2007'08.17.Fri
Manpower Inc. to be the Pilot Global Foreign Multinational Corporation to Obtain a Temporary Staffing License
August 15, 2007
Bringing Its Nearly 60-years Staffing Experience to China
SHANGHAI, China, Aug. 15 /Xinhua-PRNewswire/ --
Manpower, a world leading employment service company,
recently obtained a temporary staffing business license.
Recognized as an industry expert with nearly 60 years of
staffing experience, operating under the highest ethical
standard and codes of conduct, Manpower was granted this
privilege as the pilot by the Shanghai Personnel Bureau
under the authorization from Ministry of Personnel of PRC.
"The lately announced China Labor Contract Law
effective on the 1st of January 2008 for the first time
regulates the temporary staffing industry, which answers
the needs for growth in this industry. Employer liability
and the forms of labor use has been defined in this law.
Moreover, this law puts forward higher standards of hiring
activities and HR management for enterprises and temporary
staffing companies. It is a challenge but also an
unprecedented opportunity for the staffing industry,"
says Lucille Wu, Managing Director of Manpower Greater
China. "Obtaining this pilot license is a blessing and
recognition of our persistence on our highest working ethic
throughout the world."
As a veteran in the temporary staffing industry for the
last 60 years, Manpower is confident in its ability to
introduce temporary staffing services to companies in
China, bringing flexibility and greater efficiency to the
fast growing economy. Awarded for the last five years in a
row as one of Fortune's Most Admired Companies, Manpower
continues its efforts to bring in best-in-class industry
practices and management expertise to China; and promotes
higher standards in the staffing industry for a sustainable
growth.
"Manpower can help our clients increase their
business efficiency by offering flexible workforce
solutions and managing associates to achieve the highest
productivity," continues Lucille. "And we operate
under strictest bylaw discipline to fully protect our
associates' benefits and welfare."
Although there is no official data on the total size of
the contingent workforce, Manpower defines it by considering
all types of workers who provide human resource to the
organization, but are not permanent staff, and estimates
that it represents approximately 20 percent of the average
company's total workforce. All of these groups, contingent
and permanent, provide the "people power" that
drive that success of the business entity. Manpower
believes that through Manpower Professional Permanent
Recruitment, Manpower Permanent Recruitment, Manpower
Temporary Staffing and Manpower Managed Service, they are
very capable of delivering competitive one-stop employment
service solutions to their clients in China.
About Manpower in China
Manpower Inc. first entered the Greater China market in
1964 and has more than 13 years experience in Mainland
China. Today, the company has 81 offices across Greater
China and 55 in Mainland China.
Manpower China has nearly 400 recruiters operating
nationally in 11 cities across the Mainland. It provides a
wide array of services to both foreign-based multinationals
and local companies, including more than 80 percent of the
world's top 50 companies. Manpower China provides
professional and executive staffing under the Manpower
Professional brand, offering clients middle management to
C-suite executives in the Information Technology,
Telecommunications, Industrial, Consumer Goods,
Pharmaceutical, Services, Finance & Banking sectors. It
also provides a recruitment offering of both permanent and
contingent staff; HR and managed business services under
the Manpower brand.
Manpower Inc. provides organizational consulting
services through its Right Management subsidiary, which
established offices in Mainland China in 1996.
For more information on Manpower Inc. operations in
China, please visit http://www.manpower.com.cn and
http://www.right.com/cn .
For more information, please contact£º
Raymond Wang
Tel: +86-21-5878-2816 x224
Email: raymond.wang@manpower.com.cn
PR
2007'08.17.Fri
Thomson Scientific Publishes The Ones to Watch - A Quarterly Review of Phase Changes in the Pharmaceutical Pipeline
August 15, 2007
Research by CMR Shows Revenue Derived from New Products
Launched within the Last Five Years has Dropped to Just 16%
of Total Revenue in 2006
PHILADELPHIA, Aug. 15 /Xinhua-PRNewswire/ -- Thomson
Scientific, part of The Thomson Corporation (NYSE: TOC;
TSX: TOC) and leading provider of information solutions to
the worldwide research and business communities, today
issued its quarterly The Ones-to-Watch report, providing
expert insight into the five most promising drugs to enter
each new phase of clinical development between April and
June 2007.
"This quarter's most promising drugs all have
significant market potential and are associated with
diseases and conditions that impact countless numbers of
individuals," said Peter Robins, PhD, and editorial
content manager, Thomson Scientific. "These important
clinical developments are highly encouraging for
innovation-based companies in a period when many
pharmaceutical products are coming toward the end of their
patent protection."
New research from CMR, a Thomson company, shows that
revenue derived from new products (those launched within
the last five years) dropped to just 16% of total revenue
in 2006. And although the cost of research and development
continues to rise, there is no sign of a sustained upturn
in the number of new products reaching the market.
Which are the Ones-to-Watch this Quarter?
Topping this quarter's approval list is Novartis
Vaccines & Diagnostics' Optaflu(R), a vaccine for
influenza derived from a novel, proprietary cell line.
Approved for use in the EU in June 2007, Novartis plans to
file for US approval of Optaflu in 2008.
Second on our list is Wyeth, which is marketing
Lybrel(TM) -- a combination of Ievonorgestrel and ethinyl
estradiol in a daily oral tablet which eliminates the
menstrual cycle and is being trialed as a potential
treatment for severe premenstrual syndromes.
Third is a drug launched in Japan in June 2007 for the
treatment of incontinence and pollakiuria (frequent
urination) under the name Staybla(R). Urinary incontinence
is particularly prevalent in men and usually associated with
aging. Where the problem is an overactive bladder, patients
may benefit from the M1 and M3 muscarinic receptor
imidafenacin, developed by Kyorin Pharmaceutical, Ono
Pharmaceutical and LG Life Sciences.
Fourth is a drug for one of the most severe forms of
epilepsy (Lennox-Gastaut Syndrome or LGS), affecting
approximately 5% of the children who have the disease.
Eisai's rufinamide, licensed from Novartis, is the first
drug approved in the EU specifically for LGS. Eisai
launched rufinamide in Germany, Australia and Scandinavia
in June 2007 under the name Inovelon(TM). US filing is in
process.
Finally for this section this quarter, Torisel(TM) is
the brand name of temsirolimus, an analog of the mTOR
inhibitor sirolimus (rapamycin) developed by Wyeth Research
for the oral treatment of advanced renal cell carcinoma
(RRC). Having received FDA approval in May 2007, the drug
is now available to patients in the US, while approval is
pending in the EU.
Following are the top five drugs in each category of
phase changes:
The Five Most Promising Drugs Entering Phase III Trials
- trazodone, (Depression), Labopharm
- pimavanserin, (Schizophrenia), ACADIA Pharmaceuticals
- salmon calcitonin, (Osteoporosis/Paget's disease),
Novartis/Nordic
Bioscience
- Generx(TM), (Coronary artery disease), Cardium
Therapeutics
- fenofibrate and pravastatin, (Mixed dyslipidemia),
Sciele
Pharma/Galephar PR
The Five Most Promising Drugs Entering Phase II Trials
- VSF-173, (Excessive sleepiness), Vanda
Pharmaceuticals
- APD-125, (Insomnia), Arena
- Neugranin(TM), (Chemotherapy-induced neutropenia),
CoGenesys
- Hepaconda(R) , (Hepatitis C), Giaconda
- GRC-6211, (Pain), Glenmark
The Five Most Promising Drugs Entering Phase I Trials
- Ad35 HIV-ENvA, (HIV infection), GenVec/NIAID Vaccine
Research Center
- nestorone and estradiol (transdermal gel), (Female
contraception),
Antares/Population Council
- Fluvacc, (Influenza), Avir Green Hills Biotechnology
- insulin oral gel capsule, (Diabetes), Oramed
- trodusquemine, (Obesity), Ganaera
About This Quarterly Report:
Data for this report was compiled and analyzed using
Thomson Pharma(R), a comprehensive global pharmaceutical
information solution that covers the entire drug discovery
and development pipeline. Its competitive intelligence and
strategic data can justify and speed decision-making,
facilitate more focused collaboration, and encourage
innovation.
For a copy of the full report with analysis, visit:
http://www.thomsonpharma.com/media/pdfs/tpqr/tp_qr_apr2007.pdf
About The Thomson Corporation
The Thomson Corporation ( http://www.thomson.com ) is a
global leader in providing essential electronic workflow
solutions to business and professional customers. With
operational headquarters in Stamford, Conn., Thomson
provides value-added information, software tools and
applications to professionals in the fields of law, tax,
accounting, financial services, scientific research and
healthcare. The Corporation's common shares are listed on
the New York and Toronto stock exchanges (NYSE: TOC; TSX:
TOC).
Thomson Scientific is a business of The Thomson
Corporation. Its information solutions assist
professionals at every stage of research and
development-from discovery to analysis to product
development and distribution. Thomson Scientific
information solutions can be found at
scientific.thomson.com.
For more information, please contact:
Allison Hagan
Thomson Scientific
Tel: +1-215-823-1881
Email: allison.hagan@thomson.com
2007'08.17.Fri
China GengSheng Minerals, Inc. Announces Revenues of $10 Million and Net Income of $1.6 Million for the Second Quarter Ended June 30, 2007
August 15, 2007
GONGYI, China, Aug. 15 /Xinhua-PRNewswire/ -- China
GengSheng Minerals, Inc. ("CGM" or the Company)
(OTC Bulletin Board: CHGS) announced financial results for
the three-month period ended on June 30, 2007.
Quarter to Quarter Comparison
For the three-month period ended on June 30, 2007, the
Company reported revenues of $10 million, an increase of
46.4 % compared to $6.8 million reported for the same
period last year. Gross profit for the three months ended
June 30, 2007 was $3.9 million, or 38.7% of net revenues,
compared to gross profit of $2.7 million, or 40.1% of net
revenues for the same period last year. Total operating
expenses were $1.9 million for the three-month period ended
on June 30, 2007, or 19.3% of net revenues, compared to $1.6
million in total operating expenses, or 23.7% of net
revenues for the same period last year. Net income for the
three-month period ended on June 30, 2007 was $1.6 million,
or 15.6% of net revenues, compared to $1.1 million, or 16.2%
of net revenues for the same period last year.
Six Month to Six Month Comparison
For the six-month period ended on June 30, 2007, the
Company reported revenues of $18.5 million, an increase of
56.2% compared to $11.9 million reported for the same
period last year. Gross profit for the six months ended
June 30, 2007 was $7.2 million, or 39% of net revenues,
compared to gross profit of $4.7 million, or 39.2% of net
revenues for the same period last year. Total operating
expenses were $3.8 million for the six-month period ended
on June 30, 2007, or 20.3% of net revenues, compared to
$2.7 million in total operating expenses, or 23% of net
revenues for the same period last year. Net income for the
six-month period ended on June 30, 2007 was $2.8 million,
or 15.2% of net revenues, compared to $1.9 million, or
15.7% of net revenues for the same period last year.
Balance Sheet Items
The Company had $7.2 million in unrestricted cash and
cash equivalents as of June 30, 2007, compared to $0.4
million on December 31, 2006. Working capital as of June
30, 2007 was $22.7 million compared to $11.5 on December
31, 2006.
The Company
CGM is a mineral-based manufacturer whose products
include monolithic refractories, industrial ceramics and
fracture proppant. Monolithic refractories serve as heat
resistant protective linings in industrial furnaces and
other heavy machinery used in the steel, iron, cement,
glass and aluminum industries. Ceramic products are heat
and erosion resistant which are used to house high voltage
switches and fuses and to transfer liquids, solids and
gases. Fracture proppant is used in operating oil wells to
release trapped oil allowing it to be extracted to the
earth's surface. CGM conducts business through Gengsheng
International Corporation and its Chinese subsidiaries:
Henan Gengsheng Refractories Co., Ltd., ZhengZhou Duesail
Fracture Proppant Co., Ltd. and Henan Gengsheng
High-Temperature Materials Co., Ltd.
FORWARD LOOKING STATEMENTS
This release may contain certain "forward-looking
statements" relating to the business of China
GengSheng Minerals, Inc. and its subsidiary companies.
These forward looking statements are often identified by
the use of forward- looking terminology such as
"believes, expects" or similar expressions. Such
forward looking statements involve known and unknown risks
and uncertainties that may cause actual results to be
materially different from those described herein as
anticipated, believed, estimated or expected. 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 the Securities and Exchange Commission and
available on its website (www.sec.gov). All forward-looking
statements attributable to China GengSheng Minerals, Inc. or
to persons acting on its behalf are expressly qualified in
their entirety by these factors other than as required
under the securities laws. China GengSheng Minerals, Inc.
does not assume a duty to update these forward-looking
statements.
CONTACT: Mr. Denis Tontodonato
(704) 562 0082
China GengSheng Minerals, Inc.
Henan Province
People's Republic of China
2007'08.17.Fri
Fushi International Reports Second Quarter 2007 Financial Results
August 15, 2007
- Revenues Increased 42% to $26.1 Million in 2Q07 -
DALIAN, China, Aug. 15 /Xinhua-PRNewswire/ -- Fushi
International, Inc. (OTC Bulletin Board: FSIN), a low-cost,
leading Chinese manufacturer of bimetallic wire used in a
variety of communication, transmission and other electrical
products, today announced financial results for the second
quarter of 2007.
Revenues for the second quarter of 2007 increased 42.3%
to $26.1 million, from $18.3 million in the prior year's
quarter. Revenues increased year over year despite an
unusually strong 2Q06, during which a sudden, sharp
increase in copper prices led to both higher demand for
Fushi's products and a sell- through of low cost inventory.
In the second quarter of 2007, revenues were driven by a 4%
increase in the average selling price of product sold and a
37% increase in the volume of bimetallic product sold.
Coaxial cable accounted for approximately 59.1% of sales,
magnet wire for about 16.2% of sales, and shielding wire
for about 24.7% of sales.
Gross profit increased 18.6% year-over-year to $9.7
million. Gross margin of 37.0% represented the third
consecutive quarter of gross margin improvement, up from
36.4% in the first quarter of 2007. On a year-over-year
basis, gross margin was down from 44.4%, when the increased
copper prices highlighted above resulted in an unusually
higher level of profitability.
Operating expenses in the second quarter increased 158%
to $2.2 million compared to $0.9 million in the prior year
period. This increase was primarily a result of higher
general and administrative expenses associated with the
compliance of Sarbanes-Oxley, as well as costs associated
with preparing to list the company's shares on a major
exchange. Also included in the general and administrative
expenses for the second quarter of 2007 was share-based
compensation expense of $645,158, which was equivalent to
2.5% of net revenues.
Net income in the second quarter of 2007 was $7.0
million, down slightly from $7.2 million last year due to
the unusually strong Q206, and up 40.4% sequentially from
$5.0 million in the first quarter of 2007. Diluted earnings
per share for the second quarter of 2007 were $0.28 compared
to $0.34 in the prior year period, and $0.20 in the first
quarter of 2007, as a result of higher total diluted share
count of 25,192,643 at the end of the second quarter,
reflecting the Company's January 2007 issuance of $20
million in convertible debt to Citadel Equity Fund Ltd.
Mr. Li Fu, Chairman and Chief Executive Officer of
Fushi International commented, "We are pleased to
report another quarter of continued growth in our business.
We believe that we have laid the foundation to become a
domestic and international market leader in the bimetallic
industry. Our copper clad aluminum products have delivered
consistent revenue growth for us. We are well on our way to
executing our strategic plan through technological
innovation, manufacturing expertise, domestic and
international marketing and branding and strong
management."
Mr. Fu continued, "While we have in the past been
primarily focused on the regular CCA market, we are also
leveraging our expertise to tap into significant
opportunities in other areas of the market. We believe
these new areas can provide us with not only substantial
new revenue opportunities, but also with higher margins. We
have begun to enter the market for flat wire and continue to
market our fine wire, which we believe can offer us higher
margin business in a broader market. We are aggressively
ramping up our production capacity to meet demand in these
areas, as well as in our core regular CCA market. We
believe that we will have a competitive advantage in these
markets, as our state-of-the-art manufacturing technology
allows us to develop reliable quality products in the time
frame and manner our customers expect."
Financial Expectations
For the full year 2007, the Company reiterates diluted
earnings per share of approximately $1.03-$1.13.
Mr. Fu stated, "We are excited about the remainder
of 2007 and are confident that we have put in place a
foundation for continued growth and financial flexibility.
Our cash balance of $75.2 million places us in a strong
financial position of not only being able to increase our
capacity and plan for acquisitions but also having the
working capital on hand to grow our revenues and best serve
our customers. The nature of our business is that it
requires a strong balance sheet to support growth. We
believe our strong balance sheet and our access to capital
has been a significant competitive factor in our success,
as customers are assured that we can meet their
needs."
"We believe that we are well on our way to
becoming a dominant player in the bimetallic market. We
will continue to explore opportunities to increase
revenues, to grow our market share, and to sustain our
strong margins," concluded Mr. Fu.
The Company will conduct a conference call to discuss
the second quarter 2007 results today, Tuesday, August 14,
2007 after the market close at 5:30 pm ET. Listeners may
access the call by dialing 913-981-5543. A live webcast of
the conference call will also be available at
www.viavid.net. A replay of the call will be available from
August 14, 2007 to August 21, 2007. Listeners may access the
replay by dialing # 719-457-0820; passcode: 3477104.
About Fushi International
Fushi International, through its wholly owned
subsidiary, Fushi International (Dalian), manufactures
bimetallic composite wire products, principally copper clad
aluminum wires ("CCA"). CCA, the company's core
product, combines the conductivity and corrosion resistance
of copper with the light weight and relatively low cost of
aluminum. It is a cost-effective substitute for single
copper wire in a wide variety of applications such as
coaxial cable for cable television (CATV), signal
transmission lines for telecommunication networks,
distribution lines for electricity, electrical
transformers, wire components for electronic instruments
and devices. For more information on Fushi, visit the
website: http://www.fushiinternational.com/ .
Safe Harbor Statement
This press release may include certain statements that
are not descriptions of historical facts, but are
forward-looking statements. Forward- looking statements can
be identified by the use of forward-looking terminology such
as "will" "believes",
"expects" or similar expressions. These forward-
looking statements may also include statements about our
proposed discussions related to our business or growth
strategy, which is subject to change. Such information is
based upon expectations of our management that were
reasonable when made but may prove to be incorrect.
All of such assumptions are inherently subject to
uncertainties and contingencies beyond our control and upon
assumptions with respect to future business decisions, which
are subject to change. We do not undertake to update the
forward-looking statements contained in this press release.
For a description of the risks and uncertainties that may
cause actual results to differ from the forward-looking
statements contained in this press release, see our most
recent Annual Report filed with the Securities and Exchange
Commission (SEC) on Form 10-K, and our subsequent SEC
filings. Copies of filings made with the SEC are available
through the SEC's electronic data gathering analysis
retrieval system (EDGAR) at www.sec.gov.
