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Ever-Glory Reports Second Quarter 2019 Financial Results PR Newswire (US) - 8/14/2019 5:45:00 AM
Quarterly Report (10-q) Edgar (US Regulatory) - 8/13/2019 2:34:43 PM
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Ever-Glory Reports Third Quarter 2018 Financial Results PR Newswire (US) - 11/8/2018 4:40:00 AM
Ever-Glory To Report Third Quarter 2018 Earnings on November 8, 2018 PR Newswire (US) - 11/6/2018 8:59:00 PM
Statement of Changes in Beneficial Ownership (4) Edgar (US Regulatory) - 10/17/2018 2:15:48 PM
Briboy   Monday, 08/23/10 06:12:10 PM
Re: PipShark post# 9
Post # of 23 
Keeping my eye on this one. By the way

I found a sleeper you got to know about...CIWT

See this news, is ridiculous

Briboy
----------------------------------------------------------

Found the next sleeper, like ATWT..is CIWT

This might take time, but look at the financials
and the revenues...this is ridiculous, and once
it makes a little more noise people will be all
over it. Am watching it and going to get is this
puppy

Briboy
-----------------------------------------------------------
China Industrial Waste Management Announces 2010 Second Quarter Financial Results 4:15p ET August 12, 2010 (PR NewsWire)

China Industrial Waste Management, Inc. (OTC Bulletin Board: CIWT) ("China Industrial Waste Management" or the "Company"), a leading environmental services and solutions provider in China, today announced its results for the three and six months ended June 30, 2010.

Second Quarter Highlights
-- Revenues increased 100.8% to $4.9 million compared to the second quarter of 2009
-- Gross profit increased 93.9% to $3.1 million
-- Operating income increased 242.6% to $1.8 million
-- Operating margin increased to 37.3% from 21.9%
-- Net income increased 178.3% to $1.2 million, or $0.07 per diluted share,
compared to $0.4 million, or $0.03 per diluted share for the same
period last year
-- Operating cash flow was $0.9 million versus negative cash flow from
operations of $1.0 million in the prior year period
-- New solid waste treatment facility ("Expansion Project"), which will
double existing capacity, is 70% complete and scheduled to open by the
fourth quarter of 2010

"China Industrial Waste Management had a strong second quarter as we again delivered robust growth with strong increases in revenue and earnings," said Mr. Jason Dong, Chief Executive Officer. "Sales continued to rise as our customers increased their manufacturing production in the wake of the global recovery. Our Dongtai Organic business remained a meaningful contributor to our revenues, and our sales and margins for recycled commodities grew in an environment where prices were significantly higher than last year. We are pleased with our performance and believe it is a testament to the high level of services we provide for our customers and our leadership position in the fast growing industrial waste management market in China."

Second Quarter 2010 Results

For the three months ended June 30, 2010, revenues were $4.9 million compared to $2.5 million in the same period last year, an increase of 100.8%.

Revenues from service fees, which consist of service fees generated from industrial solid waste treatment, sewage treatment and sludge treatment, were $3.2 million, or 65.5% of revenues, compared to $1.6 million, or 67.0% of revenues, in the same period last year. The 96.4% increase in revenues from service fees is mainly attributable to an increase in the Company's solid waste treatment business, as production volumes from the Company's industrial customers continue to recover from the lows of early 2009 and sales from Dongtai Organic, the Company's sludge treatment business, which began generating revenues in the first quarter of 2010. Dongtai Organic generated $1.0 million in revenues in the second quarter of 2010.

Sales of recycled commodities were $1.7 million, or 34.5% of revenues, compared to $0.8 million, or 33.0% of revenues, in the same period last year, representing an increase of 109.5%. As China's economy continues to recover from the global recession, prices for many raw materials have been increasing gradually, including for Dalian Dongtai's main products, cupric sulfate, iron, plastic and nonferrous metal. To capitalize on this situation, Dalian Dongtai has selectively sold some of its recycled commodities, including commodities that had been inventoried during 2009 due to the then prevailing low sales prices.

Gross profit was $3.1 million compared to $1.6 million in the same period last year, an increase of 93.9%. Gross margin was 62.0% compared to 64.2% last year. The 220 basis point decrease in gross profit margin is primarily attributable to the additional overhead imposed by sludge treatment operations, a recently-added business line which has not yet reached full capacity.

Income from operations was $1.8 million compared to $0.5 million in the prior year period, an increase of 242.6%. Operating margin increased to 37.3% from 21.9% in the prior year period. The increase in operating margin is primarily due to the Company's higher level of sales and operating leverage.

Net income increased 178.3% to $1.2 million from $0.4 million in the same period last year. Diluted earnings per share increased 141.5% to $0.07 from $0.03 in the same period last year.

First Half 2010 Results

For the six months ended June 30, 2010, revenues were $$9.0 million compared to $4.1 million in the same period last year, an increase of 121.9%. Revenues from service fees, which consist of service fees generated from industrial solid waste treatment, sewage treatment and sludge treatment, were $6.2 million, or 68.4% of revenues, compared to $2.8 million, or 69.9% of revenues, in the same period last year, an increase of 117.3%. Dongtai Organic generated $2.0 million in revenues in the first half of 2010. Sales of recycled commodities were $2.8 million, or 31.6% of revenues, compared to $1.2 million, or 30.1% of revenues, in the same period last year, representing an increase of 109.5%.

Gross profit was $5.7 million compared to $2.5 million in the same period last year, an increase of 133.1%. Gross margin was 63.5% compared to 60.5% last year. Income from operations was $3.4 million compared to $0.7 million in the prior year period, an increase of 373.0%. Operating margin increased to 37.7% from 17.7% in the prior year period.

