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China Industrial Waste Management Announces Fiscal Year 2010 Financial Results


News provided by

China Industrial Waste Management, Inc.

Apr 13, 2011, 05:42 ET

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DALIAN, China, April 13, 2011 /PRNewswire-Asia/ -- China Industrial Waste Management, Inc. (OTCQB: CIWT) ("China Industrial Waste Management" or the "Company"), a leading environmental services and solutions provider in China, today announced financial results for the fiscal year ended December 31, 2010.

Full Year 2010 Highlights

  • Revenues increased 106.2% to $21.8 million
  • Gross profit increased 97.7% to $12.6 million
  • Operating income increased 447.6% to $6.8 million
  • Operating margin increased to 31.3% from 11.8%
  • Net income attributable to the Company increased 129.8% to $4.5 million
  • Diluted earnings per shares increased 142.9% to $0.29 per diluted share
  • Operating cash flow increased 130.9% to $4.7 million
  • Working capital increased 306.9% to $6.7 million

"We are very pleased with our 2010 financial performance as we achieved strong growth in sales, profitability, EPS, and operating cash flow," said Mr. Jason Dong, the Company's Chairman and Chief Executive Officer. "Our business rebounded significantly in 2010 from the lows of 2009, a year where we were impacted by the global recession and slowdown in world trade. In 2010, our customers increased their production volumes and their business with us, we added new customers as the manufacturing sector in Dalian continues to grow, our sludge treatment facility began contributing to our sales, and we received additional revenues from waste disposal operations related to the tragic oil spill in Dalian in June of 2010. Importantly, we grew our bottom line and operating cash flow even faster than our top line at both the net income and EPS lines. Our increased profitability was the result of our strong sales rebound combined with the operating leverage of our business. Overall, we are proud of our accomplishments in 2010 and believe we are on sound footing to continue our strong financial performance in 2011."

Full Year 2010 Results

Revenues increased 106.2% to $21.8 million from $10.6 million in 2009. The increase in revenues is mainly attributable to an increase in the Company's solid waste treatment business as production volumes from the Company's industrial customers continued to recover from the lows of 2009, the addition of new customers in 2010, additional revenue generated by the Company's subsidiary, Dongtai Organic, from municipal sludge treatment, as well as sales of biogas (methane), a byproduct derived from sludge fermentation, and from revenues generated from the Company's waste disposal operations in connection with the June 2010 oil spill in Dalian.

Revenues from service fees increased 114.6% to $14.9 million, or 68.3% of total revenues, from $6.9 million, or 65.6% of total revenues, in 2009. Sales of recycled commodities increased 90.1% to $6.9 million, or 31.7% of revenues, compared to $3.6 million, or 34.4% of revenues, in 2009. The increase in sales of recycled commodities was attributable to higher selling prices and sales volume for these products. The average selling price of cupric sulfate was approximately $1,723 per ton in 2010 as compared to $1,285 per ton in 2009, a 34% increase in average unit price. In addition, in 2010, revenues from the sale of methane gas generated $1.3 million whereas there were no sales of methane gas in 2009.

Gross profit increased 97.7% to $12.6 million from $6.4 million in 2009. Gross margin was 57.9% compared to 60.4% in 2009. The decline in gross margin is primarily attributable to the additional overhead imposed by Dongtai Organic's sludge treatment operations, a business added in 2010, which has not yet reached full operating capacity.

Income from operations increased 447.6% to $6.8 million from $1.2 million in 2009. Operating margin increased to 31.3% from 11.8% in 2009. The increase in operating margin is primarily due to operating leverage from the Company's higher volume of sales.

Net income attributable to the Company increased 129.8% to $4.5 million from $2.0 million in 2009. Diluted earnings per share increased 142.9% to $0.29 from $0.12 in 2009.

Financial Condition

As of December 31, 2010, the Company had cash and cash equivalents of $8.2 million compared to $11.4 million at the end of 2009. The Company had working capital of $6.7 million, an increase of 306.9% compared to $1.7 million as of December 31, 2009. Shareholder's equity increased 20.4% to $41.6 million from $34.5 million at the end of 2009. Operating cash flow increased 130.9% to $4.7 million compared to $2.0 million in the prior year period.

