BEIJING, March 22, 2011 /PRNewswire-Asia-FirstCall/ --
Duoyuan Global Water Inc. (NYSE: DGW) ("Duoyuan" or the "Company"),
a leading China-based domestic
water treatment equipment supplier, today announced unaudited
financial results for the fourth quarter and full year of 2010. The
Company will hold a conference call at 8:00
am ET tomorrow, March 23,
2011. Dial-in details may be found at the end of the
release.
Third Party Review Update
As previously disclosed in September
2010, the Audit Committee retained advisors and commenced an
internal review into whether the Company's internal controls and
processes met the standards required of a NYSE-listed company.
Provided that the Audit Committee and its advisors receive complete
access to requested documents, the review can be concluded by the
end of the second quarter of 2011. Accordingly, the Board of
Directors is not in a position to approve or otherwise ratify the
Company's presentation of the unaudited results for the fourth
quarter and fiscal year ended December 31,
2010 at this time. The Company's unaudited results for the
fourth quarter and fiscal year ended December 31, 2010 are subject to change pending
the completion of the audit and the internal review.
Fourth Quarter 2010 Financial Highlights
- Revenue increased 13.7% to RMB220.4
million ($33.4 million)(1)
from RMB193.8 million in the prior
year period.
- Gross profit increased 0.9% to RMB92.6
million ($14.0 million) from
RMB91.7 million in the prior year
period.
- Gross margin was 42.0% compared to 47.3% in the prior year
period.
- Diluted earnings per ADS was $0.30. Each ADS represents two of the Company's
ordinary shares.
Mr. Wenhua Guo, the Company's
Chairman and Chief Executive Officer, stated, "We are pleased to
have achieved full year 2010 revenue of over one billion RMB. This landmark achievement
demonstrates our ability to deliver sustained growth and our
continued strong presence in China's water treatment industry. We recognize
that our fourth quarter performance reflects expected seasonality
as well as the shift in timing of revenue that we mentioned last
quarter. At the same time, we continue to be confident in our
ability to drive long-term growth through our comprehensive and
high-quality product offerings, low-cost manufacturing base,
extensive distribution network and focus on continually developing
new products."
- This press release contains translations of certain Renminbi
amounts into US dollars at specified rates solely for the
convenience of readers. Unless otherwise noted, all translations
from Renminbi to US dollars for the quarter ended December 31, 2010, were made at a rate of
RMB6.600 to USD1.00, the noon buying
rate in effect on December 31, 2010
in the City of New York for cable
transfers in Renminbi per US dollar as certified for customs
purposes by the Federal Reserve Bank of New York. Duoyuan Global Water makes no
representation that the Renminbi or US dollar amounts referred to
in this press release could have been or could be converted into US
dollars or Renminbi, at any particular rate or at all.
Fourth Quarter 2010 Financial Performance
Fourth quarter 2010 revenue increased by 13.7% to RMB220.4 million ($33.4
million) from RMB193.8 million
in the comparable period of 2009. Revenues were calculated net of
sales rebates and local sales taxes, which were RMB1.6 million ($0.2
million) and RMB0.6 million
($0.1 million), respectively, in the
fourth quarter of 2010. As of December 1,
2010, all foreign investment enterprises became subject to
local taxes, which are recorded as a contra revenue account in
accordance with industry standards.
Revenue from water purification equipment increased by 14.0% to
RMB50.7 million ($7.7 million) in the fourth quarter of 2010 from
RMB44.5 million in the prior year
period, due to strong market demand for the Company's central water
purifiers, UV water purifiers and industry pure water
equipment.
Revenue from water conservation equipment, which includes
circulating water treatment equipment, increased by 11.2% to
RMB75.3 million ($11.4 million) in the fourth quarter of 2010 from
RMB67.7 million in the fourth quarter
of 2009, driven by continued demand for the Company's fully
automatic filters, electronic water conditioners and water
softeners.
Revenue from water reuse equipment, which includes wastewater
treatment equipment, increased by 10.7% to RMB87.0 million ($13.2
million) in the fourth quarter of 2010 from RMB78.6 million in the fourth quarter of 2009,
due to increased demand for the Company's online testing equipment,
aerators, UV shelving disinfection systems and belt filter press
machines.
