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China Green Material Technologies, Inc. Reports 2010 Financial Results

-- 2010 revenues increased 49.5% to a record $20.0 million

-- 2010 EPS of $0.21

-- 2010 adjusted EPS of $0.24 (non-GAAP)

-- 2010 cash flow from operations of $4.3 million


News provided by

China Green Material Technologies, Inc.

Apr 13, 2011, 06:00 ET

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HARBIN, China, April 13, 2011 /PRNewswire-Asia/ -- China Green Material Technologies, Inc. (OTCQB Market: CAGM; "CAGM" or "the Company"), a China-based leader in developing and manufacturing starch-based biodegradable, disposable containers, tableware and packaging materials, today announced financial results for the full year ended December 31, 2010.

Full Year of 2010:

Revenues – Total revenues increased 49.5% to $20.0 million for the year ended December 31, 2010 from $13.4 million in the year ended December 31, 2009. The increased revenues reflect strong reorders from existing customers, orders from seven new customers, and expansion in the supermarket sector.  The Company increased average selling prices by approximately 6.4% and tons of volume sold by 40.6% in the year ended December 31, 2010.  99.4% of revenue was derived from the domestic China market and 32.6% came from customized product orders.

Mr. Su Zhonghao, Chief Executive Officer of the Company, declared, "We experienced further acceleration in our revenue growth to 49.5% for the year ended December 31, 2010. This strong momentum reflects growing demand from new and existing customers in China, particularly for the product categories of disposable cups, containers and plates. As we continue to introduce new branded products, which are stronger and less expensive than those from our competitors, we are poised to capture additional market share in the rapidly growing RMB 2.5 billion biodegradable products market in China."

Gross Profit - Gross profit increased 38.3% to $8.8 million for the year ended December 31, 2010 compared to $6.4 million in the year ended December 31, 2009, while gross margin was 43.9% in 2010 versus 47.4% a year ago.  The decrease in the gross margin percentage was largely due to an increase in overall production costs by 13.5%, which were mainly caused by higher raw material prices and depreciation and amortization costs.

Operating Expense - Operating expenses totaled $2.1 million, or 10.3% of revenue, for the year ended December 31, 2010 versus $1.0 million, or 7.7% of revenue, for the year ended December 31, 2009. Selling expenses were constant at $0.2 million year-over-year while general and administrative expenses increased to $1.6 million compared to $0.8 million in 2009. The increase in operating expenses included a $0.2 million increase in salaries of non-production personnel and related costs, Zhonghao Bio start-up costs of $0.2 million, and professional fees of $0.4 million for the year ended December 31, 2010.

Operating Income – Operating income increased 26.5% to $6.7 million for the year ended December 31, 2010 from $5.3 million for the year ended December 31, 2009. The operating margin was 33.6% in 2010 versus 39.7% a year ago. Excluding stock compensation, the operating margin was 34.4%, down 5.3% compared to 2009.

Other Income (Expense) - Other expenses were $0.6 million in the year ended December 31, 2010 versus $0.43 million for the year ended December 31, 2009.  

Net Income - Net income was $5.2 million for the year ended December 31, 2010 compared to $4.2 million for the year ended December 31, 2009.  Adjusted net income (non-GAAP) was $5.8 million, an increase of 26.5% over 2009 adjusted net income.  Net income per diluted share was $0.21 for the year ended December 31, 2010 versus net income per diluted share of $0.22 for the year ended December 31, 2009 based on weighted average shares of 24.6 million and 18.7 million, respectively. Adjusted net income per diluted share (non-GAAP) was $0.24 in the year ended December 31, 2010. The increase in share count reflects the issuance of 6.9 million common shares in two private placements completed in the first and second quarters of 2010.  

The Company's effective tax rate was 15.0% for the year ended December 31, 2010 versus 15.1% for the year ended December 31, 2009.

"We are focused on expanding our capacity to meet the robust demand for our products. During the year, we substantially completed construction of our new state-of-the-art facility which is located in the Harbin Economic and Technological Development Zone. The new facility brings our production capacity to 20,000 tons of finished products annually, an increase of 122%. To the extent we are able to scale up towards full capacity during 2011; our revenues should increase this year. The facility also allows us to operate more efficiently and provides the ability to fill larger orders from our growing base of domestic and international customers. I am extremely excited about the future growth outlook for our Company," concluded Mr. Su.  

Liquidity and Capital Resources:

Cash flow from operations for the year ended December 31, 2010 totaled $4.3 million. As of December 31, 2010, the Company had $12.1 million in cash and cash equivalents, an increase of approximately $4.8 million from the end of 2009, primarily due to net proceeds of $7.3 million from private placements completed during 2010 and cash flow from operations, offset by $8.1 million of equipment and property investments for the new manufacturing facility. The Company had $23.9 million in working capital and no long-term debt as of December 31, 2010.