Business Outlook

The Company is currently building in Dalian one of the most advanced one-stop service centers for industrial solid waste treatment in China (the "Expansion Project"). The construction of this Expansion Project is now 90% complete and we expect it to become operational in the third quarter of 2011. Once fully operational, this new facility will increase our industrial solid waste treatment capacity to 114,000 tons per year, which is double our current treatment capacity.

For the first half of 2011, the Company expects revenues of between $10 million and $12 million and net income attributable to the Company of between $2.0 million and $2.5 million.

Mr. Dong concluded, "The industrial waste treatment business in China continues to show strength. Environmental sustainability and more balanced industrial development are key priorities for the PRC government in the 12th Five-Year Plan. The solid waste treatment business in China is still in the start-up stage and we believe we are well positioned to take advantage of very strong growth opportunities in 2011 and beyond. We expect a surge in demand for sludge and other degradable waste treatment services as a result of a shortage in sludge treatment facilities. For example, in Liaoning Province there are currently 42 sewage treatment plants processing 4 million tons of waste water every day, and these sewage treatment plants generate approximately 1 million tons of sludge annually. Our Dongtai Organic facility is currently the only sludge treatment facility in Liaoning Province. We believe that the shortage of sludge treatment facilities in Liaoning Province is a representative example of a problem that exists at a much larger scale throughout China.

"We are excited about our future opportunities and believe that we are poised to benefit from the rising demand for waste treatment in China. Supported by our state-of-the-art technology, we strive to become the leading industry player in Northern China. We expect the Expansion Project and other initiatives to contribute to our financial performance in fiscal 2011."

Conference Call

The Company will host a conference call at 9:00 a.m. Eastern Daylight Time on Thursday, April 14, 2011, to discuss its financial results for the fiscal year 2010.

To participate in this live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: (877) 275-8968. International callers should dial +1 (706) 643-1666. The Conference Pass Code is 53975142.

If you are unable to participate in the call at this time, a replay will be available for 14 days starting on Thursday, April 14, 2011, at 10:00 a.m. Eastern Time. To access the replay, call (800) 642-1687. International callers should call +1 (706) 645-9291. The Conference Pass Code is 53975142.

About China Industrial Waste Management

China Industrial Waste Management is a leading environmental services and solutions provider in China. The Company is based in Dalian, Liaoning Province, China and has been engaged in the industrial solid waste treatment business since 1991. Today, the Company is the largest industrial solid waste management enterprise in northeastern China. China Industrial Waste Management's main businesses are industrial solid waste treatment and recycling, municipal sewage and sludge treatment, and environmental protection engineering. For more information, please visit the Company's website (www.chinaciwt.com).

Cautionary Statement Regarding Forward-Looking Information

This release may include "forward-looking statements." You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain such words as "may," "project," "might," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," or the negative or other variations thereof or comparable terminology. These forward-looking statements are based on current expectations and projections about future events. Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, our actual performance may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors, as well as other factors described from time to time in our reports filed with the Securities and Exchange Commission: the timing and magnitude of technological advances; the prospects for future acquisitions; the effects of political, economic and social uncertainties regarding the governmental, economic and political circumstances in the People's Republic of China, the possibility that a current customer could be acquired or otherwise be affected by a future event that would diminish their waste management requirements; the competition in the waste management industry and the impact of such competition on pricing, revenues and margins; uncertainties surrounding budget reductions or changes in funding priorities of existing government programs and the cost of attracting and retaining highly skilled personnel; our projected sales, profitability, and cash flows; our growth strategies; anticipated trends in our industries; our future financing plans; and our anticipated needs for working capital. Forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.

Company Contact:

Mr. Darcy Zhang, Corporate Secretary

Tel: +86-411-8259-5339

Email: [email protected]

Website: www.chinaciwt.com


CCG Investor Relations:

Mr. Athan Dounis

Phone: +1-646-213-1916

Email: [email protected]

Website: www.ccgirasia.com

[Financial Tables Follow]



CHINA INDUSTRIAL WASTE MANAGEMENT, INC.

