PR Newswire: news distribution, targeting and monitoring
2014

Tri-Tech Holding Reports Third Quarter 2012 Financial Results

Conference Call on November 15, 2012 at 9:00 AM EST

Share with Twitter Share with LinkedIn

BEIJING, Nov. 14, 2012 /PRNewswire-FirstCall/ -- Tri-Tech Holding Inc. (Nasdaq: TRIT), a premier Chinese company that provides leading turn-key solutions for water resources management, water and wastewater treatment, industrial safety and pollution control announced today that revenues for the third fiscal quarter ended September 30, 2012 decreased by 24.4% to $18.1 million from $24 million in Q3 2011. Net loss attributable to TRIT for the quarter was $677K, a 135.0% decrease from net income of $1.9 million in Q3 2011. Diluted net loss per share was $0.08 compared to diluted net earnings per share of $0.24 in Q3 2011.

(Logo: http://photos.prnewswire.com/prnh/20100603/CNTH016LOGO)

Key Financial Results of Q3 2012

  • Revenue from Water, Wastewater and Municipal Infrastructure decreased 58.6% to $6.4 million from $15.5 million in Q3 2011
  • Revenue from Water Resource Management Systems and Engineering Services increased 90.3% to $6.7 million from $3.5 million in Q3 2011
  • Revenue from Industrial Pollution Control and Safety slightly increased 2.2% to $5.1 million from $4.9 million in Q3 2011
  • Gross profit for the quarter was $4.7 million, a decrease of 22.6% or $1.4 million from $6.1 million in Q3 2011
  • Gross margin was 25.6%, matching 25.3% in the same period of 2011

Mr. Warren Zhao, Joint CEO of the Company, commented on the operating results, "While we continued to grow in two of our three operating segments, the third quarter of 2012 was a challenging one for our company as a whole. This was because overall revenues decreased and expenses grew in our historically largest segment, resulting in net losses for our company. These challenges primarily related to (i) difficulties driving revenues in the municipal water, wastewater and industrial markets, largely due to reduced local government spending and uncertain economic growth in our industry; (ii) unanticipated customer-driven delays in evaluating project bids; (iii) slowed revenue recognition from several of our large projects, resulting from regulatory requirements and customers' changed engineering requirements, which made us extend our projects schedule; and (iv) substantial increases in operating expenses, mainly due to headcount, which increased by 59% to 474 by the end of the third quarter from 299 a year ago.

"Although we are striving to diversify our customer base beyond our core of government-related or state-owned entities, these efforts will take time. Uncertain industrial economic growth and delayed and more restrained fiscal expenditure plans in sectors we focus on (due in part to the central government transition in China), rising labor and raw materials costs, and intense market competition presented unprecedented challenges to our profit growth.

"To address these challenges and improve profitability, we will focus on completing existing projects to convert our backlog into revenues as efficiently as possible. While we will continue to seek new projects, we will seek to reduce our sales expense growth rate and control overall operating expenses. In addition, we will continue striving to grow our market share in the three lines of business by adjusting our strategies to current market conditions, such as, for example, focusing on projects that tie up less of our resources, projects in smaller, less well-developed areas and projects that benefit from government fiscal support."

Recent Business Developments

We made some progress in implementing our business strategies during the third quarter, although we confronted temporary difficulties in achieving growth from our business of water, wastewater and municipal engineering services. We are pleased that phase one of our Ordos Water Treatment Plant was fully put into operation and is successfully purifying and supplying water to the residents with a preliminary capacity of 2,000 to 3,000 cubic meters per day. The expansion phase was almost completed by the end of the quarter and is currently in trial operation.  Our India Bihar wastewater system project received all the regulatory approvals required by the Reserve Bank of India in September, and we have been accelerating implementation steps since the approval. At present we have completed the specific design for the sewage plants, pump stations and are in the midst of procuring equipment. 

During the third quarter, we continued to develop our water and wastewater treatment, water supply and pollution control businesses in China. We secured industrial wastewater and sewage treatment contracts worth an aggregate of $2.08 million, by which we will provide system procurement services, hot water softening and water supply for multiple customers in different cities. Our water resources business market expansion strategies have grown this business segment to record levels for our company. We secured flash flood foresting and river hydrologic monitoring contracts worth $8.06 million. We were also awarded a water conservation irrigation contract for Buerjin County in Xinjiang, and we are providing the township of Yelaman with four sets of water conservation irrigation systems for a new irrigation area covering 625 hectares. To further our attempts of the water resources business in the Indian market in the third quarter, we bid to provide river water quality monitoring and groundwater monitoring in several states in India. These projects are in a final stage of tender evaluation.