For more information, please contact:
Nathan Anderson
Director of Investor Relations
Tel: 86-10-8447-8292
Email: Nathan.anderson@fushiinternational.com
Bill Zima & Ashley Ammon MacFarlane
Integrated Corporate Relations
Tel: 203-682-8200
(Financial Tables to Follow)
FUSHI INTERNATIONAL, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND
OTHER COMPREHENSIVE INCOME
FOR THE THREE MONTHS AND SIX MONTHS ENDED JUNE 30,
2007 AND 2006
Three months ended June 30, Six
months ended June 30,
2007 2006
2007 2006
(Unaudited) (Unaudited)
(Unaudited) (Unaudited)
REVENUES $26,085,908 $18,335,021
$47,223,825 $32,925,164
COST OF GOODS SOLD 16,433,794 10,199,652
29,886,532 19,521,213
GROSS PROFIT 9,652,114 8,135,369
17,337,293 13,403,951
OPERATING EXPENSE
Selling expenses 193,916 132,629
369,110 249,249
General and
administrative
expenses 2,028,574 730,180
3,469,576 1,486,701
Total operating
expense 2,222,490 862,809
3,838,686 1,735,950
INCOME FROM OPERATIONS 7,429,624 7,272,560
13,498,607 11,668,001
OTHER INCOME (EXPENSE)
Interest income 318,244 1,419
509,454 12,431
Interest expense (1,666,043) (263,458)
(2,948,115) (513,564)
Gain on cross currency
hedge 802,523 -
802,523 -
Other income 112,506 229,175
174,616 320,722
Other expense (14,195) (113,552)
(79,694) (138,850)
Total other expense (446,965) (146,416)
(1,541,216) (319,261)
INCOME BEFORE INCOME
TAXES 6,982,659 7,126,144
11,957,391 11,348,740
PROVISION FOR INCOME TAXES - (60,064)
- 396,616
NET INCOME 6,982,659 7,186,208
11,957,391 10,952,124
OTHER COMPREHENSIVE INCOME
Foreign currency translation
adjustment 2,113,689 722,695
3,016,550 1,118,315
Cross currency hedge
adjustment (872,519) -
(871,519) -
COMPREHENSIVE INCOME $8,223,829 $7,908,903
$14,102,422 $12,070,439
NET INCOME PER
SHARE-BASIC $0.32 $0.36
$0.57 $0.55
BASIC WEIGHTED AVERAGE
NUMBER OF SHARES 21,487,056 19,894,315
21,116,447 19,894,315
NET INCOME PER
SHARE-DILUTED $0.28 $0.34
$0.49 $0.51
DILUTED WEIGHTED AVERAGE
NUMBER OF SHARES 25,192,643 21,434,692
24,667,346 21,434,692
FUSHI INTERNATIONAL, INC. AND
SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2007 AND DECEMBER 31,
2006
A S S E T S
June 30,
December 31,
2007
2006
(Unaudited)
CURRENT ASSETS:
Cash
$75,205,436 $20,493,551
Accounts receivable, trade
9,497,345 7,042,408
Inventories
9,704,840 7,403,116
Notes receivables
176,210 -
Other receivables and prepaid expenses
1,096,741 497,380
Advances to suppliers
5,508,117 3,390,917
Total current assets
101,188,689 38,827,372
PLANT AND EQUIPMENT, net
54,065,998 47,256,475
OTHER ASSETS:
Advances to suppliers, noncurrent
10,453,486 4,559,357
Intangible asset, net
5,543,810 5,518,931
Deferred loan expense
3,270,904 -
Cross Currency hedge receivable
802,523
Total other assets
20,070,723 10,078,288
Total assets
$175,325,410 $96,162,135
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable, trade $
742,254 $1,055,684
Liquidated damage payable
- 1,466,250
Other payables and accrued liabilities
2,607,226 321,276
Customer deposits
- 531,065
Taxes payable
181,468 982,345
Short term bank loans
11,703,500 12,504,135
Current portion of long term debt
10,520,000 -
Loan from shareholder
557,520 3,911,256
Total current liabilities
26,311,968 20,772,011
LONG TERM LIABILITIES:
Long term bank loans
- 10,256,000
Notes Payable
60,000,000 -
Total long term liabilities
60,000,000 10,256,000
CROSS CURRENCY HEDGE PAYABLE
871,519 -
Total liabilities
87,183,487 31,028,011
SHAREHOLDERS' EQUITY:
Preferred stock, $0.001 par value,
5,000,000 shares authorized, none
outstanding as of June 30, 2007 and
December 31, 2006, respectively
- -
Common stock, $0.006 par value,
100,000,000 shares authorized, 22,178,578
and 20,046,162 shares issued and
outstanding as of June 30, 2007 and
December 31, 2006, respectively
133,072 120,277
Additional paid in capital
40,065,842 29,364,955
Deferred stock option compensation
(1,808,305) -
Statutory reserves
6,115,309 4,452,467
Retained earnings
38,791,251 28,496,702
Accumulated other comprehensive income
4,844,754 2,699,723
Total shareholders' equity
88,141,923 65,134,124
Total liabilities and shareholders' equity
$175,325,410 $96,162,135
2007'08.17.Fri
China Sky One Medical Reports Second Quarter 2007 Financial Results
August 15, 2007
HARBIN, China, Aug. 15 /Xinhua-PRNewswire-FirstCall/ --
China Sky One Medical, Inc. (OTC Bulletin Board: CSKI), a
manufacturer, marketer and distributor of pharmaceutical,
medicinal and diagnostic products in China, today announced
financial results for the three month and six month periods
ending June 30, 2007. The Company plans to file its 10Q
today.
Financial Highlights from the second quarter of 2007
include:
-- Revenue increased 181% to $14.6 million from $5.2
million in 2Q06
-- Gross profit increased 190% to $11.3 million from
$3.9 million in 2Q06
-- Gross margin increased 140 basis points to 77.4%
compared to 76.0% in
2Q06
-- Operating income increased to $5.2 million compared
to an operating
loss of $1.2 million in 2Q06
-- Net income increased to $4.2 million, or $0.34 per
diluted share,
compared to a net loss of $1.2 million in 2Q06
Mr. Liu Yan-Qing, Chief Executive Officer and President
of China Sky One Medical, Inc. stated, "We are pleased
with our strong performance in the second quarter of 2007.
Our revenue increased 181% to $14.6 million, which exceeded
our revenue guidance forecast of $12.8 million to $14.2
million. The increase in revenue is attributable to
continued expansion of our salesforce and channels of
distribution, as well as the addition of a new line of
contract sale service in 2006 to sell other manufactured
brands through our distribution channel."
Mr. Liu added, "In addition to our current
portfolio of externally-applied plant and herb-based
medicinal products, we will implement great efforts to
develop biological products in the future. Some of our new
biological products, such as Urinate Micro Albumin
Examination Testing kit and AMI Test Kits, began to
contribute to our revenue growth in the second quarter of
2007. At the same time, we began to construct the workshop,
R&D center and offices for our new biotech engineering
project. We are confident these initiatives will position
us well for long-term growth."
Second Quarter Ended June 30, 2007
Revenue for the second quarter increased 181% to $14.6
million from $5.2 million in the second quarter of 2006,
which is mainly due to continued sales growth of the
Company's own product line and a contract service line of
manufacturer's products sold through the Company's
distribution channel. During the second quarter, the
Company experienced a large increase in export sales of
Slim Patch, which contributed $4.3 million of revenue, up
significantly from approximately $372,000 in the second
quarter of 2006. Sales of other manufactured brands through
the Company's distribution network contributed $3.6 million
of revenue during the second quarter, up from $1.8 million
in the same period of 2006.
Gross profit increased 190% to $11.3 million from $3.9
million in the second quarter of 2006. Gross margin in the
second quarter 2007 increased 140 basis points to 77.4%
compared to 76.0% in the prior year's period, which was in
line with management's expectation. Management believes
that the Company can improve its gross margin from second
quarter 2007 results through the expansion of the Company's
production capacity and the growth in sales volume of other
branded products.
Operating income in the second quarter of 2007 was $5.2
million compared to an operating loss of $1.2 million in the
same period of 2006. Operating margin was 35.3%. Selling,
general and administrative expenses increased 78% to $5.7
million from $3.2 million in the second quarter of 2006,
which is the result of increased headcount and the
expansion of the Company's sales and marketing activities.
Net income was $4.2 million, or $0.34 per diluted
share, in the second quarter of 2007 compared to net loss
of $1.2 million in the second quarter of 2006. Net margin
was 28.8%. Net income slightly missed the Company's
previous expectation of $5 million to $5.5 million, due to
the expenditure related to a twelve month marketing
campaign, which is non-recurring for the remaining two
quarters of 2007.
Mr. Liu noted, "During the second quarter 2007, we
spent approximately $2.0 million to implement a marketing
campaign to promote our brand and full- line products for
the next twelve months. While this resulted in a miss to
our net income guidance for the second quarter, the
marketing program we now have in place positions us well
for increased consumer awareness and product demand. We
expect the efforts related to our marketing campaign will
continue to benefit our financial results for the second
half of 2007."
Six Months Ended June 30, 2007
For the six months ended June 30, 2007, revenue
increased 116% to $19.8 million from $9.2 million in the
first six months of 2006. During this same time period,
gross profit improved 121% to $15.4 million from $7.0
million. Gross margin of 77.6% compared to 76.1% in the
first six months of 2006. Operating income in the first six
months of 2007 was $7.1 million compared to an operating
loss of $131,000 in the same period of 2006. Net income was
$5.8 million, or $0.46 per diluted share, compared to a net
loss of $148,000, or ($0.01) per diluted share, in the
first six months of 2006.
Balance Sheet
As of June 30, 2007, the Company had $5.2 million of
cash, compared to $6.7 million at March 31, 2007. The $1.4
million decrease is primarily attributable to cash used in
investing activities for the purchase of land use rights in
the Song Bei District of Harbin and the start of
construction of the Company's new biotech engineering
project. As of June 30, 2007, the Company had working
capital of $4.7 million and no long-term debt.
"Our working capital and borrowing capabilities
are adequate to cover our current operating and capital
requirements. We will make sure to leverage the funds to
meet future liquidity and capital needs and take advantage
of new investment opportunities," concluded Liu.
Business Update
-- The Company has been recognized as an
"Innovative Enterprise" by the
Government of Harbin. As part of this recognition,
the Company will
receive an annual grant of RMB 4.0 million
(approximately USD $525,000)
for the next three years, beginning June 2007
through June 2010. The
grant will support the Company's new product
research and development
efforts. In addition to the annual grant described
above, the local
government set aside RMB 6.0 million (approximately
USD $787,000) per
Company for future investment in the area. This
additional support
would, for example, be paid to research institutes
for technology
consulting or educational programs which,
ultimately, would benefit the
recipients.
-- Eight of the Company's new diagnosis kit products
entered into the
clinical trial stage in August 2007, including:
Rapid Diagnosis Kit for
Human Urine Microalbumin, Urine One Step LH Test,
Rapid Detect Kit for
Prealbumin, Rapid Detect Kit for APO B, Rapid Detect
Kit for APO A1,
Rapid Detect Kit for Magnesium Ion, Semi-quantitive
Uterine Cancer One
Step Test, and Semi-quantitive Calcium Ion.
-- Construction of new facilities for the new biotech
engineering project.
During the quarter, the Company entered into an
agreement with the
Development and Construction Administration
Committee of Harbin Song
Bei New Development district to purchase the land
use rights for 50
years for development of a new biotech engineering
facility. Terms of
the agreement called for a deposit of 30% of the
total land price
within 15 days after signing the agreement, a 40%
payment 7 days prior
to the start of construction and the balance 7 days
after getting the
formal land use right. The project consists of two
phases:
-- A main workshop, R&D center and office using
land area of 30,000
square meters; construction started in May 2007
with projected
completion by June 2008.
-- A second workshop and show room using land area
of 20,000 square
meters; construction starting in September 2008
with projected
completion by December 2009.
About China Sky One Medical, Inc.
China Sky One Medical, Inc., a Nevada corporation, is a
holding company whose principal operations are through its
subsidiaries, which are engaged in the manufacturing,
marketing and distribution of pharmaceutical, medicinal and
diagnostic kit products. Through its wholly-owned
subsidiaries, Harbin Tian Di Ren Medical Science and
Technology Company ("TDR") and Harbin First Bio-
Engineering Company Limited ("First"), the
Company's principal revenue source is the manufacture and
sale of over-the-counter pharmaceutical products.
http://www.skyonemedical.com.
Safe Harbor Statement
Certain of the statements made in the press release
constitute forward- looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995.
These statements can be identified by the use of forward-
looking terminology such as "believe,"
"expect," "may," "will,"
"should," "project," "plan,"
"seek," "intend," or
"anticipate" or the negative thereof or
comparable terminology. Such statements typically involve
risks and uncertainties and may include financial
projections or information regarding our future plans,
objectives or performance. Actual results could differ
materially from the expectations reflected in such
forward-looking statements as a result of a variety of
factors, including the risks associated with the effect of
changing economic conditions in The People's Republic of
China, variations in cash flow, reliance on collaborative
retail partners and on new product development, variations
in new product development, risks associated with rapid
technological change, and the potential of introduced or
undetected flaws and defects in products, and other risk
factors detailed in reports filed with the Securities and
Exchange Commission from time to time.
CONTACT
In the United States:
Ashley Ammon MacFarlane and Bill Zima
Integrated Corporate Relations, Inc.
203-682-8200 (Investor Relations)
In Asia:
Xuyang Zhang
Integrated Corporate Relations, Inc.
86 10 8523 3087 (Investor Relations)
(financial tables to follow)
China Sky One Medical, Inc. and
Subsidiaries
Condensed Consolidated Statements of
Operations
For the Three and Six Months Ended June 30, 2007
and 2006
(Unaudited)
For the Three Months For
the Six Months
Ended June 30,
Ended June 30,
2007 2006
2007 2006
(Restated)
(Restated)
Revenues $14,645,247 $5,189,235
$19,824,363 $9,168,354
Cost of Goods Sold 3,308,648 1,245,156
4,435,343 2,194,754
Gross Profit 11,336,599 3,944,079
15,389,020 6,973,600
Operating Expenses
Selling, general
and administrative 5,654,199 3,169,857
7,697,975 5,065,823
Depreciation and
amortization 137,587 98,857
220,942 105,013
Research and
development 380,630 1,910,229
395,840 1,933,375
Total operating
expenses 6,172,416 5,178,943
8,314,757 7,104,211
Other Income (Expense)
Interest income and
other income 7,228 -
12,027 -
Interest expense - (8,180)
(16,494) (17,332)
Total other income
(expense) 7,228 (8,180)
(4,467) (17,332)
Net Income Before
Provision for Income
Tax 5,171,411 (1,243,044)
7,069,796 (147,943)
Provision for Income
Taxes
Current 943,887 265,198
1,288,152 468,666
Deferred - (265,198)
- (468,666)
943,887 -
1,288,152 -
Net Income $4,227,524 $(1,243,044)
$5,781,644 $(147,943)
Basic Earnings
Per Share $0.35 $(0.11)
$0.48 $ (0.01)
Basic Weighted Average
Shares Outstanding 12,084,938 10,929,370
12,060,865 10,929,370
Diluted Earnings
Per Share $0.34 $(0.11)
$0.46 $ (0.01)
Diluted Weighted
Average Shares
Outstanding 12,531,385 10,929,370
12,504,845 10,929,370
The Components of Other
Comprehensive Income
Net Income $4,227,524 $(1,243,044)
$5,781,644 $(147,943)
Foreign currency
translation
adjustment 327,771 36,321
586,537 55,388
Comprehensive Income $4,555,295 $(1,206,723)
$6,368,181 $(92,555)
China Sky One Medical, Inc. and
Subsidiaries
Condensed Consolidated Balance Sheet
June 30, 2007
(Unaudited)
ASSETS
Current Assets
Cash and cash equivalents
$5,154,329
Accounts receivable, net
3,733,184
Other receivables
53,358
Inventories
1,099,749
Prepaid expenses
12,195
Total current assets
10,052,815
Property and equipment, net
6,657,646
Intangible assets, net
1,966,950
Deposit on Land
7,664,751
$26,342,162
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable and accrued expenses
$2,737,252
Wages payable
665,554
Welfare payable
175,973
Taxes Payable
1,779,121
Notes payable
-
Total current liabilities
5,357,900
Stockholders' Equity
Preferred stock ($0.001 par value, 5,000,000
shares authorized, none issued and outstanding)
-
Common stock ($0.001 par value, 20,000,000
shares authorized, 12,106,696 issued and
outstanding)
12,107
Additional paid-in capital
8,948,881
Accumulated other comprehensive income
1,008,656
Retained earnings
11,014,618
Total stockholders' equity
20,984,262
$26,342,162
2007'08.17.Fri
Kiwa Bio-Tech Revenues for 1st Half Exceed $3.25 Million
August 15, 2007
BEIJING and CLAREMONT, Calif., Aug. 15
/Xinhua-PRNewswire-FirstCall/ -- Kiwa Bio-Tech Products
Group Corporation (OTC Bulletin Board: KWBT) announced that
revenues for the second quarter of 2007 increased more than
35% over the first quarter of 2007 exceeding $1,872,000 and
were 139 times revenues of just $13,351 for the same period
in the previous year.
Revenues for the first half of 2007 were $3,256,000
compared to only $24,374 in the first half of 2006. These
significant increases are due to the growth of Kiwa's new
bio-enhanced feed business.
Review of Second Quarter
Costs of sales were $1,798,905 and $12,545 for the
three months ended June 30, 2007 and 2006, respectively.
The increase in cost of sales was primarily due to the
rapid increase of sales. Gross profit was $73,742 for the
three months ended June 30, 2007, representing an average
profit margin of 3.9%. The profit margins for
bio-fertilizer and bio-enhanced feed were 18.9% and 3.8%,
respectively.
Mr. Wei Li, Chairman and CEO of Kiwa, stated, "The
significant improvement in revenues reflects the efforts at
the 60 distributors in our joint venture, Tianjin Kiwa Feed
Co., Ltd. We appreciate the efforts of our team in building
this business and we are now focusing on raising the profit
margins for bio- enhanced feed products."
Net loss increased by $780,979 or 148.5% to $1,306,893
(including non-cash expenses of $537,164) for the three
months ended June 30, 2007, as compared to $525,914 for the
three months ended June 30, 2006. This increase resulted
from the following factors: (1) increase in gross profit of
$72,936; (2) increase in operating expenses of $192,923; (3)
increase in interest expenses of $247,233; (4) there was
$750 of net loss born as a minority shareholder in a
subsidiary in 2007 and no similar loss in 2006; and (5) we
recognized $414,509 expenses in connection with urea
entrepot trade during the current period.
In July 2007, the Company entered into three
termination agreements with each party of the Urea entrepot
trade for the termination of contracts between the Company
and Shengkui Technologies, Hua Yang Roneo Corporation and
UPB International Sourcing Limited. Pursuant to these
termination agreements, the Company shall have neither
rights nor obligations under previous contracts in
connection with urea entrepot trade with exception to
commission due to UPB. Based on these facts, we classified
urea entrepot trade as discontinued operation and charged
all unamortized payments and the remaining commission due
into expenses in the second quarter.
Please refer to documents filed today with the
Securities and Exchange Commission for additional
information on the results for the second quarter and first
half of 2007.
About Kiwa Bio-Tech Products Group Corporation
The Company develops, manufactures, distributes and
markets innovative, cost-effective, and environmentally
safe bio-technological products for agricultural and
natural resources and environmental conservation. The
Company's products are designed to enhance the quality of
human life by increasing the value, quality and
productivity of crops and decreasing the negative
environmental impact of chemicals and other wastes. For
more information about the Company, please review documents
filed with the SEC (www.sec.gov) or visit the Company's
website at www.kiwabiotech.com.
This press release contains information that
constitutes forward-looking statements made pursuant to the
safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Any such forward-looking statements
involve risk and uncertainties that could cause actual
results to differ materially from any future results
described by the forward-looking statements. Risk factors
that could contribute to such differences include those
matters more fully disclosed in the Company's reports filed
with the Securities and Exchange Commission. The
forward-looking information provided herein represents the
Company's estimates as of the date of the press release,
and subsequent events and developments may cause the
Company's estimates to change. The Company specifically
disclaims any obligation to update the forward-looking
information in the future. Therefore, this forward-looking
information should not be relied upon as representing the
Company's estimates of its future financial performance as
of any date subsequent to the date of this press release.
Contact:
Kiwa Bio-Tech Products Group Corporation
Yvonne Wang
(626) 715-5855
kiwabiotech@gmail.com
Robert Schechter
Equity Communications
212-499-6809
ir4kiwa@hotmail.com
Kiwa Bio-Tech Products Group Corporation
Consolidated Statements of Operations and Comprehensive
Income (Unaudited)
Item Three Months Ended
Six Months Ended
June 30,
June 30,
2007 2006
2007 2006
Net sales $1,872,647 $13,351
$3,256,740 $24,374
Cost of sales 1,798,905 12,545
3,044,675 19,955
Gross profit 73,742 806
212,065 4,419
Operating expenses:
Consulting and
professional fees 267,678 243,914
457,139 288,314
Officers' compensation 89,427 109,102
154,469 115,070
General and
administrative 196,499 79,660
375,523 148,594
Selling expenses 63,642 19,601
207,267 22,889
Research and development 43,495 8,461
92,799 16,362
Depreciation and
amortization 29,591 37,069
60,864 70,232
Allowance and provision 398 -
664 -
Total operating expenses 690,730 497,807
1,348,725 661,461
Operating loss (616,988) (497,001)
(1,136,660) (657,042)
Interest expenses - net (276,146) (28,913)
(401,904) (53,317)
Minority interest in a
subsidiary's loss 750 -
6,921 -
Loss from continuing
operations (892,384) (525,914)
(1,531,643) (710,359)
Loss on discontinued
operations:
Discontinued urea
entrepot trade -
Commission paid
to a related party (414,509) -
(414,509) -
Net loss $(1,306,893) $(525,914)
$(1,946,152) $(710,359)
Other comprehensive
income (loss):
Translation
adjustment (37,337) 9,556
(161,131) 16,197
Comprehensive loss $(1,344,230) $(516,358)
$(2,107,283) $(694,162)
Net loss from continuing
operations per common
share - basic and diluted $(0.0120) $(0.0085)
$(0.0210) $(0.0118)
Net loss on discontinued
operations per common
share - basic and diluted $(0.0056) $-
$(0.0057) $-
Weighted average
number of common shares
outstanding - basic and
diluted 74,157,432 61,598,567
72,971,896 60,423,775
Kiwa Bio-Tech Products Group Corporation
Consolidated Balance Sheet
Item June 30, 2007
December 31, 2006
(unaudited)
(audited)
ASSETS
Current assets
Cash and cash equivalents $208,229
$498,103
Accounts receivable, net of bad
debt allowance of $265,900
and $258,667, respectively 153,659
929,446
Inventories 882,962
541,340
Prepaid expenses 186,816
302,007
Other current assets 45,348
57,011
Total current assets 1,477,014
2,327,907
Property, Plant and Equipment:
Buildings 1,079,195
1,046,116
Machinery and equipment 633,316
585,282
Automobiles 43,841
47,772
Office equipment 81,560
78,096
Computer software 9,474
9,240
Property plant and equipment - total 1,847,386
1,766,506
Less: accumulated depreciation (352,185)
(286,039)
Property plant and equipment - net 1,495,201
1,480,467
Construction in progress 43,424
34,548
Intangible asset - net 314,864
337,027
Deferred financing costs 170,793
211,793
Deposit to purchase the proprietary
technology 126,444
126,443
Total assets $3,627,740
$4,518,185
LIABILITIES AND STOCKHOLDERS' EQUITY
(DEFICIENCY)
Current liabilities
Accounts payable and accrued expenses $1,507,207
$983,980
Construction costs payable 317,095
366,879
Due to related parties 397,400
496,806
Current portion of bank notes payables 4,157
5,405
Total current liabilities 2,225,859
1,853,070
Long-term liabilities, less current portion:
Unsecured loans payable 1,510,078
1,472,717
Bank notes payable -
1,351
Long-term convertible notes payable 2,171,401
2,365,962
Discount relating to warrants issued
with long-term convertible notes (1,066,342)
(1,371,446)
Total long-term liabilities 2,615,137
2,468,584
Minority interest in a subsidiary 95,292
103,362
Shareholders' equity (deficiency)
Common stock - $0.001 par value
Authorized 200,000,000 shares at
June 30, 2007 and December 31, 2006
respectively. Issued and outstanding
75,120,710 and 70,149,556 shares at
June 30, 2007 and December 31, 2006,
respectively 75,121
70,150
Preferred stock - $0.001 par value
Authorized 20,000,000 shares, nil
shares issued and outstanding
at June 30, 2007 and December
31, 2006, respectively -
-
Additional paid-in capital 8,714,848
8,311,975
Stock-based compensation reserve (389,342)
(523,468)
Deficit Accumulated (9,712,807)
(7,766,654)
Accumulated other comprehensive income 3,632
1,166
Total shareholders' equity (deficiency) (1,308,548)
93,169
Total liabilities and stockholders'
equity $3,627,740
$4,518,185
2007'08.17.Fri
Asian Autism Conference 2007 held in Hong Kong on September 1 and 2
August 15, 2007
HONG KONG, Aug. 15 /Xinhua-PRNewswire/ -- Autism
Parents Network Foundation (APNF), a Hong Kong-based
parents support group, is hosting the Second Asian Autism
Conference 2007 following the success of last summer's
inaugural conference. Once again the conference this year
will be held in Hong Kong Academy of Medicine on September
1 and 2, 2007.
