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China Ritar Power Announces Fourth Quarter and Fiscal Year 2

作者:K8 时间:2019-01-28

SHENZHEN, China, April 1 /PRNewswire-Asia/ -- China Ritar Power Corp. (Nasdaq: CRTP) ('China Ritar' or the 'Company'), a leading Chinese manufacturer of lead acid batteries, today reported financial results for the fourth quarter and year ended December 31, 2009.

Fourth Quarter 2009 Highlights

-- Revenue was $25.9 million

-- Gross profit grew 8.6% year-over-year to $5.2 million

-- Net income was $3.1 million for fully diluted earnings per share of

$0.15

-- On October 15, 2009, China Ritar sold all of its ownership in Shanghai

Ritar

Full Year Highlights

-- Revenue was $98.6 million

-- Net income was $8.7 million for fully diluted earnings per share of

$0.43

-- Domestic sales increased to 34% of total revenues

-- Batteries for renewable energy storage increased to 25% of total sales,

compared to 15% in fiscal year 2008

"Demand in both domestic and international markets for our lead acid batteries remains healthy," Mr. Jiada Hu, China Ritar's Chairman and Chief Executive Director commented. "Our sales to alternative energy markets continue to grow as the Chinese government increases its investment in clean fuel. For the full year 2009, the dollar amount of sales for our renewable energy storage batteries increased 35%; representing 25% of total sales for the year."

Revenue in the fourth quarter of 2009 was $25.9 million, unchanged from revenue of $25.9 million in the fourth quarter of 2008. Batteries used for telecom, uninterruptable power supply (UPS), renewable energy storage and light electronic vehicles (LEV) accounted for 30%, 35%, 25% and 10% of total sales of the fourth quarter of 2009, respectively.

Gross profit for the quarter increased 8.6% to $5.2 million from $4.8 million in the same period of 2008. Gross margin for fourth quarter of 2009 was 20.1% compared to 18.5% in the fourth quarter of 2008. The increase in gross margin was mainly due to the stabilization in lead prices during the fourth quarter of fiscal 2009.

Operating expenses were $1.9 million compared to $3.3 million in the fourth quarter of 2008. Adjusting for $0.96 million in non-cash, stock-based compensation recognized under salaries in the fourth quarter of 2008, non-GAAP operating expenses were $2.3 million. The non-cash, stock-based compensation relates to the release of shares of the Company's common stock to the Company's CEO from escrow pursuant to a make good agreement to meet the net income target for 2008 of $8.2 million entered into by the Company in connection with its private placement financing in February 2007.

Operating income for the fourth quarter was $3.3 million, up 112.6% from $1.5 million in the fourth quarter of 2008. Adjusting for the previously mentioned non-cash, stock-based compensation, non-GAAP operating income increased 30.7% from $2.5 million in the fourth quarter of 2008.

Net income to shareholders was $3.1 million in the fourth quarter of 2009 for fully diluted earnings per share of $0.15 compared to $0.5 million in net income and fully diluted earnings per share of $0.02 in the fourth quarter of 2008. Excluding the non-cash, stock-based compensation, non-GAAP net income for the fourth quarter of 2008 was $1.4 million. Non-GAAP fully diluted earnings per share for the fourth quarter of 2008 were $0.07.

Full Year 2009 Financial Results

Revenue for the full year 2009 decreased 12.2% to $98.6 million, compared to $112.3 million in 2008. The decrease in revenue is mainly attributable to a 12% decline in the Company's average selling price as a result of the decline in the average price of lead from RMB 16,000 in 2008 to 13,500 in 2009. Batteries used for telecom, uninterruptable power supply (UPS), renewable energy storage and light electronic vehicles (LEV) accounted for 30%, 35%, 25% and 10% of total sales of the full year 2009, respectively. Gross profit was $19.0 million, down 15.0% from $22.3 million for the full year 2008. Gross margin was 19.2% in 2009 compared to 19.9% in 2008. Operating income for the year was $10.6 million, up 15.9% from operating income of $9.1 million in the full year 2008. Adjusting for the full year non-cash, stock-based compensation of $3.85 million in 2008, non-GAAP operating income for the year was $13.0 million. Net income to shareholders increased 68.3% to $8.7 million from $5.2 million in 2008. Fiscal 2008 non-GAAP net income was $9.0 million. Fully diluted earnings per share for 2009 were $0.43 compared to $0.27 for the full year 2008. Non-GAAP fully diluted earnings per share for 2008 were $0.47.

