SinoTech Energy Limited ("SinoTech" or the "Company") (Nasdaq:CTE),
a fast-growing provider of enhanced oil recovery ("EOR") services
in China, today announced its unaudited financial results for the
third quarter of fiscal year 2011.
Third Quarter of Fiscal Year 2011 Financial
Highlights
- Sales in the third quarter of fiscal year 2011 were US$29.8
million, an increase of 205.1% from the corresponding period in
fiscal year 2010.
- Gross profit in the third quarter of fiscal year 2011 was
US$21.2 million, an increase of 187.3% from the corresponding
period in fiscal year 2010.
- Net income in the third quarter of fiscal year 2011 was US$13.2
million, compared to a net loss of US$7.4 million in the
corresponding period of fiscal year 2010.
- GAAP diluted earnings per ADS were US$0.20 for the third
quarter of fiscal year 2011, compared to US$0.17 for the second
quarter of fiscal year 2011.
- Adjusted EBITDA (Non-GAAP) (1) in the third quarter of fiscal
year 2011 was US$21.7 million, an increase of 236.0% from the
corresponding period in fiscal year 2010.
- Net cash balance was US$93.2 million as of June 30, 2011,
compared to US$80.6 million as of March 31, 2011.
Recent Business Highlights
- SinoTech is raising its guidance for sales for fiscal year 2011
to a range from US$108 million to US$112 million. The Company had
previously announced that sales for fiscal year 2011 would be in a
range from US$100 million to US$105 million.
- On June 23, 2011, the Company announced that its Board of
Directors approved a share repurchase program under which SinoTech
is authorized to repurchase up to US$20 million worth of its
American Depositary Shares ("ADSs"), each representing two ordinary
shares of the Company, by December 31, 2011. The share repurchase
program went into effect immediately following the
announcement.
- On July 29, the Company announced that it had taken delivery of
four new lateral hydraulic drilling ("LHD") units which have gone
into operation in oilfields in northern and central China in early
August. Including these four new units, SinoTech currently has a
total of 16 LHD units in operation across China.
"Rapid expansion of our LHD fleet has enabled SinoTech to triple
sales in the third quarter of fiscal year of 2011 compared to the
same period of the previous fiscal year, and we are confident that
continued successful execution on this strategy will drive very
robust growth in the coming quarters," said Mr. Guoqiang Xin, Chief
Executive Officer of SinoTech. "China's oil producers have a
pressing need for effective EOR solutions, and are increasingly
recognizing the strength of LHD technology as a proven, cost
effective method for enhancing oil output. That faith in our LHD
service is reflected in our very healthy demand pipeline, and we
continue to build out our LHD fleet to meet that demand. Having
added two new LHD units at the end of March, and a further four
units in late July, we have already comfortably achieved our target
of having 16 units in the field by the end of this fiscal
year."
Mr. Boxun Zhang, Chief Financial Officer of SinoTech, noted, "In
the third quarter, SinoTech reported excellent results on both the
top and bottom lines as we grew sales by 19.4% to $29.8 million,
and net income by 21.1% to $13.2 million, compared to last quarter.
I'm particularly pleased that we have been able to achieve greater
economies of scale as we have expanded our LHD fleet, which has in
turn enabled improved net margins. We have also recorded a very
healthy increase in our cash balance as a result of robust
operating cash flow. Building on these strong operating results,
our healthy financial position and our confidence in SinoTech's
future business prospects, we have already begun to buy back shares
under the share repurchase program we announced in late June."
Financial Results for the Third Quarter of Fiscal Year
2011
Sales were US$29.8 million in the third quarter
of fiscal year 2011, an increase of 19.4% from US$25.0 million in
the second quarter of fiscal year 2011, and an increase of 205.1%
from US$9.8 million in the corresponding period in fiscal year
2010, primarily due to the expansion of the Company's LHD fleet and
effective execution of operations. Sales for the LHD business
increased 25.3% quarter-over-quarter to US$23.4 million in the
third quarter of fiscal year 2011. The quarter-over-quarter
increase was primarily due to the introduction of two additional
LHD units in late March 2011, and the fact that there were no
holiday breaks in the third quarter of fiscal year 2011. Sales for
the MDF business reached US$5.9 million in the third quarter of
fiscal year 2011, representing a moderate increase from the
previous quarter.