Last summer the inaugural conference attracted over 300
participants from Asian countries, including Japan, South
Korea, Philippines, India, Singapore, Malaysia, Macau,
Taiwan, and The People's Republic of China. One third of
the participants are medical practitioners. Parents and
other related professionals including paramedical
personnel, therapist, clinical psychologists, academics
& special school teachers occupy the other two third.
This attendance is testament to the demand for updated
strategies in Autism treatment. Fees are HKD1200 for the
two-day conference.
At a rate of about 1:150 children affected with this
developmental disorder, Autism is all around us, so
creating awareness for the condition is already being done
by various groups all the time. What is needed is to
bridge the gap in resources available for autism treatment
across Asia. In the process of achieving this, the parents
are working towards removing barriers that impede this.
They hope to improve understanding of advances in treatment
methods overseas, correct misconceptions, and strengthen
frameworks for managing treatment strategies, so that all
dimensions are addressed, and informed decisions can be
made.
Addressing all relevant caregivers of children with
autism, will be some of the best minds in Autism treatment
and research in the U.S., who will share their insights and
work on improving treatment methods. The Conference brings
in 11 distinguished specialists and researchers, including
those from Harvard Medical School and other prestigious
institutions. Key speakers include:
-- Dr. Ken Bock's expertise lies in bringing a
comprehensive integrative
medicine approach to complex medical problems.
Utilizing this
patient-centered approach he has helped thousands of
children on the
road to recovery. He is interested in explaining
why the gut and diet
are the first step on this road to recovery.
-- Dr. Bradstreet is the founder of the International
Child Development
Resource Center in Florida. He is an Adjunct
Professor of
Neurosciences at Stetso University, Florida and the
Southwest College
of Naturopathic Medicine, Phoenix, Arizona. Dr.
Bradstreet serves as
an active collaborator on research projects at
numerous medical
schools. His interests in autism include metal
detoxification,
hyperbarics and immunological management of
gastrointestinal problems.
Dr Bradstreet will review the favorable clinical
observations and
research outcomes regarding the use of Hyperbaric
Oxygen in autism
spectrum disorders and outline common protocols.
-- Dr Martha Herbert is a Pediatric Neurologist at
Massachusetts General
Hospital (Harvard Medical School) and is on the
faculty of Harvard
Medical School. She specializes in children with
learning and
developmental disorders.
-- Dr. James Neubrander is board-certified in
Environmental Medicine with
special interests in heavy metals and folate/B12
chemistry. He has
pioneered the use of Vitamin Methyl B12 in the
treatment of Autism
and evaluated over 75,000 injections of Methyl B12.
Overwhelming support from many local and foreign
corporations and individuals have resulted in generous
donations and commercial sponsorship for this event. HK
Disneyland, for example, is doing a special sponsorship
offering complimentary tickets to any family attending the
conference who has a child affected with autism. The U.S.
Consul General James B. Cunningham, on the other hand, is
showing his support, as he did last year, by offering
opening remarks at the conference. Impressed by the
efforts of the Autism Parents Network Foundation (APNF) to
channel treatment resources to the autism community in Hong
Kong, the Autism Society of America and Easter Seals , (a
major parent support group and charity in the U.S.), will
form an alliance to extend financial and organizational
support to APNF activities.
Details of the Asian Autism Conference 2007 are
available from the website at
http://www.conference.autismpnhk.org or from the Conference
Secretariat, Miss K.K. Chan at (852)2660-2872 or
autism@mphk.com.
About Autism Parents Network Foundation:
http://www.autismpnhk.org .
APNF is a non-profit making organization formed by a
group of parents with autistic children in Hong Kong. It
functions as a parental support group and shares
information on the latest advances in research and
treatment. This information is intended to be
comprehensive, channeling parents towards resources in
biomedical intervention, nutrition and diets, and
behavioral therapy services (e.g. Autism Recovery Network,
which employs Applied Behavioral Analysis). Ultimately,
APNF seeks to empower parents and families with the
knowledge and training to play a key role in tackling and
managing a complex and debilitating disorder. The group
advocates early intervention as an effective strategy
towards eventual recovery.
Press Contact:
Darryl Tang
Autism Parents Network Foundation
Tel: +852-6148-3320
Email: darryltang@netvigator.com
Eva To
Autism Parents Network Foundation
Tel: +852-9190-4373
Email: evahyto@netvigator.com
2007'08.17.Fri
China Yingxia International Announces 2007 Second Quarter Financial Results Conference Call
August 15, 2007
NEW YORK, Aug. 14 /Xinhua-PRNewswire/ -- China Yingxia
International, Inc. (OTC Bulletin Board: CYXI), a leading
provider in the nutraceutical industry by engaging in the
development, manufacture and distribution of organic
nutritional food products, supplements, and personal care
products in China, today announced that Ms. Yingxia Jiao,
CEO and Chairwoman of China Yingxia, will host a conference
call to discuss the Company's financial results for the
second quarter ended June 30, 2007.
The conference call will take place at 9:00 a.m.
Eastern, on Wednesday, August 15, 2007. Anyone interested
in participating should call 1-866-328-4270 if calling
within the United States, or 1-480-293-1744 if calling
internationally, approximately 5 to 10 minutes prior to
9:00 a.m. There will be a playback available until August
22, 2007. To listen to the playback, please call
1-800-406-7325 if calling within the United States, or
1-303-590-3030 if calling internationally. Please use pass
code 3770910 for the replay.
This call is being webcast by ViaVid Broadcasting and
can be accessed at China Yingxia's Web site at
http://www.chinayingxia.com . The webcast may also be
accessed at ViaVid's Web site at http://www.viavid.net .
The webcast can be accessed through October 15, 2007 on
either site.
About China Yingxia International, Inc.
China Yingxia International, Inc., through its
100%-owned subsidiary, Harbin Yingxia Industrial Group Co.,
Ltd. ("Yingxia"), is primarily engaged in the
development, production and sales of health food products
in China. Yingxia is located in the Province of
Heilongjiang in mainland China, and it currently has over
180 employees and 3 agricultural production bases.
Yingxia's products include soybean-based foods and drinks,
longgu golden millet enriched products, cactus-based herbal
supplements, personal care products, Nestle products, and
organic rice products.
For more information about China Yingxia International,
Inc. (OTC Bulletin Board: CYXI - News), please visit:
http://www.ChinaYingXia.com .
Safe Harbor Statement
The statements contained herein that are not historical
facts are "forward-looking statements" within the
meaning of Section 21E of the Securities and Exchange Act
of 1934, as amended, and the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements may be
identified by, among other things, the use of
forward-looking terminology such as "believes,"
"expects," "may," "will,"
"should," or "anticipates" or the
negative thereof or other variations thereon or comparable
terminology, or by discussions of strategy that involve
risks and uncertainties. In particular, our statements
regarding the potential growth of the markets are examples
of such forward-looking statements. The forward-looking
statements include risks and uncertainties, including but
not limited to, general economic conditions and regulatory
developments, not within our control. The factors discussed
herein and expressed from time to time in our filings with
the Securities and Exchange Commission could cause actual
results and developments to be materially different from
those expressed or implied by such statements. The
forward-looking statements are made only as of the date of
this filing, and we undertake no obligation to publicly
update such forward-looking statements to reflect
subsequent events or circumstances.
CONTACT:
Alan Sheinwald, Partner
HCI Emerging Growth for China
Yingxia International, Inc.
Tel: +1-914-669-0222
2007'08.17.Fri
Urban Science Opens Second Office in China, Expands Presence in Asia-Pacific Market
August 15, 2007
DETROIT, Aug. 15 /Xinhua-PRNewswire/ -- Urban Science,
a global retail channel consulting firm in automotive,
financial services and retailing industries, today
announced it has opened a second office in China. Located
in Shanghai, the office will supplement the company's
Beijing operation and serve as a regional hub to oversee
the increasing expansion of Urban Science in the
Asia-Pacific market. The address is:
Fuhai Business Center, Suite 402, Building #3, Alley
289
Zhangjiang High-Tech Park
Pudong, Shanghai 201204, China
21 3393 2301.
"Management of client work must be localized to
provide a rapid response time and thorough understanding of
the complexities of each country," said John Frith,
vice president, Asia-Pacific region of Urban Science.
"The Shanghai regional office places us at the
economic heart of Asia-Pacific growth where we can
efficiently monitor and provide network, site and customer
solutions to our clients."
The new office will support Asian automakers with
customized solutions for the identification of optimal
retail site locations, network assessment and improvement,
and more efficient lead qualification. Operations will be
led by Ken Habich, who came to Urban Science from Ford
Sales and Service Thailand in Bangkok. Habich also will be
supported by Li Yong, managing director of Urban Science's
Beijing office. With the new Shanghai office, Urban
Science hopes to expand activities and provide greater
coverage for Urban Science customers in China.
The Shanghai office will initially hire 10 associates
and increase staff with business growth. The office will
also give Urban Science a base from which to expand into
other Asia-Pacific countries.
Founded in 1977, Urban Science helps companies
evaluate, structure and manage their retail sales channels
to achieve critical competitive, cost and
customer-relationship advantages. With headquarters in
Detroit, Urban Science serves its global clientele from
offices in the United States, Spain, United Kingdom,
France, Germany, Italy, Australia, China, Mexico and Japan.
For more information on Urban Science, visit
http://www.urbanscience.com .
For more information, please contact:
Rebecca Johnson
The Quell Group
Tel: +1-248-649-8900
Email: rjohnson@quell.com
Amy Reed
Urban Science
Tel: +1-313-568-8973
Email: anreed@urbanscience.com
2007'08.17.Fri
Xinhua Finance Adjusts Financial Forecasts
August 14, 2007
SHANGHAI, Aug. 14, /Xinhua-PRNewswire/ -- Xinhua
Finance (TSE Mothers: 9399, OTC ADR: XHFNY), China's
premier financial information and media provider, today
issued the following notice regarding the adjustment in its
financial forecasts:
(Logo: http://www.xprn.com/xprn/sa/200702151700.gif )
Xinhua Finance Limited (the Company) hereby announces
that, as described below, it has revised its financial
forecasts, which were made public on May 15, 2007, at the
time of the announcement of the Financial Results for the
quarter ended March 31, 2007.
I. Consolidated Financial Forecast
1. Adjustment in consolidated financial forecasts
(Japanese GAAP) for the
6 months ending June 30, 2007 (January 1, 2007 -
June 30, 2007)
(units: thousands of US dollars (millions of
JPY) except for %)
Operating
Ordinary Net
Turnover EBITDA Income/
Income/ Income/
(Loss *)
(Loss *) (Loss *)
Previous 101,891 7,311 *11,493
*29,943 33,497
Projections1 (A) (11,208) (804) (*1,264)
(*3,294) (3,685)
Revised 101,891 7,311 *11,493
*16,000 89,000
Projections2 (B) (11,208) (804) (*1,264)
(*1,760) (9,790)
Difference (B - A) -- -- --
13,943 55,503
(1,534) (6,105)
Percent Change (%) 0% 0% 0%
46.6% 165.7%
(for reference
only)
Previous Year's
Results(4) (6
months ended June 75,026 11,089 2,261
3,442 2,012
30, 2006) (8,646) (1,278) (261)
(397) (232)
1. Exchange rate used for previous projections: USD1 =
JPY110.00
2. Exchange rate used for adjusted projections: USD1 =
JPY110.00
3. *Denotes loss
4. Exchange rate used for results of 6 months ended
June 30, 2006: USD1 =
JPY115.24, based on the foreign currency exchange
rate (middle rate)
from the Tokyo Foreign Exchange Market as of June
30, 2006.
2. There is no adjustment in consolidated financial
forecasts (Japanese
GAAP) for the fiscal year ending December 31, 2007
(January 1, 2007 -
December 31, 2007)
(units: thousands of US dollars (millions of
JPY) except for %)
Operating
Ordinary Net
Turnover EBITDA Income/
Income/ Income/
(Loss *)
(Loss *) (Loss *)
Previous 260,000 44,379 6,688
*13,447 31,999
Projections1 (A) (28,600) (4,882) (736)
(*1,479) (3,520)
Revised 260,000 44,379 6,688
*13,447 31,999
Projections2 (B) (28,600) (4,882) (736)
(*1,479) (3,520)
Difference (B - A) -- -- --
-- --
Percent Change (%) 0% 0% 0%
0% 0%
(for reference
only)
Previous Year's
Results(4)
(year ended Dec 174,963 24,672 1,134
63 10,760
31, 2006) (20,840) (2,939) (135)
(7) (1,282)
1. Exchange rate used for previous projections: USD1 =
JPY110.00
2. Exchange rate used for adjusted projections: USD1 =
JPY110.00
3. *Denotes loss
4. Exchange rate used for previous year's results: USD1
= JPY119.11,
based on the foreign currency exchange rate (middle
rate) from the
Tokyo Foreign Exchange Market as of December 29,
2006.
Note: Performance estimates are determined based on
information currently
available. Due to various unforeseen factors,
actual performance
may differ from estimates.
3. Reasons for the adjustments
In the consolidated financial forecasts, which were
made public on May 15, 2007, the Company included a non
cash provision for possible impairment of intangible assets
of approximately US$40 million, for the 6 months ending June
30, 2007. The Company believes that such a provision is not
warranted at the present time. The Company continuously
reviews its intangible assets and business outlook to
determine if impairments are necessary in the future. In
addition, the Company has incurred a net of US$15 million
less of share issuance expenses, which is offset by the
lower deemed disposition gain than originally anticipated
in the consolidated financial forecasts, which were made
public on May 15, 2007.
The Company expects for the six months ended June 30,
2007, its ordinary loss to decrease by approximately US$14
million and net income to increase by approximately US$55
million. As a result, the Company has revised upward its
financial forecast for ordinary income and net income for
the 6 months ending June 30, 2007. There is no change in
financial forecast for the full year ended December 31,
2007. The Company continues to include a provision for
possible impairment of intangible assets in the forecast
for the full year.
II. Non-consolidated Financial Forecast
1. Adjustment in financial forecasts (Japanese GAAP)
for the 6 months
ending June 30, 2007 (January 1, 2007 - June 30,
2007)
(units: USD thousand (Yen
million) except for %)
Ordinary
Net Income/
Turnover Income/
(Loss *)
(Loss *)
Previous Projections1 (A) 2,261 *2,019
*2,019
(249) (*222)
(*222)
Revised Projections2 (B) 2,261 *3,496
*3,496
(249) (*385)
(*385)
Difference (B - A) -- *1,477
*1,477
(*163)
(*163)
Percent Change (%) 0% *73.2%
*73.2%
(for reference only)
Previous Year's Results(4) (6
months ended June 30, 6,067 *1,012
*1,012
2006) (699) (*117)
(*117)
1. Exchange rate used for previous projections: USD1 =
JPY110.00
2. Exchange rate used for adjusted projections: USD1 =
JPY110.00
3. *Denotes loss
4. Exchange rate used for results of 6 months ended
June 30, 2006: USD1 =
JPY115.24, based on the foreign currency exchange
rate (middle rate)
from the Tokyo Foreign Exchange Market as of June
30, 2006.
2. Adjustment in financial forecasts (Japanese GAAP)
for the fiscal year
ending December 31, 2007 (January 1, 2007 - December
31, 2007)
(units: US thousand (Yen
million) except for %)
Ordinary
Net Income/
Turnover Income/
(Loss *)
(Loss *)
Previous Projections1 (A) 4,522 *10,750
*10,750
(497) (*1,182)
(*1,182)
Revised Projections2 (B) 4,522 *12,760
*12,760
(497) (*1,404)
(*1,404)
Difference (B - A) -- *2,010
*2,010
(*222)
(*222)
Percent Change (%) 0% *18.7%
*18.7%
(for reference only)
Previous Year's Results(4) 9,371 *6,019
*6,019
(year ended Dec 31, 2006) (1,116) (*717)
(*717)
1. Exchange rate used for previous projections: USD1 =
JPY110.00
2. Exchange rate used for adjusted projections: USD1 =
JPY110.00
3. *Denotes loss
4. Exchange rate used for previous year's results: USD1
= JPY119.11,
based on the foreign currency exchange rate (middle
rate) from the
Tokyo Foreign Exchange Market as of December 29,
2006.
Note: Performance estimates are determined based on
information currently
available. Due to various unforeseen factors,
actual performance
may differ from estimates.
3. Reasons for the adjustments
The Company is adjusting its forecast for ordinary
income and net income for both the six months ended June
30, 2007 and the full year ended December 31, 2007. The
Company has incurred higher corporate overhead expenses
offset by lower audit fees than originally budgeted. As a
result, the Company is re-forecasting downwards its
ordinary income and net income.
<For Reference Only (IFRS)>
1. Adjustment in consolidated financial forecasts
(IFRS) for the 6 months
ending June 30, 2007 (January 1, 2007 - June 30,
2007)
(units: thousands of US dollars (millions of
JPY) except for %)
Turnover EBITDA
Net Income/
(Loss *)
Previous Projections1 (A) 101,891 8,568
49,274
(11,208) (942)
(5,420)
Revised Projections2 (B) 101,891 8,568
90,000
(11,208) (942)
(9,900)
Difference (B - A) -- --
40,726
(4,480)
Percent Change (%) 0% 0%
82.7%
(for reference only)
Previous Year's Results(4) 75,026 11,273
4,854
(6 months ended June 30, 2006) (8,646) (1,299)
(559)
1. Exchange rate used for previous projections: USD1 =
JPY110.00
2. Exchange rate used for adjusted projections: USD1 =
JPY110.00
3. *Denotes loss
4. Exchange rate used for previous year's 6 month
results: USD1 =
JPY115.24, based on the foreign currency exchange
rate (middle rate)
from the Tokyo Foreign Exchange Market as of June
30, 2006.
There is no adjustment in consolidated financial
forecasts (IFRS) for the fiscal year ending December 31,
2007 (January 1, 2007 - December 31, 2007)
(units: thousands of US dollars (millions of
JPY) except for %)
Turnover EBITDA
Net Income/
(Loss *)
Previous Projections1 (A) 260,000 46,579
57,253
(28,600) (5,124)
(6,298)
Revised Projections2 (B) 260,000 46,579
57,253
(28,600) (5,124)
(6,298)
Difference (B - A) -- --
--
Percent Change (%) 0% 0%
0%
(for reference only) 174,963 23,331
18,731
Previous Year's Results(4)
(year ended Dec 31, 2006) (20,840) (2,781)
(2,233)
1. Exchange rate used for previous projections: USD1 =
JPY110.00
2. Exchange rate used for adjusted projections: USD1 =
JPY110.00
3. *Denotes loss
4. Exchange rate used for previous year's results: USD1
= JPY119.11,
based on the foreign currency exchange rate (middle
rate) from the
Tokyo Foreign Exchange Market as of December 29,
2006.
