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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Guanwei Recycling Corporation (CE) | USOTC:GPRC | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000001 | 0.00 | 01:00:00 |
Financial Highlights
Financial Strength
As of March 31, 2013, working capital increased to $38,057,092 compared with $35,505,028 as of December 31, 2012. In part, this reflected an increase in cash and cash equivalents to $13,491,880 from $12,083,358 at the end of 2012. Additionally, in the 2013 first quarter, accounts receivable decreased to $7,686,940 from $9,305,104 at the end of 2012.
Outlook
"We continue to be very optimistic about our longer term outlook," stated Mr. Min Chen, Chairman and CEO of the Company, "for as the economy in China strengthens further, we anticipate demand for our lower cost, high quality recycled LDPE will continue to grow. We expect to sustain our competitive advantages by remaining focused on maintaining our environmental leadership."
He added, "Since the third quarter of 2012, we have seen continued stabilization in our manufacturing costs; in particular, the cost of imported plastic waste, our primary raw material. Based on current communications with our major suppliers, we believe that average raw material costs should remain fairly stable for the remainder of 2013."
Conference Call Invitation
The Company will discuss 2013 first quarter results during a live conference call and webcast on Thursday, May 16th, at 8:00am ET.
To participate in the call, interested participants should call 1-888-846-5003 when calling within the United States or 1-480-629-9856 when calling internationally. Please ask for the Guanwei Recycling Corp. 2013 First Quarter Conference Call, Conference ID: 4619442. There will be a playback available until May 23, 2013. To listen to the playback, please call 1-877-870-5176 when calling within the United States or 1-858-384-5517 when calling internationally. Use the Replay Pin Number: 4619442.
This call is being webcast by ViaVid Broadcasting and can be accessed by clicking on this link http://public.viavid.com/index.php?id=104736 or at ViaVid's website. at http://viavid.com.
Description of Guanwei Recycling Corp.
Adhering to the highest "green" standards, Guanwei Recycling Corp. (the "Company") has generated rapid growth producing recycled low density polyethylene (LDPE) from plastic waste procured mostly in Europe. The Company sells the recycled LDPE to more than 300 customers (including over 150 active recurring customers) in more than ten different industries in China. The Company is licensed by Chinese authorities and also has been issued a Compliance Certificate by Umweltagentur Erftstadt, which issues certificates of approval for certain plastics manufacturers that meet Germany's strict environmental standards. This enables the Company to procure high quality plastic waste directly from Germany and other European countries (Spain and Holland) with no middlemen, and permits highly economic production of the highest grades of LDPE. Additional information regarding Guanwei Recycling Corp. is available at www.guanweirecycling.com.
Information Regarding Forward-Looking Statements
Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. These and other risks are described in our filings with the U.S. Securities and Exchange Commission.
