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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 |
Positive Trends Continued in Selling Prices, Raw Material and Labor Costs but an Approximately One Week Unplanned Interruption in Production Slightly Lowered Results; Company Maintains Favorable Outlook for Remainder of the Year; Investor Conference Call to Be Held Thursday, November 14th at 8:00am ET
FUQING CITY, CHINA--(Marketwired - Nov 13, 2013) - Guanwei Recycling Corp. (NASDAQ: GPRC), China's leading clean tech manufacturer of recycled low density polyethylene (LDPE), reported today that the positive trends it began to see in the second half of 2012 in selling prices and stabilized labor and raw material costs continued through its third quarter ended September 30, 2013. An approximately one week interruption in production and shipping cycles in the 2013 third quarter, however, slightly lowered revenues and net income in the quarter compared with the prior year.
Mr. Chen Min, Chairman and CEO of the Company, explained that the interruption in production was a consequence of heightened inspections of its facilities by various government agencies stemming from the government's new "Green Fence" policy which tightens requirements for imported waste materials.
"Going forward," he said, "we anticipate maintaining our industry leading environmental practices and see no material impact on our business from this new policy. We are therefore maintaining our favorable outlook for the remainder of the year, based on anticipated moderately improved demand and selling prices for our products, in an improving economy, coupled with continuing anticipated stabilization in our labor and raw material costs."
Financial Highlights
No Bank Debt, Increased Working Capital and Cash and Cash Equivalents
As of the end of the 2013 third quarter, the Company continued to improve its already strong financial position. As of September 30, 2013, working capital increased approximately $9.37 million to $44,877,259 from $35,505,028 as of December 31, 2012. This reflected, in part, an increase in cash and cash equivalents to $15,643,526, and a decrease in accounts receivable reflecting continuing efforts to speed collections from clients. The Company also reported that it had no outstanding bank debt as of the end of the quarter.
Continuing Optimism
"Although disappointed by the week long interruption in our production and sales volume in the quarter," Mr. Chen stated, "we continue to be pleased by the steady improvements in other core elements of our business, as well as growing indications of an improving economic environment in China. By retaining the advantages that come from our environmental leadership -- including the very competitive selling prices we expect to continue to be able to offer our customers -- we remain very confident in a favorable growth outlook for our Company."
Conference Call Invitation
The Company will discuss 2013 third quarter results during a live conference call and webcast on Thursday, November 14th, at 8:00am ET.
To participate in the call, interested participants should call 1-877-941-1429 when calling within the United States or 1-480-629-9857 when calling internationally. Please ask for the Guanwei Recycling Corp. 2013 Third Quarter Conference Call, Conference ID:. 4650133 There will be a playback available until November 21, 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: 4650133
This call is being webcast by ViaVid Broadcasting and can be accessed by clicking on this link http://public.viavid.com/index.php?id=106885 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 BALANCE SHEETS | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 15,643,526 | $ | 12,083,358 | ||||
Accounts receivable | 6,895,178 | 9,305,104 | ||||||
Inventories | 21,341,585 | 18,696,648 | ||||||
Advances to suppliers | 3,436,370 | 1,827,480 | ||||||
Value added tax refundable | 421,737 | - | ||||||
Prepaid expenses and other current assets | 188,271 | 131,564 | ||||||
Total current assets | 47,926,667 | 42,044,154 | ||||||
Property, plant and equipment, net | 10,678,366 | 10,223,874 | ||||||
Land use right, net | 669,728 | 663,800 | ||||||
Other assets | 204,110 | 202,346 | ||||||
Total Assets | $ | 59,478,871 | $ | 53,134,174 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 663,151 | $ | 4,082,982 | ||||
Accrued expenses and other payables | 612,603 | 796,705 | ||||||
Value added taxes payable | - | 110,484 | ||||||
Amount due to shareholder | 848,315 | 517,863 | ||||||
Income tax payable | 925,339 | 1,031,092 | ||||||
Total current liabilities | 3,049,408 | 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 September 30, 2013 and December 31, 2012 | 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 | 3,920,218 | 2,546,999 | ||||||