Cost of sales was US$8.7 million in the third
quarter of fiscal year 2011, a 16.9% increase from US$7.4 million
in the second quarter of fiscal year 2011, and a 259.2% increase
from US$2.4 million in the corresponding period in fiscal year
2010. The quarter-over-quarter increase was primarily due to
increased operating costs as a result of the addition of two new
LHD units in late March 2011.
Gross profit was US$21.2 million in the third
quarter of fiscal year 2011, representing an increase of 20.4% from
US$17.6 million in the second quarter of fiscal year 2011, and an
increase of 187.3% from US$7.4 million in the corresponding period
in fiscal year 2010. Gross margin was 71.0% in the third quarter of
fiscal year 2011, compared with 70.4% in the second quarter of
fiscal year 2011, and 75.3% in the corresponding period in fiscal
year 2010. The quarter-over-quarter increase in gross margin was
primarily due to improvements in gross margin from the Company's
LHD business. The year-over-year decline was mainly due to changes
in the sales mix, with sales for the LHD business accounting for
78.6% of sales in the third quarter of fiscal year 2011, compared
to 52.8% in the same period last year. Gross margin for the LHD
business was 66.5% in the third quarter of fiscal year 2011,
compared to 64.5% in the second quarter of fiscal year 2011, and
64.7% in the same period of last year.
| (USD) |
Sales Q3 FY2011 |
Gross Profit Margin |
Sales Q2 FY2011 |
Gross Profit Margin |
| LHD |
23,442,391 |
66.5% |
18,713,242 |
64.5% |
| MDF |
5,942,155 |
89.3% |
5,839,407 |
89.4% |
| Others |
443,693 |
63.0% |
438,280 |
68.7% |
| Total |
$29,828,239 |
71.0% |
$24,990,929 |
70.4% |
Expenses for the third quarter of fiscal year
2011 were US$4.2 million, compared to US$3.0 million in the
previous quarter and US$2.7 million in the corresponding period in
fiscal year 2010. The year-over-year/quarter-over-quarter
increases were mainly due to the expansion of the Company's
operating scale and a write-off of intangible assets of US$0.8
million in the third quarter of fiscal year 2011.
Operating income increased 16.6% to US$17.0
million in the third quarter of fiscal year 2011, compared to
US$14.6 million in the second quarter of fiscal year 2011, and
US$4.7 million in the corresponding period in fiscal year 2010. The
increase was primarily due to the rapid growth in sales and
effective expenses control.
Net income in the third quarter of fiscal year
2011was US$13.2 million, compared to US$10.9 million in the second
quarter of fiscal year 2011.
GAAP diluted earnings per ADS were US$ 0.20 for
the third quarter of fiscal year 2011.
Taking out amortization of intangible assets and share-based
compensation, Non-GAAP earnings per
ADS were US$0.23 for the third quarter of fiscal year
2011.
Adjusted EBITDA (Non-GAAP)(1)
was US$21.7 million, representing quarter-over-quarter growth of
18.5% and a significant increase of 236.0% from the corresponding
period in fiscal year 2010.
As of June 30, 2011, the Company had cash and cash equivalents
of US$93.2 million, compared to US$80.6 million as of March 31,
2011. The increase was primarily the result of positive operating
cash flow and minimal capital expenditure in the third quarter of
fiscal year 2011. Accounts receivable were US$29.8 million as of
June 30, 2011, compared to US$24.8 million as of March 31, 2011,
which was due to increased sales.
As of June 30, 2011, the Company had no bank loan or warrant
liabilities, as a result of the loan repayment and warrant
conversion in November 2010.
In the third quarter of fiscal year 2011, the Company's capital
expenditures of US$0.01 million, were primarily used for the
purchase of office equipment. Depreciation and amortization
expenses totaled US$3.6 million.
Under the share repurchase program announced in late June 2011,
as of market close on August 3, 2011, SinoTech had repurchased
approximately 90,000 of its ADSs for a total cash outlay of
approximately US$ 0.4 million. The Company currently has
approximately 65.7 million ADSs outstanding, each representing two
ordinary shares of the Company.
Outlook for Fiscal Year 2011
Based on the current strong utilization of existing LHD units,
punctual delivery of new equipment, as well as current operating
conditions, SinoTech has further upgraded its guidance for the full
fiscal year 2011. The Company now expects total sales to be in a
range from US$108 million to US$112 million, representing an
increase of 138.4% to 147.2% from fiscal year 2010. The Company had
previously announced that sales for the full fiscal year 2011 would
be in a range from US$100 million to US$105 million.