Note: Performance estimates are determined based on
information currently
available. Due to various unforeseen factors,
actual performance
may differ from estimates.
Forward looking statements in this report are based on
information available to management at the time this report
was prepared. As such, they carry risks and uncertainties
and actual results and events may differ significantly from
the forecast. Investors are advised not to rely solely on
business forecasts in this report for making investment
decisions. Forecasts of business results will also be
revised as and when considered necessary, in accordance
with disclosure rules.
About Xinhua Finance Limited
Xinhua Finance Limited is China's premier financial
information and media service provider and is listed on the
Mothers Board of the Tokyo Stock Exchange (symbol: 9399)
(OTC ADRs: XHFNY). Bridging China's financial markets and
the world, Xinhua Finance's proprietary content platform,
comprising Indices, Ratings, Financial News, and Investor
Relations, serves financial institutions, corporations and
re-distributors worldwide. Through its subsidiary Xinhua
Finance Media Limited (Nasdaq: XFML), Xinhua Finance
leverages its content across multiple distribution channels
in China including television, radio, newspaper, magazine
and outdoor media. Founded in November 1999, Xinhua Finance
is headquartered in Shanghai, with offices and news bureaus
spanning 11 countries worldwide. For more information,
please visit http://www.xinhuafinance.com .
For more information, please contact:
Xinhua Finance
Ms. Joy Tsang
Hong Kong/Shanghai
Tel: +852 3196 3983
Tel: +852 9486 4364
Tel: +86-21-6113-5999
Email: joy.tsang@xinhuafinance.com
Taylor Rafferty (IR Contact)
For Japan
Mr. James Hawrylak
Tel: +81-3-5444-2730
Email: james.hawrylak@taylor-rafferty.com
For the United States
Mr. John Dudzinsky
Tel: +1 212 889 4350
Email: john.dudzinsky@taylor-rafferty.com
2007'08.17.Fri
Xinhua Finance Adjusts Financial Forecasts
August 14, 2007
SHANGHAI, Aug. 14, /Xinhua-PRNewswire/ -- Xinhua
Finance (TSE Mothers: 9399, OTC ADR: XHFNY), China's
premier financial information and media provider, today
issued the following notice regarding the adjustment in its
financial forecasts:
(Logo: http://www.xprn.com/xprn/sa/200611140926.gif)
Xinhua Finance Limited (the Company) hereby announces
that, as described below, it has revised its financial
forecasts, which were made public on May 15, 2007, at the
time of the announcement of the Financial Results for the
quarter ended March 31, 2007.
I. Consolidated Financial Forecast
1. Adjustment in consolidated financial forecasts
(Japanese GAAP) for the
6 months ending June 30, 2007 (January 1, 2007 -
June 30, 2007)
(units: thousands of US dollars (millions of
JPY) except for %)
Operating
Ordinary Net
Turnover EBITDA Income/
Income/ Income/
(Loss *)
(Loss *) (Loss *)
Previous 101,891 7,311 *11,493
*29,943 33,497
Projections1 (A) (11,208) (804) (*1,264)
(*3,294) (3,685)
Revised 101,891 7,311 *11,493
*16,000 89,000
Projections2 (B) (11,208) (804) (*1,264)
(*1,760) (9,790)
Difference (B - A) -- -- --
13,943 55,503
(1,534) (6,105)
Percent Change (%) 0% 0% 0%
46.6% 165.7%
(for reference
only)
Previous Year's
Results(4) (6
months ended June 75,026 11,089 2,261
3,442 2,012
30, 2006) (8,646) (1,278) (261)
(397) (232)
1. Exchange rate used for previous projections: USD1 =
JPY110.00
2. Exchange rate used for adjusted projections: USD1 =
JPY110.00
3. *Denotes loss
4. Exchange rate used for results of 6 months ended
June 30, 2006: USD1 =
JPY115.24, based on the foreign currency exchange
rate (middle rate)
from the Tokyo Foreign Exchange Market as of June
30, 2006.
2. There is no adjustment in consolidated financial
forecasts (Japanese
GAAP) for the fiscal year ending December 31, 2007
(January 1, 2007 -
December 31, 2007)
(units: thousands of US dollars (millions of
JPY) except for %)
Operating
Ordinary Net
Turnover EBITDA Income/
Income/ Income/
(Loss *)
(Loss *) (Loss *)
Previous 260,000 44,379 6,688
*13,447 31,999
Projections1 (A) (28,600) (4,882) (736)
(*1,479) (3,520)
Revised 260,000 44,379 6,688
*13,447 31,999
Projections2 (B) (28,600) (4,882) (736)
(*1,479) (3,520)
Difference (B - A) -- -- --
-- --
Percent Change (%) 0% 0% 0%
0% 0%
(for reference
only)
Previous Year's
Results(4)
(year ended Dec 174,963 24,672 1,134
63 10,760
31, 2006) (20,840) (2,939) (135)
(7) (1,282)
1. Exchange rate used for previous projections: USD1 =
JPY110.00
2. Exchange rate used for adjusted projections: USD1 =
JPY110.00
3. *Denotes loss
4. Exchange rate used for previous year's results: USD1
= JPY119.11,
based on the foreign currency exchange rate (middle
rate) from the
Tokyo Foreign Exchange Market as of December 29,
2006.
Note: Performance estimates are determined based on
information currently
available. Due to various unforeseen factors,
actual performance
may differ from estimates.
3. Reasons for the adjustments
In the consolidated financial forecasts, which were
made public on May 15, 2007, the Company included a non
cash provision for possible impairment of intangible assets
of approximately US$40 million, for the 6 months ending June
30, 2007. The Company believes that such a provision is not
warranted at the present time. The Company continuously
reviews its intangible assets and business outlook to
determine if impairments are necessary in the future. In
addition, the Company has incurred a net of US$15 million
less of share issuance expenses, which is offset by the
lower deemed disposition gain than originally anticipated
in the consolidated financial forecasts, which were made
public on May 15, 2007.
The Company expects for the six months ended June 30,
2007, its ordinary loss to decrease by approximately US$14
million and net income to increase by approximately US$55
million. As a result, the Company has revised upward its
financial forecast for ordinary income and net income for
the 6 months ending June 30, 2007. There is no change in
financial forecast for the full year ended December 31,
2007. The Company continues to include a provision for
possible impairment of intangible assets in the forecast
for the full year.
II. Non-consolidated Financial Forecast
1. Adjustment in financial forecasts (Japanese GAAP)
for the 6 months
ending June 30, 2007 (January 1, 2007 - June 30,
2007)
(units: USD thousand (Yen
million) except for %)
Ordinary
Net Income/
Turnover Income/
(Loss *)
(Loss *)
Previous Projections1 (A) 2,261 *2,019
*2,019
(249) (*222)
(*222)
Revised Projections2 (B) 2,261 *3,496
*3,496
(249) (*385)
(*385)
Difference (B - A) -- *1,477
*1,477
(*163)
(*163)
Percent Change (%) 0% *73.2%
*73.2%
(for reference only)
Previous Year's Results(4) (6
months ended June 30, 6,067 *1,012
*1,012
2006) (699) (*117)
(*117)
1. Exchange rate used for previous projections: USD1 =
JPY110.00
2. Exchange rate used for adjusted projections: USD1 =
JPY110.00
3. *Denotes loss
4. Exchange rate used for results of 6 months ended
June 30, 2006: USD1 =
JPY115.24, based on the foreign currency exchange
rate (middle rate)
from the Tokyo Foreign Exchange Market as of June
30, 2006.
2. Adjustment in financial forecasts (Japanese GAAP)
for the fiscal year
ending December 31, 2007 (January 1, 2007 - December
31, 2007)
(units: US thousand (Yen
million) except for %)
Ordinary
Net Income/
Turnover Income/
(Loss *)
(Loss *)
Previous Projections1 (A) 4,522 *10,750
*10,750
(497) (*1,182)
(*1,182)
Revised Projections2 (B) 4,522 *12,760
*12,760
(497) (*1,404)
(*1,404)
Difference (B - A) -- *2,010
*2,010
(*222)
(*222)
Percent Change (%) 0% *18.7%
*18.7%
(for reference only)
Previous Year's Results(4) 9,371 *6,019
*6,019
(year ended Dec 31, 2006) (1,116) (*717)
(*717)
1. Exchange rate used for previous projections: USD1 =
JPY110.00
2. Exchange rate used for adjusted projections: USD1 =
JPY110.00
3. *Denotes loss
4. Exchange rate used for previous year's results: USD1
= JPY119.11,
based on the foreign currency exchange rate (middle
rate) from the
Tokyo Foreign Exchange Market as of December 29,
2006.
Note: Performance estimates are determined based on
information currently
available. Due to various unforeseen factors,
actual performance
may differ from estimates.
3. Reasons for the adjustments
The Company is adjusting its forecast for ordinary
income and net income for both the six months ended June
30, 2007 and the full year ended December 31, 2007. The
Company has incurred higher corporate overhead expenses
offset by lower audit fees than originally budgeted. As a
result, the Company is re-forecasting downwards its
ordinary income and net income.
<For Reference Only (IFRS)>
1. Adjustment in consolidated financial forecasts
(IFRS) for the 6 months
ending June 30, 2007 (January 1, 2007 - June 30,
2007)
(units: thousands of US dollars (millions of
JPY) except for %)
Turnover EBITDA
Net Income/
(Loss *)
Previous Projections1 (A) 101,891 8,568
49,274
(11,208) (942)
(5,420)
Revised Projections2 (B) 101,891 8,568
90,000
(11,208) (942)
(9,900)
Difference (B - A) -- --
40,726
(4,480)
Percent Change (%) 0% 0%
82.7%
(for reference only)
Previous Year's Results(4) 75,026 11,273
4,854
(6 months ended June 30, 2006) (8,646) (1,299)
(559)
1. Exchange rate used for previous projections: USD1 =
JPY110.00
2. Exchange rate used for adjusted projections: USD1 =
JPY110.00
3. *Denotes loss
4. Exchange rate used for previous year's 6 month
results: USD1 =
JPY115.24, based on the foreign currency exchange
rate (middle rate)
from the Tokyo Foreign Exchange Market as of June
30, 2006.
There is no adjustment in consolidated financial
forecasts (IFRS) for the fiscal year ending December 31,
2007 (January 1, 2007 - December 31, 2007)
(units: thousands of US dollars (millions of
JPY) except for %)
Turnover EBITDA
Net Income/
(Loss *)
Previous Projections1 (A) 260,000 46,579
57,253
(28,600) (5,124)
(6,298)
Revised Projections2 (B) 260,000 46,579
57,253
(28,600) (5,124)
(6,298)
Difference (B - A) -- --
--
Percent Change (%) 0% 0%
0%
(for reference only) 174,963 23,331
18,731
Previous Year's Results(4)
(year ended Dec 31, 2006) (20,840) (2,781)
(2,233)
1. Exchange rate used for previous projections: USD1 =
JPY110.00
2. Exchange rate used for adjusted projections: USD1 =
JPY110.00
3. *Denotes loss
4. Exchange rate used for previous year's results: USD1
= JPY119.11,
based on the foreign currency exchange rate (middle
rate) from the
Tokyo Foreign Exchange Market as of December 29,
2006.
Note: Performance estimates are determined based on
information currently
available. Due to various unforeseen factors,
actual performance
may differ from estimates.
Forward looking statements in this report are based on
information available to management at the time this report
was prepared. As such, they carry risks and uncertainties
and actual results and events may differ significantly from
the forecast. Investors are advised not to rely solely on
business forecasts in this report for making investment
decisions. Forecasts of business results will also be
revised as and when considered necessary, in accordance
with disclosure rules.
About Xinhua Finance Limited
Xinhua Finance Limited is China's premier financial
information and media service provider and is listed on the
Mothers Board of the Tokyo Stock Exchange (symbol: 9399)
(OTC ADRs: XHFNY). Bridging China's financial markets and
the world, Xinhua Finance's proprietary content platform,
comprising Indices, Ratings, Financial News, and Investor
Relations, serves financial institutions, corporations and
re-distributors worldwide. Through its subsidiary Xinhua
Finance Media Limited (Nasdaq: XFML), Xinhua Finance
leverages its content across multiple distribution channels
in China including television, radio, newspaper, magazine
and outdoor media. Founded in November 1999, Xinhua Finance
is headquartered in Shanghai, with offices and news bureaus
spanning 11 countries worldwide. For more information,
please visit http://www.xinhuafinance.com .
For more information, please contact:
Xinhua Finance
Ms. Joy Tsang
Hong Kong/Shanghai
Tel: +852 3196 3983
Tel: +852 9486 4364
Tel: +86-21-6113-5999
Email: joy.tsang@xinhuafinance.com
Taylor Rafferty (IR Contact)
For Japan
Mr. James Hawrylak
Tel: +81-3-5444-2730
Email: james.hawrylak@taylor-rafferty.com
For the United States
Mr. John Dudzinsky
Tel: +1 212 889 4350
Email: john.dudzinsky@taylor-rafferty.com
2007'08.17.Fri
OmniVision Introduces Integrated Night Vision Capability in Automotive Sensor Products
August 14, 2007
SUNNYVALE, Calif., Aug. 14 /Xinhua-PRNewswire/ --
OmniVision Technologies, Inc. (Nasdaq: OVTI), a leading
independent supplier of CMOS CameraChip(TM) image sensors
for high-volume applications, today unveiled near infrared
(NIR) capability, an important proprietary enhancement, to
its portfolio of single-chip automotive CMOS image sensors.
With integrated NIR capability, OmniVision's automotive
sensors can operate in dual mode, allowing them to function
equally well in both day and night vision applications, and
thus eliminate the need for two separate solutions. The NIR
capability significantly improves functionality for
automotive safety and security applications while allowing
OEMs and automotive manufacturers to simplify system
designs and reduce the overall system bills of material.
The new night vision capability is made possible by the
development and successful implementation of a number of
process-level enhancements that expand the sensor's
spectral light sensitivity up to 1050 nanometers, the
equivalent of NIR sensitivity. This enhanced sensitivity
enables OmniVision sensors to perform object detection in
complete darkness with the support of only a few very
low-power light emitting diodes (LEDs) and allows
automotive cameras to see both beyond and outside the range
of a vehicle's headlights.
"We have significantly enhanced the versatility of
our sensors by providing our customers with a product that
can perform exceptionally well in both day and night vision
applications," commented Inayat Khajasha, Senior
Product Marketing Manager at OmniVision. "During
daylight hours, our sensor provides a standard color image
and then, as soon as natural light levels fall below a
pre-determined Lux level, the sensor automatically switches
to black and white night vision mode."
The dual mode night vision capability offered by
OmniVision's sensors is especially useful in driver
assistance and safety applications, such as pedestrian,
object and sign detection, as well as rear view or backup
camera applications. A growing number of automotive
security applications are also using image sensors, one
example being `black box' anti-theft camera systems that
record video when activated by motion detection around or
inside the vehicle. These sensors provide excellent night
vision using just a single, low-power LED, which has a
negligible effect on vehicle battery life, so the system
will remain active even when the vehicle is not operated
for lengthy periods of time.
"The development of many automotive security
applications that effectively utilize night vision
capabilities is being driven in part by the automotive
insurance industry," Khajasha added. "Vehicles
with these monitoring and recording systems qualify for
lower insurance premiums because they reduce the risk of
theft, vandalism and other vehicle-related crimes."
OmniVision's automotive sensors incorporating NIR night
vision capability are currently being sampled by multiple
automotive customers. OmniVision plans to offer NIR
capability as a standard feature across its entire line of
automotive products.
About OmniVision
OmniVision Technologies designs and markets
high-performance semiconductor image sensors. Its
OmniPixel(R) and CameraChip(TM) products are highly
integrated single-chip CMOS image sensors for mass-market
consumer and commercial applications such as mobile phones,
digital still cameras, security and surveillance systems,
interactive video games, PCs and automotive imaging
systems. Additional information is available at
http://www.ovt.com .
Safe Harbor Statement
Certain statements in this press release, including
statements regarding the performance and capabilities of
the enhanced portfolio of single-chip automotive CMOS image
sensors, are forward-looking statements that are subject to
risks and uncertainties. These risks and uncertainties,
which could cause the forward-looking statements and
OmniVision's results to differ materially, include, without
limitation: potential errors, design flaws or other problems
with the near infrared capability of the portfolio of single
chip automotive CMOS image sensors, risks associated with
building customer acceptance of and demand for products and
applications incorporating the infrared capability;
competitive risks; as well as other risks detailed from
time to time in OmniVision's Securities and Exchange
Commission filings and reports, including, but not limited
to, OmniVision's most recent Annual Report filed on Form
10-K for the fiscal year ended April 30, 2007. OmniVision
expressly disclaims any obligation to update information
contained in any forward-looking statement whether as a
result of new information, future events or otherwise.
OmniVision(R), OmniVision logo and OmniPixel(R) are
registered trademarks of OmniVision Technologies, Inc.,
CameraChip(TM) is a trademark of OmniVision Technologies,
Inc.
For more information, please contact:
Investor Relations:
Steven Horwitz
OmniVision Technologies, Inc.
Tel: +1-408-542-3263
Media:
Martijn Pierik
Impress Public Relations
Tel: +1-602-366-5599
Email: martijn@impress-pr.com
Scott Foster
OmniVision Technologies, Inc.
Tel: +1-408-542-3077
Email: sfoster@ovt.com
2007'08.17.Fri
GTL and Navini Sign Partnership for Deploying WiMAX Networks
August 14, 2007
Partnership to cover Asia Pac, India & Middle East
BANGALORE, India and RICHARDSON, Tex., Aug. 14
/Xinhua-PRNewswire/ -- Navini Networks, a leading provider
of Mobile WiMAX(TM) solutions, today announced it has
signed a Value Added Services (VAS) agreement with GTL
Limited, India's largest Network Services provider to the
world, to provide services and solutions to Telecom
operators deploying Navini's Mobile WiMAX solutions.
"Our focus is providing a full suite of Network
Services like planning and design, deployment, operations
and maintenance, professional services, application and
infrastructure management in all the markets where we
operate. By partnering with a leading WiMAX solution
provider like Navini, we have an opportunity to provide
reliable, competitive and quality network services to
customers in this domain." said Mr. Charudatta Naik,
Chief Operating Officer, GTL Limited.
He added "GTL's main expertise comes from
undertaking project management responsibility on behalf of
our customers, enabling them to achieve scale and
efficiency quickly and ensuring faster time to market. We
also have the capability to provide full infrastructure
solutions including towers, shelters, and associated
equipment for wireless and/or wireline networks. This way,
we believe we can add value to Navini's WiMAX
offerings."
"We're very excited about this partnership with
GTL. They bring very important offerings to our customers
in a large and rapidly growing portion of our markets (Asia
Pacific, India and Middle East). For India specifically,
Navini's Mobile WiMAX solution with Beamforming and MIMO is
well suited and with GTL on our team, operators can look
forward to a very rapid and smooth deployment," said
Sai Subramanian, Navini's VP of Product Management and
Strategic Marketing. "We have the right technology
& expertise available to support operator's business
plans and in the timeframe required to acquire subscribers
quickly."
Navini has an R&D center in Bangalore and offices
in Bangalore and New Delhi. "We've had a strong
presence in India for years with over 100 employees,"
added Subramanian. "We contribute to the Indian
economy and we are dedicated to the Indian market."
About GTL Limited
GTL is a leading Network Services company, offering
services and solutions to address the Network Life Cycle
requirements of Telecom Carriers and Technology providers
(OEMs).
GTL's consolidated Income for FY 2006-07 (trailing
twelve months) ending March 31, 2007 stood at Rs. 11562.8
million (USD 258 million). Today GTL executes projects in
over 25 countries, has built over 35 cellular networks,
installed and commissioned over 20000 cell sites,
connecting over 20 million subscribers, has set up over 500
corporate networks, and built over 51000 BPO seats.
For more than a decade, leading wireless carriers,
equipment manufacturers, service providers and enterprises
have trusted and talented and trained engineering
professionals to plan, design, deploy, optimize, manage,
and maintain their networks and applications. Our trained
and skilled manpower of over 3,390 associates offer assured
quality to customers through integrated end-to-end services.
http://www.gtllimited.com
About Navini Networks:
With the largest commercial deployments in the world,
over 70 commercial networks in 6 continents and strategic
partnerships with industry leaders, Navini Networks is the
leader in providing portable, plug-n-play broadband
wireless access solutions worldwide.
Navini is the only company that offers commercial
Mobile WiMAX products and has commercialized patented smart
beamforming technology, enabling personal broadband for the
mass market. Only Navini has the WiMAX solution that
enhances Mobile WiMAX with Smart Beamforming, and
beamformed MIMO, providing operators with the power to
deliver on the promise of personal broadband, both indoors
and outdoors.
