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Tri-Tech Holding Q1 2010 Revenue Up 48.7% to $4.2M; Net Income Up 36.2% to $817,614 EPS $0.15

Company Anticipates Strong 2010 Growth With Rapidly Emerging Industrial Pollution Segment Sales


News provided by

Tri-Tech Holding Inc.

May 13, 2010, 08:39 ET

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BEIJING, May 13 /PRNewswire-Asia-FirstCall/ -- Tri-Tech Holding Inc. (Nasdaq: TRIT), a leading Chinese company that engineers, manages and monitors China's municipal sewer systems, natural waterways and resources, announced today that revenue for the first fiscal quarter ended March 31, 2010 increased 48.7% to $4.2 million from $2.9 million in Q1 2009. Net income for the quarter was $817,614 or $0.15 per diluted share compared with net income of $600,252 or $0.17 diluted EPS in Q1 2009.

    Additional First Quarter 2010 Highlights
    -- Revenue from Wastewater/Tail Gas operations increased 65.8% to $2.6
       million.
    -- Revenue from Water Resource Management increased 23.8% to $1.6 million.
    -- Revenue from Industrial Pollution Control was $60,643. Industrial
       Pollution Control is a new reportable segment for 2010.
    -- Gross profit (exclusive of depreciation and amortization) increased
       65.3% to $1.8 million from $1.1 million in Q1 2009.
    -- Gross margin improved to 41.7% vs. 37.5% for Q1 2009.
    -- Income from operations increased 24.6% to $827,732 from $664,145 in Q1
       2009.
    -- Weighted average number of diluted shares outstanding was 5.56 million
       as of March 31, 2010, compared to 3.56 million as of March 31, 2009.

Subsequent Event

On April 20, 2010, the company completed a secondary public offering of 2,142,750 ordinary shares at an offering price of $14.00 per share. The company received aggregated gross proceeds of approximately $30 million before underwriter commissions and discounts and other expenses, On May 4, 2010, the underwriters of the secondary public offering of common stock partially exercised their over-allotment option, which resulted in the issuance of an additional 224,083 ordinary shares. This over-allotment exercise brought the gross proceeds from the secondary offering to $33.1 million. The company expects to use the net proceeds of the offering for working capital and potential targeted acquisitions as well as new product development and sales and marketing. As of May 11, 2010, the company had 7,791,833 ordinary shares issued and out-standing.

First Quarter 2010 Financial Performance

Revenue

Total revenue was $4.2 million in the quarter ended March 31, 2010, an increase of $1.4 million or 48.7%, compared to revenue of $2.9 million in the same period of 2009. The increase was primarily driven by an increase in larger contracts, several of which exceeded $1.1 million. Revenue attributable to Wastewater and Tail Gas Treatment was $2.6 million, an increase of 65.8% compared to Q1 2009. Water Resource Management revenue was up 23.8% to $1.6 million and Industrial Pollution Control revenue was $60,643.

Net Income

Net income attributable to shareholders was $817,614, an increase of $0.2 million, or 36.2%, compared to $600,252 in the same period of 2009. Diluted earnings per share attributable to shareholders for the quarter were $0.15 based on net income of $817,614. This compared with net income of $600,252 or $0.17 diluted EPS in Q1 2009.

Gross profit (exclusive of depreciation and amortization)

Gross profit (exclusive of depreciation and amortization) increased 65.3% to $1.8 million for the quarter from $1.1 million in the Q1 2009. This increase reflected significant Chinese government infrastructure spending along with tight construction timelines and strong market demand. These factors result in high market value for construction projects, and such projects are driving our revenue growth. We also emphasized tight cost containment, which was aided by continued sourcing of more locally made, lower priced equipment. Gross margin (exclusive of depreciation and amortization) for the quarter was 41.7%, compared to 37.5% for the same period.

Operating income

Operating income increased 24.6% to $827,732 from $664,145 in Q1 2009. Operating margin decreased from 23.3% in Q1 2009 to 19.5%. This decrease was mainly due to rapid growth of general and administrative expenses and selling expenses, which largely reflected an increased number of sales personnel, increased travel expenses in pursuit of new contracts and professional service fees associated with being a publicly traded company since September 2009.

Liquidity and Capital Resources

As of March 31, 2010, cash and cash equivalents were $7.2 million including a U.S. dollar deposit of $1.6 million and an equivalent RMB deposit of $5.6 million. Working capital was $18.7 million, including cash and cash equivalents of $7.2 million.

Management Comment

Chief Executive Officer, Warren Zhao said, "2010 is off to an excellent start with good performance from our Wastewater/Tail Gas Treatment and Water Resources Management segments and our rapidly emerging Industrial Pollution Control segment, which we believe also has significant potential for growth.

"We continue to pursue smaller river basin flood monitoring and forecasting systems and groundwater monitoring systems across China. In the fiscal quarter ended March 31, 2010, we received awards for two projects for smaller river basin flood and forecasting systems in Zunyi and Anshun in Guizhou Province.

"In 2010, we are closely tracking post-disaster reconstruction projects led by the Water Authority of Sichuan Province, Guangdong drought control projects, Henan drought control protects and Guangxi international river monitoring projects.