Recently we signed a strategic partnering agreement with Rubicon Water, an Australian irrigation solution provider. We are the exclusive PRC distributor of Rubicon's irrigation products, which target the information-based infrastructure market in Chinese irrigation districts, leveraging our matured sales networking to promote the system. We have established a business division to promote these products and have begun to market them in several Chinese irrigation areas.

Financial Performance in Q3 2012

Revenues

Revenues for Q3 2012 were $18.1 million, a decrease of $5.8 million, or 24.4%, from $24 million in the same period of 2011.

Revenue by Segment


Three months ended September 30,


2012

2011


$

% of Total
Revenues

$

% of Total
Revenues

Segment 1 (Water/Wastewater
Treatment and Municipal
Infrastructure)

6,430,937

35.4%

15,544,356

64.8%

Segment 2 (Water Resources
Management Systems and
Engineering Services)

6,660,438

36.7%

3,499,953

14.6%

Segment 3 (Industrial Pollution
Control and Safety)

5,055,436

27.9%

4,944,679

20.6%

Total

18,146,811

100.0%

23,988,988

100.0%

Revenue from the Water/Wastewater Treatment and Municipal Infrastructure segment for the third quarter of 2012 was $6.4 million, a 58.6% decrease, from $15.5 million in the same period of 2011. Revenue from this segment constitutes 35.4% of total revenues. The decrease was mainly due to decline of new project contracts sales, smaller sales recognized from Ordos water plants projects as they were close to completion and slower sales recognition from India Bihar municipal wastewater projects. The Ordos project contributed 10.2% of the total revenues for Q3 2012, compared with 57.1% of total revenues in Q3 2011. In Q3 2012, the initial phase project was almost completed, and backlog left to be completed was only $1.3 million.  We recognized only $1.8 million of revenue from the expansion phase of the Ordos project, or 10% of the expansion phase contract value, with backlog of $1.9 million left to be completed. The Indian Bihar municipal wastewater projects, which contributed $1.98 million, or 5%, of the Company's revenues in Q3 2012, were 30% completed as of the end of Q3 2012. This project is currently behind schedule.

Revenue from the Water Resources Management Systems and Engineering Services segment saw substantial growth of 90.3%, to $6.7 million from $3.5 million in Q3 2011, representing 36.7% of total revenues. The water resources segment was still quite promising in the third quarter, and business continued to benefit from government support, in the form of efficient government policy execution and fund allocation. The significant increase in this segment was due mainly to the strong revenue stream from the flash flood early warning and small river hydrologic monitoring projects awarded in the third quarter of 2012 and the timely implementation of projects awarded in previous quarters.

Revenue from the Industrial Pollution Control and Safety segment was $5.1 million, a slight increase of 2.2% from $4.9 million in Q3 2011, representing 27.9% of total revenues for Q3 2012. This increase was due primarily to an increase of revenues from the industrial wastewater system contract for Xushui Dawangdian Industrial Park in Hebei, industrial communication contracts for oil and gas fields and our international projects in Qatar and Mexico. The Xushui Dawangdian Industrial Park wastewater project was 60% completed, which contributed the largest proportion of the revenue in Q3 2012.

Gross Profit and Margin

Gross profit was $4.7 million for the quarter, decreased 23.3% from $6.1 million for Q3 2011. Gross margin for the quarter was 25.7%, which was 25.3% in the third quarter of 2011. The flat gross margin continued to reflect the decrease of overall revenue and proportional decrease of overall cost.

Total Operating Expenses

Total operating expenses for Q3 2012 were $4.9 million, or 27.3% of the total revenues, an increase of 69.0% from $2.9 million, or 12.3% of the total revenue for Q3 2011. The increase resulted from rising selling and marketing expenses and general and administrative expenses as the Company aggressively implements its growth plans amidst rising expenses.

