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RDWD owns shares in Boyuan.................
...BOYUAN BEGINS NEW US$23.1 MILLION PROJECT IN CORE YANGTZE RIVER DELTA MARKET
- Mixed project combines residential and commercial buildings -
TORONTO, May 19 /CNW/ - Boyuan Construction Group, Inc. (Toronto:BOY.TO) (Toronto:BOY-DB.TO), a fast-growing construction company in China of commercial, residential and municipal infrastructure projects, announced today that it has initiated construction on a new mixed development project comprising a total of 13 residential and commercial buildings ranging from three to 31 stories high. The 13 buildings, which total 80,000 square meters, will be built in Huaian City, which is located in the Yangtze River Delta, Boyuan's core market. The project is valued at US$23.1 million.
"We are very pleased with our newest development project," said Mr. Cai Liang Shou, Chairman of Boyuan Construction Group. "Not only is it our first in Huaian City, a major urban centre in Jiangsu Province, it illustrates the continued strength of China's construction market and the ongoing demand for our services, particularly within fast growing tier two cities."
Completion of the new project is expected to be in the second quarter of calendar 2013.
Huaian City is located in Jiangsu Province in eastern China and has a population of approximately five million. Traditionally known for its farming and agricultural production, recent urbanization and industrialization has transformed Huaian City into an important, fast growing economic centre. Jiangsu Province forms part of the Yangtze River Delta, Boyuan's primary market in tandem with Hainan Province and Shandong Province.
About Boyuan Construction Group, Inc.
Based in Jiaxing City, China, Boyuan Construction Group, Inc. is in the business of commercial building and residential construction, municipal infrastructure and engineering projects. In its last three fiscal years ending June 30, 2010, Boyuan completed more than 80 projects for a number of private and public sector clients including Cargill and the Dalian Shide Group, a billion dollar conglomerate whose partners include DuPont, Mitsubishi and General Electric. Boyuan's current project backlog includes residential, commercial, industrial and mixed-use developments. From its operating bases in Zhejiang Province and in Hainan Province, Boyuan focuses on construction projects in China's fast-growing regions of the Yangtze River Delta, Hainan Province and Shandong Province. For more information visit www.boyuangroup.com or follow us on Twitter @ www.twitter.com/boyuangroup
Caution Regarding Forward-Looking Information:
Certain information contained in this press release constitutes forward-looking information, which is information relating to future events or the Company's future performance and which is inherently uncertain. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company believes the expectations reflected in the forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and readers are cautioned not to place undue reliance on forward-looking information contained in this press release. Some of the risks and other factors which could cause results to differ materially from those expressed in the forward-looking information contained in this press release have been identified in the final prospectus, the Company's AIF for the fiscal year ended June 30, 2010 and in the Company's other public disclosure documents filed with certain Canadian securities regulatory authorities and available at www.sedar.com. The forward-looking information contained in this press release is made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as otherwise required by law.
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•BOYUAN BEGINS NEW US$23.1 MILLION PROJECT IN CORE YANGTZE RIVER DELTA MARKET - CNW Group
•BOYUAN REPORTS FY2011 THIRD QUARTER FINANCIAL RESULTS - CNW Group
•BOYUAN TO HOST CONFERENCE CALL FOR FISCAL 2011 THIRD QUARTER FINANCIAL RESULTS ON MAY 16 AT 10:00 A.M. (ET) - CNW Group
•BOYUAN BEGINS NEW US$43.1 MILLION RESIDENTIAL PROJECT IN HAINAN PROVINCE - CNW Group
•BOYUAN REPORTS SECOND QUARTER FY2011 RESULTS - CNW Group
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2142204591
MY BAD.. we're short one 10Q, and soon another will be "overdue".
One can hope that the company is in the buyback mode!
Also, still missing a 10K, and soon a 10Q as well. One can hope
that they're planning a huge news breakout, perhaps after buying up a bunch of shares cheap, but thus far hope hasn't done much for us over the years.