About China Green Material Technologies, Inc.

Website: http://www.sinogreenmaterial.com

China Green Material Technologies, Inc. (CAGM.pk) is a China-based manufacturer of starch-based biodegradable, disposable containers, disposable tableware and disposable packaging materials. Headquartered in Harbin city of China, the Company currently has 245 employees. The Company has developed proprietary biodegradable food packaging materials technologies.

Safe Harbor Statement

This press release contains certain statements that may include 'forward-looking statements' as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," "anticipate," "optimistic," "intend," "will" 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. Investors 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 risks, other factors and those risks and other factors discussed in the Company's periodic reports that are filed with and available from the Securities and Exchange Commission, including the Annual Report on Form 10-K filed April 12, 2011. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

ITEM 1.  FINANCIAL STATEMENTS.

CHINA GREEN MATERIAL TECHNOLOGIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

AS OF DECEMBERT 31, 2010 AND 2009










As of Dec 31,




2010



2009


Assets







Current Assets:







        Cash and equivalents


$

12,090,345



$

7,321,276


        Restricted cash



4,266




3,443


        Accounts receivable, net      



10,097,506




6,524,510


        Inventories



684,534




456,970


        Other receivables



203,844




549,288


        Deferred consulting expense



108,036




-


        Other current assets



570,596




127,507


        Deferred income taxes



147,207




4,918


Total Current Assets



23,906,334




14,987,912











Deposits for construction



301,992




-


Property and Equipment, Net



17,372,325




10,394,584


Intangible Assets, Net



5,103,278




5,060,559


Know-how Right, Net



2,000,695




2,160,533


Investment - Net



15,154




310,419


Total Assets


$

48,699,778



$

32,914,007











Liabilities and Stockholders' Equity









Current Liabilities:









        Accounts payable and accrued expenses


$

539,275



$

307,140


        Deferred revenue



14,695




4,213


        Advances from a third party



1,371,042




-


        Due to stockholders/officers, net



208,404




300,792


        Warrants liability



95,085




-


        Taxes payable



738,647




430,408


        Contingent liabilities



1,509,958




1,464,768


Total Liabilities



4,477,106




2,507,321











Commitments and contingencies


















Stockholders' Equity









Preferred stock $0.001 par value, 20,000,000 shares authorized

and 0 shares issued and outstanding



-




-


Common stock, $0.001 par value, 100,000,000 shares authorized,

25,701,025 and 18,711,388 shares issued at December 31, 2010

and 2009, respectively



25,701




18,711


        Additional paid-in capital



25,191,392




17,895,324


        Reserve funds



1,699,062




1,152,569


        Retained earnings



12,405,789




7,709,729


        Accumulated other comprehensive income



4,900,728




3,630,353


Total Stockholders' Equity



44,222,672




30,406,686


Total Liabilities and Stockholders' Equity


$

48,699,778



$

32,914,007



CHINA GREEN MATERIAL TECHNOLOGIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

YEARS ENDED DECEMBER 31, 2010 AND 2009










Years Ended

Dec 31,




2010



2009









Revenues


$

20,042,025



$

13,407,287


Cost of Goods Sold



11,252,625




7,052,854











Gross Profit



8,789,400




6,354,433











Operating Expenses









       Selling expenses



242,378




238,274


       General and administrative expenses



1,647,891




792,587


       Stock based compensation



167,163




-


Total Operating Expenses



2,057,432




1,030,861











Income From Operations



6,731,968




5,323,572











Other Income (Expenses)









       Interest income



8,586




5,635


       Interest expense



(316)




-


       Net rental (expense)/income



(123,163)




24,057


       Impairment of investment



(300,595)




-


       Loss on fixed assets disposal and intangible assets written off



(126,728)




(459,695)


       Other  (expense) income, net



(21,992)




567











Total Other Expenses



(564,208)




(429,436)











Income Before Income Taxes



6,167,760




4,894,136











Provision for Income Taxes



925,207




738,810











Net Income


$

5,242,553



$

4,155,326











Foreign Currency Translation Adjustment



1,270,375




(20,380)











Comprehensive Income


$

6,512,928



$

4,134,946











Net Income Per Common Share -Basic and Diluted









 -Basic


$

0.21



$

0.22


 -Diluted


$

0.21



$

0.22











Weight Common Shares Outstanding -Basic and Diluted









 -Basic



24,457,767




18,711,388


 -Diluted



24,621,490




18,711,388



CHINA GREEN MATERIAL TECHNOLOGIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009










