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RINO International Corp. Announces Record 2009 Revenue and Net Income


News provided by

Rino International Corporation

Mar 31, 2010, 08:03 ET

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DALIAN, China, March 31 /PRNewswire-Asia-FirstCall/ -- Rino International Corp. (Nasdaq: RINO), which through its subsidiaries and controlled affiliates (collectively, the "Company" or "RINO"), designs, manufactures, installs and services proprietary and patented wastewater treatment, desulphurization equipment, and high temperature anti-oxidation systems for iron and steel manufacturers in the People's Republic of China ("PRC"), today announced the Company's financial results for the fourth quarter and fiscal year 2009.

    -- Fourth Quarter 2009 Sales Increase 29.9% to $53.0 million, *Adjusted
       Net Income Increases 92.9% to $13.5 million with EPS of $.53
    -- 2009 Sales Increase 27.7% to $192.6 million, **Adjusted Net Income
       Increases 47.3% to $57.3 million with EPS of $2.26
    -- 2009 Cash flow from operations increased 414.4% to $30.9 million
    -- Cash & Equivalents of $134.5 million on December 31, 2009
    -- Backlog of $89.4 million on February 28, 2010
    -- 2010 Guidance: Revenues Expected to Exceed $225 Million
    -- Management to Host Earnings Conference Call on April 1, 2010 at 9:00am
       ET

    SUMMARY FINANCIALS

    Fourth Quarter 2009 Results (Unaudited)

                               Q4 2009        Q4 2008           CHANGE
    Sales                   $53.0 million  $40.8 million         +29.9%
    Gross Profit            $16.1 million  $10.8 million         +49.2%
    GAAP Net Income         $17.2 million   $1.0 million       +1600.0%
    Adjusted Net Income*    $13.5 million   $7.0 million         +92.9%
    GAAP EPS (Diluted)             $0.68           $0.04       +1600.0%
    Adjusted EPS (Diluted)*        $0.53           $0.28         +89.3%

    * Net Income and EPS in the Q4 of 2009 and 2008 are non-GAAP calculations
      and do not include $3.6 million in non-cash charges due to stock-based
      compensation and a change in value of warrants during Q4 of 2009 and $6
      million in equity compensation charges during Q4 2008.



    Fiscal Year 2009 Results

                                 FY 2009        FY 2008           CHANGE
    Sales                    $192.6 million $139.3 million        +27.7%
    Gross Profit              $72.3 million  $54.3 million        +33.1%
    GAAP Net Income           $56.4 million  $21.3 million       +164.8%
    Adjusted Net Income**     $57.3 million  $38.9 million        +47.3%
    GAAP EPS (Fully Diluted)          $2.22          $0.85       +161.2%
    Adjusted EPS (Diluted)**          $2.26          $1.55        +45.8%

    * Full Year 2009 included $0.8 million in non-cash charges due to stock-
      based compensation and a change in the value of the warrants.
    **Fiscal Year 2008 included $17.7 million in non-cash equity compensation
      expenses related to the "Make Good" provision of an October 2007
      financing agreement which was present in 2009.

2009 Fourth Quarter Financial Results (unaudited)

Net revenues for the fourth quarter ended December 31, 2009 increased 29.9% to $53.0 million compared to $40.8 million for the fourth quarter in 2008. Specifically during the fourth quarter, the company recorded $27.3 million in desulphurization projects which represented 51.5% of sales and was a 9.3% decrease from the same period 2008; $14.4 million in wastewater treatment system sales, which represented 27.2% of sales and was an increase of 700% over fourth quarter 2008; $7.7 million in anti-oxidation equipment and an coatings compared, which represented 14.5% of total sales and represented an increase of 413% from the same period of 2008; and $3.6 million in machining service revenues, a decrease of 51.4% from the $7.4 million recorded in the same period 2008, and represented 6.8% of sales during the fourth quarter of 2009.

Cost of goods sold for the fourth quarter of 2009 was $36.9 million compared to $30.0 million in same period 2008, an increase of 23.0%. Gross profit was $16.1 million in the fourth quarter 2009 compared to $10.8 million for the same period in 2008, an increase of $5.3 million, and represented gross margins of approximately 30.3% and 26.4%, respectively.