Scoob, I don't see the name change helping much without some
much needed update(s) on material events.
GLTA.
Perhaps the fees from the MRC closing will enable the buyback
to begin. I think the intent is there, waitng for the bucks.
Wonder how the medical trials went.
Yippee! couple of weeks to close?(EOM).
Wasn't the shareholder vote on the mining merger supposed to be today?
Right the PRODUCT has been accepted, but then it was decided that
the reagent(s) needed to be tested and approved.
It seems to me that the reagents, should they finish the testing
successfully, still need to be reviewed by the bureaucrats.
Hope I'm wrong.
GLTA.
Once the testing is complete, won't the results then have to be
submitted to the Chinese version of the FDA?
Let's see.... you'vebeen insisting all along that the patents
would NEVER sell.... now you're "guessing" as to the amount of money involved.... TOO FUNNY!
My bad.... some do pre-announce(EOM).
SIVC holds shares of BOYUAN............
====================================================
Press Release Source: Boyuan Construction Group, Inc. On Monday February 14, 2011, 5:00 pm
- Revenue, gross profit and EBITDA improvements driven by growing construction
demand in core markets -
TORONTO, Feb. 14 /CNW/ - Boyuan Construction Group, Inc., (TSX: BOY & BOY.DB) a fast-growing construction company in China of commercial, residential and municipal infrastructure projects, today reported its financial results for the three- and six-month periods ended December 31, 2010. All figures are in U.S. dollars unless otherwise stated.
Selected Second Quarter Financial Highlights
In thousands except for share and % data Q2 FY2011 Q2 FY2010 Change
Revenue $45,464 $37,612 +20.9%
Gross profit $7,592 $6,711 +13.1%
Gross profit margins 16.7% 17.8%
EBITDA1 $6,662 $5,749 +15.9%
Net income $3,346 $3,513 -4.7%
Earnings per share - diluted $0.14 $0.15 -6.7%
Dec. 31, 2010 June 30, 2010
Total Assets $131,880 $93,869 +40.5%
Cash, equivalents, and restricted cash $17,018 $8,726 +95.0%
_________________________________
1 EBITDA is defined as earnings before interest, income taxes, depreciation and amortization. EBITDA is not a defined performance measure under generally accepted accounting principles (GAAP).
"Our strategy of focusing on construction opportunities in Hainan province and tier two cities in the Yangtze River Delta continues to drive our strong revenue and EBITDA growth," said Mr. Cai Liang Shou, Chairman of Boyuan Construction Group. "Although our net income for the second quarter was impacted by interest payments due to higher bank facilities and the convertible debentures issued in November 2010, these expenses are directly linked to start-up costs for new projects. Valued at approximately $80 million, these new projects have been initiated since the start of the fiscal year. As they are completed, the positive impact will be reflected in our financial and operational performance in the periods ahead."
Q2 Operational and Financial Highlights
•Initiated three construction projects with an aggregate value of $34.5 million. Included are two residential projects in Hainan province valued at $27 million and a commercial project, also in Hainan Province, that is focused on the building of a clubhouse facility valued at $7.5 million for the Volvo Ocean Race.
•Total new project value for the six-month period was $78.8 million.
•Issued CDN$15 million convertible unsecured subordinated debentures to support the Company's project backlog.
Highlights Subsequent to Quarter End
•Initiated a $10.9 million residential project in a planned tourist district in Hainan province.
Selected 6-Month Financial Highlights
In thousands except share and % data 6-Month FY 2011 6-Month FY2010 Change
Revenue $88,508 $72,616 +21.9%
Gross profit $14,645 $12,391 +18.2%
Gross profit margin 16.5% 17.1%
EBITDA $12,706 $10,615 +19.7%
Net income $6,152 $3,307 +86.0%
Adjusted net income2 $6,152 $6,550 -6.1%
Earnings per share - diluted $0.28 $0.14 +100%
Adjusted Earnings per share - diluted3 $0.28 $0.26 +7.7%
__________________________
2 Adjusted net income is not a recognized measure under Canadian GAAP. It excludes a stock-based compensation charge of $3.2 million related to the fair value transfer of shares under the "make-good provision" of a financing agreement signed in July, 2009. The Company believes that adjusted net income is more representative of its performance as the make good charge is a non-cash accounting charge and not related to its business activities.