Revenue from spare parts increased by 102.7% to RMB9.6 million ($1.5
million) in the fourth quarter of 2010, from RMB4.7 million in the fourth quarter of 2009.
For the fourth quarter of 2010, gross profit increased by 0.9%
to RMB92.6 million ($14.0 million) from RMB91.7 million in the prior year period. Gross
margin for the fourth quarter of 2010 was 42.0%, compared to 47.3%
in the fourth quarter of 2009 and 46.1% in the third quarter of
2010. The sequential decline in gross margin is primarily due to
seasonality in the fourth quarter, which led to a lower revenue
base and thus less cost savings from economies of scale than in
other quarters. On a year-over-year basis, the gross margin decline
also reflects the raw material price increases that the Company
experienced throughout 2010, as well as margin pressures from the
increasingly competitive landscape of the wastewater equipment
market.
Operating income increased by 19.7% to RMB65.8 million ($10.0
million) in the fourth quarter of 2010 compared to
RMB55.0 million in the comparable
period of 2009.
Selling expenses decreased 69.5% year-over-year to RMB8.3 million ($1.3
million), primarily due to the Company's decision to
discontinue certain advertising activities in the third quarter of
2010. Research and development expenses increased 46.2% to
RMB6.9 million ($1.0 million) from RMB4.7
million in the prior year period, reflecting the Company's
continued efforts to drive growth through product innovation.
General and administrative expenses increased to RMB11.6 million ($1.8
million) from RMB4.7 million
in the prior year period, reflecting increased expenses associated
with being a U.S. publicly-listed company as well as salary
increases commensurate with business growth. Total operating
expenses decreased 27.1% from the prior year period and decreased
sequentially by 21.6% from the third quarter of 2010.
Provision for income taxes in the fourth quarter of 2010
increased to RMB18.0 million
($2.7 million), an effective tax rate
of 27.1%, from RMB15.4 million in the
prior year period.
Net income increased 21.4% to RMB48.3
million ($7.3 million)
compared to RMB39.8 million in the
prior year period. Diluted earnings per share was RMB0.98 ($0.15) in
the fourth quarter of 2010, compared to RMB0.91 in the fourth quarter of 2009. Diluted
earnings per ADS was RMB1.96
($0.30) in the fourth quarter of
2010, compared to RMB1.81 per ADS in
the prior year period.
During the fourth quarter of 2010, the Company recorded
non-cash, share-based compensation expense of approximately
RMB0.9 million ($0.1 million). Excluding these expenses, non-GAAP
net income increased by 24.7% to RMB49.3
million ($7.5 million) in the
fourth quarter of 2010 from RMB39.5
million in the fourth quarter of 2009. Non-GAAP diluted
earnings per share was RMB1.00
($0.15) in the fourth quarter of
2010, compared to RMB0.90 in the
fourth quarter of 2009. Non-GAAP diluted earnings per ADS was
RMB2.00 ($0.30) in the fourth quarter of 2010, compared
to RMB1.80 in the prior year period.
Please refer to the non-GAAP presentation provided below for a
period-to-period comparison excluding non-cash, share-based
compensation expense.
The Company had approximately 49.2 million weighted average
diluted shares outstanding for the quarter ended December 31, 2010, compared to approximately 43.9
million weighted average diluted shares outstanding for the quarter
ended December 31, 2009.
Mr. Stephen C. Park, Chief
Financial Officer, commented, "We would like to highlight two new
items related to our financials this quarter. First, as stated in
our revenue discussion, as of December
2010, all foreign investment enterprises will now be
assessed local taxes from which we were previously exempt. These
taxes consist of a mandatory city maintenance and construction tax
and a local education tax. These charges will be ongoing and
standard across the industry."
Mr. Park continued, "Second, we would also like to note that our
balance sheet reflects pending tax payments owed to the tax
authorities for restricted share grants from our IPO. We are in the
process of resolving this matter with the tax authorities. We would
like to emphasize though that these are payments that are not
related to our core business and, on a net basis, do not affect our
operating results."
Full Year 2010 Financial Performance
For the full year ended December 31,
2010, revenue increased by 30.1% to RMB1.0 billion ($154.4
million) from RMB783.4 million
for the full year ended December 31,
2009. During this same period, gross profit increased by
23.7% to RMB466.7 million
($70.7 million) from RMB377.2 million in the prior year period.
