tons.
•Completed construction of all production, warehousing and storage facilities on 30-acre campus; construction of the remaining facilities will be completed this fiscal year.
•Continued pre-commercial marketing activities for CCA cable and wire product.
"In the first quarter of 2013, we achieved record quarterly shipments of copper anode as a result of our ongoing capacity expansion efforts, which helped offset the typical seasonal weakness due to the Chinese Spring Festival," said Mr. Jianhua Zhu, Lihua's founder, chairman and CEO. "Although margins continued to be impacted by product mix and ASP pressure, we increased net income 16% over the first quarter of 2012 based on continued strong demand from our customers."
"Construction of our fourth dedicated copper anode smelter is on track to be completed by the end of the second quarter and is expected to commence volume production shortly thereafter. We are making substantive progress toward the commercial launch of our new CCA cable and wire product for the power transmission market. In the first quarter, we began discussions with several potential customers for the new product, and their initial reactions have been very positive. We are confident that these investments will further strengthen our leadership position in the markets we serve and contribute to sustainable growth in our business over the long-term. Our strong balance sheet, with $169 million in cash as of March 31, gives us the financial resources necessary to fund these exciting initiatives, which we believe will help Lihua build incremental shareholder value over time," concluded Mr. Zhu.
First Quarter 2013 Financial Results
Sales for the first quarter of 2013 increased 29.1% to $218.2 million, compared with sales of $169.1 million in the first quarter of 2012. The increase in revenue was primarily driven by additional production and sales of copper anode and copper rod as a result of the Company's capacity expansion. Lihua's CCA and copper wire products, copper anode and copper rod accounted for sales of $87.0 million, $114.0 million and $17.3 million, respectively in the first quarter of 2013. This compares with CCA and copper wire sales of $89.6 million, copper anode sales of $63.0 million and cooper rod sales of $16.5 million in the first quarter of 2012. During the first quarter of 2013, the average selling price of Lihua's products was $8,133 per ton, compared with $8,362 per ton in the same period last year.
Gross profit for the first quarter of 2013 was $21.1 million, an increase of 13.0% from gross profit of $18.6 million for the first quarter of 2012. As a percentage of total sales, gross margin declined to 9.6% in the first quarter of 2013 from 11.0% for the same period last year. The decrease was primarily due to a shift in product mix as we increased the production and sales of lower margin refined copper products, and the narrowing spread between scrap copper cost and copper prices in the first quarter of 2013.
Selling, general and administrative ("SG&A") expenses for the first quarter of 2013 were $3.1 million, compared with $2.8 million in the same period of 2012.
The Company recorded no interest expense in the first quarter of 2013, compared with interest expense of $143,779 in the first quarter of 2012.
For the three months ended March 31, 2013, provision for income tax expense was $4.7 million, compared with $4.3 million for the three months ended March 31, 2012. The effective tax rate for the first quarter of 2013 was 26.2%, compared to 27.2% for the first quarter of 2012.
Net income for the first quarter of 2013 was $13.3 million, or $0.44 per share, based on 30.0 million weighted average diluted shares outstanding, compared with net income of $11.5 million, or $0.38 per share, based on 30.1 million weighted average diluted shares outstanding during the same period in 2012.
Non-GAAP net income for the first quarter of 2013 was $13.4 million, or $0.45 per diluted share, compared with non-GAAP net income of $11.8 million, or $0.39 per diluted share, for the first quarter of 2012. Non-GAAP net income excludes the net impact of warrant-related non-cash charges of $0.1 million and $0.4 million in the first quarters of 2013 and 2012, respectively.
Adjusted EBITDA for the three months ended March 31, 2013 was $19.1 million, compared with $16.7 million for the same period in the prior year.
Balance Sheet
As of March 31, 2013, Lihua had $168.9 million, or $5.64 per diluted share, in cash and cash equivalents, compared with $144.3 million, or $4.82 per diluted share, as of December 31, 2012. As of March 31, 2013, Lihua had working capital of $227.6 million and no debt.