3 Adjusted earnings per share is not a recognized measure under Canadian GAAP. It is calculated by dividing the Company's adjusted net income by the number of outstanding shares (diluted).
Review of Second Quarter Financial Results
Revenue for the second quarter ended December 31, 2010 was $45.5 million, up 20.9% from $37.6 million for the corresponding period of FY2010. Revenue for the first six months of FY2011 was $88.5 million, an increase of 21.9% from $72.6 million for the same period of FY2010.
Boyuan recognizes revenue on the percentage-of-completion method. The significant year-over-year growth was primarily attributable to an increase in the number of successful project bids by the Company as well as to an increase in demand for construction and engineering services in the Yangtze River Delta and Hainan Province, Boyuan's core markets. The growth was also due to the Company's decision to expand into Shandong Province, an emerging market with growing demand for construction and engineering services. Higher demand in Boyuan's principal markets is due to ongoing urban migration and the expansion of China's middle class, both of which drive the need for new housing, commercial and public infrastructure projects.
Cost of construction for Q2 FY2011 was $37.9 million, up 22.6% from $30.9 million for Q2 FY2010. Cost of construction for the first six months of FY2011 was $73.9 million, an increase of 22.6% from $60.2 million for the corresponding period of FY2010. The growth was primarily the result of higher expenses associated with greater project volume and an expanded work force, including the start of the Company's largest construction project, a residential development in Hainan province valued at $44.3 million. Cost of construction includes all direct material, labor, subcontract and other related costs, such as equipment repairs.
Gross profit for Q2 FY2011 was $7.6 million, which represented a margin of 16.7% on revenue. Gross profit for the corresponding period of last year was $6.7 million, which represented a margin of 17.8% on revenue. The year-over-year decline in gross margins by 110 basis points was attributable to a higher than average gross profit margin in Q2 FY2010. Historically, Boyuan's gross profit margins have been in the range of 15% to 16%. On a six month basis, gross profit for FY2011 was $14.6 million, which represented a margin of 16.5% on revenue. In the same period of FY2010, gross profit and gross margins were $12.3 million and 17.1%, respectively.
Interest expense for Q2 FY2011 was $1.2 million, up 103% or $0.6 million over the same period last year. On a year-to-date basis, interest expense for FY2011 was $1.9 million, up from $1.1 million for FY2010. The growth was primarily due to an increase in bank loans and bank notes payable needed to fund start-up costs for new projects. The increase in interest expense was also attributable to the issuance of CDN $15 convertible debentures. On a year-to-date basis, Boyuan has signed new agreements for construction development projects valued at $78.8 million. Revenue for the projects will be recognized as the projects are completed, typically a duration of up to two years.
The Company also incurred a minimum total return (MTR) charge of $82,374 and $0.7 million, respectively, for the three- and six-month periods ended December 31, 2010. The Company did not incur any MTR charges in FY2010. MTR charges were determined based on the provisions of previous financing activities. Investors of the Company's convertible debentures issued on February 2009 were entitled to a MTR right of 25% per annum on their units. The calculation is based upon the twenty day volume weighted average price of the Company's common shares, less interest paid or payable on the convertible debentures, calculated on the first, second and third anniversary of February 27, 2009 and payable, if triggered, on February 27, 2013. The MTR expense recorded in Q2 FY2011 was a non-cash accrued expense based on calculations on December 31, 2010.
Net income after taxes for Q2 FY2011 was $3.3 million or $0.14 per share fully diluted. This compares to a net income after taxes of $3.5 million, or $0.15 per fully diluted share, for the same period of FY2010. The decline was principally due to higher interest expenses as well as to a stock-based compensation charge of $0.4 million in Q2 FY2011.