Navini's Ripwave(R) MX solution offers a portable,
zero-install, non-line-of-sight (NLOS) product line
consists of customer modems, base stations, and element
management systems (EMS) that run in the full range of
spectrums.
Navini Networks is a principal member of the WiMAX
Forum and the IEEE 802.16e committee and is headquartered
in Richardson, Texas.
http://www.navini.com
For more information, please contact:
Navini Networks
Maryvonne Tubb
Director of Marketing
Tel: +1-972-852-4247
Email: mtubb@navini.com
GTL Limited
Vikas Arora
Sr. VP-Corporate Affairs
Tel: +91 98203 29847
Email: vikasa@gtllimited.com
Pranav Thakkar
AVP - Corporate Communications
Tel: +91 98339 24775
Email: pranavt@gtllimited.com
2007'08.17.Fri
Canadian Solar Reports Second Quarter 2007 Results
August 14, 2007
-- Q2 net revenues of $60.4 million, a three-fold
increase from $17.5
million in Q1
-- Q2 loss of $0.11 per share compared to a loss of
$0.14 per share in Q1
-- Full year 2007 net revenue guidance increased to
$255-$265 million
from $220-$230 million
JIANGSU, China, Aug. 14 /Xinhua-PRNewswire/ -- Canadian
Solar Inc. ("the Company," "CSI," or
"we") (Nasdaq: CSIQ) today reported its
preliminary unaudited US GAAP financial information for the
second quarter of 2007 ended June 30, 2007.
Net revenues for the quarter were $60.4 million,
including $2.7 million silicon material sales, compared to
net revenues of $17.3 million for the second quarter of
2006 and $17.5 million for the first quarter of 2007. Net
revenues for the first quarter of 2007 included $2.8
million in silicon material sales. Net loss for the
quarter was $2.9 million, or $0.11 per share, compared to
net income of $2.5 million, or $0.16 per diluted share, for
the second quarter of 2006 and net loss of $3.9 million, or
$0.14 per share, for the first quarter of 2007. Excluding
share-based compensation expenses of $2.4 million, the net
loss for the quarter would have been $0.5 million, or $0.02
per share.
Dr. Shawn Qu, Chairman and CEO of CSI, commented:
"Our Q2 revenues were at the high end of our guidance
range. We continue to benefit from our strong
international sales and marketing network and our focus on
tier one distributors and project-based companies. During
the quarter, we saw sustained demand for our products in
Germany and Spain. We expect to complete our Phase One
in-house solar cell production facility in the middle of
October, which would bring our total cell capacity to 100MW
per year. We have recently ramped up our module production
capacity to 180MW per year. These successful steps in our
expansion strategy will help to solidify our position as a
major player in the industry and enable us to meet
increased customer demand."
Bing Zhu, CFO of CSI, noted: "Our gross margins
improved slightly in Q2 due to our increasing in-house
solar cell manufacturing capability. We would have been
profitable on a cash operating basis during the quarter
without the following two factors: first, we cleared out
1.63MW of high-priced solar cells inventory purchased in
2006 and secondly, we incurred slightly higher yield loss,
as we almost quadrupled our production within one quarter.
Entering the third quarter, we are experiencing stable
module pricing and expect this to continue during the
second half of 2007. We have also experienced modest
materials price increases from certain suppliers. We are
working on improving our cost structure and operating
efficiencies to offset these increases and expect our
operating margins to improve significantly in Q4 as we
speed up our in-house solar cell manufacturing
production."
Recent Developments
We recently started to ramp up production at our second
25MW solar cell production line, following installation and
acceptance tests in June and July. We expect to install
our third and fourth 25MW cell production lines in
September and October 2007, ahead of our original schedule.
By doing so, we expect to increase our in-house solar cell
manufacturing capacity to 100 MW by the middle of Q4.
We also recently entered into agreements for syndicated
loans of US$50 million with Industrial and Commercial Bank
of China and China Communications Bank. Both banks
announced their intention to continue to support our newly
revised three-year growth plan. Together with other
existing banking arrangements, CSI has approximately US$90
million in available credit lines.
Revenue by Geography (US$ thousands)
Q207 Q107
Q206
Region Revenue % Revenue %
Revenue %
Asia 2,959 4.9 % 3,308 18.9 %
96 0.6 %
Europe
57,282 94.8 % 12,139 69.4 %
16,602 96.3 %
North America
142 0.2 % 225 1.3 %
528 3.1 %
South America
-- -- 1,817 10.4 %
-- --
Other
30 0.1 % -- 0.0 %
24 0.0 %
Total Net
Revenue 60,413 100.0 % 17,489 100.0 %
17,250 100.0 %
Note: Asian revenue included $2.7 million silicon
materials sales in Q207
and $2.8 million silicon materials sales in Q107.
Outlook
Based on current market conditions, our order backlog
and our production capacity, we are increasing our prior
guidance of net revenues for the full year 2007 to
$255-$265 million from $220-$230 million. Shipments for
the year are expected to be 70-75MW, compared to our
original estimate of 64MW. Based on indications from our
key customers, the Company estimates that the demand for
CSI module products in 2008 is now over 200MW.
Net revenues for the third quarter of 2007 are expected
to be $80-$85 million, with cash operating income,
determined on a non-GAAP basis by excluding share based
compensation, in the range of $1.6-$2.0 million. Shipments
for the third quarter of 2007 are expected to be 20-23 MW.
In the third quarter, our current customer backlog orders
are enabling us to better utilize our existing inventory of
all cell grades, which will help us increase our product
efficiency and improve our profit margins on the module
sales.
Investor Conference Call / Webcast Details
A conference call has been scheduled for 9:00 p.m. on
Tuesday, August 14, 2007 (in Jiangsu). This will be 9:00
a.m. on Tuesday, August 14, 2007 in New York. During the
call, time will be set aside for analysts and interested
investors to ask questions of executive officers.
The call may be accessed by dialing +1-866-202-0886
(domestic) or +1-617-213-8841 (international). The
passcode to access the call is 62629322. A replay of the
call will be available starting one hour after the call and
continuing until 11:00p.m. on Tuesday, August 21, 2007 (in
Jiangsu) or 11:00a.m. on Tuesday, August 21, 2007 (in New
York) at http://www.csisolar.com and by telephone at
+1-888-286-8010 (domestic) or +1-617-801-6888
(international). The passcode to access the replay is
54310460.
About Canadian Solar Inc. (Nasdaq: CSIQ)
Founded in 2001, Canadian Solar Inc. (CSI) is a
vertically integrated manufacturer of solar cell, solar
module and custom-designed solar application products
serving worldwide customers. CSI is incorporated in Canada
and conducts all of its manufacturing operations in China.
Backed by years of experience and knowledge in the solar
power market and the silicon industry, CSI has become a
major global provider of solar power products for a wide
range of applications. For more information, please visit
http://www.csisolar.com .
Safe Harbor/Forward-Looking Statements
Certain statements in this press release including
statements regarding expected future financial and industry
growth are forward-looking statements that involve a number
of risks and uncertainties that could cause actual results
to differ materially. These statements are made under the
"Safe Harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. In some cases,
you can identify forward-looking statements by such terms
as "believes," "expects,"
"anticipates," "intends,"
"estimates," the negative of these terms, or
other comparable terminology. Factors that could cause
actual results to differ include general business and
economic conditions and the state of the solar industry;
governmental support for the deployment of solar power;
future shortage or availability of the supply of
high-purity silicon; demand for end-use products by
consumers and inventory levels of such products in the
supply chain; changes in demand from significant customers,
including customers of our silicon materials sales; changes
in demand from major markets such as Germany; changes in
customer order patterns; changes in product mix; capacity
utilization; level of competition; pricing pressure and
declines in average selling price; delays in new product
introduction; continued success in technological
innovations and delivery of products with the features
customers demand; shortage in supply of materials or
capacity requirements; availability of financing; exchange
rate fluctuations; litigation and other risks as described
in the Company's SEC filings, including its annual report
on Form 20-F originally filed on May 29, 2007 and its
registration statement on Form F-1 originally filed on
October 23, 2006, as amended. Although the Company
believes that the expectations reflected in the forward
looking statements are reasonable, it cannot guarantee
future results, level of activity, performance, or
achievements. You should not place undue reliance on these
forward-looking statements. All information provided in
this press release is as of today's date, unless otherwise
stated, and CSI undertakes no duty to update such
information, except as required under applicable law.
Canadian Solar Inc.
Condensed Consolidated Statements of Operations
(In Thousands of U.S. Dollars, except share and per share
data and
unless otherwise stated)
Q2 2007 Q2 2006 H1
2007 H1 2006
Net Revenues:
Net Revenues - product 60,413 17,240
77,902 25,973
Net Revenues - others -- 10
-- 68
Total Net revenues 60,413 17,250
77,902 26,041
Cost of Revenues:
Cost of Revenues -
product 57,940 12,294
75,084 18,555
Cost of Revenues -
others -- 10
-- 68
Total Cost of Sales 57,940 12,304
75,084 18,623
Gross profit 2,473 4,946
2,818 7,418
Operating expenses
Selling expenses 1,294 404
2,347 529
General and
administrative expenses 3,765 1,354
6,851 1,750
Research and
development expenses 204 17
390 44
Total operating expenses 5,263 1,775
9,588 2,323
Income/(Loss) from
operations: (2,790) 3,171
(6,770) 5,095
Other income (expenses):
Interest expenses (275) (881)
(342) (1,635)
Interest income 41 34
326 53
Loss on change in fair
value of derivatives -- --
-- (6,997)
Loss on change in fair
value of instruments
related to convertible
notes -- --
-- (1,190)
Others - net -- (7)
-- (1)
Income (loss) before
taxes (3,024) 2,317
(6,786) (4,675)
Income taxes 153 183
61 111
Net Income (loss) (2,871) 2,500
(6,725) (4,564)
Basic (loss)/gain per
share (0.11) 0.16
(0.25) (0.30)
Basic weighted averaging
outstanding shares 27,276,699 15,427,995
27,273,350 15,427,995
Canadian Solar Inc.
Reconciliation of US GAAP Gross Profit, Operating Income
(Loss) and
Net Income (Loss) to
Non-US GAAP Gross Profit, Operating Income (Loss) and Net
Income
(Loss)
(Unaudited)
Use of Non-GAAP Financial Information
To supplement its condensed consolidated financial
statements presented in accordance with GAAP, CSI uses the
following measures as defined as non-GAAP financial
measures by the SEC: adjusted gross profit, adjusted
operating income (loss) and adjusted net income (loss),
each excluding share-based compensation and other one-time
non-cash charges, expenses or gains, which we refer to as
special items. CSI believes that non-GAAP adjusted gross
profit, adjusted operating income (loss) and adjusted net
income (loss) measures indicate the company's baseline
performance before subtracting other charges. In addition,
these non-GAAP measures are among the primary indicators
used by the management as a basis for its planning and
forecasting of future periods. The presentation of these
non-GAAP measures is not intended to be considered in
isolation or as a substitute for the financial information
prepared and presented in accordance with GAAP.
Q2 2007 Q2 2006
Gross Operating Net Gross
Operating Net
Profit Income Income Profit
Income Income
(Loss) (Loss)
(Loss) (Loss)
US GAAP
Profit/(Loss) 2,473 (2,790) (2,871) 4,946
3,171 2,500
Convertible
Note charge
303
Share-based
compensation
charge 57 2,365 2,365 24
590 590
Total special
items 57 2,365 2,365 24
590 893
Non-US GAAP
Profit/(Loss) 2,530 (425) (506) 4,970
3,761 3,393
Adjusted Gross
Margin 4.19 %
28.67 %
Adjusted
Operating
Expense - % of
Revenue 4.89 %
7.01 %
Adjusted
Operating Margin (0.70)%
21.80 %
H1 2007
H1 2006
Gross Operating Net Gross
Operating Net
Profit Income Income Profit
Income Income
(Loss) (Loss)
(Loss) (Loss)
US GAAP
Profit/(Loss) 2,818 (6,770) (6,725) 7,418
5,095 (4,564)
Convertible
Note charge
8,893
Share-based
compensation
charge 126 4,589 4,589 24
590 590
Total special
items 126 4,589 4,589 24
590 9,483
Non-US GAAP
Profit/(Loss) 2,944 (2,181) (2,136) 7,442
5,685 4,919
Adjusted Gross
Margin 3.78 %
28.58 %
Adjusted
Operating
Expense - % of
Revenue 6.58 %
6.75 %
Adjusted
Operating Margin (2.80)%
21.83 %
Non-US GAAP adjusted condensed consolidated statements
of operations
are intended to present the Company's operating
results, excluding
special items.
Canadian Solar Inc.
Unaudited Condensed Consolidated Balance Sheets
(In Thousands of U.S. Dollars)
June
30 December 31
2007 2006
ASSETS
Current Assets:
Cash and cash equivalents
22,869 40,911
Restricted cash
1,577 825
Accounts receivable, net
39,249 17,344
Inventories
59,775 39,700
Value added tax recoverable
6,696 2,281
Advances to suppliers
13,244 13,484
Prepaid and other current
assets
1,251 2,398
Total current assets
144,661 116,943
Property, plant and equipment,
net
21,656 7,910
Intangible assets
54 39
Prepaid lease payments
1,168 1,103
Deferred tax assets - non
current
3,508 3,639
TOTAL ASSETS
171,047 129,634
LIABILITIES AND STOCKHOLDER'S
EQUITY
Current liabilities:
Short term borrowings
37,679 3,311
Accounts payable
6,033 6,874
Other payables
4,332 993
Advances from suppliers and
customers
7,785 3,225
Income tax payable
492 112
Amounts due to related parties
188 149
Other current liabilities
1,025 1,191
Total current liabilities
57,534 15,855
Accrued warranty costs
1,597 875
TOTAL LIABILITIES
59,131 16,730
Stockholders' equity
Common shares
97,354 97,302
Additional paid in capital
21,923 17,334
Accumulated deficit
(10,119) (2,783)
Accumulated other
comprehensive income
2,758 1,051
Total stockholders' equity
111,916 112,904
LIABILITIES AND STOCKHOLDER'S
EQUITY
171,047 129,634
For more information, please contact:
In Jiangsu, P.R. China:
Bing Zhu, Chief Financial Officer
Canadian Solar Inc.
Phone: +86-512-6269-6755
Email: ir@csisolar.com
In the U.S.:
David Pasquale
The Ruth Group
Phone: +1-646-536-7006
Email: dpasquale@theruthgroup.com
2007'08.17.Fri
IHG Announces Positive First Half Results
August 14, 2007
-- China Outperforms; 32 hotels (10,370 rooms) signed
between January and
June 2007
-- Market-Leading Positions in Asia Pacific Continue to
Drive Strong
Regional Growth
SHANGHAI, China, Aug. 14 /Xinhua-PRNewswire/ --
InterContinental Hotels Group (IHG) (LON: IHG; NYSE: IHG)
announced its first half results to 30 June 2007.
Continuing revenue was up 12% from GBP377m to GBP422m, up
20% at constant currency, whilst continuing operating
profit was up 5% from GBP106m to GBP111m, up 17% at
constant currency. Global constant currency RevPAR grew 7%
and total gross revenue from all hotels in IHG's system was
up 12% to US$8.3bn.
(Logo:
http://www.xprn.com.cn/xprn/sa/200702131431-min.jpg )
IHG saw the strongest RevPAR (revenue per available
room) growth in the Asia Pacific region leads in revenue
performance, up 9.1%. InterContinental, Crowne Plaza and
Holiday Inn all performed strongly, with RevPAR up 11.1%,
7.9% and 8.4% respectively. Greater China RevPAR increased
6.2%, driven by rate increases. Operating profit from
continuing operations was US$27m. Owned and leased hotel
operating profit increased 7% to US$15m, after the impact
of refurbishment activity at the InterContinental Hong
Kong. Managed hotels profit was stable at US$19m.
Commenting on the results and trading, Andrew Cosslett,
Chief Executive of InterContinental Hotels Group PLC said:
"The company has had a good first half. Signings
continue to run at record levels with almost 55,000 rooms
signed into our development pipeline. Strong demand with
relatively low levels of new supply is driving up room
rates and our brands continue to outperform the market in
most of our major regions and geographies. Our outlook for
the year is positive."
In the first half, a record of 54,246 rooms were signed
and 7,430 net rooms added globally, with a closing pipeline
of 187,487 rooms (up 19%), giving IHG further confidence
that it will exceed its target of 50,000-60,000 net organic
room additions by the end of 2008 from the 30 June 2005
starting position.
IHG development activity in the Asia Pacific region
continues to be successful. During the first half, 12,702
rooms were signed and 2,805 rooms were opened in the
region. In Greater China, 32 hotels, 10,370 rooms, were
signed in the first half, consisting of two
InterContinentals, 15 Crowne Plazas, six Holiday Inns and
nine Holiday Inn Expresses.
Notes to Editors
InterContinental Hotels Group PLC (IHG) of the United
Kingdom (LON: IHG, NYSE: IHG) is the world's largest hotel
group by number of rooms. IHG owns, manages, leases or
franchises, through various subsidiaries, over 3,800 hotels
and almost 564,000 guest rooms in nearly 100 countries and
territories around the world. IHG owns a portfolio of well
recognized and respected hotel brands including
InterContinental(R) Hotels & Resorts, Crowne Plaza(R)
Hotels & Resorts, Holiday Inn(R) Hotels and Resorts,
Holiday Inn Express(R), Staybridge Suites(R), Candlewood
Suites(R) and Hotel Indigo(R), and also manages the world's
largest hotel loyalty program, Priority Club(R) Rewards with
over 33 million members worldwide.
The company pioneered the travel industry's first
collaborative response to environmental issues as founder
of the International Hotels and Environment Initiative
(IHEI). The IHEI formed the foundations of the Tourism
Partnership launched by the International Business Leaders
Forum in 2004, of which IHG is still a member today. The
environment and local communities remain at the heart of
IHG's global corporate responsibility focus.
IHG offers information and online reservations for all
its hotel brands at http://www.ihg.com and information for
the Priority Club Rewards program at
http://www.priorityclub.com . For the latest news from
IHG, visit our online Press Office at
http://www.ihg.com/media .
Press Images
High resolution images to accompany this announcement
are available for the media to download free of charge from
http://www.vismedia.co.uk . This includes profile shots of
the key executives.
Additional Details
The full stock exchange announcement and supplementary
data is available at http://www.ihg.com/interims07 .
For more information, please contact:
Sharona Tao
Brand Public Relations & Communications Manager -
Greater China
IHG
Phone: +86-21-2893-3309
Email: sharona.tao@ihg.com
2007'08.17.Fri
Engineers Rank Arrow Top in China and Asia for Third Year Running
August 14, 2007
HONG KONG, Aug. 14 /Xinhua-PRNewswire/ -- Arrow Asia
Pac Ltd., a business unit of Arrow Electronics, Inc. (NYSE:
ARW), announced today that it received top rankings for the
third consecutive year in China and Asia in EDN Magazine's
2007 Worldwide Branding Study. For the third consecutive
year, Arrow was ranked top in the study conducted by, EDN,
a worldwide design information publication covering the
electronics industry. Conducted annually, EDN's market
research study examines worldwide customer awareness of,
usage of, and preference for distributors and suppliers in
a total of 31 different product categories. These
categories include components/power sources/interconnection
and packaging services; computers, computer boards and
peripherals; embedded development tools; EDA, and test and
measurement.
(Logo: http://www.xprn.com/xprn/sa/200703021139.JPG )
"We are delighted to receive this top ranking by
engineers and research and development (R&D)
professionals," said Peter Kong, president, Arrow Asia
Pac. "Such recognition adds to our already strong
credentials as being one of the leading distributors in
China as well as Asia. The study is a clear testament to
how well we stand out in key areas considered important by
those surveyed. These included meeting delivery
expectation, product technical information, and product
availability. We pledge to continue delivering world-class
solutions and services in meeting the dynamic and complex
needs of our customers and to being the clear Distributor
of Choice for our customers and suppliers."
This year, the study generated more than 3,270
responses from EDN subscribers, consisting primarily of R
& D engineers, engineering staff, project managers and
R&D management in North America, Europe and Asia.
Respondents were presented with a list of electronics
distributors in their region and asked to rank them by
"awareness of the distributor", "would
recommend to industry peers", and "prefer to do
business with".
About Arrow Asia Pac
A business unit of Arrow Electronics, Inc. (NYSE: ARW),
Arrow Asia Pac is one of Asia Pacific's leading electronic
component distributors. In addition to its regional
headquarters in Hong Kong, Arrow Asia Pac operates 50 sales
offices, four primary distribution centers and 12 local
warehousing facilities in eleven countries/territories
across Asia.
Providing a full range of semiconductors, passive,
electromechanical and connector products from over 60
leading international suppliers, Arrow Asia Pac serves more
than 10,000 original equipment and contract manufacturers
and commercial customers in Asia Pacific. Visit us at
www.arrowasia.com .
About EDN
Reed Business Information Asia has been publishing
leading business to business electronic titles in Asia
since 1990. The current portfolio of market-leading
regional publications includes EDN Asia and Electronic
Manufacturing Asia, published in association with the Reed
Electronics Group headquartered in the United States. EDN
is part of the EDN Worldwide network of publications and
websites comprising the premier source of design
information for the worldwide electronics industry.