"Our Wastewater and Tail Gas Treatment business segment focuses on Tianjin City and Hebei Province. Services include pump stations, treatment plants, odor control systems and controls and instruments. In the fiscal quarter ended March 31, 2010, we won contracts for the Beitang Wastewater Treatment Plant and the Hejian Wastewater Treatment Plant in Hebei Province.

"We are making excellent progress in penetrating adjacent industry vertical opportunities in the industrial wastewater and process tail gas treatment markets in the petrochemical industry. We are also pursuing opportunities in the power generation industry and the oil and gas industry. In the fiscal quarter ended March 31, 2010, we won an industrial wastewater treatment contract in Jinxi City of Liaoning Province from Jinxi Petrochemical Co., a subsidiary of PetroChina. We are increasing our efforts to obtain these types of contracts.

"In a similar manner, we are further developing our water resource management services from partial management solutions to full management solutions for large scale river basin projects. We believe the Chinese government's decision to initiate new programs and allocate significant investment for their implementation offers our company significant business opportunities. In addition, the severe drought in Southwest China will accelerate investment in water conservancy.

"In our municipal wastewater business, we plan to expand beyond our existing base of operations. In our current business footprint, local governments are building 80 new wastewater treatment plants. This growth represents development activities in only two provinces. We believe significant opportunities exist in the other 32 provinces, municipalities and autonomous regions in China."

Conference Call

Tri-Tech CEO Warren Zhao, President Phil Fan and CFO Peter Dong will host a conference call at 10:00 AM EDT tomorrow, Friday, May 14, (10:00 PM Beijing/Hong Kong Time on May 14) to review the company's financial results and respond to questions and comments.

To participate, call U.S. Toll Free Number 1-877-941-8416 approximately 10 minutes before the call. International callers, please dial 1-480-629-9812. The conference ID number is 4299302. A live webcast of the call will be available at http://viavid.net/dce.aspx?sid=0000753F . 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 via http://www.tri-tech.cn and http://www.hawkassociates.com .

About Tri-Tech Holding Inc.

Tri-Tech designs customized sewage treatment and odor control systems for China's municipalities and its larger cities. 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 government in managing its water resources. The company is also moving into the industrial pollution control market. Tri-Tech owns seven software copyrights and two technological patents and employs 140 people. Please visit http://www.Tri-Tech.cn for more information.

An online investor kit including a company profile, press releases, current price quotes, stock charts and other valuable information for investors is available at http://www.hawkassociates.com/profile/trit.cfm . To subscribe to future releases via e-mail alert, visit http://www.hawkassociates.com/about/alert/ .

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. Among other things, expectations about expansion into adjacent industry verticals, growth of our Industrial Pollution Control Services, and the potential development of the company's other existing service lines contain forward-looking statements. 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:

    Investor Contact:
     Hawk Associates
     Frank Hawkins
     Amy Lin
     Phone: +1-305-451-1888
     Email: [email protected]


                                - FINANCIAL TABLES -



                               TRI-TECH HOLDING INC.
                            CONSOLIDATED BALANCE SHEETS

                                            March 31,         December 31,
                                               2010             2009
                                           (Unaudited)
    ASSETS
    Current Assets
      Cash                              $    7,202,236    $   7,171,464
      Restricted cash                               --        1,501,128
      Accounts receivable, net of
       allowance for doubtful accounts
       of $62,448 and $56,491 as of
       March 31, 2010 and December 31,
       2009, respectively                    3,568,779        4,338,239
      Unbilled revenue                       6,471,224        3,952,763
      Other receivables                        359,784          273,602
      Inventories                            1,989,636        1,573,324
      Deposits on projects                     978,687          585,153
      Prepayments to suppliers
       and subcontractors                    3,088,153        1,898,900
        Total current assets                23,658,499       21,294,573
    Long-term unbilled revenue               1,724,331        1,723,852
    Plant and equipment, net                   432,226          374,009
    Proprietary technology, net              1,073,497          797,854

                                        $   26,888,553    $  24,190,288
    LIABILITIES AND EQUITY
    Current liabilities
       Accounts payable and cost
        accrual on projects             $    3,912,821    $   3,367,056
       Customer deposits                       628,796          494,047
       Billings in excess of
        revenue                                     --            8,650
       Other payables                          120,228            8,633
       Accrued liabilities                      72,433          103,190
       Deferred income taxes                        --          141,478
       Income taxes payable                    239,106          144,232
         Total current liabilities           4,973,384        4,267,286
    Long-term liabilities                       47,277           58,171
                                             5,020,661        4,325,457
    Equity
      Tri-Tech Holding Inc.
       shareholders' equity
        Common stock ($0.001 par value,
         30,000,000 shares authorized;,
         5,389,000 and 5,255,000 shares
         issued as of March 31, 2010 and
         December 31, 2009, respectively;
         as of March 31, 2010, 340,000
         shares issued were held in
         escrow.)                                5,389            5,255

