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Share Name | Share Symbol | Market | Type |
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Rumbu Holdings Ltd | TSXV:RMB | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-0.025 | -16.67% | 0.125 | 0.125 | 0.15 | 0.13 | 0.125 | 0.13 | 25,000 | 21:00:11 |
Zungui Haixi Corporation (TSX VENTURE:ZUN), a China-based manufacturer of sportswear and casual footwear, today announced its financial results for the fourth quarter and year ended June 30, 2010. All amounts in this release are in Canadian dollars unless otherwise indicated. "Our fourth quarter and fiscal year 2010 results reflect strong growth in both our revenue and net income," indicated Mr. Yanda Cai, Chief Executive Officer. "Our financial results continue to demonstrate consistent performance and we are pleased to have this opportunity to update shareholders on our progress." "We have seen further growth in the number of retail outlets with 1,931 retail outlets in the network as at September 30, 2010 comparing to 1,682 retail outlets when we went public in December, 2009. During the last year, we have produced over 11 million pairs of shoes from both internal and outsourced manufacturing capacity, a 38% increase over the prior year. We are pleased by the performance of Mr. Li since his appointment as Chief Operating Officer." Mr. Yanda Cai further continued, "we are reviewing our brand positioning to continue to keep pace with the changes in fashion trends and will launch a new brand strategy for our sports shoes in November. In conjunction with this, we will launch a more expansive advertising campaign developed with external support and disburse more of the funds raised during the initial public offering." Highlights for the Fourth Quarter and Year: -- Revenue increased 14% to $50.6 million for the quarter and 18% to $163.9 million for the year; -- In RMB, revenue increased 31% to RMB 335.8 million for the quarter and 30% to RMB 1,061.3 million for the year ended June 30, 2010; -- Gross margin of 28.4% for the fourth quarter and 27.2% for the year ended June 30, 2010 compared to 27.1% and 26.9% for the comparative periods of 2009, respectively; -- Net income increased 12% to $8.6 million for the quarter and 17% to $27.0 million for the year ended June 30, 2010; -- Net income increased 27% to RMB 57.0 million for the quarter and 29% to RMB 174.6 million for the year ended June 30, 2010; -- Diluted earnings per share of 14 cents compared to 15 cents for the same quarter last year based on a 25% increase in the weighted average number of shares outstanding in the period; and, -- Diluted earnings per share increased 4% to 48 cents for the year compared to 46 cents for the last year on a 13% increase in the weighted average number of shares outstanding in the period. The results were impacted by the movement of the Chinese currency relative to the Canadian dollar. During the fourth quarter ended June 30, 2010 the average foreign exchange rate used to convert one Chinese Renminbi ("RMB") was 0.1506 expressed in Canadian dollars compared to 0.1707 for the same quarter of 2009. If the 2010 fourth quarter results were converted at the prior year's average exchange rate for the quarter, 2010 fourth quarter earnings per share would have been 16 cents. For the year end June 30, 2010, the average foreign exchange rate used to convert one RMB was 0.1545 expressed in Canadian dollars compared to 0.1698 for the same period last year. If the fiscal year 2010 results were converted at the prior year's average exchange rate for 2009, 2010 full year earnings per share would have been 53 cents, resulting in a 14% increase in earnings per share. Audited Consolidated Financial Statements and Management's Discussion and Analysis The Company's audited consolidated financial statements for the year ended June 30, 2010 and Management's Discussion and Analysis for the same period can be found on the Company's website at www.zunguihaixi.com and www.sedar.com. Conference Call Zungui will host a conference call to discuss the fourth quarter results at 9am (EDT) September 30, 2010. The details are as follows: Dial-in number: 1-800-446-4472 or 416-695-7848 Taped rebroadcast (until midnight on October 14, 2010): 1-800-408-3053 Taped replay access passcode: 1754237 About Zungui Haixi Zungui Haixi Corporation, through its wholly owned subsidiaries, is engaged in the manufacture and sale of athletic footwear, apparel and accessories, and also casual footwear, in the People's Republic of China. Both product lines are marketed under the ZUNGUI brand. Zungui Haixi distributes its products to consumers throughout China through an extensive network of retail outlets which exclusively carry ZUNGUI branded products. There