For more information, please contact:
Ray Leung
Marketing Communications Director
Arrow Asia Pac Ltd.
Tel: +852-2484-2484
Email: marcom.asia@arrowasia.com
Grace Kung
Marketing Communications Manager
Tel: +852-2484-2682
Email: grace.kung@arrowasia.com
2007'08.17.Fri
PacificNet to Announce Second Quarter Earnings on August 20, 2007
August 14, 2007
BEIJING, Aug. 13 /Xinhua-PRNewswire/ -- PacificNet,
Inc. (Nasdaq: PACT), a leading provider of gaming
technology, e-commerce, and Customer Relationship
Management (CRM) in China, announced today that it plans to
release its un-audited second quarter results on August 20,
2007. PacificNet's management team will host an earnings
announcement conference call at 8:00 AM Eastern Time on
August 20, 2007. The conference call is open to the public
and may be accessed by calling (888) 850-5066 or (206)
315-8587 and entering conference entry code: 877448,
followed by the # key. For those unable to attend the
conference call live, an archive of the call will be
available for 30 days. The replay number is (800) 207-7077.
Please use PIN number: 5670.
About PacificNet
PacificNet, Inc. (http://www.PacificNet.com) is a
leading provider of gaming technology, e-commerce, and
Customer Relationship Management (CRM) in China.
PacificNet's gaming products are specially designed for
Chinese and Asian gamers with focus on integrating
localized Chinese and Asian themes and content, advanced
graphics, digital sound effects and popular domestic music,
with secondary bonus games and jackpots. PacificNet gaming
products include: Multi-player Electronic Table Games --
Baccarat, Sicbo, Fish-Prawn-Crab, and Roulette machines,
Server-Based Games (SBG) with multiple client betting
stations, slot and bingo machines, Video Lottery Terminals
(VLTs), Amusement With Prizes (AWP) machines, gaming
cabinet and client/server system designs, online i-gaming
software design, and multimedia entertainment kiosks.
PacificNet's gaming clients include the leading hotels,
casinos, and gaming operators in Macau, Asia, and Europe,
while e-commerce and CRM clients include the leading
telecom companies, banks, insurance, travel, marketing and
business services companies and telecom consumers in
Greater China such as China Telecom, China Mobile, Unicom,
PCCW, Hutchison Telecom, Bell24, Motorola, Nokia, SONY,
TCL, Huawei, American Express, Citibank, HSBC, Bank of
China, Bank of East Asia, DBS, TNT, China and Hong Kong
government. PacificNet employs about 1,200 staff in its
various subsidiaries throughout China with offices in Hong
Kong, Beijing, Shanghai, Shenzhen, Guangzhou, Macau and
Zhuhai China, USA, and the Philippines.
Gaming Products:
PacificNet's gaming products are specially designed for
Chinese and Asian gamers with focus on integrating localized
Chinese and Asian themes and content, advanced graphics,
digital sound effects and popular domestic music, with
secondary bonus games and jackpots. PacificNet's gaming
products include:
-- Multi-player Electronic Table Games: Baccarat,
Sicbo, Fish-Prawn-Crab,
and Roulette Machines, server based games (SBG) with
multiple client
betting stations.
-- Slot Machines
-- Bingo and Keno Machines
-- Video Lottery Terminals (VLTs)
-- Server-Based Gaming Machines (SBG)
-- Amusement With Prizes (AWP) Machines
-- Online iGaming Software Development
-- Client-Server Gaming Systems
-- CMM Level 3 Certified Gaming Software Development
Center in China with
200 Professional Software Developers
-- Gaming Systems, Cabinet Design and Sales, Parts
Sales, OEM Games. We
design and sell gaming machine cabinets, replacement
parts.
PacificNet's Business Units:
1. Gaming Technology: Electronic Gaming Machines,
Mobile Games, i-Gaming
Software.
2. Legacy Business: CRM, E-commerce and Telecom
Products
PacificNet's Major Operation Subsidiaries:
-- PacificNet Games Limited (PacGames), is a leading
provider of Asian
multi-player electronic gaming machines, gaming
technology solutions,
gaming related maintenance, IT and distribution
services for the
leading hotel, casino and slot hall operators based
in Macau, China and
other Asian gaming markets.
-- Take1 Technologies
(http://www.take1technologies.com), is in the
business of designing and manufacturing electronic
multimedia
entertainment kiosks, coin-op kiosks and machines,
Electronic Gaming
Machines (EGM), bingo and slot machines, AWP
(Amusements With Prizes)
games, server-based downloadable games systems, and
Video Lottery
Terminals (VLT) such as Keno and Bingo machines,
including hardware,
software, and cabinets.
-- Pacific Solutions Technology, is a CMM Level 3
certified software
development center with over 200 software
programmers located in
Shenzhen, China, and specializes in the development
of client-server
systems, internet e-commerce software, online and
casino gaming systems
and slot machines, as well as banking and telecom
applications using
Microsoft Visual C++, Java, and other rapid
application development
tools.
-- PacificNet Epro (http://www.EproTel.com.hk): CRM
Call Center and
Customer Services Outsourcing
-- PacificNet Clickcom (http://www.clickcom.com.cn),
MOABC.com : VAS,SP,
(SMS, WAP)
-- Guangzhou Wanrong (http://www.my2388.com): VAS, SP,
(SMS,MMS,IVR,WAP,
Java Games)
-- PacificNet Communications Limited, iMobile,
(http://www.imobile.com.cn,
Gaming http://www.18900.com, wap.17wap.com)
Market Overview on Macau, China
As of the end of 2006, Macau (a Special Administrative
Region of the People's Republic of China) has become the
largest and fastest-growing gaming market in the world, and
has surpassed the Las Vegas Strip in total revenues.
According to statistics provided by Macau government, in
2006, Macau's gaming revenues exceeded US$7 billion (MOP
56.2 billion patacas), surpassing the Las Vegas Strip
gaming revenues of US$6.6 billion. Macau borders Zhuhai
City of Guangdong Province of China, one of the country's
wealthiest and most developed regions and is an hour away
from Hong Kong via ferry. In 2006, the number of tourists
visiting Macau reached an all-time record of 22 million, an
increase of 17 percent compared with 2005, of which 55%, or
12 million visitors, were from mainland China. At the end
of 2006, there were 22 casinos, 83 hotels and similar
establishments in Macau with close to 13,000 rooms. By
2010, the number of tourists is expected to nearly double
to almost 30 million visitors per year. Approximately one
billion people live within a three-hour flight of Macau.
Numerous hotel, gaming, and other projects are in the works
in Macau, which are expected to add over 10,000 guest rooms
and over 20,000 live entertainment seats in eight separate
venues. The number of hotel-casinos in operation and in
development in Macau continues to grow, including
well-known Chinese names such as Galaxy and Melco, and
famous Las Vegas names such as the Sands, the Venetian,
Wynn Resort and Crown Macau. With the disposable income of
the average Chinese on the rise, Macau's gaming and
entertainment market is expected to grow for years to come.
Macau is the only area in China where gambling is legal.
Safe Harbor Statement
This Company's announcement contains forward-looking
statements. We may also make written or oral
forward-looking statements in our periodic reports to the
SEC on Forms 10-K, 10-Q, 8-K, etc., in our annual report to
shareholders, in our proxy statements, in press releases and
other written materials and in oral statements made by our
officers, directors or employees to third parties.
Statements that are not historical facts, including
statements about our beliefs and expectations, are
forward-looking statements. These statements are based on
current plans, estimates and projections, and therefore you
should not place undue reliance on them. Forward-looking
statements involve inherent risks and uncertainties. We
caution you that a number of important factors could cause
actual results to differ materially from those contained in
any forward-looking statement. Potential risks and
uncertainties include, but are not limited to, PacificNet's
historical and possible future losses, limited operating
history, uncertain regulatory landscape in China, and
fluctuations in quarterly and annual operating results.
Further information regarding these and other risks is
included in PacificNet's Form 10K and other filings with
the SEC.
Contact:
PacificNet USA office:
Jacob Lakhany, Tel: +1-605-229-6678
PacificNet Beijing office:
Becky Zhao, Tel: +86 (10) 59225000
23rd Floor, Building A, TimeCourt, No.6 Shuguang Xili,
Chaoyang District,
Beijing, China 100028
PacificNet Shenzhen Office:
Tel: +86 (10) 33222088
Room 4203, JinZhongHuan Business Center, Futian
District, Shenzhen, China
518040
PacificNet Macau office:
Tel: +853 28704154
Unit A-C, 12th Floor, Edificio Commercial I Tak, No.
126, Rua Da Pequim,
Macau, China.
2007'08.17.Fri
Mobile Entertainment, Inc. Optimistic with the Growth of Gamers Number in Q2
August 14, 2007
GUANGZHOU, China, Aug. 11 /Xinhua-PRNewswire-FirstCall/
-- Mobile Entertainment, Inc. (Other OTC: MBEI.PK)
("MBI") today announced the number of mobile game
subscribers in the second quarter ended June 30, 2007 is
expected to increase 25% from the same period of last year
and 2% from the first quarter of 2007.
MBI develops and delivers mobile games in China through
its wholly-owned operating subsidiary Guangzhou Yin Han
Technology Company Ltd. ("YinHan"). The number of
game subscribers in the first quarter ended March 31, 2007
increased by 23.34% from the same period of 2006.
The 23.34% growth in the first quarter is supported by
the resource advantages of YinHan. Flexible service
pattern, entertaining games featured in higher reliability
and creativity and improved latest market information all
provide YinHan with rising confidence in continuous and
steady growth in the second quarter, expecting to target at
25%.
Currently YinHan focuses on WAP handset games
development. As a typically promising industry in China,
mobile handset games market develop amazingly along with
WAP handset games' striking attention drawing. According to
the ResearchInChina, the market value of WAP games shared
RMB 45 million (US $5.8 million) in the year of 2005. It is
estimated that the market scale of WAP games will be RMB 800
million (US $1 billion) in 2006. Good market condition
encourages YinHan's willing in sufficient profits
achievement to finance the Company's growth.
About Mobile Entertainment, Inc.
Mobile Entertainment, Inc. ("MBI") is a
developer of interactive mobile games and other wireless
applications delivered over a variety of mobile phone
platforms in China including SMS, WAP over GPRS, kJava
and/or BREW. Strategically located in Guangzhou City of the
People's Republic of China, Mobile Entertainment, Inc.'s
wholly-owned operating subsidiary, Guangzhou Yin Han
Technology Company Limited (www.egege.com.cn), develops,
markets and sells the mobile games to local mobile network
operators including China Mobile. Mobile Entertainment,
Inc. also plans to distribute mobile games from third
parties and to develop wireless applications across the
mobile platform.
For more information please visit Mobile Entertainment,
Inc.'s corporate website (www.ChinaGameOne.com)
Safe Harbor
A number of statements referenced in this Press
Release, and in our website, are forward-looking
statements, which are made pursuant to the Safe Harbor
Provisions of the Private Securities Litigation Reform Act
of 1995, and within the meaning of Section 27A of the
Securities Act of 1933 and Section 21B of the Exchange Act
of 1934. Any statements that express or involve discussions
with respect to predictions, expectations, beliefs, plans,
projections, objectives, and goals, assumption of future
events or performance are not statements of historical fact
and may be "forward-looking statements." Forward
looking statements are based on expectations, estimates and
projections at the time the statements are made that involve
a number of risks and uncertainties which could cause actual
results or events to differ materially from those presently
anticipated. Forward-looking statements in this Release may
be identified through the use of words such as
"expects," "will,"
"anticipates," "estimates,"
"believes," or statements indicating certain
actions "may," "could," or
"might" occur. Such statements reflect the
current views of Mobile Entertainment, Inc. with respect to
future events and are subject to certain assumptions,
including those described in this release. These
forward-looking statements involve a number of risks and
uncertainties, including the timely development and market
acceptance of products, services, and technologies,
competitive market conditions, successful integration of
acquisitions, the ability to secure additional sources of
financing, the ability to reduce operating expenses, and
other factors. The actual results that the Company achieves
may differ materially from any forward-looking statements
due to such risks and uncertainties.
Mobile Entertainment, Inc. does not undertake any
responsibility to update the "forward-looking"
statements contained in this news release.
Contact:
Investor Relations Officer
Email: ir@ChinaGameOne.com
Tel: 8620-8556 8700
2007'08.17.Fri
Fushi International Announces Reporting Date for Second Quarter 2007 Financial Results
August 14, 2007
DALIAN, China, Aug. 10 /Xinhua-PRNewswire/ -- Fushi
International, Inc. (OTC Bulletin Board: FSIN), a low-cost,
leading Chinese manufacturer of bimetallic wire used in a
variety of communication, transmission and other electrical
products, today announced that the Company will report its
second quarter 2007 financial results on Tuesday, August
14, 2007 after the market closes. The Company will hold a
conference call with senior management to discuss the
financial results at 5:30pm ET on August 14, 2007.
Listeners may access the call by dialing #
913-981-5543. A live webcast of the conference call will
also be available at www.viavid.net. A replay of the call
will be available from August 14, 2007 to August 21, 2007.
Listeners may access the replay by dialing # 719-457-0820;
passcode: 3477104.
About Fushi International
Fushi International, through its wholly owned
subsidiary, Fushi International (Dalian), manufactures
bimetallic composite wire products, principally copper clad
aluminum wires ("CCA"). CCA, the company's core
product, combines the conductivity and corrosion resistance
of copper with the light weight and relatively low cost of
aluminum. It is a cost-effective substitute for single
copper wire in a wide variety of applications such as
coaxial cable for cable television (CATV), signal
transmission lines for telecommunication networks,
distribution lines for electricity, electrical
transformers, wire components for electronic instruments
and devices. For more information on Fushi, visit the
website: http://www.fushiinternational.com/ .
Safe Harbor Statement
This press release may include certain statements that
are not descriptions of historical facts, but are
forward-looking statements. Forward- looking statements can
be identified by the use of forward-looking terminology such
as "will", "believes",
"expects" or similar expressions. These forward-
looking statements may also include statements about our
proposed discussions related to our business or growth
strategy, which is subject to change. Such information is
based upon expectations of our management that were
reasonable when made but may prove to be incorrect. All of
such assumptions are inherently subject to uncertainties
and contingencies beyond our control and upon assumptions
with respect to future business decisions, which are
subject to change. We do not undertake to update the
forward-looking statements contained in this press release.
For a description of the risks and uncertainties that may
cause actual results to differ from the forward-looking
statements contained in this press release, see our most
recent Annual Report filed with the Securities and Exchange
Commission (SEC) on Form 10-K, and our subsequent SEC
filings. Copies of filings made with the SEC are available
through the SEC's electronic data gathering analysis
retrieval system (EDGAR) at www.sec.gov.
For more information, please contact:
Nathan Anderson
Director of Investor Relations
Tel: 86-10-8447-8292
Email: Nathan.anderson@fushiinternational.com
Bill Zima & Ashley Ammon MacFarlane
Integrated Corporate Relations
Tel: 203-682-8200
2007'08.17.Fri
Sino Gas International Holdings, Inc. Announces Conference Call to Discuss Second Quarter 2007 Results
August 14, 2007
BEIJING, Aug. 14 /Xinhua-PRNewswire-FirstCall/ -- Sino
Gas International Holdings, Inc. (OTC Bulletin Board:
SGAS.OB), ("Sino Gas" or the "Company")
today announced that it will conduct a conference call at
9:00 a.m. Eastern Time on Thursday, August 16, 2007 to
discuss the second quarter 2007 financial results.
Joining Mr. Yu-chuan Liu, President and Chief Executive
Officer of Sino Gas, will be Ms. Fang Chen, Chief Financial
Officer, and Mr. Brad Shao, Assistant Chief Financial
Officer. The Company plans to make an earnings announcement
one day before.
To participate in the live conference call, please dial
the following number five to ten minutes prior to the
scheduled conference call time: 888- 339-2688.
International callers should dial 617-847-3007. When
prompted by the operator, mention Conference Passcode
19318081.
If you are unable to participate in the call at this
time, a replay will be available for seven days starting on
Thursday, August 16 at 11:00 a.m. Eastern Time. To access
the replay, dial 888-286-8010 and enter the passcode
37089087. International callers should dial 617-801-6888
and enter the same passcode 37089087.
About Sino Gas International Holdings, Inc.
The Company, through its indirectly wholly-owned
subsidiary, Beijing Zhong Ran Wei Ye Gas Co., Ltd.
("Beijing Gas"), and the subsidiaries of Beijing
Gas, is a leading developer of natural gas distribution
systems in small- and medium-sized cities in China, as well
as a distributor of natural gas to residential, commercial
and industrial customers in China. The company owns and
operates 25 natural gas distribution systems serving
approximately 75,000 residential and six industrial
customers. Facilities include over 700 kilometers of
pipeline and delivery networks with a designed daily
capacity of approximately 70,000 cubic meters of natural
gas. The company is currently constructing four additional
natural gas distribution systems and is planning two more
natural gas distribution systems. Beijing Gas owns and
operates natural gas distribution systems primarily in
Hebei, Jiangsu, Shandong and Jilin Provinces. For further
information, visit the Company's website at
http://www.sino-gas.com.
Safe Harbor Statement
This announcement may contain "forward-looking
statements" within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act
of 1995. All statements other than statements of historical
fact in this announcement are forward-looking statements,
including but not limited to, statements regarding the
Company's plans for future operations. These
forward-looking statements involve known and unknown risks
and uncertainties and are based on current expectations,
assumptions, estimates and projections about the Company
and the industry. Although the Company believes that the
expectations expressed in these forward looking statements
are reasonable, they cannot assure you that their
expectations will turn out to be correct, and investors are
cautioned that actual results may differ materially from the
anticipated results.
Contact:
Sino Gas International Holdings, Inc.
Ms. Fang Chen, Chief Financial Officer,
Phone: +86-10-8260-0527
Email: chenfang@sino-gas.com
CCG Elite Investor Relations
Crocker Coulson, President
Phone: +1-646-213-1915(New York)
Email: crocker.coulson@ccgir.com
Roberto Caudillo, Financial Writer
Phone: +1-310-231-8600 ext. 104(LA)
Email: roberto.caudillo@ccgir.com
2007'08.17.Fri
China Security & Surveillance Technology Reports Second Quarter 2007 Financial Results
August 14, 2007
- 2Q07 Revenue Increases 551.3% to $52.1 Million Compared
to 2Q06 --
- Company Provides Financial Outlook for 3Q07 --
SHENZHEN, China, Aug. 14 /Xinhua-PRNewswire/ -- China
Security & Surveillance Technology, Inc. ("China
Security" or the "Company") (OTC: CSCT), a
leading provider of digital surveillance technology in
China, today reported its financial results for the second
quarter ending June 30, 2007.
The Company reported GAAP earnings per diluted share of
$0.11 for the second quarter of 2007 compared to $0.10 in
second quarter of 2006. Results for the second quarter of
2007 include: (1)approximately $3.8 million, or $0.10 per
diluted share, of non-cash expense related to the accrual
of amounts payable under outstanding convertible notes in
the event that such notes are redeemed (as described below
under the caption "Explanation of Redemption
Accrual"); (2) approximately $1.1 million, or $0.03
per diluted share, of non- cash expense related to the
amortization of goodwill and (3) approximately $800,000, or
$0.02 per diluted share, of non-cash expense related to the
accrual of performance-based employee compensation.
Excluding these non-cash expenses, diluted earnings per
share was $0.26, compared to $0.10 per diluted share in the
second quarter of 2006 (see "About Non-GAAP Financial
Measures" toward the end of this release). Diluted
share count increased 58% in the second quarter of 2007 to
38.8 million from 24.6 million in the second quarter of
2006.
Revenue increased 551.3% to $52.1 million compared to
$8.0 million in the second quarter of 2006. Revenue
improved significantly as a result of increased demand
among both new and existing customers for security and
surveillance products within various industries and
organizations in China as well as the increase in
government-initiated programs to install security systems.
Second quarter 2007 revenue also benefited from an increase
in the visibility of the Company's brand in China, which
management believes led to new contract wins in the second
quarter. Organic revenue growth during the second quarter
of 2007 accounted for 78% of the Company's total revenues,
while recent acquisitions also contributed to revenue
growth.
Mr. Guo Shen Tu, Chief Executive Officer of China
Security, commented, "We are pleased with our
financial performance in the second quarter. During the
second quarter, we secured fifty-nine new contracts across
a wide array of private businesses as well as local and
city governments. We are seeing significant demand from
government Safe-City contracts, and importantly, several of
our customers are bypassing the pilot phase and moving
straight to longer-term, higher revenue-generating
projects."
Second quarter gross profit increased 397% to $14.9
million, compared to $3.0 million in the prior year. Gross
profit margin was 28.6% down from 37.5% year-over-year, but
up from 26.3% in the first quarter of 2007. The year-over-
year decline primarily reflects the Company's present
strategy to penetrate new markets and increase total market
share. The sequential increase in margin from the first
quarter of 2007 primarily reflects better economies of
scale and improved price strength.