For The Years Ended Dec 31,




2010



2009


Cash flows From Operating Activities:







      Net Income


$

5,242,553



$

4,155,326


      Adjustments to reconcile net income to net cash









      provided by operating activities









            Depreciation and amortization



1,636,663




1,320,118


            Stock based compensation



167,163




-


            Deferred income taxes benefits



(139,061)




(4,915)


            Bad debt expense



(33,068)




5,954


            Impairment of long-term investment



300,595




-


            Amortization of deferred consulting revenue



955,468




-


            Changes in warrants fair value



(968,420)




-


            Loss on disposal of fixed assets



126,728




64,444


            Loss on disposal of intangible assets



-




395,251


      Changes in operating assets and liabilities









            Accounts receivable



(3,265,653)




(1,180,460)


            Inventories



(208,845)




(105,859)


            Other receivables



354,545




(19,021)


            Prepaid expenses



-




(14,467)


            Other current assets



(429,648)




(156,153)


            Accounts payable and accrued expenses



221,558




(65,133)


            Deferred revenue



10,128




(10,308)


            Tax payable



287,242




357,040


Net Cash Provided by Operating Activities



4,257,948




4,741,817











Cash Flows From Investing Activities:









            Restricted cash



(701)




(3,443)


            Deposit for construction



(295,455)




-


            Purchase of property and equipment



(8,061,980)




(91,736)


            Deposit for purchase of know-how right



-




(732,384)


            Proceeds from sold the property and equipment



118,182




158,832


Net Cash Used in Investing Activities



(8,239,954)




(668,731)











Cash Flows From Financing Activities:









            Proceeds from stock issued



7,135,894




-


            Advance from a third party



1,341,364




-


            Repayments of stockholders/officers loans



(99,458)




(1,025,338)


            Proceeds from stockholders/officers loans



-




29,645


Net Cash (Used in) Provided by Financing Activities



8,377,800




(995,693)











Net Increase in Cash and Equivalents



4,395,794




3,077,393


Effect of Exchange Rate Changes on Cash and Equivalents



373,275




(1,161)


Cash and Equivalents at Beginning of Year



7,321,276




4,245,044


Cash and Equivalents at End of Year


$

12,090,345



$

7,321,276











SUPPLEMENT DISCLOSURES OF CASH FLOW INFORMATION









            Cash paid for Interest


$

-



$

-


            Cash paid for Income taxes


$

923,043



$

534,610











SUPPLEMENTAL SCHEDULE OF NON-CASH

INVESTING AND FINANCING ACTIVITIES









            Issuance of warrants for IR consulting expenses



1,063,506 




- 


            Incurred contingent liabilities for purchase of know-how right


$

-



$

1,464,768



About Non-GAAP Financial Measures

This press release contains non-GAAP financial measures which Company management uses for financial and operational decision making, and as a means to evaluate period-to-period comparisons. The Company believes that these non-GAAP financial measures are useful to investors because they exclude a loss on the disposal of fixed assets and a loss on long-term investments that our management excludes when it internally evaluates the performance of the Company'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 CAGM. Accordingly, management excludes these losses when making operational decisions. The Company 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 the Company's financial performance in comparison to historical periods. In addition, it allows investors to evaluate the Company's performance using the same methodology and information as that used by our 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, our management compensates for these limitations by providing the relevant disclosure of the items excluded.

The following table provides a reconciliation of non-GAAP earnings and earnings per share to the equivalent GAAP measure.

12 Months Ended December 31, 2010:



12 months Ended

(in thousands, except per share data)

31-Dec


31-Dec



2010


2009

Net income

$5,242


$4,155

Loss on investments

$301


-

Non-cash stock compensation expense

$167


-

Loss on fixed and intangible asset disposal

$127


$460

Start-up costs for Zhonghao Biodegradable Materials Co., Ltd

$166



Adjusted net income (non-GAAP)

$6,003


$4,615





Net Income per Common Share, Basic and Diluted

$0.21


$0.22

Effect of adjustments described above

$0.03


$0.03

Adjusted diluted earnings per share (non-GAAP):




Basic


$0.24


$0.25

Diluted


$0.24


$0.25












For more information, please contact:


Mr. Low Yan Seong, CFO

China Green Material Technologies, Inc.

Email: [email protected]

Web:  http://www.sinogreenmaterial.com  



Mr. Buddy Lee, Corporate Secretary

China Green Material Technologies, Inc.

Email: [email protected]

Office: +86-451-5175-0888


SOURCE China Green Material Technologies, Inc.

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