Total operating expenses for the fourth quarter of 2009 were $2.9 million versus $10.0 million for the same period in 2008. Excluding the non cash equity compensation charge of $0.05 million and $6.0 million for the fourth quarter of 2009 and 2008 respectively, operating income would have been $13.2 million and $6.7 million with operation margins of 24.9% and 16.5% respectively.

GAAP net income for the fourth quarter of 2009 was $17.2 million compared to $1.0 million reported in the same period prior year. Excluding charge in equity compensation expenses of $0.05 million and change in value of warrant of $3.6 million for the fourth quarter of 2009, and non-cash charge in equity compensation expenses of $6.0 million for the fourth quarter of 2008, adjusted net income was $13.5 million compared to $7.0 million for fourth quarter of 2008. Based on 25.4 and 25.1 million shares outstanding, GAAP earnings were $0.68 and $0.04 per diluted share for the fourth quarter of 2009 and 2008, respectively. Excluding the non-cash charge for equity compensation and change value of warrant, the Company would have reported fourth quarter diluted earnings of $0.53 per share compared to $0.28 in the year ago period.

"We are very pleased with our financial results for the fourth quarter and full year of 2009," commented Mr. Zou Dejun, President and CEO of RINO International, "During the fourth quarter of 2009, we experienced continued momentum in installations of our anti-oxidation systems and wastewater treatment systems. In addition, we completed a total of 5 FGD desulphurization systems for a total of 5 customers during the fourth quarter. We would like to extend our gratitude to all our investors for their support in the $100 million December financing, which will provide the necessary working capital to secure more projects while expanding our production capacity. To that end, we recently acquired 50-year land use rights for approximately 57.5 acres in a large scale industrial plant located in Dalian Changxing Island Harbor Industrial Zone and will build out a new facility during 2010 to be used to expand its R&D and manufacturing capabilities for a wide range of its environmental protection equipment."

    Fiscal Year 2009 Revenue Breakdown (Audited)

                                     FY 2009          FY 2008       CHANGE
    Waste Water Treatment         $46.0 million    $14.4 million   +218.3%
    % of Sales                            23.9%            10.4%
    Desulphurization Equipment   $116.4 million   $105.3 million    +10.6%
    % of Sales                            60.4%            75.6%
    Anti-oxidation equipment
     & coatings                    $25.1million     $5.7 million   +336.6%
    % of Sales                            13.0%             4.1%
    Machining services             $5.2 million    $13.9 million    -62.7%
    % of Sales                             2.7%             9.9%
    Total Sales                  $192.6 million   $139.3 million    +38.3%

Revenue increased 27.7% to $192.6 million for the twelve months ended Dec. 31, 2009, from the $139.3 million reported in 2008, surpassing previously issued guidance of $176.5 million. Sales of Wastewater Systems increased 218.3% to $46.0 million for 2009, compared to $14.4 million in 2008. The Company recorded anti-oxidation equipment and related coatings sales of $25.1 million from nine contracts executed for 2009, as compared to revenues of $5.7 million with 2 contracts completed for 2008. This represented a year-over-year increase of $19.3 million, or 336.6%.

Gross profits for 2009 were $72.3 million compared to $54.3 million in 2008, an increase of 33.1%. Gross margins were 37.5% compared to 39.0% in 2008, which were impacted by higher subcontractor costs in 2009. Operating income for the year totaled $55.3 million, an increase of 142.5% compared to $22.8 million in 2008 with operating margins of 28.7% compared to 16.3% in 2008. This is equivalent to an increase of 42.2% compared to adjusted operating income of $38.9 million for 2008, excluding non cash equity compensation charges of $0.05 million and $17.7 million for 2009 and 2008, respectively.

GAAP Net income was $56.4 million for the year ended December 31, 2009, an increase of $35.1 million, or approximately 165.0% compared to last year. Earnings per diluted share were $2.22 vs. $0.85, based on 25.4 and 25.1 million shares outstanding, respectively. Excluding the equity compensation charge and change value of warrant, adjust net income was $57.3 million, or $2.26 per diluted share for 2009.