      Additional paid-in-capital            14,128,162       12,942,650
      Statutory reserves                        50,655           50,655
      Retained earnings                      7,150,957        6,333,343
      Accumulated other
       comprehensive income                    374,567          377,097
        Total Tri-Tech Holding
         Inc. shareholders' equity          21,709,730       19,709,000
      Noncontrolling Interests                 158,162          155,831

          Total equity                      21,867,892       19,864,831
                                        $   26,888,553    $  24,190,288



                             TRI-TECH HOLDING INC.
        CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME

                                      For The Three Months Ended March 31,
                                            2010                 2009
                                         (Unaudited)          (Unaudited)
    Revenues:
      System integration                 $3,508,085         $  1,319,603
      Hardware products                     347,081            1,097,155
      Software products                     382,948              434,049
        Total revenues                    4,238,114            2,850,807
    Cost of revenues: (exclusive of
     depreciation and amortization
     shown separately below)
      System integration                  2,151,215              883,633
      Hardware products                     309,740              887,880
      Software products                      10,283               10,211
        Total cost of revenues
         (exclusive of depreciation
         and amortization shown
         separately below)                2,471,238            1,781,724
    Operating expenses:
      Depreciation and amortization
       expense                               40,442               21,583
      Selling and Marketing expenses        202,194              104,306
      General and Administrative
       expenses                             696,508              279,049
        Total operating expenses            939,144              404,938
    Income from operations                  827,732              664,145
      Other income (expenses):
      Other expense                          (4,850)                (390)
      Interest income                         9,694                  435
      Interest expense                       (1,629)                  --
      Tax rebates                            56,965                   --
        Total other income
         (expenses), net                     60,180                   45
    Income before provision for
     income taxes and noncontrolling
     interests income                       887,912              664,190
    Provision for income taxes               67,773               63,563
    Net income before allocation to
     noncontrolling interests               820,139              600,627
    Less: Net income attributable to
     noncontrolling interests                 2,525                  375
    Net income attributable
     to Tri-Tech                           $817,614          $   600,252
    Holding Inc
    Other comprehensive
     income
      Foreign currency
       translation adjustment                (2,724)              13,208
    Comprehensive income                   $817,415          $   613,835
    Less: Comprehensive
     income attributable to
     noncontrolling interests                 2,331                  349
    Comprehensive income attributable
     to Tri-Tech Holding Inc.              $815,084          $   613,486
    Net income attributable to Tri-Tech
     Holding Inc. per share:
      Basic                                   $0.16          $      0.17
      Diluted                                 $0.15          $      0.17
    Weighted Average number
     of common shares outstanding:
      Basic                               5,269,011            3,555,000
      Diluted                             5,559,260            3,555,000



                                TRI-TECH HOLDING INC.
                       CONSOLIDATED STATEMENTS OF CASH FLOWS

                                             For The Three Months Ended
                                                      March 31,
                                                2010             2009
                                             (Unaudited)      (Unaudited)
    Cash flows from operating
     activities:
      Net income before allocation
       to noncontrolling interests       $     820,139         $  600,627
      Adjustments to reconcile net
       income before noncontrolling
       interests to net cash provided
       by (used in) operation
       activities:
      Amortization of option
       expenses                                 91,480                 --
      Amortization of warrants                   8,766                 --
      Depreciation and amortization             40,442             21,748
      Provision for doubtful
       accounts                                  5,940             10,178
      Deferred income taxes                   (149,838)            42,668
        Changes in operating assets
         and liabilities:
        Restricted cash                      1,501,414                 --
        Accounts receivable                    764,660            258,395

        Unbilled revenue                    (2,517,140)          (744,534)
        Other receivables                     (479,436)            51,281

        Inventories                           (359,426)          (368,318)
        Prepayments and deferred
         expenses                           (1,164,248)           340,332
        Accounts payable                       488,386            256,795
        Customer deposits                      134,600            167,149
      Billings in excess of revenue             (8,652)                --
        Other payables                         175,051            (23,449)
      Accrued liabilities                      (30,782)                --
        Taxes payable                           94,825            189,667
    Net cash (used in) provided
     by operating activities                  (583,819)           802,539
    Cash flows from investing
     activities:
      Payment to purchase plant and
       equipment                               (80,766)              (950)
      Payment to purchase
       intangible asset                       (292,959)                --
      Payment of installment of vehicle
       purchase                                (10,909)                --
      Short-term loan to third
       parties                                      --           (213,584)
    Net cash used in investing
     activities                               (384,634)          (214,534)
    Cash flows from financing
     activities:
    Proceeds from exercise of
     warrants into common stock              1,085,400                 --
    Net cash provided by
     financing activities                    1,085,400                 --
    Effect of exchange rate
     changes on cash
     and cash equivalents                      (86,175)          (171,539)
    Net increase in cash and cash
     equivalents                                30,772            416,466
    Cash and cash equivalents,
     beginning of period                     7,171,464            732,418
    Cash and cash equivalents,
     end of period                   $       7,202,236         $1,148,884
    Supplemental Data:
    Income taxes paid                $         122,786         $       --
    Interest paid on debt            $           1,629         $       --

SOURCE Tri-Tech Holding Inc.

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