Retained earnings | 48,925,567 | 40,464,371 | ||||||
Total shareholders' equity | 56,429,463 | 46,595,048 | ||||||
Total liabilities and shareholders' equity | $ | 59,478,871 | $ | 53,134,174 |
GUANWEI RECYCLING CORP. | |||||||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net revenue | $ | 16,299,676 | $ | 17,905,974 | $ | 48,871,829 | $ | 52,772,402 | |||||||||
Cost of revenue | 11,866,421 | 12,374,450 | 35,424,151 | 38,793,696 | |||||||||||||
Gross profit | 4,433,255 | 5,531,524 | 13,447,678 | 13,978,706 | |||||||||||||
Operating expenses: | |||||||||||||||||
Selling and marketing | 131,103 | 125,536 | 403,574 | 293,286 | |||||||||||||
General and administrative | 555,375 | 524,112 | 1,725,905 | 1,647,140 | |||||||||||||
Total operating expenses | 686,478 | 649,648 | 2,129,479 | 1,940,426 | |||||||||||||
Income from operations | 3,746,777 | 4,881,876 | 11,318,199 | 12,038,280 | |||||||||||||
Other income (expenses) | |||||||||||||||||
Interest income | 15,218 | 14,395 | 43,160 | 42,903 | |||||||||||||
Gain (loss) on disposal of property, plant and equipment | 3,589 | (1,046 | ) | 3,589 | (1,046 | ) | |||||||||||
Net foreign exchange gain (loss) | 36,171 | (92,074 | ) | 83,236 | (121,754 | ) | |||||||||||
Miscellaneous | (21,441 | ) | 3,455 | (31,243 | 3,455 | ||||||||||||
Total other income (expense) | 33,537 | (75,270 | ) | 98,742 | (76,442 | ) | |||||||||||
Income before income taxes | 3,780,314 | 4,806,606 | 11,416,941 | 11,961,838 | |||||||||||||
Income taxes | 922,508 | 1,183,774 | 2,955,745 | 3,110,720 | |||||||||||||
Net income | 2,857,806 | 3,622,832 | 8,461,196 | 8,851,118 | |||||||||||||
Other comprehensive income - foreign currency translation adjustments | 335,231 | (47,331 | ) | 1,373,219 | 166,087 | ||||||||||||
Comprehensive income | $ | 3,193,037 | $ | 3,575,501 | $ | 9,834,415 | $ | 9,017,205 | |||||||||
Earnings per share - basic and diluted | $ | 0.27 | $ | 0.35 | $ | 0.81 | $ | 0.86 | |||||||||
Weighted average number of common shares outstanding - basic and diluted | 10,407,839 | 10,407,839 | 10,407,839 | 10,254,521 |
GUANWEI RECYCLING CORP. | ||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
Nine Months Ended September 30, | ||||||||
2013 | 2012 | |||||||
Cash flows from operating activities | ||||||||
Net income | $ | 8,461,196 | $ | 8,851,118 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
Depreciation of property, plant and equipment | 785,250 | 622,531 | ||||||
Amortization of land use rights | 11,742 | 11,564 | ||||||
(Gain) loss on disposal of property, plant and equipment | (3,589 | ) | 1,046 | |||||
Change in operating assets and liabilities: | ||||||||
Accounts receivable | 2,626,799 | (1,589,634 | ) | |||||
Inventories | (2,116,631 | ) | (4,683,299 | ) | ||||
Advances to suppliers | (1,540,560 | ) | - | |||||
Value added taxes refundable | (416,524 | ) | (581,644 | ) | ||||
Prepaid expenses and other current assets | (54,407 | ) | 770,237 | |||||
Other assets | 3,621 | 3,567 | ||||||
Accounts payable | (3,485,792 | ) | (685,283 | ) | ||||
Accrued expenses and other payables | (210,404 | ) | 15,870 | |||||
Value added taxes payable | (112,047 | ) | - | |||||
Income tax payable | (131,777 | ) | 33,083 | |||||
Net cash provided by operating activities | 3,816,877 | 2,769,156 | ||||||
Cash flows from investing activities | ||||||||
Proceeds from disposal property, plant and equipment | 4,828 | - | ||||||
Purchase of property, plant and equipment | (956,300 | ) | (2,412,469 | ) | ||||
Net cash used in investing activities | (951,472 | ) | (2,412,469 | ) | ||||
Cash flows from financing activities | ||||||||
Advance from shareholder | 330,452 | 383,118 | ||||||
Net cash provided by financing activities | 330,452 | 383,118 | ||||||
Effect of exchange rate change on cash | 364,311 | 64,288 | ||||||
Net increase in cash and cash equivalents | 3,560,168 | 804,093 | ||||||
Cash and cash equivalents at the beginning of period | 12,083,358 | 12,432,803 | ||||||
Cash and cash equivalents at the end of period | $ | 15,643,526 | $ | 13,236,896 | ||||
Supplemental disclosure of cash flow information | ||||||||
Income taxes paid | $ | 3,087,522 | $ | 3,077,637 | ||||
Non-cash investing and financing activities | ||||||||
Accrued expense related to purchases of property, plant and equipment | $ | 8,047 | $ | 79,258 | ||||
Issuance of common stock to repay debt to shareholder | $ | - | 1,468,167 | |||||
Contacts: Richard Sun guanweirecycling@gmail.com Ken Donenfeld DGI Investor Relations kdonenfeld@dgiir.com Tel: 212-425-5700 Fax: 646-381-9727
1 Year Guanwei Recycling (CE) Chart |
1 Month Guanwei Recycling (CE) Chart |
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