Sinoenergy Corporation News
Sinoenergy Corporation Announces First Quarter 2008 Results
First Quarter 2008 Highlights — Net revenue increased 235.0% year-over-year to a record $8.8 million — Gross profit increased 130.3% year-over-year to a record $3.9 million — Operating income was $2.7 million, a 176.0% increase year-over-year from $995,000 — Net income increased 107.8% year-over-year to $2.3 million, $0.06 per diluted share Significant Highlights — Manufactured 45 CNG truck trailers in the quarter — Retail CNG filling stations began generating revenue — Acquired stake in CNG wholesale processing plants — Purchased a new manufacturing plant site — Applied to be listed on The NASDAQ Stock Exchange
"We had a successful quarter driven by growth in our CNG station equipment business, which accounted for more than 52% of net revenue in the first quarter of fiscal year 2008. An above average number of CNG truck trailers, 45 were manufactured during the quarter. Our new retail CNG filling station business began generating revenue, which we see as a milestone in developing a network of retail CNG filling stations,'' said
First Quarter Fiscal Year 2008 Results
For the first quarter of Fiscal Year 2008, net revenue increased 235.0% to
Gross profit for the first quarter of Fiscal Year 2008 increased 130.3% to
Operating expenses for the first quarter of Fiscal Year 2008 were
Operating income for the first quarter of Fiscal Year 2008 was
Net income for the first quarter of Fiscal Year 2008 was
Financial Condition
As of
The Company invested
Recent Events
On
On
On
Business Outlook
''We are very pleased with the performance of our CNG station facilities business. The Company expects to see improving sales in our conversion kit business. We will continue to manufacture truck trailers, and hope to increase the shipments of our non-standard pressure containers,'' said
Guidance
Sinoenergy expects its net revenues in the second quarter ending
Conference Call
Sinoenergy management will host a conference call at
About Sinoenergy
Sinoenergy is a manufacturer of compressed natural gas (CNG) vehicle and gas station equipment as well as a designer, developer and builder of CNG stations in
Forward-Looking Statements
Statements in this press release include ''forward-looking statements." Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Undue reliance should not be placed on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in this press release, including the risks described under ''Risk Factors,'' and ''Management's Discussion and Analysis of Financial Condition and Results of Operations'' in our report on Form 10- KSB for the period ended
Sinoenergy Corporation and Subsidiaries Consolidated Balance Sheets (In thousands of United States dollars) December 31, September 30, 2007 2007 ASSETS Unaudited Audited CURRENT ASSETS Cash 10,462 3,322 Restricted cash 821 1,225 Accounts receivable (net) - Related party 121 169 - Third party 8,370 5,827 Other receivables - Related party 333 332 - Third party 8,060 33,594 Deposits and prepayments-third party 5,792 2,795 Deferred expenses 89 58 Inventories 2,663 2,901 TOTAL CURRENT ASSETS 36,711 50,223 LONG TERM ASSETS Long term investments 1,246 1,592 Property, plant and equipment (net) 17,892 8,388 Intangible assets 24,710 18,531 Other long-term assets 12,112 9,599 Goodwill 758 729 Long term deferred tax asset 4 4 TOTAL ASSETS 93,433 89,066 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Short term bank loan 14,375 14,843 Accounts payable - Related party — — - Third party 2,488 3,166 Notes payable 821 799 Other payables - Related party 2,005 3,679 - Third party 4,825 1,502 Accrued expenses 144 319 Warranty accrual 93 76 Advances from customers 1,024 1,035 Income taxes payable — 119 TOTAL CURRENT LIABILITIES 25,775 25,538 LONG TERM LIABILITIES 12% guaranteed senior notes 16,121 15,622 3% guaranteed senior convertible notes 10,978 13,823 TOTAL LONG TERM LIABILITIES 27,099 29,445 Minority interests 1,475 1,363 Commitments STOCKHOLDERS' EQUITY Common stock - par value $.001 per share; Issued