"We were pleased with the momentum in our wastewater business as we were awarded projects which were approximately double the size of average contracts executed in 2008. With inadequate wastewater infrastructure and existing systems reaching their useful life, we are optimistic about further growth opportunities for this product segment. Mandates by the State Environmental Protection Agency (SEPA) calling for the iron and steel producers to significantly reduce sulphur emissions and specific goals set by China's MIIT to attain this reduction helped drive adoption and enabled us to increase our average contract size for our desulphurization projects by approximately 39% over 2008. As evidenced by our recently announced agreement with Shougang Jingtang Steel Company, we are beginning to implement the BOT model in our desulphurization business, which is aimed at meeting our customer's operating, financial and regulatory objectives, while providing long-term recurring revenue for RINO. We continue to diversify our business through increased sales of anti-oxidation application equipment and the associated coating, and commercialization of our new energy efficient sludge treatment system based on proprietary Rotary Drum Film Dryer ("DWM") technology, which addresses an estimated $28.8 billion market in China, several times larger than that for our existing products. With a strong working capital position, we are well positioned to continue our growth momentum and capitalize this long-term secular growth opportunity in China," stated Mr. Zou Dejun, Director and CEO of RINO.

Balance Sheet and Cash Flow Discussion

Cash and cash equivalents as of December 31, 2009 were $134.5 million, as compared to $19.7 million on December 31, 2008, mainly resulting from the $100 million registered direct offering closed on December 7, 2009. Accounts receivable stood at $57.8 million as of December 31, 2009, compared to $51.5 million reported on December 31, 2008. Days sales outstanding were 110 and 135 for 2009 and 2008, respectively. Inventories and advances for inventory totaled $39.4 million on December 31, 2009, while advances for equipment and construction material purchase were $9.1 million. The Company generated $30.9 million in cash flow from operations, compared with $6.0 million cash generated in operation in 2008. Stockholder's equity increased 205.2% to $204.2 million vs. $66.9 million in 2008, with the associated book value on December 31, 2009 of approximately $8.04 per share.

2010 Guidance

Management expects to report revenues of at least $225 million for the fiscal year 2010, representing approximately 17% growth over fiscal 2009 results, and gross margins of between 35% and 40% for 2010. On March 31, 2009 the Company had 28,603,321 common shares outstanding. The Company expects to generate revenue growth in all of its business lines, including contribution from its new sludge dehydration project. In addition, management believes its working capital and cash flow from operations will enable it to meet these projections.

Conference Call

The Company will host a conference call on April 1 2010, at 9:00 a.m. ET. To attend the call, please use the dial information below. When prompted, ask for the "RINO International Call" and/or be prepared to provide the conference ID.

    Date:                            April 1, 2010
    Time:                            9:00am ET
    Conference Line Dial-In (U.S.):  1-877-941-8601
    International Dial-In:           +1-480-629-9810

    Conference ID:                   4275058
    Webcast link:                    http://viavid.net/dce.aspx?sid=000072AF

Please dial in at least 10-minutes before the call to ensure timely participation. A playback will be available through April 8th, 2010. To listen, please call 1-800-406-7325 within the United States or +1-303-590-3030 when calling internationally. Utilize the pass code 4275058 for the replay.

About RINO International Corporation

RINO International Corporation, through its direct and indirect subsidiaries, including Innomind Group Limited, Rino Investment (Dalian) Co., Ltd. ("Rino Investment") and Rino Investment's wholly owned subsidiary, Dalian Rino Heavy Industries Co., Ltd., together with Dalian Innomind Environment Engineering Co., Ltd., its contractually-controlled affiliate, Dalian RINO Environmental Engineering Science and Technology Co., Ltd. ("Dalian Rino") and Dalian Rino's wholly-owned subsidiaries, Dalian Rino Environmental Engineering Project Design Co., Ltd., Dalian Rino Environmental Construction & Installation Project Co., Ltd. and RINO Technology Corporation, is a leading provider of environmental protection equipment for the iron and steel industry in China. Specifically, RINO designs, manufactures, installs and services proprietary and patented wastewater treatment, flue gas desulphurization equipment, and high temperature anti-oxidation systems, which are all designed to reduce either industrial pollution and/or improve energy utilization. RINO's manufacturing facility maintains the ISO 9001 Quality Management System and ISO 14001 Environment Management System certifications, in addition to receiving numerous government and industry awards. Additional information about the Company is available at the Company's website: http://www.rinogroup.com .

About Non-GAAP Financial Measures

To supplement our consolidated financial statements, which statements are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: adjusted operating income, adjusted net income and adjusted EPS (basic and diluted). The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We use these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our "recurring core business operating results." We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting and analyzing future periods. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business.

The accompanying tables have more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliations between the two.