  • Selling and Marketing Expenses
    In Q3 2012, total selling and marketing expenses increased by 98.6% from $0.5 million in Q3 2011 to $1 million. This was caused by the expansion of sales force and increases in compensation and welfare payments to such staff.
  • General and Administrative Expenses
    General and administrative expenses increased by 63.3%, from $2.4 million in Q3 2011 to $3.9 million in Q3 2012. This increase was mainly due to increases in staff compensation and welfare, provision for doubtful accounts, non-cash stock option expenses and other related service expenses. We had a total headcount of 474 as of September 30, 2012, which represents an almost 59% increase over the headcount of 299 as of the same time last year. General and administrative expenses for Q3 2012 were approximately 19.8% of total revenues, compared with 10% in the same period last year.

Income from Operations

Loss from operations totaled $282 thousand, a 109.0% decrease from $3.1 million in Q3 2011.

Net Income and EPS

Diluted net loss per share was $0.08, based on net loss of $677 thousand and weighted average number of diluted shares outstanding for the quarter ended September 30, 2012 of 8,215,536, compared to $0.24 in Q3 2011, based on net income of $1.9 million and weighted average number of diluted shares outstanding of 8,160,407 in Q3 2011.

Liquidity and Capital Resources

As of September 30, 2012, cash and cash equivalents, excluding restricted cash of $2.9 million, were $13.0 million. As of September 30, 2012, working capital was $11.4 million. We received $3.9 million from the Ordos water treatment plant build-transfer ("BT") contract in Q3 2012 and $1.6 million in October 2012. In the aggregate, $22.9 million in cash has been collected from the Ordos project as of the time of this announcement, and we expect to collect approximately $60 million more from the Ordos projects during the next two years.

As of September 30, 2012, the Company had aggregate lines of credit of $21 million, consisting of $9.2 million, $7.9 million and $3.9 million underwritten by Hangzhou Bank, ICBC Bank and China Merchants Bank, respectively. In September 26, 2012, we completed a financing transaction underwritten by the Bank of Nanjing to issue corporate bonds of $7.89 million (RMB 50 million by exchange rate of 6.341) with a maturity of three years and a coupon of 6.2%. We have received the proceeds of the financing and the initiatives increased our financial flexibility and structure.

Financial Performance in the First Nine Months of 2012

Revenues for the nine months ended September 30, 2012 were $60.4 million, an increase of $1.3 million, or 2.2%, compared to $61.7 million in the same period of 2011. Gross profit was $15.7 million, compared to $16.4 million in the same period of 2011. Gross margin was 26.0%, compared to 26.5% in the same period of 2011. Operating income for the nine months ended September 30, 2012 decreased from $8.6 million in 2011 to $2.8 million. Net income attributable to the shareholders of the Company was down 60.5% to $2.1 million, compared to $5.4 million in the same period of 2011. Diluted EPS was $0.26 compared to $0.66 for the same period of 2011.

Projects Backlog and Pipeline

As of September 30, 2012, the Company's total project backlog was $70.4 million, which it expects to record in 2012 and onwards. The backlog included $38.8 million in the Water and Wastewater Treatment segment, $7.9 million in the Water Resource Management segment and $23.7 million in the Industrial Pollution Control segment. The decrease on the backlog as of September 30, 2012 was primarily due to receiving fewer and smaller new contracts in the third quarter. The lower backlog predicts a slow quarter for us in the fourth quarter, particularly if we have any issues in converting backlog into revenues or obtaining new projects in the fourth quarter.

Backlog by Segment

(In USD million)


September 30, 2012

June 30, 2012




$

% of Total
Backlog

$

% of Total
Backlog

% Change

Segment 1 (Water/Wastewater
Treatment and Municipal
Infrastructure)

38.8

55.1%

41.9

52.9%

(7.4)

%

Segment 2 (Water Resources
Management Systems and
Engineering Services)

7.9

11.2%

12.2

15.4%

(35.2)

%

Segment 3 (Industrial Pollution
Control and Safety)

23.7

33.7%

25.1

31.7%

5.6

%

Total

70.4

100.0%

79.2

100.0%

(11.1)

%

The Company is currently monitoring potential projects with a total expected value of $139 million, of which approximately $86.7 million is in Water and Wastewater Treatment, $5.2 million is in Water Resource Management and $47.1 million is in Industrial Pollution Control. The Company has not been awarded any of these projects, and there are no guarantees that it will be selected for any of such projects if and when it bids.