Outlook
The Company began construction of a fourth copper anode smelter in January 2013 and expects to complete construction by the end of the second quarter of 2013. Once complete, Lihua's aggregate scrap copper refinery capacity will increase to 150,000 – 170,000 tons per year. The Company has completed construction of all factory buildings and warehouse and storage facilities on its 30-acre plant site. The remainder of the site, which includes a new R&D center, office space and employee facilities, will be completed this fiscal year.
The Company expects full-year 2013 gross profit in the range of $95 - 98 million, and non-GAAP net income in the range of $62 - 65 million, representing year-over-year growth of 6.1 – 9.4% and 6.9 – 12.1%, respectively. The Company expects the growth in 2013 will be largely the result of copper anode capacity expansion.
Conference Call and Webcast
Management of Lihua International will host a conference call today, May 10, 2013 at 8:00 a.m. Eastern time to discuss the first quarter 2013 financial results. Individuals interested in participating in the conference may do so by dialing 1-877-941-1427 in the U.S. and Canada, or 1-480-629-9664 internationally.
Those interested in listening to the conference call live via the Internet may do so by visiting the Investor Relations section of the Company's Web site at: http://www.lihuaintl.com/Investor_Relations/Events_Presentations.html.
For those unable to participate, an audio replay of the call will be available beginning approximately one hour after the conclusion of the live call through March 29, 2013. The audio replay can be accessed by dialing 1-800-406-7325 from the U.S or Canada, or 1-303-590-3030 internationally, and entering access ID No. 4618350#. Following the live webcast, an online archive will be available for 90 days.
Check out strong earnings on CLNT 3.79 close yesterday...added it at $3.82 and some over $4 plus LLEN at $3.88 Here's earnings for CLNT.....
Cleantech Solutions International Reports First Quarter 2013 Results
Press Release: Cleantech Solutions International, Inc. – 23 hours ago.. .
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WUXI, Jiangsu Province, China, May 15, 2013 /PRNewswire-FirstCall/ -- Cleantech Solutions International, Inc. ("Cleantech Solutions" or "the Company") (CLNT), a manufacturer of metal components and assemblies, primarily used in the wind power, solar, dyeing and finishing equipment and other clean technology industries, today announced its financial results for the three months ended March 31, 2013.
"We got off to a strong start in 2013, achieving significant growth in revenue and profitability. Our dyeing machine segment saw revenue increase by more than 90% as a result of increased sales of our new equipment designed to meet the current environmental standards. We believe this increase reflects the response of textile manufacturers to seek to meet the policies of local PRC governments to phase out obsolete equipment and reduce pollution from the dyeing process," said Mr. Jianhua Wu, Chairman and CEO of Cleantech Solutions. "In addition, sales of forged products to customers in the wind power industry saw strong sales growth. We will continue our efforts to expand our portfolio of precision products to meet demand in new and existing end markets with favorable prospects for growth."
First Quarter 2013 Results
Revenue for the first quarter of 2013 increased 47.6% to $13.9 million, compared to $9.4 million for the same period of 2012.
Revenue from the sale of forged rolled rings to the wind power industry and other industries increased 16.9% to $6.5 million, compared to $5.6 million in the same period last year. The increase in revenue was mainly due to improving demand from existing customers in the wind power industry following several quarters of reduced order flow, which was partially offset by lower market demand for capital equipment related to the Company's forged rolled rings and related products for other industries.
The increase in revenue is summarized as follows:
•Revenue from the sale of forged rolled rings for the wind power industry increased by 45.7% to $3.7 million, compared to $2.5 million for the comparable period last year.
•Revenue from the sale of forged rolled rings to other industries decreased 7.1% to $2.8 million, compared with $3.0 million for the comparable period of the prior year.