On a six-month basis, net income for FY2011 was $6.2 million or $0.28 per share fully diluted. This compares to a net income of $3.3 million, or $0.14 per share fully diluted, for the same period of FY2010 when the Company incurred a non-cash, stock-based compensation charge of $3.2 million related to the fair value transfer of shares under the make-good provisions of two separate financing agreements signed respectively in March and July of 2009. As specified by the Company's make-good provisions, Boyuan forecasted an after-tax net income of $11.5 million in March 2009 and $12.4 million in July 2009, respectively, for the fiscal year ending June 30, 2010. Excluding the stock-base compensation charge, Boyuan had adjusted net income for the six-month period of FY2010 of $6.5 million or $0.26 per fully diluted share. Adjusted net income is not a recognized measure under GAAP, but is more representative of the Company's operational and financial performance for FY2010.
Boyuan had working capital of $62.3 million, including cash, equivalents, and restricted cash totalling $17.0 million as at December 31, 2010. This compares to $39.9 million and $8.7 million, respectively at June 30, 2010, the Company's fiscal year end.
Outlook
"Demand for our construction and engineering services continues to be very strong in each of our core markets, principally because of the continued growth of China's middle class and the development of tier two cities as a result of urbanization. In Hainan province, in particular, we are very well positioned to leverage our experience and reputation in the region to capitalize on growth opportunities and add to our momentum in the years ahead given the levels of commitment by central and provincial governments to develop Hainan as a major international tourist destination by 2020," said Mr. Shou.
"Over the longer term, our growth will be driven by expanding our reach in tier two cities and increasing our focus on specialty construction projects, which will potentially deliver higher profit margins. As part of this new strategic direction, we plan to upgrade our qualification and engineering standards to ensure that we can tap into this growing market potential," Mr. Shou added.
Boyuan's consolidated statements for the quarter ended December 31, 2010 and related management's discussion and analysis (MD&A) are available via SEDAR at www.sedar.com and the Company's website, www.boyuangroup.com
Conference call notice
Boyuan will hold a conference call to discuss its FY2011 second quarter financial results on Tuesday, February 15, 2011 at 10:00 am (ET). Mr. Paul Law, Boyuan's Chief Financial Officer, will host the call. All interested parties can join the conference call by dialing 647-427-7450 or 1-888-231-8191. Please connect approximately 15 minutes prior to the beginning of the call to ensure participation.
A live audio webcast of the conference call will be available from the investor relations section of the Company's website, www.boyuangroup.com, or from www.newswire.ca. Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. The webcast will be archived at the above web site for 30 days.
About Boyuan Construction Group, Inc.
Based in Jiaxing City, China, Boyuan Construction Group, Inc. is in the business of commercial building and residential construction, municipal infrastructure and engineering projects. In its last three fiscal years ending June 30, 2010, Boyuan completed more than 80 projects for a number of private and public sector clients including Cargill and the Dalian Shide Group, a billion dollar conglomerate whose partners include DuPont, Mitsubishi and General Electric. Boyuan's current project backlog includes residential, commercial, industrial and mixed-use developments. From its operating bases in Zhejiang Province and on Hainan Island, Boyuan focuses on construction projects in China's fast-growing regions of the Yangtze River Delta, the city of Sanya and Shandong Province. For more information visit www.boyuangroup.com or follow us on Twitter at www.twitter.com/boyuangroup.
Caution Regarding Forward-Looking Information:
Certain information contained in this press release constitutes forward-looking information, which is information relating to future events or the Company's future performance and which is inherently uncertain. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company believes the expectations reflected in the forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and readers are cautioned not to place undue reliance on forward-looking information contained in this press release. Some of the risks and other factors which could cause results to differ materially from those expressed in the forward-looking information contained in this press release have been identified in the Company's AIF for the fiscal year ended June 30, 2010 and in the Company's other public disclosure documents filed with certain Canadian securities regulatory authorities and available at www.sedar.com. The forward-looking information contained in this press release is made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as otherwise required by law.