Financial Condition

As of December 31, 2009, China Ritar had $26.4 million in cash and equivalents and restricted cash, $41.2 million in working capital and $43.1 million in total liabilities. Net cash provided by operating activities for the year was $8.3 million. Shareholders' equity stood at $55.4 million, up from $34.4 million at year-end 2008.

Business Outlook

The construction on China Ritar Power's new industrial park is expected to be completed by the end of April, at which time China Ritar will begin installing equipment. The Company is adding an additional 10 production lines, which are expected to begin test run by July 2010. Total number of production lines will increase from 19 to 29. China Ritar expects capital expenditures to be about $6-8 million for the purchase and instillation of the new equipment.

"We are looking forward to the expanding market opportunities in 2010 as the global economies continue to rebound," Mr. Hu commented. "Our position as a leading lead battery manufacture is supported by our high quality batteries with consistent performance at lower prices than our international competitors. Moreover, with the new capacity we have coming online in the second half of 2010, we are well positioned to ramp up our lead acid battery sales in line with new demand."

Conference Call

China Ritar will host a conference call at 9:00 am EDT on Thursday, April 1, 2010 to discuss the 2009 fourth quarter and year-end financial results. To participate in the conference call, please dial the following number fifteen minutes prior to the scheduled conference call time: 800-688-0796. International callers should dial 617-614-4070. The pass code for the call is 313 281 09. If you are unable to participate in the call at this time, a replay will be available on Thursday, April 1, 2010 at 11:00 AM EDT through Thursday, April 15, 2010. To access the replay, dial 888-286-8010, international callers should dial 617-801-6888. The conference pass code is 65975630. This conference call will be broadcast live over the Internet and can be accessed by all interested parties by clicking on http://ir.ritarpower.com/en/ . Please access the link at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software. For those unable to participate during the live broadcast, a 90-day replay will be available shortly after the call by accessing the same link.

Use of Non-GAAP Financial Measures

To supplement China Ritar Power's condensed consolidated financial statements presented on a GAAP basis, China Ritar is providing certain income statement information that is not calculated according to GAAP. China Ritar believes that its non-GAAP disclosures are useful in evaluating its operating results as this information supplies the user with another view of the matching of costs and expenses. A reconciliation of the adjustments to GAAP results for the three and 12-month periods ended December 31, 2008 is included below. The non-GAAP information presented is supplemental and is not purported to be a substitute for information prepared in accordance with GAAP.

Non-GAAP financial results for the three and 12-month periods ended December 31, 2008 discussed in this release reflect operating results excluding the impact of the non-cash, stock-based compensation recognized under salaries in relation to the release of shares of the Company's common stock to the Company's CEO from escrow pursuant to a make good agreement to meet the net income target for 2008 of $8.2 million entered into by the Company in connection with its private placement financing in February 2007.

About China Ritar Corp.

China Ritar designs, develops, manufactures and markets environmentally friendly, lead acid batteries with a wide range of capacities and applications, including telecommunications, Uninterruptible power supply (UPS) devices, light electrical vehicles (LEV), and renewable energy systems (solar and wind power). China Ritar sells, markets and services six series and 197 models of Ritar-branded, cadmium-free valve-regulated lead-acid (VRLA) batteries. Products are sold worldwide with sales in 81 countries including China, India, and numerous markets in Europe and the Americas. Additional information can be found at the Company's website http://www.ritarpower.com .