Fiscal 2012 Guidance Update

Based on the performance in the third quarter of 2012 and the estimate for the fourth quarter, the Company expects revenues to be around $80 million. Assuming the weighted average number of diluted shares remains the same, we expect our EPS to be around $0.04. These are the Company's targets, not predictions of the actual performance. The foregoing statements regarding targets are forward-looking and actual results may differ materially.

Conference Call

Our Joint CEOs, Warren Zhao and Gavin Cheng, President Phil Fan and CFO Peter Dong will host a conference call at 9:00 AM EST, Nov 15, 2012 (10:00 PM Beijing/Hong Kong Time, Nov 15, 2012) to review the Company's financial results, growth strategies and to respond to questions and comments.

To participate, call U.S. Toll Free Number +1 (888) 846-5003 approximately 10 minutes before the call. International callers, please dial +1 (480) 629-9856. The conference ID number is 4573871. A live webcast of the call will be available at public.viavid.com/index.php?id=102380. Both an MP3 file one hour after the call and a transcript 48 hours after the call will be available. These will be archived for 90 days and accessible via www.tri-tech.cn.

About Tri-Tech Holding Inc.

Tri-Tech designs customized sewage treatment and odor control systems for municipalities and private sectors in China and international markets. These systems combine software, information management systems, resource planning and local and distant networking hardware that includes sensors, control systems, programmable logic controllers, supervisory control and data acquisition systems. The company also designs systems that track natural waterway levels for drought control, monitor groundwater quality and assist the Chinese government in managing its water resources. The company is also moving into the industrial pollution control market. Tri-Tech owns 39 software copyrights and 11 product patents, and employs 474 people. Please visit www.tri-tech.cn for more information.

An online investor kit including a company profile, presentations, press releases, current price quotes, stock charts and other valuable information for investors is available at www.tri-tech.cn/ir. To subscribe to future releases via e-mail alert, visit www.tri-tech.cn/ir/info/request.

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

For more information, please contact:

Tri-Tech Holding Inc.

www.tri-tech.cn
IR Department
+86 (10) 57323666
ir@tri-tech.cn

 

[Financial Tables Follow]

 

TRI-TECH HOLDING INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

 



For The Three Months Ended September 30,


For The Nine Months Ended September 30,



2012


2011


2012


2011



(Unaudited)


(Unaudited)


(Unaudited)


(Unaudited)

Revenues:









              System integration


16,381,899


23,650,312


56,656,331


59,404,359

              Hardware products


1,764,912


327,768


3,752,326


2,328,819

              Software products



10,908



10,908

      Total revenues


18,146,811


23,988,988


60,408,657


61,744,086

Cost of revenues









              System integration


12,110,593


17,652,014


42,303,768


43,925,339

              Hardware products


1,371,138


256,680


2,398,243


1,424,055

            Software products



1,745


— 


1,745

      Total cost of revenues


13,481,731


17,910,439


44,702,011


45,351,139

Gross profit


4,665,080


6,078,549


15,706,646


16,392,947

Operating expenses:









              Selling and marketing expenses


1,031,607


519,451


2,806,453


1,305,774

              General and administrative expenses                                   


3,908,026


2,393,836


10,008,932


6,343,062

              Research and development expenses


7,074


30,596


87,472


97,340

      Total operating expenses


4,946,707


2,943,883


12,902,857


7,746,176

(Loss) Income from operations


(281,627)


3,134,666


2,803,789


8,646,771

Other expense:









              Other income (expense)


41,428


(105,129)


1,124,812


(255,916)

              Interest income


27,205


11,079


109,749


71,687

              Interest expense


(652,204)


(37,212)


(1,647,135)


(44,167)

             Fair Value change on contingent investment consideration



(40,000)


7,000


(40,000)

              Investment gain




78,558


— 

Total other expenses


(583,571)


(171,262)


(327,016)


(268,396)

(Loss) Income before provision for income taxes


(865,198)


2,963,404


2,476,773


8,378,375

Provision for income taxes


— 


499,577


601,555


1,344,636

Net (loss) income


(865,198)


2,463,827


1,875,218


7,033,739

Less: Net (loss) income attributable to noncontrolling interests


(188,176)


526,724


(256,772)


1,635,967

Net (loss) income attributable to Tri-Tech Holding Inc. shareholders

$

(677,022)

$

1,937,103

$

2,131,990

$

5,397,772

Net (loss) income


(865,198)


2,463,827


1,875,218


7,033,739

              Foreign currency translation adjustment


(1,402,386)


1,155,540


(1,113,149)


2,502,743

Comprehensive (loss) income


(2,267,584)


3,619,367


762,069


9,536,482

Less: Comprehensive (loss) income attributable to noncontrolling interests


(204,827)


717,207


(253,030)


1,892,613

Comprehensive (loss) income attributable to Tri-Tech Holding Inc.