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Related Headlines
•BOYUAN REPORTS SECOND QUARTER FY2011 RESULTS - CNW Group
•BOYUAN TO HOST CONFERENCE CALL FOR FISCAL 2011 SECOND QUARTER FINANCIAL RESULTS ON FEBRUARY 15 AT 10:00 A.M. (ET) - CNW Group
•BOYUAN BEGINS NEW US$10.9 MILLION RESIDENTIAL PROJECT - CNW Group
•BOYUAN EXPANDS INTO NEW MARKET WITH NEW US$27 MILLION CONSTRUCTION PROJECTS - CNW Group
•BOYUAN BEGINS NEW US $7.5 MILLION CONSTRUCTION PROJECT - CNW Group
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2142204591
Those alaways come out of nowhere, companies can't pre-announce those things.
Can't they put that money right to work with these last
two (or other EXISTING clients)?
Plus, what's up on the medical side?(EOM).
Thanks, that's helpful and kind of confirms what I thought
was going on, which sounds kind of exciting like the whole
pkg is coming together.
Question remains, however, about who's matching what.
No comprende how the term "matching" comes in. ( or where
the Chinese gov't comes, are they "matching" what Hebei does?)
TIA.
GLTA.
Can someone enlighten me regarding the matching funds agreement
announced the other day? Who is matching what, praytell?
TIA
GLTA
That share count matches exactly the number in the last Q(eom).
dunno, hope the company bought em!
RE: R/S..... tried it once and didn't like it. Seriously
doubt they'd go that route again.
GLTA.
Shareholder value will increase:
NOT by anything JB might say to "pump it".
Stopping the dilution will help.
Actual evidence of buyback will help more.
a few closings will help.
regular closings will help more.
What will really help is to get some regular, INCREASING
income from the medical side.
JMO.
GLTA.
10Q due 2/15 ish? Might give us some insight into the share
buyback... OR NOT
GLTA.
Can you see one ahead thru the mist?
From Hunter financial?
K, glad you're OK. Thanks for the update. At least we know he's
back in the USA.
Merry Christmas and GLTA.
Let them keep buying cheap!
Which town is that?
Worrying won't change anything, or improve my quality of life. I'll let others do the worrying, if that's what they choose to do.
GLTA..
"OVOE is finished. Broke, delisted, delicensed, deceased."
===============================================================
Still trading, and if the above were true, it would be trending
lower still, or down to .0001
:)
and you've put all this effort into a "worthless" company
because?
Maybe you think, as I do, that their patents have some value,
and can be monetized.
"The company offices closed and moved to Deano's garage or kitchen."
Where is the EVIDENCE to back up that statement?
They are broke.
Where is the evidence to back up that statement?
They owe money to half the people in Southern CA.
That's alot of people .....Evidence?
I think things were turning around nicely after Hunter Financial
got involved...... but then the world economy went sour.......
they've got some backing and have used the time building for the
future, which is upon us.
JMO.
GLTA.
Completion of buyback is long term, open-ended. Conference call,
who knows.
But they have indicated that a closing is eminent, hopefully will happen during this trip.
I added last week.
GLTA.
It seems to me that there's been a pattern of one PR/week,
usually Tuesday 11-12 EST. If I weren't so lazy I could go back
and see if my memory is any good. Probably not. :)
GLTA.
Maybe Tuesday's PR will shed some light.(EOM)
Does Redwood have a subsidiary in the PI?(EOM).
I hope they aren't publicizing a refueling stop,LOL.
SINO/Phillippines... no connection that I ever heard.
New business? possibly
we shall see.
GLTA
from the PR...."CEO Jim Bickel has traveled to China with planned stops in Mongolia and the Philippines to oversee activities of the company's"
Anyone have a clue as to what's up in the Phillippines?
TIA.
Some of the folks they gave shares to may have had to sell for
various reasons, like to buy food.
GLTA.