Cautionary Statement Regarding Forward-Looking Information

Certain statements in this press release and conference presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about the Company. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology, and statements which may include discussions of strategy, and statements about industry trends future performance, operations and products of each of the entities referred to above. Actual performance results may vary significantly from expectations and projections as a result of various factors, including, without limitation, the risks set forth "Risk Factors" contained in the Company's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.

    For more information, please contact:

    For the Company:
     Jenny Liu
     Tel:   +86-411-8766-2700
     Email: [email protected]

    For Investors:
     Matt Hayden, HC International, Inc.
     Tel:   +1-561-245-5155
     Email: [email protected]


                         --FINANCIAL TABLES FOLLOW--

               RINO INTERNATIONAL CORPORATION AND SUBSIDIARIES
                         CONSOLIDATED BALANCE SHEETS
                       AS OF DECEMBER 31, 2009 AND 2008

                                                   2009             2008
                    ASSETS
    CURRENT ASSETS
    Cash and cash equivalents                  $134,487,611      $19,741,982
    Restricted cash                                      --        1,030,317
    Notes receivable                                440,100        2,157,957
    Due from shareholders                         3,005,386               --
    Accounts receivable, trade, net of
     allowance for doubtful accounts of
     $273,446 and $0 as of December
     31, 2009 and 2008, respectively             57,811,171       51,503,245
    Costs and estimated earnings in excess
     of billings on
    uncompleted contracts                         3,258,806               --
    Inventories                                   5,405,866        1,203,448
    Advances for inventory purchases             34,056,231       21,981,669
    Other current assets and prepaid
     expenses                                       629,506          517,847
    Total current assets                        239,094,677       98,136,465

    PROPERTY, PLANT AND EQUIPMENT, NET           12,265,389       13,197,119

    OTHER ASSETS
    Advances for non current assets               6,570,378        6,082,608
    Intangible assets, net                        1,144,796        1,211,608
    Total other assets                            7,715,174        7,294,216

    Total assets                               $259,075,240     $118,627,800

     LIABILITIES AND SHAREHOLDERS' EQUITY

    CURRENT LIABILITIES
    Accounts payable                             $4,281,353       $5,816,714
    Short-term bank loans                         1,467,000        8,802,000
    Customer deposits                             4,984,801        3,609,407
    Liquidated damages payable                       20,147        2,598,289
    Other payables and accrued liabilities          496,411          746,267
    Due to shareholder                                   --          596,023
    Taxes Payable                                 4,003,709        5,062,901
    Total current liabilities                    15,253,421       27,231,601

    Warrant Liabilities                          15,172,712               --

    REDEEMABLE COMMON STOCK ($0.0001 par
     value, 5,464,357 shares issued with
     conditions for redemption outside
     the control of the company)                 24,480,319       24,480,319

    COMMITMENTS AND CONTINGENCIES

    SHAREHOLDERS' EQUITY
    Preferred Stock ($0.0001 par value,
     50,000,000 shares authorized,
     none issued and outstanding)                        --               --
    Common Stock ($0.0001 par value,
     10,000,000,000 shares authorized,
     28,603,321 shares and 25,040,000
     shares issued and outstanding as
     of December 31, 2009 and 2008)                   2,860            2,504
    Additional paid-in capital                  107,135,593       25,924,007
    Retained earnings                            78,983,794       28,570,948
    Statutory reserves                           11,755,312        6,196,478
    Accumulated other comprehensive income        6,291,229        6,221,943
    Total shareholders' equity                  204,168,788       66,915,880
    Total liabilities and shareholders'
     equity                                    $259,075,240     $118,627,800



               RINO INTERNATIONAL CORPORATION AND SUBSIDIARIES
       CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
                FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008

                                                 2009             2008
    REVENUES
    Contracts                               $187,473,072     $119,920,874
    Services                                   5,169,434       19,422,523
                                             192,642,506      139,343,397

    COST OF SALES
    Contracts                                116,716,424       74,247,181
    Services                                   2,858,119       10,099,616
    Depreciation                                 754,688          662,436
                                             120,329,231       85,009,233

    GROSS PROFIT                              72,313,275       54,334,164

    OPERATING EXPENSES
    Selling, general and
     administrative expenses                  16,939,558       13,883,023
    Stock compensation expense and
     shares placed in escrow                      47,385       17,678,080
    TOTAL OPERATING EXPENSES                  16,986,943       31,561,103