$

(2,062,757)

$

2,902,160

$

1,015,099

$

7,643,869

Net (loss) income attributable to Tri-Tech Holding Inc. shareholders per share are:









              Basic

$

(0.08)

$

0.24

$

0.26

$

0.67

              Diluted

$

(0.08)

$

0.24

$

0.26

$

0.66

Weighted average number of ordinary shares outstanding:









              Basic


8,215,536


8,160,407


8,201,771


8,116,802

              Diluted


8,215,536


8,160,407


8,201,771


8,125,590










 

 

TRI-TECH HOLDING INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 



September 30, 2012


December 31,



(Unaudited)


2011

ASSETS





Current assets





Cash

$

13,026,578

$

11,935,746

Restricted cash


2,920,692


2,087,920

Accounts receivable, net of allowance for doubtful accounts of $1,167,087 and $619,062 as of September 30, 2012 and December 31, 2011, respectively


20,529,940


19,888,084

Unbilled revenue


19,632,473


7,254,830

Other current assets


4,917,800


2,761,548

Inventories


7,266,887


7,705,752

Deposits on projects


3,467,045


1,212,691

Prepayments to suppliers and subcontractors


10,640,081


4,908,697

Total current assets


82,401,496


57,755,268

Long-term unbilled revenue


61,058,928


59,298,740

Long-term accounts receivables


232,055


Plant and equipment, net


1,519,201


1,436,838

Construction in progress


5,094,752


4,566,934

Intangible assets, net


10,949,774


11,609,662

Long-term restricted cash


2,547,891


2,541,958

Goodwill


1,441,278


1,441,278

Total Assets

$

165,245,375

$

138,650,678

LIABILITIES AND EQUITY





Current liabilities





Accounts payable

$

4,443,231

$

11,401,187

Notes payable



1,176,197

Costs accrual on projects


26,398,736


19,402,047

Advance from customers


3,352,133


1,886,607

Loans from third party companies and individual


5,010,532


972,196

Amount due to shareholders


1,103,927


Amount due to noncontrolling interest investor


7,386,848


6,057,250

Other payables


1,529,814


687,336

Other taxes payable


5,513,608


3,067,350

Accrued liabilities


423,998


379,357

Payable on investment consideration


582,966


895,000

Income taxes payable



154,519

Deferred income taxes


976,259


358,519

Short-term bank borrowing (including VIE short-term borrowing of the consolidated VIEs without recourse to Tri-Tech Holdings of $7,945,689 and $2,296,895 as of September 30, 2012 and December 31, 2011, respectively)


14,253,842


8,010,365

Total current liabilities  


70,975,894


54,447,930

Long-term bank borrowing


19,977


Corporate bond


7,891,889


Noncurrent deferred income taxes


3,518,279


3,455,823

Total Liabilities


82,406,039


57,903,753

Equity





Tri-Tech Holding Inc. shareholders' equity





Ordinary shares ($0.001 par value, 30,000,000 shares authorized; 8,239,506 and 8,203,299 shares issued as of September 30, 2012 and December 31, 2011, respectively)


8,239


8,203

Additional paid-in-capital


49,954,116


48,772,307

Statutory reserves


1,866,994


1,866,994

Retained earnings


21,814,376


19,682,386

Treasury shares (21,100 shares in treasury as of September 30, 2012 and December 31, 2011, respectively)


(193,750)


(193,750)

Accumulated other comprehensive income


3,496,548


4,593,046

Total Tri-Tech Holding Inc. shareholders' equity


76,946,523


74,729,186

Noncontrolling interests


5,892,813


6,017,739

Total shareholders' equity


82,839,336


80,746,925

Total liabilities and equity

$

165,245,375

$

138,650,678

 

 

 

TRI-TECH HOLDING INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

 