Net income increased 188.6% to $1.8 million from $0.6 million in the same period last year. Diluted earnings per share increased 151.0% to $0.10 from $0.04 in the same period last year.

Financial Condition

As of June 30, 2010, the Company had accounts receivable of $4.9 million compared to $2.0 million as of December 31, 2009. The 140% increase is primarily due to Dongtai Organic, which had service fees due from the local government for sludge treatment services rendered and sales of methane gas and from Dalian Dongtai's increase in sales as its customers ramped up their production levels and produced more waste.

As of June 30, 2010, the Company had cash and cash equivalents of $4.8 million compared to $11.4 million as of December 31, 2009. The decrease is mainly due to the repayment of bank loans. As of June 30, 2010, the Company had a working capital surplus of $2.9 million compared to a surplus of $1.7 million as of December 31, 2009. During the first half of 2010, operating cash flow was $0.9 million versus negative cash flow from operations of $1.0 million in the prior year period.

Recent Developments

In August 2010, China Industrial Waste Management signed a major waste management contract with a national petrochemical firm located in Liaoning Province (the "Customer"). Under the terms of the contract, beginning on September 1, 2010, Dalian Dongtai will treat and dispose of the industrial waste sludge and slag generated by the Customer's production over the next 30-months, which the Customer estimates will total approximately 40,000 tons. Based on this expected volume, Dalian Dongtai anticipates it will generate an additional $3.65 million in revenues from this Customer over the life of the 30-month contract.

In July 2010, China Industrial Waste Management was approached to lead the oil waste management operation following China's largest recorded oil spill off the coast of Dalian City. The Company was asked to handle oil waste generated by the effort, including oil skimmed off the ocean surface and oil-saturated equipment and refuse such as used absorption felts.

In July 2010, the Company received a government subsidy of RMB 5 million (approximately $0.7 million) to complete its capacity expansion project for a centralized hazardous waste treatment facility (the "Expansion Project") in Dalian, Liaoning Province, China. This subsidy is the second installment of a series to be disbursed by the government as the Expansion Project progresses.

Business Outlook for 2010

Mr. Dong added, "As we enter the second half of 2010 we are proud of the progress our business has made and optimistic about the future of our company. Our core Dalian Dongtai solid waste treatment business has rebounded strongly from the lows of last year as our customers' production volumes continue to recover and we see this trend continuing at least through the end of 2010. To further bolster our capabilities in this market we are currently building one of the most advanced one-stop service centers for industrial solid waste treatment in China. The construction of this Expansion Project is now 70% complete and we expect it to become operational in the fourth quarter of this year. Once fully ramped up, this new facility will provide us with 114,000 tons per annum of industrial solid waste treatment capacity, which is double the capacity of our current plant.

"We are also excited about the prospects for our Dongtai Organic sludge treatment business. Dongtai Organic operates the first sludge treatment plant in China and uses anaerobic fermentation technology. This is a build-operate-transfer or 'BOT' project with a 20-year franchise period. During this period, this sludge-to-energy plant is expected to dispose of the sludge derived from all of the sewage treatment plants located in urban Dalian City. This plant has a designed capacity of 600 tons per day and is expected to generate approximately 11,000 cubic meters of methane gas once it reaches its full capacity, which is expected to happen within two years. The project has generated revenues for us since January 2010 from service fees paid by the local government and from the sale of methane to the Dalian Gas Company. As first movers in this space in China, we believe we are well positioned to operate other BOT projects across the country and our long-term goal is to see 30-40% of our revenues being provided by sludge treatment, a business that is characterized by stable revenues and strong cash flows and is in-line with the Chinese government's goal of encouraging sustainable and environmentally friendly development.

"Overall, as we look at our business going forward, we believe we have laid the groundwork for future growth. We have invested considerable resources in expanding our capacity and capabilities, and we are seeing the early rewards as we execute against our plan. Dongtai Organic's sludge processing facility and our soon-to-open Expansion Project are among the most advanced in China, and our other engineering projects demonstrate our considerable expertise and abilities. We believe our strong quarterly and first half results are evidence that we are on a compelling and profitable path in what we believe is a very attractive growth industry in China."

Conference Call

The Company will host a conference call at 9:00 a.m. Eastern Time on Friday, August 13, 2010, to discuss its financial results for the second quarter of 2010.

To participate in this live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: +1 (877) 331-5105. International callers should dial +1 (631) 865-5293. The Conference Pass Code is 92701295.

If you are unable to participate in the call at this time, a replay will be available for 14 days starting on Friday, August 13, 2010, at 10:00 a.m. Eastern Time. To access the replay, call (800) 642-1687. International callers should call +1 (706) 645-9291. The Conference Pass Code is 92701295.

About China Industrial Waste Management, Inc.

China Industrial Waste Management, Inc. is engaged in the collection, treatment, disposal and recycling of industrial wastes principally in Dalian and surrounding areas in Liaoning Province, People's Republic of China through its 90%-owned subsidiary Dalian Dongtai Industrial Waste Treatment Co., Ltd. ("Dalian Dongtai") and other indirect subsidiaries. Dalian Dongtai treats, disposes of and/or recycles many types of industrial wastes, and recycled waste products used by customers as raw material to produce chemical and metallurgy products. In addition, Dalian Dongtai treats or disposes of industrial waste through incineration, burial or water treatment, and provides environmental protection services, technology consultation, pollution treatment services, waste management design processing services, waste disposal solutions, waste transportation services, onsite waste management services, and environmental pollution remediation services. For more information, please visit the Company's website (http://www.chinaciwt.com ).
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