The Company added four LHD units to its fleet in late July 2011,
bringing the total number of operational LHD units to 16. Total
capital expenditures related to the procurement of new equipment
added in fiscal year 2011 and prepayments for additional LHD units
to be delivered in fiscal year 2012 are expected to be in the range
of US$70 million to US$80 million. According to its current
schedule, the Company expects to take delivery of a further four
units in the first quarter of fiscal year 2012, which would
increase its fleet size to 20 units by the end of December
2011.
This forecast reflects SinoTech's current and preliminary view,
which is subject to change.
Use of Non-GAAP Financial Measures
To supplement SinoTech's consolidated financial results
presented in accordance with GAAP, SinoTech uses the following
measure defined as a non-GAAP financial measure by the SEC:
adjusted EBITDA (Non-GAAP).
Adjusted EBITDA (Non-GAAP) refers to earnings before current
income tax expenses, deferred income tax expenses (benefits),
interest income, bank loan interest, depreciation and amortization,
changes in fair value of warrant liabilities, amortization of bank
loan discount, share-based compensation, write-off of intangible
assets and other adjustments. Other adjustments comprise of gain on
disposal of equipment and foreign exchange gain.
Adjusted EBITDA (Non-GAAP) for prior periods has been
reclassified so that the presentations are consistent. The
presentation of this non-GAAP financial measure is not intended to
be considered in isolation or as a substitute for the financial
information prepared and presented in accordance with GAAP.
SinoTech believes that this non-GAAP financial measure provides
meaningful supplemental information regarding its performance and
is often used as a supplemental financial measure by management and
by investors, research analysts and others, to assess the Company's
intrinsic operating performance and return on capital as compared
to those of other companies in the industry, without regard to
financing or capital structure. The Company believes that both
management and investors benefit from referring to this non-GAAP
financial measure in assessing the Company's performance and when
planning and forecasting future periods. A limitation of using
adjusted EBITDA (non-GAAP) is that this non-GAAP measure fails to
account for tax, interest income, bank loan interest and other
non-operating cash expenses. The use of adjusted EBITDA (Non-GAAP)
has certain limitations because it does not reflect all items of
income and expense that affect the Company's operations. Items
excluded from adjusted EBITDA (Non-GAAP) are significant components
in understanding and assessing the Company's operating and
financial performance. Depreciation, amortization, income tax
expenses, bank loan interest and interest income as well as changes
in fair value of warrant liabilities have been incurred in the
Company's business and are not reflected in the presentation of
adjusted EBITDA (Non-GAAP). Each of these items should also be
considered in the overall evaluation of the Company's results.
Additionally, adjusted EBITDA (Non-GAAP) does not consider capital
expenditures and other investing activities and should not be
considered as a measure of the Company's liquidity. Management
compensates for these limitations by reconciling this non-GAAP
financial measure to the most comparable U.S. GAAP performance
measure, all of which should be considered when evaluating the
Company's performance. The accompanying tables have more details on
the reconciliations between GAAP financial measures that are
comparable to non-GAAP financial measures.
The non-GAAP measures and related reconciliations to GAAP
measures are described in the accompanying sections of
"Reconciliation from net income to Adjusted EBITDA" at the end of
the press release.
Notes to Unaudited Financial Information
This release contains unaudited financial information which is
subject to year-end audit adjustments. Adjustments to the financial
statements may be identified when the audit work is completed,
which could result in significant differences between the Company's
audited financial statements and this unaudited financial
information.
Third Quarter of Fiscal Year 2011 Conference Call
Information
The Company has scheduled a conference call to discuss its third
quarter results at 8:30 AM Eastern Time (ET) (8:30PM Beijing/Hong
Kong time) on August 4, 2011.
The dial-in details for the live conference call are as
follows:
| International dial-in number: |
+1-617-213-8065 |
| U.S. dial-in number: |
866-770-7120 |
| South China Toll Free (China Telecom):
|
10-800-130-0399 |
| North China Toll Free (China
Telecom): |
10-800-152-1490 |
| South China Toll Free (China
Netcom): |
10-800-852-1490 |
| China Toll: |
4008811629 / 4008811630 |
| Hong Kong Toll Free: |
800-963-844 |
| |
|
| Participant Passcode: |
82465601 |
| |
|
A replay of the conference call will also be available until
August 11, 2011, by dialing:
| International dial-in number: |
+1-617-801-6888 |
| U.S. dial-in number: |
888-286-8010 |
| |
|
| Passcode: |
27296827 |
| |
|
In addition, a live and archived webcast of the conference call
will be available on Sinotech's website at
http://ir.sinotechenergy.com/events.cfm.