Safe Harbor Statement

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Certain statements in this press release and oral statements made by China Ritar on its conference call in relation to this release, constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included herein are forward-looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with and available from the Securities and Exchange Commission. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

-FINANCIAL TABLES TO FOLLOW -

CHINA RITAR POWER CORP. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

Audited

As of December 31

2009 2008

ASSETS

Current assets:

Cash and cash equivalents $20,459,361 $7,541,697

Restricted cash 5,900,649 4,387,679

Accounts receivable, net of allowances

of $1,115,321 and $1,114,276 24,920,825 17,314,082

Receivable from sale of a subsidiary 417,387 --

Due from a former subsidiary 3,925,348 --

Inventory 19,484,224 12,774,780

Advance to suppliers 2,477,449 1,328,694

Other current assets 3,915,605 4,138,236

Current assets of discontinued

operations -- 5,333,174

Total current assets 81,500,848 52,818,342

Non-current assets:

Property, plant and equipment, net 16,248,551 10,440,084

Construction in progress 136,443 3,089,854

Intangible assets, net 9,407 17,088

Land use right 468,265 476,687

Rental and utility deposits 82,439 82,801

Deferred income tax assets 115,064 --

Non-current assets of discontinued

operations -- 465,286

Total assets $98,561,017 $67,390,142

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable $16,658,868 $11,968,901

Income and other taxes payable 3,986,935 2,898,082

Accrued salaries 502,978 437,954

Bills payable 13,498,001 4,321,915

Derivative instruments -- 236,898

Other current liabilities 2,800,879 2,497,498

Current portion of long term loans 1,342,473 877,886

Short-term loans 1,464,515 3,596,955

Current liabilities of discontinued

operations -- 2,508,628

Total current liabilities 40,254,649 29,344,717

Long-term loans 2,881,188 3,657,859

Total liabilities 43,135,837 33,002,576

Stockholders' equity:

Preferred stock, $.001 par value,

10,000,000 shares authorized, no shares

issued and outstanding -- --

Common stock at $.001 par value;

authorized 100,000,000 shares

authorized, 21,450,238 and 19,134,992

shares issued and outstanding 21,450 19,135

Additional paid-in capital 31,461,723 19,222,727

Retained earnings 20,745,985 12,053,205

Accumulated other comprehensive income 3,196,022 3,092,499

Total China Ritar stockholders' equity 55,425,180 34,387,566

Non-controlling interest -- --

Total equity 55,425,180 34,387,566

Total liabilities and stockholders'

equity $98,561,017 $67,390,142

CHINA RITAR POWER CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF INCOME

Three Months Ended For the years ended

December 31, December 31,

2009 2008 2009 2008

CONTINUING Unaudited

OPERATIONS

Net revenue $25,859,956 $25,917,372 $98,630,176 $112,312,056

Cost of sales 20,651,234 21,120,304 79,684,443 90,013,419

Gross profit 5,208,722 4,797,068 18,945,733 22,298,637

Operating

expenses:

Salaries 638,262 1,278,230 2,039,294 5,224,973

Sales commission 460,088 690,323 1,597,189 1,566,177

Shipping and

handling cost 207,006 316,499 1,050,505 1,482,825

Other selling,

general and

administrative

expenses 631,640 973,075 3,672,157 4,887,408

Total operating

expenses 1,936,996 3,258,127 8,359,145 13,161,383

Operating profit 3,271,726 1,538,941 10,586,588 9,137,254

Other income and

(expenses):

Interest income 43,732 63,928 115,716 192,326

Other income 119,747 1,259 160,396 2,222

Interest expenses (216,014) 237,858 (716,526) (511,752)

Foreign currency

exchange loss (32,772) (99,698) (50,780) (557,388)

Other expenses 4,407 (242) (7,037) (8,981)

Total other

expenses, net (80,900) 203,105 (498,231) (883,573)