For The Nine Months Ended September 30,



2012


2011



(Unaudited)


(Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES:





Net income before allocation to noncontrolling interests

$

1,875,218

$

7,033,739

Adjustments to reconcile net income to cash provided by operating activities:



Amortization of share-based compensation expense


951,964


276,474

Amortization of warrants



45,491

Depreciation and amortization


873,276


682,010

Provision for doubtful accounts


554,033


296,173

Loss on disposal of plant and equipment



5,657

Gain on investment in joint venture


(78,558)


Deferred income taxes


680,196


361,630

Changes in operating assets and liabilities:





Accounts receivable


(1,341,555)


1,571,166

Unbilled revenue


(14,579,623)


(38,280,759)

Restricted cash


(850,229)


(638,708)

Other current assets


(3,922,470)


(111,996)

Inventories


391,186


(1,385,434)

Prepaid expenses


(246,535)


Prepayments


(5,544,557)


(5,938,596)

Accounts payable


(7,058,085)


852,108

Notes payable


(1,173,199)


Cost accrual on projects


7,135,547


12,135,018

Advance from customers


1,525,756


19,212

Billings in excess of revenue



(30,593)

Other payables


1,084,635


5,821,712

Other taxes payable


2,898,619


Accrued liabilities


(56,228)


751,401

Taxes payable


(130,769)


1,298,637

Net cash used in operating activities


(17,011,378)


(15,235,658)

CASH FLOWS FROM INVESTING ACTIVITIES:





Payment in business acquisition


(35,273)


(488,000)

Cash paid on investment consideration


(82,159)


Cash acquired from business combination



825,395

Cash proceeds from disposal of plant and equipment



4,311

Payment to purchase plant and equipment


(262,584)


(298,925)

Cash paid to acquire intangible asset


(36,914)


(1,444,294)

Cash paid for construction in progress


(557,279)


(289,274)

Collection of loan to third-party companies


105,230


Payment of loan to third-party companies


(149,378)


(1,473,607)

Net cash used in investing activities


(1,018,357)


(3,164,394)

CASH FLOWS FROM FINANCING ACTIVITIES:





Proceeds from bank borrowings


14,050,056


6,853,470

Payment of bank borrowing


(7,734,796)


Proceeds from amounts due from shareholders


1,105,077


Proceeds from the issuance of corporate bond


7,893,407


Proceeds from loan from third-party companies and individual


5,015,222


Payment of loan from third-party companies


(962,768)


(43,540)

Proceeds from loan from noncontrolling shareholders


773,554


Payment of loan from noncontrolling shareholders


(1,979,667)


Payment of installment of purchasing vehicle



(15,344)

Capital Injection by noncontrolling shareholders



187,935

Proceeds from exercising options into ordinary shares



454,009

Net cash provided by financing activities


18,160,085


7,436,530

Effect of exchange rate fluctuation on cash and cash equivalents


960,482


606,782

Net increase (decrease) in cash and cash equivalents


1,090,832


(10,356,740)

Cash and cash equivalents, beginning of period

$

11,935,746

$

23,394,995

Cash and cash equivalents, end of period

$

13,026,578

$

13,038,255






Supplemental disclosure for cash flow information:





Income taxes paid


157,016


96,490

Interest paid on debt


684,202


44,167






Supplemental disclosure for noncash investing activity:





Fair value change on contingent consideration payable


7,000


Gain on long-term investment to India Joint Venture


78,558


Issued 30,207 and 35,974 ordinary shares as one of the consideration in business combination

229,875


277,000

Addition in land use right by transferring from long-term prepayment



5,547,907

Payable to purchase intangible assets during the business combination



735,000

 

 

SOURCE Tri-Tech Holding Inc.



RELATED LINKS
http://www.Tri-Tech.cn

Featured Video

Journalists and Bloggers

Visit PR Newswire for Journalists for releases, photos, ProfNet experts, and customized feeds just for Media.

View and download archived video content distributed by MultiVu on The Digital Center.

Share with Twitter Share with LinkedIn
 

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

 
 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

 
 

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.

 

Online Member Center

Not a Member?
Click Here to Join
Login
Search News Releases
Advanced Search
Search
  1. PR Newswire Services
  2. Knowledge Center
  3. Browse News Releases
  4. Contact PR Newswire
  5. Send a News Release