About SinoTech Energy Limited
SinoTech Energy Limited (Nasdaq:CTE) ("SinoTech") is a
fast-growing provider of enhanced oil recovery ("EOR") services in
China. SinoTech provides innovative EOR services to major oil
companies in China using leading technologies, including certain
patented lateral hydraulic drilling ("LHD") technologies, which the
Company has an exclusive right to use in China, and a molecular
deposition film technology, for which the Company holds a PRC
patent. SinoTech also provides technical services to coalbed
methane customers using the LHD technology. For more information,
please visit http://ir.sinotechenergy.com.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 and Section 21E of the Securities
Exchange Act of 1934, as amended. All statements other than
statements of historical fact in this press release are
forward-looking statements, including but not limited to,
SinoTech's goals and strategies, its future business development,
growth of its operations, financial condition and results of
operations, its ability to introduce successful new services and
attract new clients, growth of the EOR services market in China and
worldwide, its beliefs regarding its strengths and strategies,
changes in the oil services industry in China, including changes in
the policies and regulations of the PRC government governing the
oil services industry, its access to current or future financing
arrangements, and fluctuations in general economic and business
conditions in China, and other risks and uncertainties disclosed in
SinoTech's filings with the Securities and Exchange Commission.
These forward-looking statements involve known and unknown risks
and uncertainties and are based on information available to
SinoTech's management as of the date hereof and on its current
expectations, assumptions, estimates and projections about SinoTech
and the oil and gas industry. Actual results may differ materially
from the anticipated results because of such and other risks and
uncertainties. SinoTech undertakes no obligation to update
forward-looking statements to reflect subsequent events or
circumstances, or changes in its expectations, assumptions,
estimates and projections except as may be required by law.
(1) Adjusted EBITDA (Non-GAAP) is a non-GAAP measure. Adjusted
EBITDA refers to earnings before current income tax expenses,
deferred income tax expenses (benefits), interest income, bank loan
interest, depreciation and amortization, changes in fair value of
warrant liabilities, amortization of bank loan discount,
share-based compensation, write-off of intangible assets and other
adjustments. Other adjustments comprise of gain on disposal of
equipment and foreign exchange gain. The non-GAAP measures and
related reconciliations to GAAP measures are described in the
accompanying sections of "Reconciliation from net income to
Adjusted EBITDA" at the end of the press release.
| |
| SINOTECH ENERGY
LIMITED |
| UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS |
| (Expressed in U.S.
dollars) |
| |
|
|
| |
|
|
| |
June 30, |
September 30, |
| |
2011 |
2010 |
| |
(Unaudited) |
(Audited) |
| ASSETS |
|
|
| |
|
|
| CURRENT |
|
|
| Cash and cash equivalents |
$ 93,178,838 |
$ 43,826,024 |
| Accounts receivable |
29,763,457 |
20,119,753 |
| Prepaid expenses and deposit |
32,662,867 |
10,178,924 |
| Other
receivable |
24,053 |
51,112 |
| |
155,629,215 |
74,175,813 |
| Equipment, net |
93,512,054 |
64,286,601 |
| Intangible assets, net |
21,095,649 |
26,770,105 |
| |
|
|
| |
$ 270,236,918 |
$ 165,232,519 |
| |
|
|
| LIABILITIES |
|
|
| |
|
|
| CURRENT |
|
|
| Other payables and accrued
liabilities |
3,445,123 |
2,417,620 |
| Loan interest payable |
-- |
763,248 |
| Income taxes payable |
5,506,596 |
3,541,873 |
| Deferred gain on disposal of equipment -
current portion |
-- |
17,133 |
| Obligation under capital lease - current
portion |
4,822 |
4,395 |
| Due to related
parties |
-- |
8,206,578 |
| |
8,956,541 |
14,950,847 |
| Bank loan |
-- |
12,082,499 |
| Obligation under capital
lease |
2,554 |
5,994 |
| Warrant liabilities |
-- |
69,020,000 |
| Deferred tax
liability |
5,690,229 |
5,030,055 |
| |
|
|
| SHAREHOLDERS' EQUITY |
|
|
| |
|
|
| Common stock |
13,158 |
10,000 |
| Additional paid in
capital |
256,946,243 |
67,110,399 |
| Accumulated other comprehensive
income |
10,997,792 |
5,487,243 |
| Accumulated
losses |
(12,369,599) |
(8,464,518) |
| Total equity |
255,587,594 |
64,143,124 |
| |
|
|
| Total liabilities and
equity |
$ 270,236,918 |
$ 165,232,519 |
| |
| |
| SINOTECH ENERGY
LIMITED |
| UNAUDITED CONSOLIDATED
STATEMENTS OF OPERATIONS |
| (Expressed in U.S.