Operating income increased by 74.5% to RMB328.3 million ($49.7
million) from RMB188.1 million
in the prior year period. Net income was RMB241.3 million ($36.6
million) compared to RMB117.0
million in the prior year period. Diluted earnings per share
was RMB4.95 ($0.75) in the full year ended December 31, 2010, compared to RMB3.16 in the full year ended December 31, 2009. Diluted earnings per ADS was
RMB9.90 ($1.50) in the full year ended December 31, 2010, compared to RMB6.31 per ADS in the prior year period.
For the full year ended December 31,
2010, the Company recorded non-cash, share-based
compensation expense of approximately RMB3.7
million ($0.6 million), or
approximately $0.01 per ADS, compared
to RMB91.3 million in the prior year
period. Excluding these expenses, non-GAAP net income increased by
17.7% to RMB245.1 million
($37.1 million) from RMB208.3 million in the prior year period.
Non-GAAP diluted earnings per share was RMB5.02 ($0.76) for
the full year of 2010, compared to RMB5.62 in the prior year period. Non-GAAP
diluted earnings per ADS was RMB10.05
($1.52) for the full year of 2010,
compared to RMB11.24 in the prior
year period. Please refer to the non-GAAP presentation provided
below for a period-to-period comparison excluding non-cash,
share-based compensation expense. Weighted average diluted shares
outstanding was approximately 48.8 million for the full year ended
December 31, 2010, up from 37.1
million in the prior year period.
As of December 31, 2010, the
Company had cash and restricted cash of RMB992.1 million ($150.3
million), compared to RMB918.7
million as of December 31,
2009. Cash flows provided by operating activities for the
full year ended December 31, 2010
were approximately RMB232.6 million
($35.2 million). Depreciation and
amortization expense was RMB18.6
million ($2.8 million) for the
full year ended December 31, 2010.
Cash flows used in investing activities were RMB682.8 million ($103.5
million) for the full year of 2010, reflecting the Company's
progress on its new capital expenditures plan begun during the
fourth quarter of 2009. Cash flows provided by financing activities
were approximately RMB504.3 million
($76.4 million) for the full year of
2010, reflecting RMB524.3 million
($79.4 million) raised in a follow-on
offering of the Company's ADSs as well as RMB20.0 million ($3.0
million) of debt repaid during the first quarter of
2010.
Financial Outlook
Mr. Stephen C. Park, Chief
Financial Officer, stated, "As we move into 2011, our competitive
position remains strong and we are poised for future growth
supported by our trusted brand name and extensive distribution
network. With this in mind, we expect to generate revenue of
approximately RMB195 million in the
first quarter of 2011."
This forecast reflects the Company's current and preliminary
view, which is subject to change.
Conference Call
The Company will hold a conference call at 8:00 am ET on March 23,
2011 to discuss fourth quarter and full year 2010 results.
Listeners may access the call by dialing:
United States toll
free:
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1-866-519-4004
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|
China toll free:
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400-6208038
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Hong Kong toll free:
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800-930346
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United Kingdom toll
free:
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0808-2346646
|
|
International:
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1-718-354-1231
|
|
Conference ID:
|
44223796
|
|
|
|
A telephone replay will become available beginning two hours
after the conclusion of the call and will be available through
March 30, 2011. Listeners may access
the replay by dialing:
United States toll
free:
|
1-866-214-5335
|
|
International:
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1-718-354-1232
|
|
Conference ID:
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44223796
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|
Preregistration and a webcast will also be available through the
Company's website at www.duoyuan-hq.com.
Non-GAAP Disclosure
Non-GAAP net income represents net income before share-based
compensation expense. The Company believes that non-GAAP net income
is useful to both management and investors in evaluating the
Company's operating performance compared with that of other
companies in its industry. The calculation of non-GAAP net income
allows the Company to compare its operating results with those of
other companies without giving effect to expenses related to
share-based compensation, which may vary for different companies
for reasons unrelated to the overall operating performance of a
company's business.
Non-GAAP net income is not a measure of performance under
accounting principles generally accepted in the United States (U.S. GAAP). The Company
includes it in this presentation in order to:
- improve transparency for investors;
- assist investors in their assessment of the Company's operating
performance;
- facilitate comparisons to historical performance;
- ensure that this measure is fully understood in light of how
the Company evaluates its operating results; and
- properly define the metric used and confirm its
calculation.