COMBINED AND CONSOLIDATED STATEMENTS OF INCOME








Years Ended December 31,



2010


2009

Revenues





   Service fees


$  14,870,852


$  6,928,840

   Sales of  recycled commodities


6,904,881


3,632,630

       Total revenues


21,775,733


10,561,470






Cost of revenues





   Cost of service fees


5,126,371


1,880,763

   Cost of recycled commodities


4,044,794


2,304,936

       Total cost of revenues


9,171,165


4,185,699






       Gross profit


12,604,568


6,375,771






Operating expenses





   Selling expenses


890,585


501,080

   Research and development expenses


358,973


513,631

   General and administrative expenses


4,542,354


4,117,034

       Total operating expenses


5,791,912


5,131,745






       Income from operations


6,812,656


1,244,026






Other income (expense)





   Interest expense


(1,007,378)


(165,432)

   Bank interest income


79,404


-

   Other income


361,008


272,121

   Other expense


(90,081)


(33,506)

   Settlement expense


(439,821)


-

   Gain on acquisition


-


614,397

       Total other income (expense)


(1,096,868)


687,580






Net income before tax provision


5,715,788


1,931,606

   Tax provision


(693,457)


49,976

Net income for the year


5,022,331


1,981,582






   Net income attributable to the noncontrolling interest


(518,882)


(22,072)

        Net income attributable to the Company


$    4,503,449


$  1,959,510






   Foreign currency translation adjustment


1,023,004


63,216






   Comprehensive income attributable to the Company


5,526,453


2,022,726

   Comprehensive income attributable to the noncontrolling interest


820,455


22,072

       Comprehensive income


$    6,346,908


$  2,044,798






Basic and diluted weighted average shares outstanding





   Basic


15,330,028


15,269,062

   Diluted


15,381,310


16,255,330






Basic and diluted net earnings per share





   Basic


$             0.29


$           0.13

   Diluted


$             0.29


$           0.12









CHINA INDUSTRIAL WASTE MANAGEMENT, INC.

COMBINED AND CONSOLIDATED BALANCE SHEETS








December 31, 2010


December 31, 2009

ASSETS





   Current assets





   Cash and cash equivalents


$           8,163,880


$         11,419,129

   Notes receivable


86,364


335,780

   Accounts receivable, net


5,731,847


2,021,421

   Construction reimbursement receivable


-


846,270

   Other receivables


359,383


91,872

   Inventories


4,652,148


2,085,029

   Advances to suppliers


1,624,433


800,694

   Deferred expense


210,752


14,650

   Related party receivable


291,552


-

   Deferred tax assets


61,145


-

       Total current assets


21,181,504


17,614,845






   Long-term equity investment


151,515


87,900

   Property, plant and equipment, net


32,384,139


32,319,145

   Construction in progress


18,642,061


9,123,927

   Land usage right, net of accumulated amortization


2,022,384


1,994,394

   BOT franchise right


4,242,424


4,102,023

   Deposits


77,152


-

   Certificate of deposit


-


293,002

   Restricted cash


1,788,510


96,707

   Other assets


1,233,580


1,074,531

   Deferred tax assets


504,017


377,381

   Related party receivable


-


234,401

        TOTAL ASSETS


$         82,227,286


$         67,318,256






LIABILITIES





   Current liabilities





   Short-term loans


$           3,030,303


$           6,739,038

   Accounts payable


2,458,260


418,435

   Tax payable


513,243


200,957

   Advance from customers


610,508


544,125

   Deferred sales


394,862


958,930

   Accrued expenses


804,205


301,531

   Construction projects payable


3,070,169


3,932,297

   Other payable


836,141


235,211

   Long-term loan-current portion


2,321,970


2,245,125

   Related party payable


393,939


380,902

       Total current liabilities


14,433,600


15,956,551






   Long-term loans


17,964,962


13,755,512

   Asset retirement obligation


571,109


610,445

   Government subsidy


7,673,724


2,464,079

       TOTAL LIABILITIES


40,643,395


32,786,587






EQUITY





   Stockholders' equity of the Company





       Preferred stock: par value $.001; 5,000,000





       shares authorized; none issued and outstanding


-


-

       Common stock: par value $.001; 95,000,000 shares authorized;
       15,336,535 and 15,274,035 shares issued and outstanding as of  
       December 31, 2010 and 2009, respectively


15,337


15,274

       Additional paid-in capital


7,602,625


7,162,867

       Deferred stock-based compensation


(653,494)


(884,139)

       Accumulated other comprehensive income


3,349,296


2,326,292

       Retained earnings


21,994,368


17,490,919

          Total stockholders' equity of the Company


32,308,132


26,111,213

   Noncontrolling interest


9,275,759


8,420,456

       TOTAL EQUITY


41,583,891


34,531,669






       TOTAL LIABILITIES AND EQUITY


$         82,227,286


$         67,318,256









CHINA INDUSTRIAL WASTE MANAGEMENT, INC.