and Outstanding - 31,418,065 shares at December 31, 2007, 14,636,472 shares at December 31, 2006 31 31 Series A convertible preferred stock - $0.001 Par Value - none at December 31, 2007, 5,692,307 shares at December 31, 2006 — — Additional paid-in capital 25,077 22,000 Capital surplus 20 20 Statutory surplus reserve fund 1,140 1,140 Retained earnings 10,536 8,217 Accumulated other comprehensive income 2,280 1,312 Total stockholders' equity 39,084 32,720 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 93,433 89,066 Sinoenergy Corporation and Subsidiaries Consolidated Statements of Operations (Unaudited) (In thousands of United States dollars except per share information) Three Months Ended December 31, 2007 2006 NET REVENUE 8,807 2,629 COST OF REVENUE (4,896) (931) GROSS PROFIT 3,911 1,698 OPERATING EXPENSES Selling expenses 156 38 General and administrative expenses 1,008 665 TOTAL OPERATING EXPENSES 1,164 703 INCOME FROM OPERATIONS 2,747 995 OTHER INCOME (EXPENSES) Investment loss (20) — Other non-operating income 145 69 Interest expense (560) (63) Other expenses (1) (31) OTHER LOSS NET (436) (25) INCOME BEFORE INCOME TAXES 2,311 970 Income tax recovery 120 109 INCOME BEFORE MINORITY INTEREST 2,431 1,079 Minority interest (112) 37 NET INCOME 2,319 1,116 Other comprehensive income Foreign currency translation adjustments 968 5 COMPREHENSIVE INCOME 3,287 1,121 Earnings Per Share - Basic 0.07 0.08 Weighted Average Shares Outstanding - Basic 31,418,065 14,636,472 Earnings Per Share - Diluted 0.06 0.06 Weighted Average Shares Outstanding - Diluted 37,821,413 19,286,902 Sinoenergy Corporation and Subsidiaries Consolidated Statements of Cash Flows (Unaudited) (In thousands of United States dollars) Three Months Ended December 31, 2007 2006 CASH FLOWS FROM OPERATING ACTIVITIES: Net income 2,319 1,116 Amortization of warrants for service 46 — Amortization of options 72 30 Amortization of notes discount 28 — Interest expense for long term notes issued 585 — Minority interest 112 (36) Depreciation of property, plant and equipment 140 102 Amortization of intangible assets 244 58 Provision for doubtful accounts 90 94 Changes in operating assets and liabilities: (Increase) in accounts receivable (2,595) (398) (Increase) decrease in other receivables, deposits and prepayments (7,325) 2,480 Decrease in inventories 238 356 (Decrease) increase in accounts payable (656) 40 (Decrease) increase in accrued expenses (158) 36 (Decrease) in advances from customers (11) (183) Increase in other payables 3,020 948 (Decrease) in income tax payable (119) (101) Net cash (used in) operating activities (3,970) 4,542 CASH FLOWS FROM INVESTING ACTIVITES Payment for purchase of property, plant and equipment (9,646) (2,436) Payment for purchase of land use right (6,423) (4,059) Purchase of minority interest in subsidiaries (1,023) — Other payment for investment activities (2,542) Other receipts from investments — 134 Net cash used in investing activities (19,634) (6,361) CASH FLOWS FROM FINANCING ACTIVITES Cash received from bank loan — 371 Cash received from notes issued 29,840 — Cash Received for other financing activities — 399 Cash paid for Bank loan (468) — Net cash received in financing activities 29,372 770 Effect of changes in exchange rate 968 5 Net increase/(decrease) in cash 6,736 (1,044) Cash at beginning of the year 4,547 1,632 Cash at end of the year 11,283 588 Supplementary Cash flow disclosure: Non-cash investing and financing activities: Increase in additional paid in capital owning to beneficial conversion features recording 2,959 — Decrease in 3% guaranteed senior convertible notes owing to beneficial conversion features recording (2,959) — Interest Paid 255 63 For more information, please contact: Sinoenergy Corporation Ms. Laby Wu, CFO Tel: +86-10-8492-8149 Email: labywu@Sinoenergycorporation.com CCG Elite Investor Relations Inc. Mr. Crocker Coulson, President Tel: +1-646-213-1915 (New York) Email: crocker.coulson@ccgir.com
SOURCE Sinoenergy Corporation
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