Non-GAAP net income is not meant to be considered in isolation
or as a substitute for items appearing on the Company's financial
statements prepared in accordance with U.S. GAAP. Rather, the
non-GAAP measure should be used as a supplement to U.S. GAAP
results to assist the reader in better understanding the
operational performance of the Company. The Company cautions that
this measure is not a defined term under U.S. GAAP and its
definition should be carefully reviewed and understood by
investors. The Company recognizes that the usefulness of non-GAAP
net income has certain limitations, including:
- Non-GAAP net income does not include share-based compensation
expense. Because the Company periodically has granted, and expects
to continue to grant, options and restricted share awards to its
employees, share-based compensation expense is a necessary element
of the Company's costs and ability to generate profits and cash
flows. Therefore, any measure that excludes share-based
compensation expense may have material limitations; and
- the manner in which the Company calculates non-GAAP net income
may differ from that of other companies, which limits its
usefulness as a comparative measure.
The Company compensates for the foregoing limitations by using
non-GAAP net income as a comparative tool, together with U.S. GAAP
measurements, to assist in the evaluation of its operating
performance. Please refer to the non-GAAP reconciliation table for
a reconciliation of non-GAAP net income to net income, which is the
most directly comparable U.S. GAAP financial measure as well as a
reconciliation of non-GAAP earnings per share and non-GAAP earnings
per ADS to earnings per share and earnings per ADS,
respectively.
About Duoyuan Global Water Inc.
Duoyuan Global Water Inc. is a leading China-based domestic water treatment equipment
supplier. Duoyuan's product offerings address key steps in the
water treatment process, such as filtration, water softening,
water-sediment separation, aeration, disinfection and reverse
osmosis. Duoyuan offers a comprehensive set of complementary
products across three product categories: water conservation,
including circulating water treatment; water purification; and
water reuse treatment, including wastewater treatment. The Company
has an extensive local distribution network, which provides
proximity to end-user customers and responsiveness to local market
demand. Learn more at www.duoyuan-hq.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, including certain plans, expectations, goals, and
projections, which are subject to numerous assumptions, risks, and
uncertainties. These forward-looking statements may include, but
are not limited to, statements containing words such as "may,"
"could," "would," "plan," "anticipate," "believe," "estimate,"
"predict," "potential," "expects," "intends" and "future" or
similar expressions. These forward-looking statements speak only as
of the date of this press release and are subject to change at any
time. These forward-looking statements are based upon management's
current expectations and are subject to a number of risks,
uncertainties and contingencies, many of which are beyond the
Company's control that may cause actual results, levels of
activity, performance or achievements to differ materially from any
future results, levels of activity, performance or achievements
expressed or implied by such forward-looking statements. The
Company's actual results could differ materially from those
contained in the forward-looking statements due to a number of
factors, including those described under the heading "Item 3. Key
Information – Risk Factors" in the Company's Annual Report on Form
20-F for the year ended December 31,
2009, filed with the Securities and Exchange Commission on
June 18, 2010, and in documents
subsequently filed by the Company from time to time with the
Securities and Exchange Commission. The Company undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
Contact Information
ICR, LLC
|
|
In the U.S.: Ashley M. Ammon:
1-646-277-1227
|
|
In China: Wen Lei Zheng:
86-10-6583-7510
|
|
|
|
|
DUOYUAN
GLOBAL WATER INC. AND SUBSIDIARIES
|
|
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UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED DECEMBER 31,
|
|
YEAR ENDED DECEMBER 31,
|
|
|
2009
|
|
2010
|
|
2010
|
|
2009
|
|
2010
|
|
2010
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUE
|
193,832,362
|
|
220,419,118
|
|
$ 33,396,836
|
|
783,411,447
|
|
1,019,222,820
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|
$ 154,427,700
|
|
|
|
|
|
|
|
|
|
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COST OF REVENUE
|
102,115,646
|
|
127,865,142
|
|
19,373,506
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|
406,177,153
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552,525,733
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|
83,716,020
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|
|
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GROSS PROFIT
|
91,716,716
|
|
92,553,976
|
|
14,023,330
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|
377,234,294
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|
466,697,087
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|
70,711,680
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|
|
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RESEARCH AND DEVELOPMENT
EXPENSES
|
4,703,729
|
|
6,875,015
|
|
1,041,669
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|
18,386,436
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|
24,501,177
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|