dollars) |
| |
|
|
|
| |
|
|
|
| |
For the three months
ended |
| |
June 30, 2010 |
March 31, 2011 |
June 30, 2011 |
| |
(Unaudited) |
(Unaudited) |
(Unaudited) |
| |
|
|
|
| Sales |
$ 9,778,036 |
$ 24,990,929 |
$ 29,828,239 |
| -LHD |
5,159,939 |
18,713,242 |
23,442,391 |
| -MDF |
4,618,097 |
5,839,407 |
5,942,155 |
| -Others |
-- |
438,280 |
443,693 |
| |
|
|
|
| Cost of sales |
2,411,129 |
7,407,123 |
8,659,716 |
| -LHD |
1,821,741 |
6,648,733 |
7,861,479 |
| -MDF |
589,388 |
621,050 |
633,975 |
| -Others |
-- |
137,340 |
164,262 |
| Gross
profit |
7,366,907 |
17,583,806 |
21,168,523 |
| |
|
|
|
| Expenses |
|
|
|
| Accounting and auditing fees |
146,509 |
1,431 |
354,539 |
| Depreciation of equipment |
7,643 |
9,225 |
9,463 |
| Amortization of intangible assets |
1,497,526 |
1,915,329 |
1,939,078 |
| Consulting and professional fees |
620,861 |
212,158 |
129,480 |
| Office and miscellaneous |
38,404 |
79,717 |
128,932 |
| Rent and utilities |
48,326 |
76,334 |
77,283 |
| Repair and maintenance |
5,101 |
2,346 |
3,600 |
| Salaries and benefits |
161,911 |
278,974 |
275,980 |
| Share-based compensation |
-- |
297,906 |
297,906 |
| Travel and business promotion |
161,952 |
143,961 |
206,169 |
| Write-off of intangible
assets |
-- |
-- |
756,566 |
| |
2,688,233 |
3,017,381 |
4,178,996 |
| |
|
|
|
| Operating income |
4,678,674 |
14,566,425 |
16,989,527 |
| |
|
|
|
| Other income and
expenses |
|
|
|
| Gain on disposal of equipment |
30,457 |
103 |
106 |
| Interest income |
64,521 |
71,286 |
91,260 |
| Other income |
-- |
-- |
19,344 |
| Foreign exchange (loss) gain |
270,517 |
306,366 |
587,996 |
| Changes in fair value of warrant
liabilities |
(8,530,000) |
-- |
-- |
| Amortization of bank loan discount |
(2,194,970) |
-- |
-- |
| Bank loan interest |
(710,839) |
(669) |
(691) |
| |
(11,070,314) |
377,086 |
698,015 |
| |
|
|
|
| Net income (loss) from
operations before |
|
|
| provision for income
taxes |
(6,391,640) |
14,943,511 |
17,687,542 |
| |
|
|
|
| Current income tax
expenses |
1,511,975 |
4,157,403 |
4,795,340 |
| Deferred income tax (benefits)
expenses |
(509,833) |
(99,287) |
(286,544) |
| |
|
|
|
| Net income (loss) for the
period |
(7,393,782) |
10,885,395 |
13,178,746 |
| |
|
|
|
| Earnings per ADS attributable to
shareholders |
|
|
| Basic |
|
0.17 |
0.20 |
| Diluted |
|
0.17 |
0.20 |
| |
| |
| RECONCILIATION FROM NET
INCOME TO ADJUSTED EBITDA(*) |
| (Expressed in U.S.