Income from operations increased 300% to $9.6 million
from $2.4 million in the second quarter of 2006. Total
operating expenses increased to $5.2 million in the second
quarter of 2007 from $0.6 million in second quarter of
2006, primarily due to professional expenses related to the
costs of being a public reporting company as well as the
hiring of additional staff.
The Company recognized interest expense of $4.1 million
in the second quarter of 2007. Approximately $0.3 million
reflects interest payments on debt outstanding and
approximately $3.8 million reflects the non-cash accrual of
amounts payable under outstanding convertible notes, if such
notes are not converted into the Company's common stock
before their maturities and are redeemed as explained in
the Company's indenture with Citadel Equity Fund Ltd.
("Citadel"). China Security anticipates that its
annual non-cash accrual will be approximately $13 million
for 2007.
Net income in the second quarter of 2007 increased 72%
to $4.3 million or $0.11 per diluted share compared to $2.5
million or $0.10 per diluted share in the second quarter of
2006. As stated above, the net income performance includes
approximately $5.7 million of non-cash expense, or $0.15 on
a diluted share basis.
The Company's cash position in the second quarter of
2007 increased to $91.8 million compared to $71.9 million
at the end of the first quarter of 2007. This increase was
largely a result of the receipt of the net proceeds from
the $50 million convertible note financing with Citadel
that closed in April 2007, offset by the use of $30.3
million in connection with three acquisitions that closed
during the quarter.
Total debt at the end of the second quarter of 2007 was
$126.1, up from $67.1 million at the end of the first
quarter of 2007. Working capital at the end of the second
quarter of 2007 increased to $132.8 million compared to
$117.2 at the end of the first quarter of 2007.
Financial Outlook
For the third quarter of 2007, the Company expects to
achieve revenues between $65 million and $70 million,
including revenues from completed acquisitions. The
acquisitions completed by the Company since the beginning
of fiscal 2007 are Shenzhen Hongtianzhi Electronics Co.,
Ltd., HiEasy Electronic Technology Development Co., Ltd.,
Changzhou Mingking Electronics Co., Ltd. and Hangzhou
Tsingvision Intelligence System Co., Ltd.. Excluding the
non-cash charges related to the redemption amount payable
on convertible notes and the accrual of performance-based
employee compensation, the Company expects to achieve an
adjusted net income of at least $12.0 million in the third
quarter of 2007.
The Company estimates that the non-cash interest
expenses associated with the redemption amount payable on
convertible notes, the accrual of performance-based
employee compensation and the amortization of intangible
expense related to the company's recent acquisitions for
the remaining two quarters will be approximately $4.1
million, $1.0 million and $1.5 million per quarter,
respectively.
Mr. Tu concluded, "We have put in place the
foundation to grow our security and surveillance company
and expect to continue to be a market leader in the
manufacturing, systems integration and operating services
markets. The overall market for security and surveillance
projects continues to expand in China and our market share
is growing. Our acquisition strategy -- combined with our
strong organic growth -- serves to strengthen our overall
competitive position, so that our brand will become
synonymous with premiere security solutions and our
customers will receive one solid solution for all their
security needs. This model has worked well for our
organization and we expect benefits will become even more
apparent over time. Our highly incentivized management team
remains focused on shareholder value and we plan to proceed
with our strategic plan with our shareholders foremost in
mind."
Explanation of Redemption Accrual
The Company raised $60 million and $50 million through
two guaranteed senior unsecured convertible note financings
with Citadel in February 2007 and April 2007, respectively.
These notes bear interest at a rate of 1% per annum and are
due in 2012. Under the indentures, if the notes are not
converted before their respectively maturities, the notes
are to be redeemed by the Company on the maturity date at a
redemption price equal to 100% of the principal amount of
the notes then outstanding plus an additional amount of 15%
per annum, calculated on a quarterly compounded basis, plus
any accrued and unpaid interest.
As of June 30th, the Company accrued $3.8 million as a
redemption amount payable under the notes, which was
included in interest expense in the second quarter of 2007.
Unlike the annual interest rate of 1% that the Company is
actually paying out to the note holders under the note on a
semi-annual basis, the Company would only pay the accrued
redemption amount under the notes if the notes are not
converted into the Company's common stock before their
respective maturities and are redeemed in accordance with
its terms. Nevertheless, the Company believes that it must
accrue the entire redemption amount under U.S. generally
accepted accounting principles. This accrual will result in
non-cash expense of approximately $17.1 million annually
beginning in 2008.
Conference Call
The Company will hold a conference call to discuss the
financial results at 5:00 p.m. ET today. The Company
invites you to join the call by dialing 913-981-4911. A
live webcast of the conference call will be available at
www.viavid.net. A replay of the call will be available from
August 13, 2007 to August 20, 2007. Listeners may access the
replay by dialing 719-457-0820, passcode: 5643215.
About China Security & Surveillance Technology,
Inc.
Based in Shenzhen, China, China Security manufactures,
distributes, installs and maintains security and
surveillance systems throughout China. China Security has
manufacturing facilities in China and a R&D facility
which maintains an exclusive collaboration agreement with
Beijing University. China Security has built a diversified
customer base through its extensive sales and service
network throughout China. To learn more about the Company
visit http://www.csst.com.
About Non-GAAP Financial Measures
This press release contains non-GAAP financial measures
for earnings that exclude the accrual for the redemption
amount payable under certain outstanding convertible notes
issued by the Company and certain other non-cash charges.
China Security believes that these non-GAAP financial
measures are useful to investors because they exclude
non-cash charges that China Security's management excludes
when it internally evaluates the performance of China
Security's business and makes operating decisions,
including internal budgeting, and performance measurement,
because these measures provide a consistent method of
comparison to historical periods. Moreover, management
believes these non-GAAP measures reflect the essential
operating activities of China Security. Accordingly,
management excludes the expense arising from the accrual of
redemption amounts payable under its outstanding convertible
notes and certain other non-cash charges when making
operational decisions. China Security believes that
providing the non-GAAP measures that management uses to its
investors is useful to investors for a number of reasons.
The non-GAAP measures provide a consistent basis for
investors to understand China Security's financial
performance in comparison to historical periods. In
addition, it allows investors to evaluate China Security's
performance using the same methodology and information as
that used by China Security's management. Non-GAAP measures
are subject to inherent limitations because they do not
include all of the expenses included under GAAP and because
they involve the exercise of judgment of which charges are
excluded from the non- GAAP financial measure. However,
China Security's management compensates for these
limitations by providing the relevant disclosure of the
items excluded.
The following table provides the non-GAAP financial
measure and the related GAAP measure and provides a
reconciliation of the non-GAAP measure to the equivalent
GAAP measure.
All amounts, other than for share and per share
amounts, in thousands of U.S. dollars
Three
Months Ended June 30,
2007
2006
GAAP Net Income $4,265
2,536
Addition:
Depreciation and amortization 1084
87
Non-cash employee compensation 801
-
Redemption accretion on convertible notes 3,810
-
Non-GAAP Net Income $9,960
2,623
GAAP DILUTED EPS 0.11
0.10
Addition:
Depreciation and amortization 0.03
0.00
Non-cash employee compensation 0.02
-
Redemption accretion on convertible notes 0.10
-
Adjusted EPS 0.26
0.10
Share used in computing new income
per share (diluted) 38,831,023
24,621,287
Safe Harbor Statement
This press release includes certain statements that are
not descriptions of historical facts, but are
forward-looking statements. Such statements include, among
others, those concerning our expected financial performance
and strategic and operational plans, our future operating
results, our expectations regarding the market for security
and surveillance products, our expectations regarding the
continued growth of the security and surveillance market,
as well as all assumptions, expectations, predictions,
intentions or beliefs about future events. You are
cautioned that any such forward-looking statements are not
guarantees of future performance and that a number of risks
and uncertainties could cause our actual results to differ
materially from those anticipated, expressed or implied in
the forward-looking statements. These risks and
uncertainties include, but not limited to, the factors
mentioned in the "Risk Factors" section of our
Annual Report on Form 10-K for the year ended December 31,
2006, and other risks mentioned in our other reports filed
with the Securities Exchange Commission, or SEC. Copies of
filings made with the SEC are available through the SEC's
electronic data gathering analysis retrieval system (EDGAR)
at www.sec.gov. The words "believe,"
"expect," "anticipate,"
"project," "targets,"
"optimistic," "intend,"
"aim," "will" or similar expressions
are intended to identify forward-looking statements. All
statements other than statements of historical fact are
statements that could be deemed forward-looking statements.
The Company assumes no obligation and does not intend to
update any forward- looking statements, except as required
by law.
(Financial Tables to Follow)
CHINA SECURITY & SURVEILLANCE TECHNOLOGY, INC. AND
SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2007 AND
DECEMBER 31, 2006
ASSETS
June
30, December 31,
2007 2006
(Unaudited)
CURRENT ASSETS
Cash and cash equivalents
$91,784 $30,980
Accounts receivable, net
37,466 26,754
Related party receivables
559 440
Inventories, net
38,982 19,721
Prepayments & deposits
6,136 3,533
Advances to suppliers
4,950 2,889
Other receivables
3,595 1,697
Deferred tax assets - current portion
38 41
Total current assets
183,510 86,055
Deposits for acquisition of subsidiaries
and properties
20,023 -
Property, plant and equipment, net
15,821 8,339
Land use rights, net
2,507 1,152
Intangible assets
28,996 9,997
Investment, at cost
13 12
Goodwill
43,512 8,426
Deferred financing cost
167 -
Deferred tax assets - non-current portion
473 462
TOTAL ASSETS
$295,022 $114,443
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Notes payable - short term
$10,189 $2,272
Accounts payable
12,727 4,000
Accrued expenses
3,459 749
Advances from customers
2,223 5,432
Taxes payable
2,838 1,660
Payable for acquisition of business
18,468 7,500
Deferred income
826 831
Due to a director
- 76
Total current liabilities
50,730 22,520
LONG-TERM LIABILITIES
Notes payable - long term
906 2,010
Convertible notes payable
114,975 -
Total liabilities
166,611 24,530
MINORITY INTEREST IN CONSOLIDATED SUBSIDIARIES
144 94
SHAREHOLDERS' EQUITY
Common stock, $0.0001 par value;
100,000,000 shares authorized
37,771,488 (June 30, 2007) and
31,824,938 (December 31, 2006) shares
issued and outstanding
4 3
Additional paid-in capital
72,407 45,320
Retained earnings
50,281 41,483
Statutory reserves
804 804
Accumulated other comprehensive income
4,771 2,209
Total shareholders' equity
128,267 89,819
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$295,022 $114,443
CHINA SECURITY & SURVEILLANCE TECHNOLOGY, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND
COMPREHENSIVE INCOME
FOR THE SIX MONTHS AND THREE MONTHS ENDED JUNE 30,
2007 AND 2006
Six Months Ended June 30 Three
Months Ended June 30
2007 2006
2007 2006
(Unaudited) (Unaudited)
(Unaudited) (Unaudited)
Revenues $90,576 $22,609
$52,125 $8,015
Cost of goods sold 65,565 15,175
37,232 4,978
Gross profit 25,011 7,434
14,893 3,037
Selling and marketing 1,458 293
855 171
General and administrative 5,559 673
3,308 378
(including non-cash
employee compensation
for the six months ended
and three months ended
June 30, 2007 and 2006 of
$1,066, $801, $0 and $0,
respectively)
Depreciation and
amortization 1,890 189
1,084 87
Income from operations 16,104 6,279
9,646 2,401
Rental income received
from related party 256 246
129 123
Interest income 225 -
143 -
Interest expense (5,424) -
(4,105) -
Other income, net 718 454
226 334
Income before income
taxes and minority
interest 11,879 6,979
6,039 2,858
Minority interest in
income of consolidated
subsidiaries 2 -
(7) -
Income taxes (3,083) (943)
(1,767) (322)
Net income 8,798 6,036
4,265 2,536
Foreign currency
translation gain 2,562 217
1,767 597
Comprehensive income $11,360 6,253
6,032 3,133
Net income per share
Basic $0.26 0.26
0.12 0.10
Diluted $0.24 0.26
0.11 0.10
Weighted average
number of shares
outstanding
Basic 34,429,780 23,046,766
35,770,742 24,436,755
Diluted 36,492,123 23,139,542
38,831,023 24,621,287
CHINA SECURITY & SURVEILLANCE TECHNOLOGY, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2007 AND
2006
2007 2006
CASH FLOWS FROM OPERATING ACTIVITIES:
(Unaudited) (Unaudited)
Net income
$8,798 $6,036
Adjustments to reconcile net income to
net cash (used in) provided by operating
activities:
Depreciation and amortization
1,890 189
Amortization of consultancy services
60 48
Amortization of deferred financing cost
9 0
Non-cash employee compensation
1,066 0
Redemption accretion on convertible notes
4,975 0
Deferred taxes
8 (643)
Minority interest
(2) 0
Changes in operating assets and liabilities:
(Increase) decrease in:
Accounts receivable
(4,217) (3,556)
Related party receivables
(109) 2,891
Inventories
(7,602) (3,526)
Prepayments & deposits
(2,549) 0
Advances to suppliers
(1,176) (3,663)
Other receivables
(658) (1,736)
Deferred expenses
0 (12,150)
(Decrease) increase in:
Accounts payable and accrued expenses
(838) (720)
Advances from customers
(4,310) 0
Tax payable
856 (210)
Deferred income
16 16,959
Net cash (used in) operating activities
(3,783) (81)
CASH FLOW FROM INVESTING ACTIVITIES:
Additions to plant and equipment
(1,528) (1)
Additions to intangible assets
(15) 0
Additions to land use rights
(565) 0
Deposit paid for acquisition of subsidiaries
(14,657) 0
Deposit paid for acquisition of properties
(5,366) 0
Net cash outflow for acquisition of subsidiaries
(30,275) 0
(including net of cash acquired from subsidiaries
for the six months ended June 30, 2007
and 2006 of $3,859 and nil)
Net cash (used in) provided by investing activities
(52,406) (1)
CASH FLOWS FROM FINANCING ACTIVITIES
Due to a director
(74) 1
Issuance of common stock, net of issuing expenses
2,318 7,359
New borrowings, net of issuing cost
116,291 0
Repayment of borrowings
(2,055) 0
Net cash provided by financing activities
116,480 7,360
NET INCREASE IN CASH AND CASH EQUIVALENTS
60,291 7,278
Effect of exchange rate changes on cash
513 63
Cash and cash equivalents, at beginning of period
30,980 2,277
CASH AND CASH EQUIVALENTS, END OF YEAR
$91,784 $9,618
For more information, please contact:
Terence Yap, Chief Financial Officer,
China Security & Surveillance Technology, Inc.
Tel: +1-646-713-4888
Email: terence.yap@csst.com;
Investors,
Bill Zima & Ashley Ammon MacFarlane
Tel: +1-203-682-8200
2007'08.17.Fri
W Hotels Heads to the Las Vegas of Asia with W Macao Studio City
August 14, 2007
The World's Fastest Growing Luxury Hotel Brand Signs Deal
to Open Fourth Property in China; W Macao-Studio City to
open in 2009
SINGAPORE, Aug. 14 /Xinhua-PRNewswire/ -- In its
continued demand to select only world class destinations,
Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT)
today announced plans for a new W Hotel in Macao, further
solidifying the brand's extensive and rapidly growing
global footprint. Scheduled to open in early 2009, this
new-build W hotel will be located within the Macao Studio
City complex, situated on Cotai, an area earmarked by the
Macao government to become one of the main gaming,
entertainment and resort developments in the Special
Administrative Region. W Macao Studio City will make its
debut in 2009, offering 563 guest rooms, in addition to the
innovative design and full-range of branded amenities guests
have come to expect of W Hotels.
Designed by Charles Allem of Charles Allem Designs
International in co-operation with the W brands's award
winning design team, W Macao Studio City will be an
exciting keystone of this new development on Cotai. W
Macao Studio City is poised to strengthen Starwood's
presence in Macao, as well as being an integral part of a
new flagship development in the new "Las Vegas of
Asia."
"W continues to extend beyond the boundaries of
everyday travel, offering a magical mix of sexy
destinations and sublime design," said Ross Klein,
President of Starwood's Luxury Brands Group. "W Macao
marks our fourth property in China and promises to offer
extraordinary experiences at every turn through the brand's
key lifestyle elements of provocative spaces, delightful
indulgences and experiential surprises. From the Maldives
to Milan, Hoboken to Hong Kong, W Hotels continues to go
global as the influential and innovative lifestyle
authority and we are proud to make Macao a W
destination."
"Following the announcements of the Ws in Hong
Kong, Shanghai and Guangzhou, W Macao Studio City is a
logical extension of W's dynamic growth in China,"
said Miguel Ko, President of Starwood Hotels & Resorts,
Asia Pacific. "W brings to life its own unique
positioning, delivering a differentiated travel experience
for travelers and will be an irresistible destination for
visitors to Macao. Macao provides guests with a wealth of
entertainment options, including world-class shopping and
proximity to Macao and China's most popular attractions,
making it a perfect fit for the W brand", added Ko.
"Macao Studio City brings together the best hotel
partners in the world and we are excited to partner with
Starwood to bring the W to Macao," said Peter Lam,
co-chairman of Macao Studio City. "Our vision is to
create a must-see, must-stay and must-return destination
for leisure and business travelers around the world. Along
with other hotel partners - not to mention the arrival of
the Playboy Mansion Macao - I firmly believe that Macao
Studio City will be an experience that visitors will want
to return again and again."
"W will captivate an in-crowd of
lifestyle-oriented travelers by offering its special blend
of warm, witty and worldly experiences. The brand fits in
very well with the overall design and direction of Macao
Studio City and its positioning as the coolest place to be
in Macao. Macao Studio City will be the place where the
stars and celebrities will hang out," said David
Friedman, co-chairman and co-chief executive officer of
Macao Studio City
"The Cotai area is seeing great momentum, and the
addition of W Macao Studio City is certainly going to
attract stylish and trendy customers who seek innovative
design, comfort and cultural influences, to the `new
Macao'," said Mr. Ambrose Cheung, co-chief executive
officer, Macao Studio City. "Macao Studio City is
developing at a rapid pace; our recent announcements have
brought other world-class brands in entertainment, retail
and hospitality to the complex. We are confident that W
Macao Studio City, as well as the Macao Studio City complex
itself, will be a tremendous success when it opens in
mid-2009."
W Macao Studio City will be an exciting addition to the
brand's fast-growing international collection of hotels in
the world's most vibrant cities and emerging destinations.
Starwood has also recently announced it will open a
4,000-room Sheraton Macao Hotel, a 460-room St. Regis Hotel
and over 400 St. Regis Residences on the strip in 2008 and
2009 respectively.
W Macao Studio City will feature 563 rooms and suites,
all outfitted with the W signature bed, plasma television
and wireless Internet access. The W brand's signature
Living Room will offer a lounge-like atmosphere perfect for
reading the paper, sipping a cappuccino or enjoying a
cocktail with friends. Other facilities will include a
signature restaurant, W Caf¨¦, a Sweat workout facility,
approximately 11,000 square feet of meeting space, an
outdoor heated pool, and the W Whatever/Whenever service,
the hotel's 24-hour concierge that provides whatever guests
want - from a pair of running shoes to private jet service -
whenever they want.
Macao is a Special Administrative Region of People's
Republic of China. It is located on the Southeast coast of
China and the western bank of the Pearl River Delta.
Bordering on Guangdong Province, it is located 40 miles
from Hong Kong and 90 miles from the city of Guangzhou.
With the removal of the casino gaming monopoly in Macao in
December 2001, new casino developments are quickly
establishing Cotai as the `new Las Vegas of Asia'.
About W Hotels Worldwide
W Hotels is a global lifestyle brand with 21 properties
in the most vibrant cities around the world. Inspiring and
indulging its guests with thoughtful, refreshing and
stylish experiences, signature restaurants, bars and
destination spas, W has become the fastest growing luxury
hotel brand in the world. Each hotel offers a unique mix of
innovative design, comfort, and cultural influences from
fashion to music to art and everything in between. The W
brand's first residential property, W Dallas-Victory,
opened in June of 2006, and soon thereafter was named a
Forbes Magazine "Top Business Hotel." W
Residences, offering the W lifestyle at home, have been
announced for Scottsdale (2008), Midtown Atlanta (2008),
Fort Lauderdale (2008), Buckhead (2008), Hoboken (2008),
Downtown Atlanta (2009), Downtown New York (2009), South
Beach (2009), Phoenix (2009), Hollywood (2009),
Philadelphia (2009), and Austin (2010). Internationally, W
has announced plans for hotels in Istanbul (2008), Doha
(2008), Hong Kong (2008), St. Petersburg (2008), Athens
(2008), Santiago (2008), Milan (2008), Dubai-Festival City
(2008), Shanghai (2009), Barcelona (2009), Guangzhou
(2010), and Dubai-The Palm (2010). W's first Retreat &
Spa, W Maldives, opened in September of 2006 and in March
of 2007, received the prestigious Travel + Leisure Design
Award for Best Resort. W has plans to open Retreat &
Spa hotels in Vieques (2008), Koh Samui (2008), and Verbier
(2010), the latter of which will serve as W's first ski
retreat. For more information, visit http://www.whotels.com
.