    INCOME FROM OPERATIONS                    55,326,332       22,773,061

    OTHER INCOME (EXPENSES), NET
    Other income, net                            241,313          490,601
    Change in fair value of warrants            (831,185)              --
    Interest expense, net                        (90,830)        (383,649)
    Gain (expenses) on liquidated
     damage                                    1,746,120       (1,598,289)
    TOTAL OTHER INCOME (EXPENSES),
     NET                                       1,065,418       (1,491,337)

    INCOME BEFORE PROVISION FOR
     INCOME TAXES                             56,391,750       21,281,724

    PROVISION FOR INCOME TAXES                        --               --

    NET INCOME                                56,391,750       21,281,724

    OTHER COMPREHENSIVE INCOME:
    Foreign currency translation
     adjustment                                   69,286        4,234,671

    COMPREHENSIVE INCOME                     $56,461,036      $25,516,395

    WEIGHTED AVERAGE NUMBER OF
    SHARES:
      Basic                                   25,379,587       25,040,000
      Diluted                                 25,379,587       25,148,178

    EARNINGS PER SHARE:
      Basic                                        $2.22            $0.85
      Diluted                                      $2.22            $0.85



               RINO INTERNATIONAL CORPORATION AND SUBSIDIARIES
                    CONSOLIDATED STATEMENTS OF CASH FLOWS
                FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008

                                                2009                 2008
    CASH FLOWS FROM OPERATING ACTIVITIES
    Net income                              $56,391,750          $21,281,724
    Adjusted to reconcile net income to
     cash used in operating activities:
    Depreciation                                970,451              806,625
    Amortization                                 66,771               65,651
    Allowance for bad debt                      273,278                   --
    Imputed interest on due to shareholders      13,560               24,268
    Amortization of long term prepaid
     expenses                                    46,468               28,830
    Share issued for service                      8,960              179,200
    Stock compensation expense and
     shares placed in escrow                     38,425           17,498,880
    (Gain) expense on liquidated damage      (1,746,120)           1,598,289
    Change in fair value of warrants            831,185                   --
    Changes in operating assets and
     liabilities
    Notes receivable                          1,716,803           (1,906,766)
    Accounts receivable                      (6,577,334)         (28,635,455)
    Costs and estimated earnings in
     excess of billings on uncompleted
     contracts                               (3,256,807)           2,971,223
    Inventories                              (4,199,840)            (994,352)
    Advances for inventory purchases        (12,067,154)          (8,850,435)
    Other current assets and prepaid
     expenses                                  (111,590)             512,905
    Accounts payable                         (1,534,419)           3,043,036
    Customer deposits                         1,374,550            3,424,139
    Other payables and accrued
     liabilities                               (249,703)              12,662
    Taxes Payable                            (1,058,542)          (5,085,079)
    Net cash provided by operating
     activities                              30,930,692            5,975,345

    CASH FLOWS FROM INVESTING ACTIVITIES
    Purchase of property and equipment          (39,295)          (2,176,132)
    Advances for non current assets            (533,939)          (1,283,107)
    Net cash used in investing
     activities                                (573,234)          (3,459,239)

    CASH FLOWS FROM FINANCING ACTIVITIES
    Change in restricted cash                 1,030,317              (30,317)
    Proceeds from short-term bank loans      30,788,100           15,712,000
    Payment of short-term bank loans        (38,118,600)          (7,310,000)
    Payment on liquidated damage
     settlement                                (615,018)                  --
    Payment to shareholder                   (5,093,486)                  --
    Proceeds from shareholder                 1,532,372              472,979
    Proceeds from issuance of stock          94,855,453                   --
    Net cash provided by financing
     activities                              84,379,138            8,844,662

    EFFECT OF EXCHANGE RATE ON CASH               9,033              990,583

    INCREASE IN CASH AND CASH
     EQUIVALENTS                            114,745,629           12,351,351

    CASH AND CASH EQUIVALENTS,
     beginning                               19,741,982            7,390,631

    CASH AND CASH EQUIVALENTS,
     ending                                $134,487,611          $19,741,982

    SUPPLEMENTAL DISCLOSURE OF
     CASH FLOW INFORMATION
    Cash paid for Interest expense             $680,925             $480,902
    Cash paid for income taxes                 $229,911           $5,434,122
    Shares issued for liquidated
     damage penalty settlement                 $217,004                  $--
    Shares issued for service received           $8,960             $179,200

SOURCE Rino International Corporation

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