•Revenue from dyeing and finishing equipment segment increased 92.4% to $7.4 million, compared to $3.8 million for the first quarter of 2012.
Gross profit for the first quarter of 2013 increased 66.3% to $3.1 million, compared to $1.9 million for the same period in 2012. Gross margin increased to 22.5% during the first quarter of 2013 compared to 20.0% for the same period a year ago. The increase in gross margin for the first quarter was primarily attributable to (i) the increased operational and cost efficiencies for forged rolled rings and related products segment, including the allocation of fixed costs primarily consisting of depreciation, to cost of revenues as the Company operated at higher production levels in response to higher revenues, and (ii) the significant portion of revenue for the dyeing and finishing equipment segment generated from the sale of airflow dyeing machinery, which generates a higher gross margin than the Company's traditional dyeing machinery. The principal source of dyeing revenue in the first quarter of 2012 was traditional dyeing machinery.
Operating expenses decreased 18.8% to $0.8 million, compared to $1.0 million in the comparable period last year. The decrease was primarily due to lower depreciation expenses resulting from the classification of certain equipment as held for sale in the fourth quarter of 2012, on which depreciation was taken in the first quarter of 2012 but not in the first quarter of 2013.
Selling, general and administrative expenses for the three months ended March 31, 2013 rose 10.8% to $0.7 million, primarily due to higher travel, entertainment and shipping costs associated with the increase in sales and an increase in stock based compensation cost.
Operating income increased 171.4% to $2.3 million, compared to $0.8 million for the same period of 2012. Operating margin was 16.5% compared to 8.9% in the first quarter last year.
Other expense was $75,716, compared to $308,741 in the same period in 2012. The decrease was primarily attributable to the decrease in warrant modification expense of approximately $235,000 which was incurred in the 2012 quarter. The Company did not incur a comparable expense in the 2013 quarter.
Adjusted EBITDA, a non-GAAP measurement, which adds back to net income interest expense, income tax, warrant modification expense, depreciation and amortization, was up 60.9% to $3.9 million, compared to $2.4 million in the same quarter last year. The calculation of adjusted EBITDA is shown in a table following the financial tables.
Net income for the first quarter of 2013 was $1.6 million, or $0.56 per diluted share, compared to $0.3 million, or $0.12 per diluted share, in the first quarter of 2012. Diluted earnings per share were calculated using diluted weighted average shares of 2,894,586 and 2,523,936 for the three months ended March 31, 2013 and 2012, respectively. All share and per share information has been adjusted to reflect a one-for-ten reverse stock split effective March 6, 2012.
Financial Condition
As of March 31, 2013, Cleantech Solutions held cash and cash equivalents of $1.2 million compared with $1.4 million at December 31, 2012. Accounts receivable were $9.5 million and total current assets of $20.9 million. The Company had $3.0 million in short-term bank loans payable, up from $2.2 million at December 31, 2012. Stockholders' equity was $80.0 million at March 31, 2013.
In the first quarter of 2013, the Company generated $1.7 million in cash flow from operations. The increase in short term loans, combined with cash flow from operations, was used to purchase approximately $2.7 million of equipment to expand capacity of airflow dyeing machines.
In May 2013, the Company repaid short-term bank loans in the amount of $0.8 million and reborrowed the same amount from Bank of Communications at an interest rate of 6.72%.
Business Outlook
"In 2013, we expect our dyeing machine segment to continue to perform well. We have a number of new contracts in the pipeline and have purchased new equipment to expand capacity to meet this demand. While near-term challenges remain in both the wind and solar markets, the long-term outlooks are positive.
"In the meantime, we will continue to seek to diversify our revenue base and modify our product lines to respond to the needs of other heavy equipment industries and clean technology industries. We are working with our customers to fine tune prototypes of new after-treatment textile equipment and are working to become a licensed, or qualified, supplier of components to China's oil and gas industry," Mr. Wu said. "We are optimistic about our prospects for 2013, and will continue to utilize our expertise in manufacturing precision products to generate profitable growth."