dollars, Unaudited) |
| |
|
|
|
| |
Three months
ended |
Three months
ended |
Three months
ended |
| |
June 30, 2010 |
March 31, 2011 |
June 30, 2011 |
| Net income (loss) |
(7,393,782) |
10,885,395 |
13,178,746 |
| Income taxes expense (including
deferred income tax) |
1,002,142 |
4,058,116 |
4,508,796 |
| Interest expense (income), net |
646,318 |
(70,617) |
(90,569) |
| Depreciation and amortization |
1,778,973 |
3,441,748 |
3,632,169 |
| Changes in fair value of warrant
liabilities |
8,530,000 |
-- |
-- |
| Amortization of bank loan
discount |
2,194,970 |
-- |
-- |
| Share-based compensation |
-- |
297,906 |
297,906 |
| Write-off of intangible assets |
-- |
-- |
756,566 |
| Other adjustments |
(300,974) |
(306,469) |
(588,102) |
| |
|
|
|
| Adjusted EBITDA |
6,457,647 |
18,306,079 |
21,695,512 |
| |
|
|
|
| (*) Definition of adjusted
EBITDA: Adjusted EBITDA refers to earnings before current income
tax expenses, deferred income tax expenses (benefits), interest
income, bank loan interest, depreciation and amortization,
changes in fair value of warrant liabilities, amortization of bank
loan discount, share-based compensation, write-off of intangible
assets and other adjustments. Other adjustments comprise of gain on
disposal of equipment and foreign exchange gain. |
| |
| |
| RECONCILIATIONS OF
NON-GAAP RESULTS OF OPERATIONS MEASURES TO THE NEAREST COMPARABLE
GAAP MEASURES (*) |
| (Expressed in U.S.
dollars, Unaudited) |
|
| |
|
|
|
|
|
|
| |
Three months ended June 30,
2010 |
| |
GAAP Results |
Amortization of intangible assets |
Changes in fair value of warrant
liabilities |
Amortization of bank loan
discount |
Share-based compensation |
Non-GAAP Results |
| Operating income |
4,678,674 |
1,497,526 |
-- |
-- |
-- |
6,176,200 |
| Operating income margin |
47.8% |
|
|
|
|
63.2% |
| |
|
|
|
|
|
|
| Net income |
(7,393,782) |
1,497,526 |
8,530,000 |
2,194,970 |
-- |
4,828,714 |
| Net income margin |
(75.6%) |
|
|
|
|
49.4% |
| |
|
|
|
|
|
|
| |
Three months ended March 31,
2011 |
| |
GAAP Results |
Amortization of intangible assets |
Changes in fair value of warrant
liabilities |
Amortization of bank loan
discount |
Stock-based compensation |
Non-GAAP Results |
| Operating income |
14,566,425 |
1,915,329 |
-- |
-- |
297,906 |
16,779,660 |
| Operating income margin |
58.3% |
|
|
|
|
67.1% |
| |
|
|
|
|
|
|
| Net (loss) income |
10,885,395 |
1,915,329 |
-- |
-- |
297,906 |
13,098,630 |
| Net (loss) income margin |
43.6% |
|
|
|
|
52.4% |
| |
|
|
|
|
|
|
| Earnings per ADS attributable to
shareholders |
|
|
|
|
|
|
| -Basic |
0.17 |
|
|
|
|
0.20 |
| -Diluted |
0.17 |
|
|
|
|
0.20 |
| |
|
|
|
|
|
|
| |
Three months ended June 30,
2011 |
| |
GAAP Results |
Amortization of intangible assets |
Changes in fair value of warrant
liabilities |
Amortization of bank loan
discount |
Share-based compensation |
Non-GAAP Results |
| Operating income |
16,989,527 |
1,939,078 |
-- |
-- |
297,906 |
19,226,511 |
| Operating income margin |
57.0% |
|
|
|
|
64.5% |
| |
|
|
|
|
|
|
| Net (loss) income |
13,178,746 |
1,939,078 |
-- |
-- |
297,906 |
15,415,730 |
| Net (loss) income margin |
44.2% |
|
|
|
|
51.7% |
| |
|
|
|
|
|
|
| Earnings per ADS attributable to
shareholders |
|
|
|
|
|
|
| -Basic |
0.20 |
|
|
|
|
0.23 |
| -Diluted |
0.20 |
|
|
|
|
0.23 |
| (*) The adjustment is for
amortizaion of intangible assets, changes in fair value of warrant
liabilities, amortization of bank loan discount and share-based
compensation. |
|
|
CONTACT: Ms. Rebecca Guo
SinoTech Energy Limited, Beijing
+ 86-10-8712-5555
rebecca.guo@sinotechenergy.com
Ms. Yue Yu
Brunswick Group LLP
+86-10-6566-2256
sinotech@brunswickgroup.com
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