GUANWEI RECYCLING CORP. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Three Months Ended March 31, ------------------------- 2013 2012 ------------ ----------- Net revenue $ 14,839,806 $16,171,490 Cost of revenue 10,960,865 12,616,104 ------------ ----------- Gross profit 3,878,941 3,555,386 ------------ ----------- Operating expenses: Selling and marketing 155,906 89,522 General and administrative 599,287 658,870 ------------ ----------- Total operating expenses 755,193 748,392 ------------ ----------- Income from operations 3,123,748 2,806,994 ------------ ----------- Other income (expenses) Interest income 13,402 14,172 Net foreign exchange gain 59,943 31,926 Miscellaneous (681) - ------------ ----------- Total other income 72,664 46,098 ------------ ----------- Income before income taxes 3,196,412 2,853,092 Income taxes 831,019 787,836 ------------ ----------- Net income 2,365,393 2,065,256 Other comprehensive income - foreign currency translation adjustments 263,295 213,418 ------------ ----------- Comprehensive income $ 2,628,688 $ 2,278,674 ============ =========== Earnings per share - basic and diluted $ 0.23 $ 0.21 ============ =========== Weighted average number of common shares outstanding - basic and diluted 10,407,839 10,000,004 ============ =========== GUANWEI RECYCLING CORP. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS March 31, December 31, 2013 2012 ------------- ------------- ASSETS Current assets Cash and cash equivalents $ 13,491,880 $ 12,083,358 Accounts receivable 7,686,940 9,305,104 Inventories 16,647,065 18,696,648 Advances to suppliers 2,404,054 1,827,480 Value added tax refundable 131,661 - Prepaid expenses and other current assets 156,325 131,564 ------------- ------------- Total current assets 40,517,925 42,044,154 Property, plant and equipment, net 10,300,807 10,223,874 Land use right, net 663,574 663,800 Other assets 202,263 202,346 ------------- ------------- Total Assets $ 51,684,569 $ 53,134,174 ============= ============= LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 183,383 $ 4,082,982 Accrued expenses and other payables 755,983 796,705 Value added taxes payable - 110,484 Amount due to shareholder 689,082 517,863 Income tax payable 832,385 1,031,092 ------------- ------------- Total current liabilities 2,460,833 6,539,126 ------------- ------------- Commitments and contingencies Shareholders' Equity Common stock, $0.001 par value, 500,000,000 shares authorized, 10,407,839 shares issued and outstanding, as of March 31, 2013 and December 31, 20112 10,408 10,408 Additional paid-in capital 2,767,787 2,767,787 PRC statutory reserves 805,483 805,483 Accumulated other comprehensive income 2,810,294 2,546,999 Retained earnings 42,829,764 40,464,371 ------------- ------------- Total shareholders' equity 49,223,736 46,595,048 ------------- ------------- Total liabilities and shareholders' equity $ 51,684,569 $ 53,134,174 ============= ============= GUANWEI RECYCLING CORP. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS -------------------------- 2013 2012 ------------ ------------ Cash flows from operating activities Net income $ 2,365,393 $ 2,065,256 Adjustments to reconcile net income to net cash provided by (used in) operating activities Depreciation of property, plant and equipment 243,715 201,442 Amortization of land use rights 3,874 3,862 Changes in operating assets and liabilities: Accounts receivable 1,666,653 (596,896) Inventories 2,148,983 (2,372,226) Advances to suppliers (565,584) - Value added taxes refundable (131,445) (966,504) Prepaid expenses and other current assets (24,388) 639,751 Other assets 1,195 1,191 Accounts payable (3,915,641) (1,091,044) Accrued expenses and other payables (52,857) (75,454) Value added taxes payable (110,910) - Income tax payable (204,048) (379,550) ------------ ------------ Net cash provided by (used in) operating activities 1,424,940 (2,570,172) ------------ ------------ Cash flows from investing activities Purchase of property, plant and equipment (256,362) (12,727) ------------ ------------ Net cash used in investing activities (256,362) (12,727) ------------ ------------ Cash flows from financing activities Advance from shareholder 171,219 187,647 ------------ ------------ Net cash provided by financing activities 171,219 187,647 ------------ ------------ Effect of exchange rate change on cash 68,725 84,558 ------------ ------------ Net increase in cash and cash equivalents 1,408,522 (2,310,694) Cash and cash equivalents at the beginning of period 12,083,358 12,432,803 ------------ ------------ Cash and cash equivalents at the end of period $ 13,491,880 $ 10,122,109 ============ ============ Supplemental disclosure of cash flow information Interest paid $ - $ - ============ ============ Income taxes paid $ 1,035,067 1,167,386 ============ ============ Non-cash investing and financing activities Accrued expense related to purchases of property, plant and equipment $ 7,966 - ============ ============
Contacts: Richard Sun guanweirecycling@gmail.com Ken Donenfeld DGI Investor Relations kdonenfeld@dgiir.com Tel: 212-425-5700 Fax: 646-381-9727
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