Conference Call
Cleantech Solutions will conduct a conference call at 9:00 a.m. Eastern Time on Thursday, May 16, 2013 to discuss financial results for the first quarter ended March 31, 2013.
To participate in the live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: (866) 759-2078. International callers should dial (706) 643-0585. When prompted, please enter conference passcode: 71671996.
If you are unable to participate in the conference call at this time, a replay will be available for 14 days starting on May 16, 2013 at 12:00 pm ET. To access the replay, dial (855) 859-2056. International callers dial (404) 537-3406, and enter passcode: 71671996.
Use of Non-GAAP Financial Measures
The Company has included in this press release certain non-GAAP financial measures. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the performance of the Company and when planning and forecasting future periods. Readers are cautioned not to view non-GAAP financial measures on a stand-alone basis or as a substitute for GAAP measures, or as being comparable to results reported or forecasted by other companies, and should refer to the reconciliation of GAAP measures with non-GAAP measures also included herein.
About Cleantech Solutions International
Cleantech Solutions is a manufacturer of metal components and assemblies, primarily used in clean technology and manufacturing industries. The Company supplies forging products, fabricated products and machining services to a range of clean technology customers, primarily in the wind power sector and supplies dyeing and finishing equipment to the textile industry. Cleantech Solutions is committed to achieving long-term growth through ongoing technological improvement, capacity expansion, and the development of a strong customer base. The Company's website is www.cleantechsolutionsinternational.com. Any information on the Company's website or any other website is not a part of this press release.
Added LLEN and CLNT yesterday $3.88 and 3.82 (more over $4 on CLNT) after CLNT posted very strong earnings yesterday...here is the PR:
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Cleantech Solutions International Reports First Quarter 2013 Results
Press Release: Cleantech Solutions International, Inc. – 23 hours ago.. .
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WUXI, Jiangsu Province, China, May 15, 2013 /PRNewswire-FirstCall/ -- Cleantech Solutions International, Inc. ("Cleantech Solutions" or "the Company") (CLNT), a manufacturer of metal components and assemblies, primarily used in the wind power, solar, dyeing and finishing equipment and other clean technology industries, today announced its financial results for the three months ended March 31, 2013.
"We got off to a strong start in 2013, achieving significant growth in revenue and profitability. Our dyeing machine segment saw revenue increase by more than 90% as a result of increased sales of our new equipment designed to meet the current environmental standards. We believe this increase reflects the response of textile manufacturers to seek to meet the policies of local PRC governments to phase out obsolete equipment and reduce pollution from the dyeing process," said Mr. Jianhua Wu, Chairman and CEO of Cleantech Solutions. "In addition, sales of forged products to customers in the wind power industry saw strong sales growth. We will continue our efforts to expand our portfolio of precision products to meet demand in new and existing end markets with favorable prospects for growth."
First Quarter 2013 Results
Revenue for the first quarter of 2013 increased 47.6% to $13.9 million, compared to $9.4 million for the same period of 2012.
Revenue from the sale of forged rolled rings to the wind power industry and other industries increased 16.9% to $6.5 million, compared to $5.6 million in the same period last year. The increase in revenue was mainly due to improving demand from existing customers in the wind power industry following several quarters of reduced order flow, which was partially offset by lower market demand for capital equipment related to the Company's forged rolled rings and related products for other industries.
The increase in revenue is summarized as follows:
•Revenue from the sale of forged rolled rings for the wind power industry increased by 45.7% to $3.7 million, compared to $2.5 million for the comparable period last year.
•Revenue from the sale of forged rolled rings to other industries decreased 7.1% to $2.8 million, compared with $3.0 million for the comparable period of the prior year.
•Revenue from dyeing and finishing equipment segment increased 92.4% to $7.4 million, compared to $3.8 million for the first quarter of 2012.