About Starwood Hotels & Resorts Worldwide, Inc.
Starwood Hotels & Resorts Worldwide, Inc.(R) is one
of the leading hotel and leisure companies in the world with
approximately 850 properties in more than 95 countries and
145,000 employees at its owned and managed properties.
Starwood(R) Hotels is a fully integrated owner, operator
and franchisor of hotels and resorts with the following
internationally renowned brands: St. Regis(R), The Luxury
Collection(R), Sheraton(R), Westin(R), Four Points(R) by
Sheraton, W(R), Le M¨¦ridien(R) and the recently announced
AloftSM and ElementSM Hotels. Starwood Hotels also owns
Starwood Vacation Ownership, Inc., one of the premier
developers and operators of high quality vacation interval
ownership resorts. For more information, please visit
http://www.starwoodhotels.com
About Macao Studio City
Macao Studio City is Asia's first leisure resort
property with studio, retail, entertainment and world-class
hotels, such as The Ritz-Carlton, Marriott, W and The Tang
Hotel. Macao Studio City is being developed by Cyber One
Agents Limited, a joint venture between New Cotai, LLC and
East Asia Satellite Television Holdings, a subsidiary of
Hong Kong-based eSun Holdings ("eSun"; stock
code: 571). Singapore's CapitaLand owns 33.3 per cent of
East Asia Satellite Television Holdings while eSun Holdings
owns the remaining 66.7 per cent.
eSun Holdings is one of Asia's leading media and
entertainment companies and an associate company of Lai Sun
Development ("LSD"; stock code: 488), a leading
hotel and property developer. Both companies are part of
Hong Kong's Lai Sun Group.
New Cotai, LLC is a consortium of US-based investors
including the co-chairman and co-chief executive officer of
Macao Studio City, David Friedman. Mr. Friedman is a veteran
resort and gaming developer who led Las Vegas Sands' entry
into Macao. The funds of New Cotai, LLC are managed by
Silver Point Capital, L.P., a private US-based investment
firm, and Oaktree Capital Management, LLC, a global
independent investment management firm.
CapitaLand is one of the largest listed real estate
companies in Asia. Headquartered in Singapore, the
multinational company's core businesses in real estate,
hospitality and real estate financial services are focused
in gateway cities in Asia Pacific, Europe and the Middle
East. The company's real estate and hospitality portfolio
spans more than 90 cities in over 20 countries. CapitaLand
also leverages on its significant real estate asset base,
financial skills and market knowledge to develop real
estate financial products and services in Singapore and the
region.
For more information, please visit
http://www.macaostudiocity.com
(Note: This press release contains forward-looking
statements within the meaning of federal securities
regulations. Forward-looking statements are not guarantees
of future performance or events and involve risks and
uncertainties and other factors that may cause actual
results or events to differ materially from those
anticipated at the time the forward-looking statements are
made. These risks and uncertainties are presented in detail
in our filings with the Securities and Exchange Commission.
Although we believe the expectations reflected in such
forward-looking statements are based upon reasonable
assumptions, we can give no assurance that our expectations
will be attained or that results and events will not
materially differ. We undertake no obligation to publicly
update or revise any forward-looking statement, whether as
a result of new information, future events or otherwise.)
For more inforamation, please contact:
Hwee Peng Yeo, Director,
Corporate Communications, Asia Pacific
Tel: +65-6335-4837
Email: hweepeng.yeo@starwoodhotels.com
Jenni Benzaquen, Director of PR
Luxury Brands Group
Tel: +1-212-380-4011
Email: jenni.benzaquen@whotels.com
2007'08.17.Fri
Next Safety Announces Stunning Advance in Nicotine Delivery
August 14, 2007
Conclusive test results prove pulmonary device provides far
higher efficacy than cigarettes
JEFFERSON, N.C., Aug. 14 /Xinhua-PRNewswire/ -- In a
study of 30 test subjects, participants achieved much
higher nicotine blood levels at faster rates than those
possible from smoking cigarettes, without receiving any of
the deadly carcinogens. Each subject inhaled less nicotine
than typically inhaled from smoking one cigarette: with
greater psychoactive effects.
( Photo:
http://www.newscom.com/cgi-bin/prnh/20070813/CLM032-a )
( Photo:
http://www.newscom.com/cgi-bin/prnh/20070813/CLM032-b )
( Photo:
http://www.newscom.com/cgi-bin/prnh/20070813/CLM032-c )
( Logo:
http://www.newscom.com/cgi-bin/prnh/20070615/CLF038LOGO )
Cigarettes, which are more addictive than cocaine, will
kill more than 600 million people over the next thirty
years.
"Our country is intellectually dishonest, when we
allow the executives from major tobacco companies to live
'the country club lifestyle,' while intentionally shipping
products that are more addictive than cocaine, killing
millions of people every year; at the same time, we
imprison hundreds of thousands of the poor for selling
marijuana," said C. Eric Hunter, CEO. The
nine-year-old son of Mr. Hunter, poignantly asked a Next
Safety colleague, in a discussion of cigarette addiction,
"Why do people kill other people just for money."
Next Safety's revolutionary new device, with advanced
dosing controls, allow those addicted to tobacco a
mechanism to receive nicotine with same psycho active
effects achieved by smoking cigarettes, without inhaling
the sixty-nine known carcinogens contained in cigarettes.
The high degree of control allows the device to be used for
smoking cessation by slowly decreasing inhaled nicotine over
long periods of time or for nicotine replacement, where
people are unable to stop using inhaled nicotine.
Additional immediate benefits include the elimination of
second hand smoke and other negative secondary effects.
In this study smokers achieved mean nicotine venous
blood level increases of 28.4 nanograms per milliliter less
than ten seconds after inhalation. Nonsmokers do not have
the same diffusion barrier caused by the inhalation and
subsequent deposition of cigarette combustion byproducts in
the lungs, which smokers have. Therefore, nonsmokers
achieved nicotine blood levels of 129 nanograms per
milliliter in less than ten seconds after inhalation
(laboratory analysis performed by NMS Labs).
This breakthrough in pulmonary drug delivery is not
limited to only nicotine. Any drug soluble in water can now
be delivered with very high efficacy and efficiency
utilizing Next Safety's proprietary pulmonary devices and
methods. Treatments enabled by the technology include the
efficient and high efficacy delivery of numerous drugs
never before effectively delivered through pulmonary means.
For example, in the announced nicotine results, more than 74
percent of the nicotine contained in the device entered the
blood stream. Many drugs currently delivered only through
IV or injection in important classes such as antibiotics,
analgesics and anti medics along with certain vaccinations
can now be delivered with very high precision, efficacy and
efficiency.
Next Safety moved into a new 32,000 square ft facility
on July 27th. During the following eighteen months the
company expects to occupy 850,000 square feet of additional
office/manufacturing space and hire approximately 3,600
employees.
Next Safety's nicotine delivery device will be priced
at less than $100.00, with refills costing less than ten
percent of the average pack of cigarettes in developed
countries on a nicotine equivalent basis. The company will
begin shipping devices to markets where current regulations
allow in December. Next Safety will ship more than two
million nicotine delivery devices per month during the
first quarter of 2008.
The company will begin sampling devices to certain
reporters in Boston on Wednesday, August 15th, on Thursday,
August 16th and in New York on Monday, August 20th. In
addition, the company will hold a moderated discussion at
the Mandarin Oriental in New York on Tuesday, August 21st.
Attendees will include: leading pulmonologists, reporters
and public officials, as well as smokers and non-smokers.
For more information on the August 21st event or for an
invitation, please call or write Christy Cheek at
336.246.7700 ext.230 or christycheek@nextsafetyinc.com.
For more information, please contact:
Christy Cheek,
Next Safety Inc.
Tel: +1-828-406-4122
Email: christycheek@nextsafetyinc.com
2007'08.17.Fri
BNY Mellon Asset Servicing Expands Asian Transfer Agent Platform
August 14, 2007
AIM Global elects to utilise TA capability to expand
distribution in Asia
LONDON, Aug. 13 /Xinhua-PRNewswire/ -- BNY Mellon Asset
Servicing, the global leader in asset servicing, continues
to expand its global fund services offering with a
dedicated transfer agency ("TA") facility in
Singapore to support the bank's clients in distributing
their investment fund products in the region. The "TA
Asian Hub" has been established to take maximum
advantage of fund distribution processing across multiple
regions and time-zones.
AIM Global, a division of INVESCO Asset Management
Limited, is utilising this TA capability to market its US$
money market fund to investors in a number of countries in
Asia, including Hong Kong and Singapore. This service
allows investors in AIM Global's Dublin-domiciled fund to
receive US$ payments for good value during the working day
in the investor's home market, taking into account local
time differences.
Marc Doman, Managing Director, AIM Global, said:
"Having a local TA operating platform significantly
improves the attraction of our Dublin-based money market
fund to Asian investors. It enables us to provide real-time
fund trading and client services during the Asian day as
well as ensuring same day US$ redemption payments in
locally held accounts."
Andrew Bell, Executive Vice President and Head of
Global Operations at BNY Mellon Asset Servicing, said:
"Developing this TA Asian Hub in Singapore
significantly enhances our capabilities in the Asian fund
administration market. It also illustrates our commitment
to devising and developing solutions to meet the needs of
our clients to support them in growing their global fund
distribution business."
The bank's dedicated Asian Hub offers in-region client
service, TA administration support and technology,
providing a single platform solution to our clients and
their investors throughout markets in Europe and Asia.
Notes to Editors
BNY Mellon Asset Servicing offers clients worldwide a
broad spectrum of specialised asset servicing capabilities,
including custody and fund services, securities lending,
performance and analytics, and execution services. BNY
Mellon Asset Servicing provides services through The Bank
of New York, Mellon Bank, N.A. and other related companies.
The Bank of New York Mellon Corporation is a global
financial services company focused on helping clients
manage and move their financial assets, operating in 37
countries and serving more than 100 markets. The company
is a leading provider of financial services for
institutions, corporations and high-net-worth individuals,
providing superior asset management and wealth management,
asset servicing, issuer services and treasury services
through a worldwide client-focused team. It has more than
$20 trillion in assets under custody and administration and
more than $1 trillion in assets under management.
Additional information is available at
http://www.bnymellon.com .
AIM Global
Based in London, AIM Global forms part of a major money
market fund group headed by AIM Cash Management in the US.
AIM Global was set up in 1994 to bring money market funds
to corporates and institutions in Europe, the Middle East
and Asia Pacific.
Short-Term Investments Company (Global Series) plc
("STIC Global") incorporates Sterling, Euro and
US Dollar Liquidity Portfolios. AIM Global is a division of
INVESCO Asset Management Limited and part of INVESCO PLC,
one of the world's largest independent investment
management organisations. The company is listed on the
London, New York and Toronto stock exchanges with the
symbol 'IVZ' For further information go to
http://www.aimglobal.com or http://www.invesco.com .
For more information, please contact:
Ivan Royle
Tel: +44-20-7964-6119
Email: ivan.royle@bnymellon.com
Louisa Bartoszek
Tel: +44-20-7163-2826
Email: bartoszek.l@mellon.com
2007'08.17.Fri
Deli Solar (USA), Inc. Announces Record Second Quarter 2007 Financial Results
August 13, 2007
-- Second Quarter Revenue Increases 33% to $9.4 million
-- Second Quarter Net Income Increases 118% to $646,820
-- Company Makes Further Progress on Completing its New
Flat Plate
Collector Production and Water Tank Assembly Lines
LOS ANGELES and BEIJING, Aug. 13
/Xinhua-PRNewswire-FirstCall/ -- Deli Solar (USA), Inc.
(OTC Bulletin Board: DLSL), an established significant
seller of solar water heaters and space heating devices in
the People's Republic of China (the "PRC"),
announced its results for the second quarter which ended
June 30, 2007.
Sales for the second quarter of 2007 increased 33% to
$9.4 million compared to $7.1 million for the same quarter
in 2006. Revenues were comprised of over 63,000 solar water
heaters and 37,000 boilers sold during the quarter. Gross
profit for the three months ended June 30, 2007 was $1.9
million, an increase of approximately 30% from the second
quarter of 2006. Gross margins were 20.5% to 21.1% for the
second quarter of 2007 and 2006 respectively.
Operating expenses for the three months ended June 30,
2007 decreased 4% to $1.1 million compared to the same
period in 2006 and a result of prudent management of
general and administrative expenses despite a 32% increase
in advertising expenses focused on gaining market share.
Operating income for the second quarter of 2007 totaled
$0.8 million compared to $0.3 million for the same period in
2006, representing a 163% increase. Net income for the 2007
second quarter increased 113% to $0.6 million, representing
earnings per share of $.10, from $0.3 million in net income,
or $.04 per share during the second quarter of 2006.
Calculations were based upon 6.6 million and 8 million
shares outstanding respectively.
"Revenue growth was driven by higher unit sales of
solar water heaters and residential boilers which benefited
from continued investment in brand marketing, sales
promotions and further expansion of our sales distribution
network," commented Mr. Deli Du, President and Chief
Executive Officer. ''While margins were slightly impacted
by competition and pricing pressure, our ability to
prudently manage raw material and organizational costs
enabled us to dramatically increase operating
profitability. In addition, we made further progress
installing our new flat plate collector production and
water assembly line, which we expect to be fully
operational during September 2007. We expect this to
enhance our production efficiencies and improve the quality
of our products while contributing a positive impact on
future operating margins,'' continued Mr. Du.
Six Month Results
Sales increased approximately 32% to $12.4 million for
six months ended June 30, 2007 as compared to $9.4 million
for the same period last year resulting from continued
investment in brand marketing, sales promotion and
development of a sales distribution network. Operating
expenses for the six months ended June 30, 2007 were $1.6
million as compared to $1.5 million for the same period in
2006, an increase of 4%. Operating income for the six
months ended June 30, 2007 was $1.1 million, increased 109%
as compared to $0.5 million for the six months ended June
30, 2006.
Net income was $0.9 million in the six months ended
June 30, 2007, compared with $0.5 million in the same
period last year, an increase of $0.4 million, or
approximately 84%. This equated to earnings of $.14 per
share compared to $.06 per share for the first six months
of 2006 based on 6.4 million and 8 million fully diluted
shares respectively.
Balance Sheet and Cash Flow Discussion
The Company reported $5.7 million in cash and
equivalents on June 30, 2007, a current ratio of 12.3 to 1
and was debt free. The Company completed a $2.5 million
financing in June 2007. Net cash flow from operations was
$0.3 million for the six months ended June 30, 2007, a
slight increase from the same year ago period. In addition,
the Company incurred approximately $0.4 million in capital
expenditures on new facilities and assembly lines at its
Bazhou factory during the first six months of 2007.
"We continue to make further progress on our
acquisition strategy as we signed a purchase agreement on
May 18, 2007 to buy 51% of Tianjin Huaneng Energy Equipment
Company, which manufactures energy saving boilers and
environmental protection equipment for industrial
customers. As part of the acquisition we paid approximately
$1.6 million in July 2007 with approximately $100,000
balance due and a separate finders' fee. We also agreed to
invest approximately $2.5 million into the new company to
expand production capabilities and operations. With an
effective accounting date of July 1, 2007, we anticipate
this purchase will contribute to both revenues and
profitability during the balance of this year. Separately,
we continue to pursue the purchase of a 60% equity stake in
Shenzhen Xiongri Solar Power Co., Ltd., which provides solar
water heaters for commercial customers and multi-family
developers throughout Shenzhen,'' Mr. Du concluded.
About Deli Solar (USA), Inc.
Deli Solar (USA) Inc. operates through its wholly owned
subsidiaries Bazhou Deli Solar Energy Heating Co. Ltd.
("Deli Solar (Bazhou)") and Beijing Deli Solar
Technology Development Co., Ltd. ("Deli Solar
(Beijing)"), both located in the PRC. The Company
sells and distributes hot water and space heating devices
to customers in the PRC. For more information, please visit
http://www.delisolar.com .
Safe Harbor Statement:
Certain statements in this news release may contain
forward-looking information about Deli Solar (USA) and its
subsidiaries business and products within the meaning of
Rule 175 under the Securities Act of 1933 and Rule 3b-6
under the Securities Exchange Act of 1934, and are subject
to the safe harbor created by those rules. The actual
results may differ materially depending on a number of risk
factors including, but not limited to, the general economic
and business conditions in the PRC, market and customer
acceptance and demand for products, ability to market
products, fluctuations in foreign currency markets, the use
of estimates in the preparation of financial statements, the
impact of competitive products and pricing, the ability to
develop and launch new products on a timely basis, the
regulatory environment, fluctuations in operating results,
and various other factors beyond its control. All forward-
looking statements are expressly qualified in their
entirety by this Cautionary Statement and the risks factors
detailed in the Company's reports filed with the Securities
and Exchange Commission. Deli Solar (USA) undertakes no
duty to revise or update any forward-looking statements to
reflect events or circumstances after the date of this
release.
Consolidated Balance Sheets (unaudited)
Assets June 30, 2007
December 31, 2007
Current assets
Cash and cash equivalents $ 5,711,503
$ 3,212,065
Trade accounts receivable 1,295,211
986,809
Allowances for doubtful accounts (119,244)
(116,363)
Net trade accounts receivable 1,175,967
870,446
Advance to suppliers 883,995
1,007,709
Prepaid expenses 47,213
58,203
Inventories 1,105,550
315,765
Total current assets 8,924,228
5,464,188
Plant and equipment
Buildings 3,615,556
3,528,180
Machinery and equipment 72,893
71,131
Vehicles 78,063
76,176
Computer equipment 12,938
12,625
Office equipment 67,704
65,749
Construction in progress 3,022,756
2,580,031
Total property, plant and equipment 6,869,910
6,333,892
Accumulated depreciation (496,610)
(407,424)
Net property, plant and equipment 6,373,300
5,926,468
Other receivables 124,582
321,999
Deposit 258,592
--
Prepaid land lease 1,019,467
1,003,530
Total other assets 1,402,641
1,325,529
Total assets 16,700,169
12,716,185
Liabilities and stockholders' equity June 30, 2007
December 31, 2006
Current liabilities
Trade accounts payable 164,588
147,901
Related party payable 500
22,528
Other payables 155,918
35,934
Accrued expenses 24,729
22,080
Customer deposits 377,900
262,269
Total current liabilities 723,635
490,712
Stockholders' equity
Preferred stock: par value $0.001;
25,000,000 shares authorized,
2,674,197 shares issued and
outstanding 2,674
--
Common stock: par value $0.001;
66,666,667 shares authorized,
6,205,290 shares issued and
outstanding 6,205
6,205
Additional paid in capital 8,283,900
5,705,574
Retained earnings 6,901,887
5,979,785
Accumulated other comprehensive
income 781,868
533,909
Total stockholders' equity 15,976,534
12,225,473
Total Liabilities and stockholders'
equity 16,700,169
12,716,185
Consolidated Statements of Operations and Comprehensive
Income (unaudited)
Three Three
months months Six
months Six months
ended June ended June ended
June ended June
30, 2007 30, 2006 30,
2007 30, 2006
Sales revenues $9,418,160 $7,063,189
$12,414,023 $9,416,475
Cost of goods sold 7,490,129 5,576,033
9,739,044 7,358,705
Gross profit 1,928,031 1,487,156
2,674,979 2,057,770
Operating expenses
Advertising 518,619 393,128
660,093 498,904
Selling expense 237,502 149,426
281,532 185,328
Salaries and benefits 109,641 72,352
148,993 106,204
Depreciation 35,630 33,963
70,966 59,265
Other general and
administrative 241,824 539,643
454,955 701,630
Total operating expenses 1,143,216 1,188,512
1,616,539 1,551,331
Net operating income 784,815 298,644
1,058,440 506,439
Other income (expense)
Interest income 78 --
1,735 --
Interest expense (97) (2,408)
(97) (6,210)
Total other income
(expense) (19) (2,408)
1,638 (6,210)
Net income before taxes 784,796 296,236
1,060,078 500,229
Taxes 137,976 --
137,976 --
Net income 646,820 296,236
922,102 500,229
Foreign currency
translation adjustment 142,824 46,962
247,959 91,540
Comprehensive Income 789,644 343,198
1,170,061 591,769
Basic earnings per share $ 0.10 $ 0.05 $
0.15 $ 0.08
Denominator for basic EPS 6,205,290 6,205,290
6,205,290 6,205,290
Fully diluted earnings per
share $ 0.10 $ 0.04 $
0.14 $ 0.06
Denominator for diluted EPS 6,594,567 8,031,009
6,399,929 8,031,009
For more information, please contact:
Jianmin Li
Deli Solar (USA), Inc.
Tel: +86-10-6385-0516
Email: Lijianmin@delisolar.com.cn
Matthew Hayden
HC International, Inc.
Tel: +1-858-704-5065
Email: matt@haydenir.com
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