3,712,300
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|
|
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SELLING EXPENSES
|
27,382,816
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8,339,403
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1,263,546
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68,873,210
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74,030,705
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11,216,773
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GENERAL AND ADMINISTRATIVE
EXPENSES
|
4,675,183
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11,585,678
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1,755,406
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|
101,837,126
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|
39,846,068
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6,037,283
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|
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|
|
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|
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|
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OPERATING INCOME
|
54,954,988
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65,753,880
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|
9,962,709
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|
188,137,522
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|
328,319,137
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49,745,324
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INTEREST EXPENSE
|
(295,295)
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-
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-
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(1,218,745)
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(84,370)
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(12,783)
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|
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OTHER INCOME
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541,589
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553,934
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83,929
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1,346,863
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2,264,482
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343,103
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INCOME BEFORE INCOME
TAXES
|
55,201,282
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|
66,307,814
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|
10,046,638
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|
188,265,640
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330,499,249
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|
50,075,644
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|
|
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|
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|
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PROVISION FOR INCOME
TAXES
|
15,401,879
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|
17,979,540
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|
2,724,173
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|
71,270,638
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|
89,151,406
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|
13,507,789
|
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|
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|
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NET INCOME
|
39,799,403
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|
48,328,274
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$ 7,322,465
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|
116,995,002
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|
241,347,843
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|
$ 36,567,855
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|
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|
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Earnings per share:
|
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Basic
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0.91
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0.98
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$
0.15
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3.16
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|
4.95
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$
0.75
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Diluted
|
0.91
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0.98
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$
0.15
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3.16
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|
4.95
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$
0.75
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Earnings per ADS:
|
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Basic
|
1.82
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|
1.96
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|
$
0.30
|
|
6.33
|
|
9.91
|
|
$
1.50
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|
Diluted
|
1.81
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|
1.96
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|
$
0.30
|
|
6.31
|
|
9.90
|
|
$
1.50
|
|
|
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|
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|
|
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Weighted average number of
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