Gross profit for the first quarter of 2013 increased 66.3% to $3.1 million, compared to $1.9 million for the same period in 2012. Gross margin increased to 22.5% during the first quarter of 2013 compared to 20.0% for the same period a year ago. The increase in gross margin for the first quarter was primarily attributable to (i) the increased operational and cost efficiencies for forged rolled rings and related products segment, including the allocation of fixed costs primarily consisting of depreciation, to cost of revenues as the Company operated at higher production levels in response to higher revenues, and (ii) the significant portion of revenue for the dyeing and finishing equipment segment generated from the sale of airflow dyeing machinery, which generates a higher gross margin than the Company's traditional dyeing machinery. The principal source of dyeing revenue in the first quarter of 2012 was traditional dyeing machinery.
Operating expenses decreased 18.8% to $0.8 million, compared to $1.0 million in the comparable period last year. The decrease was primarily due to lower depreciation expenses resulting from the classification of certain equipment as held for sale in the fourth quarter of 2012, on which depreciation was taken in the first quarter of 2012 but not in the first quarter of 2013.
Selling, general and administrative expenses for the three months ended March 31, 2013 rose 10.8% to $0.7 million, primarily due to higher travel, entertainment and shipping costs associated with the increase in sales and an increase in stock based compensation cost.
Operating income increased 171.4% to $2.3 million, compared to $0.8 million for the same period of 2012. Operating margin was 16.5% compared to 8.9% in the first quarter last year.
Other expense was $75,716, compared to $308,741 in the same period in 2012. The decrease was primarily attributable to the decrease in warrant modification expense of approximately $235,000 which was incurred in the 2012 quarter. The Company did not incur a comparable expense in the 2013 quarter.
Adjusted EBITDA, a non-GAAP measurement, which adds back to net income interest expense, income tax, warrant modification expense, depreciation and amortization, was up 60.9% to $3.9 million, compared to $2.4 million in the same quarter last year. The calculation of adjusted EBITDA is shown in a table following the financial tables.
Net income for the first quarter of 2013 was $1.6 million, or $0.56 per diluted share, compared to $0.3 million, or $0.12 per diluted share, in the first quarter of 2012. Diluted earnings per share were calculated using diluted weighted average shares of 2,894,586 and 2,523,936 for the three months ended March 31, 2013 and 2012, respectively. All share and per share information has been adjusted to reflect a one-for-ten reverse stock split effective March 6, 2012.
Financial Condition
As of March 31, 2013, Cleantech Solutions held cash and cash equivalents of $1.2 million compared with $1.4 million at December 31, 2012. Accounts receivable were $9.5 million and total current assets of $20.9 million. The Company had $3.0 million in short-term bank loans payable, up from $2.2 million at December 31, 2012. Stockholders' equity was $80.0 million at March 31, 2013.
In the first quarter of 2013, the Company generated $1.7 million in cash flow from operations. The increase in short term loans, combined with cash flow from operations, was used to purchase approximately $2.7 million of equipment to expand capacity of airflow dyeing machines.
In May 2013, the Company repaid short-term bank loans in the amount of $0.8 million and reborrowed the same amount from Bank of Communications at an interest rate of 6.72%.
Business Outlook
"In 2013, we expect our dyeing machine segment to continue to perform well. We have a number of new contracts in the pipeline and have purchased new equipment to expand capacity to meet this demand. While near-term challenges remain in both the wind and solar markets, the long-term outlooks are positive.
"In the meantime, we will continue to seek to diversify our revenue base and modify our product lines to respond to the needs of other heavy equipment industries and clean technology industries. We are working with our customers to fine tune prototypes of new after-treatment textile equipment and are working to become a licensed, or qualified, supplier of components to China's oil and gas industry," Mr. Wu said. "We are optimistic about our prospects for 2013, and will continue to utilize our expertise in manufacturing precision products to generate profitable growth."