are 62,259,500 common shares issued and outstanding. The corporate website is www.zunguihaixi.com. Caution Regarding Forward-Looking Statements Certain statements in this press release contain forward-looking information that involve risk and uncertainties. Statements other than statements of historical fact contained in this press release may be forward-looking statements within the meaning of certain securities laws, including, without limitation, statements involving management's expectations, intentions and beliefs concerning the domestic PRC sportswear industry, the competitive landscape in this industry and the general economy, statements regarding the future financial position or results of the Company, business strategies, proposed acquisitions, growth opportunities, budgets, litigation, projected costs and plans and objectives of or involving the Company. Such statements should be considered forward-looking statements, Wherever possible, words such as "may", "would", "could", "will", "anticipate", "believe", "plan", "expect", "intend", "estimate", "aim", "endeavour", "project", "continue" and similar expressions have been used to identify forward-looking statements. These forward-looking statements reflect management's current beliefs and business judgement with respect to future events and are based on information currently available to management. Forward-looking statements involve significant known and unknown risks, uncertainties and assumptions, and you should not place undue reliance on these forward-looking statements. Although management believes its current beliefs and assumptions are reasonable, many factors could cause Zungui's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, without limitation, those listed in the "Risk Factors" section of the Company's other filings with Canadian securities regulatory authorities at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements contained in this press release. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. These forward-looking statements are made as of and speak as of the date of this press release and the Company does not intend to, or assume any obligation to, update or revise these forward-looking statements to reflect new information, events, results or circumstances or otherwise after the date on which such statement is made as to reflect the occurrence of unanticipated events, except as required by law, including securities laws. Zungui Haixi Corporation Consolidated Balance Sheets (Expressed in thousands of Canadian Dollars) June 30, 2010 June 30, 2009 ------------------------------ Current assets Cash $ 85,876 $ 23,757 Accounts receivable, net 34,128 22,202 Prepaid expenses 343 510 Inventories 3,498 2,984 Other receivables 1,331 1,234 Future income taxes 58 61 ------------------------------ Total current assets 125,234 50,748 Property, plant and equipment 6,470 5,331 ------------------------------ Total assets $ 131,705 $ 56,079 ------------------------------ ------------------------------ Current liabilities Accounts payable and accrued liabilities $ 30,288 $ 15,624 Bank loan - 511 Taxes payable 4,974 4,287 Due to related party 440 482 ------------------------------ Total current liabilities 35,702 20,904 Shareholders' equity Share capital 33,451 - Paid-in capital - - Contributed surplus 3,282 1,174 Surplus reserve funds 4,774 1,938 Retained earnings 56,161 32,021 Accumulated other comprehensive income (loss) (1,665) 42 ------------------------------ Total shareholders' equity 96,003 35,175 ------------------------------ Total liabilities and shareholders' equity $ 131,705 $ 56,079 ------------------------------ ------------------------------ Zungui Haixi Corporation Consolidated Statements of Income and Comprehensive Income (Expressed in thousands of Canadian Dollars, except per share data) Three Months Ended Year Ended June 30, June 30, 2010 2009 2010 2009 --------------------------------------------------- Revenue $ 50,553 $ 44,349 $ 163,885 $ 138,730 Cost of sales 36,187 32,316 119,373 101,323 --------------------------------------------------- Gross profit 14,366 12,033 44,512 37,407 --------------------------------------------------- --------------------------------------------------- Selling expenses 762 725 2,325 3,234 Research and development expenses 223 166 761 484 General and administrative expenses 1,309 741 3,705 2,135 Foreign exchange loss 198 - 198 - Other income, net (84) (19) (100) (52) --------------------------------------------------- 2,408 1,613 6,889 5,801 --------------------------------------------------- Income before income taxes 11,958 10,420 37,623 31,606 Income tax expense 3,383 2,823 10,647 8,559 --------------------------------------------------- Net income 8,575 7,597 