Income from

continuing

operations

before income

taxes 3,190,826 -- 10,088,357 8,253,681

Income taxes (633,064) (549,953) (1,948,322) (2,400,314)

Income from

continuing

operations 2,557,762 1,192,093 8,140,035 5,853,367

DISCONTINUED

OPERATIONS

Loss from

discontinued

operations,

net of taxes (376,916) (718,940) (376,916) (718,940)

Gain on disposal

of discontinued

operations,

net of taxes 910,817 -- 910,817 --

Income (loss) from

discontinued

operations,

net of taxes 533,901 (718,940) 533,901 (718,940)

Net income 3,091,663 473,153 8,692,780 5,134,427

Add: Loss from

discontinued

operations

attributable to

non-controlling

interest 1,113 9,616 18,844 29,633

Net income

attributable

to China Ritar

stockholders 3,092,776 482,769 8,692,780 5,164,060

Earnings per share

attributable to

China Ritar

stockholders:

Basic:

- Continuing

operations 0.13 0.06 0.41 0.31

- Discontinued

operations 0.03 (0.04) 0.03 (0.04)

- Net income $0.16 $0.03 0.44 0.27

Diluted:

- Continuing

operations 0.13 0.06 0.40 0.31

- Discontinued

operations 0.02 (0.04) 0.03 (0.04)

- Net income $0.15 $0.02 0.43 0.27

Weighted average

number of shares

outstanding:

- Basic 19,693,630 19,134,992 19,693,630 19,127,598

- Diluted 20,124,293 19,519,730 20,124,293 19,127,598

CHINA RITAR POWER CORP. AND SUBSIDIARIES

NON-GAAP CONSOLIDATED STATEMENT OF INCOME

Three Months Ended Year Ended

December 31, December 31,

2008 2008

CONTINUING OPERATIONS Unaudited

Net revenue 25,917,372 112,312,056

Cost of sales 21,120,304 90,013,419

Gross profit 4,797,068 22,298,637

Operating expenses:

Salaries 314,879 1,371,572

Sales commission 690,323 1,566,177

Shipping and handling cost 316,499 1,482,825

Other selling, general and

administrative expenses 973,075 4,887,408

Total operating

expenses 2,294,776 9,307,982

Operating profit 2,502,292 12,990,655

Other income and (expenses):

Interest income 63,928 192,326

Other income 1,259 2,222

Interest expenses 237,858 (511,752)

Foreign currency

exchange loss (99,698) (557,388)

Other expenses (242) (8,981)

Total other expenses, net 203,105 (883,573)

Income from continuing operations

before income taxes 2,705,397 12,107,082

Income taxes (549,953) (2,400,314)

Income from continuing

operations 2,155,444 9,706,768

DISCONTINUED OPERATIONS

Loss from discontinued

operations, net of taxes (718,940) (718,940)

Gain on disposal of discontinued

operations, net of taxes -- --

Income (loss) from discontinued

operations, net of taxes (718,940) (718,940)

Net income 1,436,504 8,987,828

Add: Loss from discontinued

operations attributable to

non-controlling interest 9,616 29,633

Net income attributable to China

Ritar stockholders 1,446,120 9,017,461

Earnings per share attributable to

China Ritar stockholders:

Basic:

- Continuing operations 0.11 0.51

- Discontinued operations (0.04) (0.04)

- Net income 0.08 0.47

Diluted:

- Continuing operations 0.11 0.51

- Discontinued operations (0.04) (0.04)

- Net income 0.07 0.47

Weighted average number of shares

outstanding:

- Basic 19,134,992 19,127,598

- Diluted 19,519,730 19,127,598

CHINA RITAR POWER CORP. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

FOR THE THREE MONTHS AND YEAR ENDED DECEMBER 31, 2008

For the year ended For the three months ended

Adjusted Net income 31-Dec-08 31-Dec-08

Net Income (Loss) and Diluted Diluted

Diluted EPS Net Income EPS Net Income EPS

Adjusted Amount Non-GAAP 9,017,461 0.47 1,446,120 0.07

Adjustments

Non-cash compensation

adjustment (1) 3,850,000 0.20 963,350 0.05

Amount per consolidated

statement of operations 5,164,060 0.27 482,769 0.02

(1) Non cash compensation expense in connection with the release from

escrow to certain employees of shares of common stock that had

been deposited into escrow to certain China Ritar employees in

connection with the Company's private placement in February 2007

CHINA RITAR POWER CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

Audited

For the years ended December 31,

2009 2008

Cash Flows from Continuing

Operating Activities:

Net income $8,673,936 $5,134,427

(Income) loss from discontinued

operations, net of taxes (533,901) 718,940

Income from continuing operations 8,140,035 5,853,367

Adjustments to reconcile net income

to net cash provided by operating

activities:

Deferred income tax assets (115,017) --

Depreciation of property, plant and

equipment 1,177,408 774,856

Amortization of intangible assets

and land use right 16,560 12,352

Bad debts expenses -- 471,488

(Gain) loss on disposal of

property, plant and equipment (365) 2,494

Stock-based compensation - make --

good provision 3,853,401

Inventory write-down -- 282,589

Unrealized (loss) gain on

derivative instruments (237,022) 233,795

Changes in operating working

capital items:

Accounts receivable (7,587,403) (5,494,944)

Inventory (6,694,725) (2,929,690)

Advance to suppliers (1,147,038) 2,115,687

Other current assets (4,661,501) (4,803,688)

Rental and utility deposit 439 (81,717)

Accounts payable 4,676,850 1,866,118

Income and other tax payable 4,735,050 1,507,786

Accrued salaries 64,587 157,775

Bills payable 9,168,276 27,228

Other current liabilities 710,748 233,330

Net cash provided by operating

activities 8,264,882 4,082,227

Cash Flows from Continuing

Investing Activities:

Repayment of loan from related parties -- 217,750

Repayment from a former subsidiary

- Shanghai Ritar 705,070 --

Purchase of property, plant and

equipment (4,362,680) (8,177,816)

Purchase of intangible assets -- (3,760)

Sales proceeds of disposal of

property, plant and equipment 4,392 47,720

Net cash used in investing activities (3,653,218) (7,916,106)

Cash Flows from Continuing

Financing Activities:

Net proceeds from issuance of

common stock 12,059,449 --

Proceeds from stock issued for

warrant exercised 181,862 134

Proceeds from bank borrowings 8,684,270 33,213,856

Repayment of bank borrowings (11,135,412) (28,775,962)

Restricted cash (1,508,239) 1,851,001

Net cash provided by financing

activities 8,281,930 6,289,029

Cash Flows from Discontinued

Operations Activities:

Net cash used in discontinued

operating activities (94,628) 661,509

Net cash used in discontinued

investing activities (14,139) (30,772)

Net cash used in discontinued

financing activities -- --

Effect of exchange rate changes

on cash -- 9,338

Change in cash from discontinued

operations 108,767 (640,075)

Net cash used in discontinued

operations -- --

Effect of exchange rate changes

on cash and cash equivalents 24,070 429,684

Net increase in cash and cash

equivalents 12,917,664 2,884,834

Cash and cash equivalents,

beginning of year 7,541,697 4,656,863

Cash and cash equivalents,

end of year $20,459,361 $7,541,697

Supplemental disclosure of cash

flow information

Cash paid for interest $716,526 $511,752

Cash paid for income taxes $996,471 $623,299

Non-cash investing and financing

activities

Issuance of common stock for

cashless exercise of warrants $100 $125

Receivable from sale of Shanghai

Ritar $417,387 $--

For more information, please contact:

Elite IR

John Marco, Partner

Tel: +1-310-819-2948

Email: John.marco@elite-ir.com

Elite IR

Leslie J. Richardson, Partner

Tel: +852-3183-0283

Email: Leslie.richardson@elite-ir.com

本文源自: 环亚娱乐

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