Conference Call
Cleantech Solutions will conduct a conference call at 9:00 a.m. Eastern Time on Thursday, May 16, 2013 to discuss financial results for the first quarter ended March 31, 2013.
To participate in the live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: (866) 759-2078. International callers should dial (706) 643-0585. When prompted, please enter conference passcode: 71671996.
If you are unable to participate in the conference call at this time, a replay will be available for 14 days starting on May 16, 2013 at 12:00 pm ET. To access the replay, dial (855) 859-2056. International callers dial (404) 537-3406, and enter passcode: 71671996.
Use of Non-GAAP Financial Measures
The Company has included in this press release certain non-GAAP financial measures. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the performance of the Company and when planning and forecasting future periods. Readers are cautioned not to view non-GAAP financial measures on a stand-alone basis or as a substitute for GAAP measures, or as being comparable to results reported or forecasted by other companies, and should refer to the reconciliation of GAAP measures with non-GAAP measures also included herein.
About Cleantech Solutions International
Cleantech Solutions is a manufacturer of metal components and assemblies, primarily used in clean technology and manufacturing industries. The Company supplies forging products, fabricated products and machining services to a range of clean technology customers, primarily in the wind power sector and supplies dyeing and finishing equipment to the textile industry. Cleantech Solutions is committed to achieving long-term growth through ongoing technological improvement, capacity expansion, and the development of a strong customer base. The Company's website is www.cleantechsolutionsinternational.com. Any information on the Company's website or any other website is not a part of this press release.
Thanks BB...in AFFY at 1.39 again. Possible takeover by a Japanese firm is all I've seen, but the volume has been amazing at over 40 million shares the last 2 days!! Also bought back LIWA for 5.21 as it reported strong earnings and has over $5 in cahs and no debt...thanks and good luck today!! tuna
Added LIWA 5.21 with strong earnings out and cash of over $5 per share and no debt...also back in AFFY at 1.39 as I made good money on it yesterday...tuna
I ended up trading it 5 times....4 profitably, but out now and maybe a good thing as it dropped pretty hard in AH. I'll still be looking at it for trading though. I also took gains in LIWA and AT yesterday so am now only holding GTE which I'm down about $300 due to a follow up buy 9 cents higher. I've twice missed taking decent profits on it so far including a chance yeterday but I'm thinking I might do better holding longer on it.
It's Friday afternoon in Bangkok but you're likely still sleeping before beginning trading in about 3 1/2 hours when the market opens...best of luck and enjoy your weekend!!
tuna
AFFY in 1.90's now!!!! Bought some at 1.35 yesterday but sold between 1.51 and 1.60 selling some yesterday and the rest this morning. Left a ton on the table...hahaha!!! tuna
AFFY 1.52 +.08 in PM now....over 40 MILLION shares traded yesterday on a big up day for the stock. Still in a few thousand shares to see what today brings. Interesting story on this one imho!! Good luck all....tuna from Bangkok!!
Thanks a lot BB...btw the GTE hit a new 52wk high today at $6.30 and I'm going to hang on awhile and hope for high 6's soon...the AFFY is a bit scary because of the huge jump today already on 27 Million shares. I've missed trading and plan to do some again but haven't even bought an IHUB membership yet....so have the 3 posts a day for now and will see how I do...hahaha!! Take care and keep taking profits...tuna
Hi BB and all...tuna here back to some trading, but in Bangkok for now! Added AFFY 1.35 and 1.42 and 1.54 and 1.57 and took just over 1k profit so far with 4k shares left. Maybe gap in the am so holding at least 2k overnight. Also added GTE at 6.18 on strong earnings...and took .57 off new IPO INSY but missed the top today by about .50 hahaha! Finally added super low pe China stock LIWA 5.10 reports earnings Friday....may hold some through earnings. Hope all is great for you all...I'll post occasionally....but almost midnight here now....all the best!! tuna
Back in WAIR 16.49 -.10 here...sold at 16.88 on earning pop and after hitting a low of 15.99 this morning I'm going to guess the earnings were good enough to see another new 52 wk high soon....jmho. Also sclaped a couple hundred $ on REGI this morning, but also missed an entry in IPO INSY at 8.75 and it shot to 9.59 soon after....ugh! tuna
Out of WAIR at 16.88 for a .59 gain overnight....may re-enter on a decent pullback if one happens.
