Redman's

[redman_2014]

CCLTF/CCLWF - $3.46 EPS 2009 ($26.2M Net Income)

Net revenue was (US$ 128.7 million), an increase of 13.3% from 2008.

Gross profit was (US$ 43.5 million), an increase of 22.3% from 2008.

Gross profit margin was 33.8%, compared to 31.3% in 2008. Gross margin was 36% in Q4/2009.

Non-GAAP profit before tax excluding the merger costs incurred in Success Winner Limited's reverse recapitalization was RMB 238.6 million (US$ 34.9 million), up 26.2% from RMB 189.1 million in 2008;

Non-GAAP net profit excluding the merger costs incurred in Success Winner Limited's reverse recapitalization was RMB 179.3 million (US$ 26.2 million), up 8.6% from RMB 165.0 million in 2008

Earnings per fully diluted share were RMB 23.65 (US$ 3.46) compared to RMB 28.73 (US$ 4.13) in 2008.

Tiles: 'the average selling price per square meter increased by 5.5% in the fourth quarter of 2009 compared with the same period in 2008.'

Cash and bank balances(as of Dec 31st/2009)were RMB 150.1 million (US$ 22.0 million), compared with RMB 162.3 million (US$ 23.7 million) as of September 30, 2009. The decrease in cash and bank balances was a compound result of RMB 81.4 million (US$ 11.9 million) of cash provided by the reverse recapitalization transaction with China Holdings Acquisition Corp., offset by the partial payment of RMB 145 million (US$ 21.2 million) in the fourth quarter of 2009 for the acquisition of the Gaoan plant.

Bank borrowings have gone down from RMB 34.5 million (US$ 5.0 million) as of September 30, 2009 to RMB 26.5 million (US$ 3.9 million) as of December 31, 2009 due to repayments in the fourth quarter of 2009.

Business Outlook: China Ceramics' nine production lines at the Jinjiang facility and three production lines at the Gaoan facility are all running at full capacity.The current annual production capacity at the Jinjiang facility is 28 million square meters and 10 million square meters at the Gaoan facility. The annual production capacity at the Gaoan facility is expected to reach 42 million square meters by the end of 2011. Mr. Huang added, "Our immediate focus for 2010 is increasing our production capacity to meet growing market demand for our products. We also expect to continue to benefit from the central government's RMB4 trillion stimulus plan and China's continued urbanization." The Company's backlog of orders for delivery in the first quarter was at approximately RMB 242.2 million (US$ 35.5 million), representing a year-over-year revenue growth rate of 35.9% compared to the first quarter of 2009. The expected sales volume is 9.1 million square meters, which would represent a 30.1% year-over-year growth in sales volume from 7.0 million square meters sold in the comparable period of 2009.

"We are pleased to report another strong quarter that exceeds our revenue and net income guidance for the full year," said Mr. Jiadong Huang, Chief Executive Officer of China Ceramics. "Our rapid growth was driven by our ability to increase our production volume to meet continued robust market demand. The majority of our revenues come from the domestic market in China, which we believe will continue to exhibit growth in the quarters ahead."


http://xsltm1.finance.vip.sp2.yahoo.com/news/China-Ceramics-Reports-prnews-3608578805.html?x=0

-Adam