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Basic
|
43,702,631
|
|
49,222,631
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|
49,222,631
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|
36,982,711
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|
48,708,439
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|
48,708,439
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|
Diluted
|
43,859,804
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49,222,669
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|
49,222,669
|
|
37,064,864
|
|
48,779,824
|
|
48,779,824
|
|
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|
|
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|
|
|
|
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|
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DUOYUAN
GLOBAL WATER INC. AND SUBSIDIARIES
|
|
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|
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CONDENSED
CONSOLIDATED BALANCE SHEETS
|
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A S S E T
S
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December 31,
|
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December 31,
|
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December 31,
|
|
|
|
|
|
2009
|
|
2010
|
|
2010
|
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|
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(AUDITED)
|
|
(UNAUDITED)
|
|
(UNAUDITED)
|
|
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
CURRENT ASSETS:
|
|
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Cash
|
|
918,667,261
|
|
957,202,916
|
|
145,030,745
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|
Restricted cash
|
-
|
|
34,865,669
|
|
5,282,677
|
|
|
Accounts receivable
|
197,087,701
|
|
242,900,520
|
|
36,803,109
|
|
|
Inventories, net of reserve for
obsolescence
|
33,419,900
|
|
42,531,772
|
|
6,444,208
|
|
|
Other receivables
|
676,376
|
|
9,837,914
|
|
1,490,593
|
|
|
Other current assets
|
1,344,702
|
|
-
|
|
-
|
|
|
Deposits
|
5,605,530
|
|
1,476,265
|
|
223,677
|
|
|
|
Total current assets
|
1,156,801,470
|
|
1,288,815,056
|
|
195,275,009
|
|
|
|
|
|
|
|
|
|
|
|
PLANT AND EQUIPMENT,
net
|
144,755,275
|
|
319,050,175
|
|
48,340,936
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS:
|
|
|
|
|
|
|
|
Prepaid leases
|
21,957,806
|
|
181,288,632
|
|
27,467,974
|
|
|
Deposits - long term
|
44,378,173
|
|
330,256,928
|
|
50,038,928
|
|
|
Deferred tax assets
|
4,694,347
|
|
3,579,007
|
|
542,274
|
|
|
Intangible assets
|
-
|
|
44,660,000
|
|
6,766,667
|
|
|
|
Total other assets
|
71,030,326
|
|
559,784,567
|
|
84,815,843
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
1,372,587,071
|
|
2,167,649,798
|
|
328,431,788
|
|
|
|
|
|
|
|
|
|
|
|
L I A B I L
I T I E S A N D S H A R E H O L D E R S'
E Q U I T Y
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
Notes payable
|
20,000,000
|
|
-
|
|
-
|
|
|
Accounts payable
|
27,913,596
|
|
41,709,138
|
|
6,319,566
|
|
|
Other payables
|
19,722,465
|
|
61,503,657
|
|
9,318,736
|
|
|
Related party
payables
|
-
|
|
5,406,100
|
|
819,106
|
|
|
Income taxes payable
|
15,423,292
|
|
15,696,566
|
|
2,378,268
|
|
|
|
Total current
liabilities
|
83,059,353
|
|
124,315,461
|
|
18,835,676
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY:
|
|
|
|
|
|
|
|
Ordinary shares, US$0.000033 par
value: Authorized shares -
|
|
|
|
|
|
|
|
|
1,500,000,000; Issued and
outstanding - 43,702,631 shares
|
|
|
|
|
|
|
|
|
at December 31, 2009 and
49,222,631 shares at December 31, 2010
|
10,384
|
|
11,627
|
|
1,762
|
|
|
Additional paid-in
capital
|
861,292,062
|
|
1,389,293,588
|
|
210,499,029
|
|
|
Statutory reserves
|
57,319,979
|
|
57,368,637
|
|
8,692,218
|
|
|
Retained earnings
|
370,905,293
|
|
612,204,479
|
|
92,758,254
|
|
|
Accumulated other comprehensive
loss
|
-
|
|
(15,543,994)
|
|
(2,355,151)
|
|
|
|
|
Total shareholders'
equity
|
1,289,527,718
|
|
2,043,334,337
|
|
309,596,112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
1,372,587,071
|
|
2,167,649,798
|
|
328,431,788
|
|
|
|
|
|
|
|
|
|
|
DUOYUAN
GLOBAL WATER INC. AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF GAAP TO
NON-GAAP STATEMENTS OF INCOME ITEMS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED DECEMBER 31,
|
|
YEAR ENDED DECEMBER 31,
|
|
|
2009
|
|
2010
|
|
2010
|
|
2009
|
|
2010
|
|
2010
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP NET INCOME
|
39,799,403
|
|
48,328,274
|
|
$ 7,322,466
|
|
116,995,002
|
|
241,347,843
|
|
$ 36,567,855
|
|
Share-based
compensation
|
(298,930)
|
|
936,223
|
|
141,852
|
|
91,256,413
|
|
3,729,381
|
|
565,058
|
|
NON-GAAP NET INCOME
|
39,500,473
|
|
49,264,497
|
|
$ 7,464,317
|
|
208,251,415
|
|
245,077,224
|
|
$ 37,132,913
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP earnings per
share - diluted
|
0.91
|
|
0.98
|
|
$
0.15
|
|
3.16
|
|
4.95
|
|
$
0.75
|
|
Share-based
compensation
|
(0.01)
|
|
0.02
|
|
0.00
|
|
2.46
|
|
0.07
|
|
0.01
|
|
NON-GAAP earnings per share -
diluted
|
0.90
|
|
1.00
|
|
$
0.15
|
|
5.62
|
|
5.02
|
|
$
0.76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP earnings per
ADS - diluted
|
1.81
|
|
1.96
|
|
$
0.30
|
|
6.31
|
|
9.90
|
|
$
1.50
|
|
Share-based
compensation
|
(0.01)
|
|
0.04
|
|
0.00
|
|
4.93
|
|
0.15
|
|
0.02
|
|
NON-GAAP earnings per ADS -
diluted
|
1.80
|
|
2.00
|
|
$
0.30
|
|
11.24
|
|
10.05
|
|
$
1.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
shares outstanding - diluted
|
43,859,804
|
|
49,222,669
|
|
49,222,669
|
|
37,064,864
|
|
48,779,824
|
|
48,779,824
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Duoyuan Global Water Inc.