COMBINED AND CONSOLIDATED STATEMENTS OF CASH FLOWS








Years Ended December 31,



2010


2009






Cash flows from operating activities:





Net income attributable to the Company


$    4,503,449


$    1,959,510

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





   Noncontrolling interest


518,882


22,072

   Depreciation


2,285,399


1,041,869

   Amortization


49,178


59,133

   Amortization of deferred stock-based compensation


230,645


-

   Bad debt allowance


118,858


18,929

   Net loss from disposal of assets


14,785


-

   Stock and warrant issued for settlement


439,821


-

   Stock issued for service


-


68,939

   Share-based payment


-


565,050

   Accretion expenses


34,575


108,341

   Government subsidy recognized as income


(193,381)


(175,051)






Changes in operating assets and liabilities:





   Notes receivable


249,416


(335,544)

   Accounts receivable


(3,830,348)


372,429

   Construction reimbursement receivable


846,270


-

   Other receivables


(267,511)


(16,722)

   Inventories


(2,567,119)


94,215

   Advance to suppliers


(103,641)


(249,483)

   Deferred expense


(196,102)


2,928

   Deposits


(77,152)


-

   Other asset


(159,049)


(717,684)

   Deferred tax assets


(187,781)


(377,116)

   Accounts payable


2,039,825


(361,380)

   Tax payable


312,286


(14,280)

   Advance from customers


66,383


5,377

   Accrued expense and deferred income


(61,394)


(72,077)

   Other payable


600,930


22,057

Net cash provided by operating activities


4,667,224


2,021,512






Cash flows from investing activities





   Consideration for acquisition


-


(2,371,646)

   Investment in Xiangtan Dongtai


(63,615)


(87,839)

   Purchase of property and equipment


(574,035)


(11,340,864)

   Construction in progress


(10,659,054)


(3,406,899)

   Purchase of intangible assets


(8,855)


(244,895)

   Due from related party


-


(234,237)

   Cash received from a third party to acquire additional equity interest in Sino-Norway

34,848


-

  Certificate of deposit


293,002


(219,597)

Net cash used in investing activities


(10,977,709)


(17,905,977)






Cash flows from financing activities





   Repayment of construction project payable


(862,128)


(806,937)

   Proceeds from short-term loan


3,030,303


6,734,302

   Repayment of short-term loans  


(6,739,038)


(3,367,151)

   Proceeds from long-term loan


6,060,606


16,103,767

   Repayment of long-term loans  


(2,245,125)


(114,373)

   Proceeds from related party loan


-


102,479

   Cash released from escrow account


-


750,000

   Increase in Restricted cash


(1,691,803)


-

   Subsidy received from government


5,319,478


1,392,514

Net cash provided by financing activities


2,872,293


20,794,601






Effect of exchange rate on cash


182,943


798,209






Net increase (decrease) in cash and cash equivalents


(3,255,249)


5,708,345






Cash and cash equivalents, beginning of period


11,419,129


5,710,784

Cash and cash equivalents, end of period


$    8,163,880


$  11,419,129






Supplemental cash flow information:





   Cash paid during the year for:





       Interest


$    1,331,739


$       916,491

       Income taxes


$       681,187


$       403,871

   Non-cash investing and financing activities:





       Stock and warrant issued for settlement


$       439,821


$                 -

       Share-based payment awarded by major shareholder to investor related to private placement


$                -


$       565,050

       Contributed anaerobic fermentation equipment


$                -


$       292,796

       Transfer out of construction in progress


$       448,252


$    7,361,262

       Transfer of construction in progress to property, plant and equipment


$       448,252


$    7,361,262












SOURCE China Industrial Waste Management, Inc.

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