26,976 23,047 --------------------------------------------------- --------------------------------------------------- Other comprehensive income (loss): Unrealized gain (loss) on foreign currency translation of self- sustaining operations 4,259 (2,415) (1,707) 1,654 --------------------------------------------------- --------------------------------------------------- Comprehensive income $ 12,834 $ 5,182 $ 25,269 $ 24,701 --------------------------------------------------- --------------------------------------------------- Basic and diluted earnings per share $ 0.14 $ 0.15 $ 0.48 $ 0.46 --------------------------------------------------- Weighted average number of shares outstanding 62,259,500 50,000,000 56,403,055 50,000,000 --------------------------------------------------- --------------------------------------------------- Zungui Haixi Corporation Consolidated Statements of Shareholders' Equity (Expressed in thousands of Canadian Dollars) Three months ended Year ended June 30, June 30, 2010 2009 2010 2009 ------------------------------------------- Share Capital Balance, beginning of period $ 33,451 $ - $ - $ - Issuance of share capital - - 35,318 - Stock based compensation expense - - (1,867) - ------------------------------------------- Balance, end of period $ 33,451 $ - $ 33,451 $ - Paid-in Capital Balance, beginning of period $ - $ 1,174 $ - $ 1,174 Reorganization of capital - (1,174) - (1,174) ------------------------------------------- Balance, end of period $ - $ - $ - $ - Contributed Surplus Balance, beginning of period $ 3,168 $ 1,174 $ 1,174 $ - Reorganization of capital - - - 1,174 Stock based compensation expense 114 - 2,108 - ------------------------------------------- Balance, end of period $ 3,282 $ 1,174 $ 3,282 $ 1,174 Retained Earnings Balance, beginning of period $ 50,422 $ 24,424 $ 32,021 $ 8,974 Net income 8,575 7,597 26,976 23,047 Transfer to surplus reserve funds (2,836) - (2,836) - ------------------------------------------- Balance, end of period $ 56,161 $ 32,021 $ 56,161 $ 32,021 Surplus Reserve Fund Balance, beginning of period $ 1,938 $ 1,938 $ 1,938 $ 1,938 Transfer from retained earnings 2,836 - 2,836 - ------------------------------------------- Balance, end of period $ 4,774 $ 1,938 $ 4,774 $ 1,938 Accumulated Other Comprehensive Income Balance, beginning of period $ (5,924) $ 2,457 $ 42 $ (1,612) Other comprehensive income (loss) 4,259 (2,415) (1,707) 1,654 ------------------------------------------- Balance, end of period $ (1,665) $ 42 $ (1,665) $ 42 Total Shareholders' Equity $ 96,003 $ 35,175 $ 96,003 $ 35,175 ------------------------------------------- ------------------------------------------- Zungui Haixi Corporation Consolidated Statements of Cash Flows (Expressed in thousands of Canadian Dollars) For the Three Months For the Year Ended Ended June 30, June 30, 2010 2009 2010 2009 ------------------------------------------- Cash flows from operating activities Net income $ 8,575 $ 7,597 $ 26,976 $ 23,047 Items not affecting cash: Depreciation 261 121 601 487 Future income taxes 8 (22) (2) (30) Provision for doubtful accounts 99 75 144 111 Stock based compensation 114 - 242 - Loss on disposal of property, plant and equipment 33 - 33 - Changes in non-cash working capital Accounts receivable (8,951) (7,809) (13,702) (9,433) Prepaid expenses 126 63 123 (285) Inventories 1,496 2,009 (747) (638) Other receivables (77) (39) (195) (154) Accounts payable and accrued liabilities 13,066 674 15,689 3,502 Taxes payable 1,483 1,328 1,121 798 ------------------------------------------- Net cash provided by operating activities 16,233 3,997 30,283 17,405 Cash flows from investing activities Property, plant and equipment (1,840) - (2,198) (9) Proceeds from sale of equipment 12 - 12 - ------------------------------------------- Net cash used in investing activities (1,828) - (2,186) (9) Cash flows from financing activities Proceeds from bank loans - - - 443 Repayment of bank loans (452) - (463) (443) Due to related party - (2) (111) 440 Increase in share capital, net - - 35,318 - ------------------------------------------- Net cash provided by financing activities (452) (482) 34,744 440 Effect of exchange rate changes on cash 3,673 (744) (722) 897 ------------------------------------------- Net increase in cash 17,626 2,296 62,119 18,733 Cash, beginning of the period 68,250 21,461 23,757 5,024 ------------------------------------------- Cash, end of the period $ 85,876 $ 23,757 $ 85,876 $ 23,757 ------------------------------------------- ------------------------------------------- Supplemental disclosure of cash information Interest paid in cash $ 6 $ 7 $ 24 $ 38 Income taxes paid in cash 1,901 1,544 9,631 7,773
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