WAIR 16.51 close rose on great earnings yesterday (article in Motley Fool)....16.93 is 52 wk high set May 3 of 2012.
Why Wesco Aircraft Shares Took Off
By Jeremy Bowman | More Articles | Save For Later
April 30, 2013 | Comments (0)
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Wesco Aircraft Holdings (NYSE: WAIR ) were flying higher today, gaining as much as 13% after posting an impressive quarterly earnings report.
So what: The aerospace supply chain management specialist topped earnings estimates by $0.06, beat on the top line as well, and boosted earnings estimates for the full year. EPS jumped 50% to $0.33, while revenue grew 24% to $225.9 million. Its acquisition of Interfast helped drive sales growth, as organic revenue growth was only 14%, and international sales were also strong, up 33%. CEO Randy Snyder also expressed optimism about the rest of the year, saying the company had seen an increase in bookings, additions to existing contracts, and new customers signing initial contracts.
Now what: Wesco bumped up its fiscal 2013 EPS guidance to $1.17-$1.21, ahead of investor estimates at $1.15, and boosted its revenue outlook. Investors probably shouldn't expect an earnings beat this strong every quarter, but the pieces seem to be coming together with the integration of the Interfast acquisition and the increase in bookings. I'd expect shares to move higher from here.
Added WAIR 16.29 up today on earnings beating estimates: ..
Earnings Beat at Wesco Aircraft, View Up
By Zacks Equity Research | Zacks – 4 hours ago.
Wesco Aircraft Holdings, Inc. (WAIR) reported second quarter fiscal 2013 results. Earnings of 33 cents per share were higher than the year-ago figure of 22 cents per share. Earnings also surpassed the Zacks Consensus Estimate of 27 cents.
Including one-time charges of 2 cents, GAAP earnings reported by the company were 31 cents per share, up from 21 cents a year ago.
The results were driven by higher sales partially offset by higher selling, general and administrative expenses.
Operational Highlights
Sales for the reported quarter increased 24% to $225.9 million from $182.1 million in the year-ago quarter. The top line also comfortably surpassed the Zacks Consensus Estimate of $212 million.
Segment revenue from North America was up 21.8% year over year driven by growth across the company’s customer base and the Interfast acquisition. The company had acquired Interfast in Jul 2012. Interfast is a value-added distributor of specialty fasteners, fastening systems and production installation tooling for the aerospace, electronics and general industrial markets. This acquisition has accelerated Wesco Aircraft’s global growth, strengthened relationships with several strategic aerospace customers, and has supported its initiative to implement a new maintenance, repair and overhaul platform.
The company also demonstrated strong international growth in the reported quarter. It continues to experience high levels of activity in bookings, additions to existing contracts, as well as contract signings with new customers. Segment revenue from Rest of World climbed 32.9% year over year driven by a solid overseas business.
Adjusted earnings before interest tax, depreciation and amortization (:EBITDA) were $51.6 million, up 34.6% year over year. Selling, general and administrative expenses were $34.9 million, up from $27.7 million in the year-ago quarter.
Financial Condition
Cash and cash equivalents as of Mar 31, 2013 were $53.9 million, down from $60.9 million as of Sep 30, 2012. Long-term debt as of Mar 31, 2013 was $585.9 million, down from $626 million at the end of the second quarter of 2012.
Guidance
The company increased its top-line guidance for fiscal 2013 to the range of $880 million to $900 million versus its previous guidance of $865 million to $890 million. It also increased adjusted earnings per share in the range of $1.17 to $1.21 per share.