Monthly Archives: March 2009

BVI-registered Origin Agritech reports audited financial results for the year period ended September 30 2008

BVI-registered Origin Agritech Limited, a technology-focused supplier of crop seeds working mainly in China, announced the audited financial results for the twelve months period which ended September 30, 2008. This year results reflect company’s financial statements during the period from October 1, 2007 to September 30, 2008.

The reported fiscal year was a recovery year for the company, in which there were significant improvements in both revenues and earnings. It was a transition year for the company and for the industry, especially because of the negative impact of certain new Chinese regulations and a widespread overproduction of crop seeds by Chinese seed producers.

Gross margins of Origin Agritech for the year ended September 30, 2008 were 31.56% (unaudited) as compared to 30.09% (unaudited) gross margins for the twelve months ended September 30, 2007. Company’s revenues for this period were RMB513.49 million (US $75.63 million) – 4.93% increase from RMB489.38 million (US $65.31 million) in the fiscal year ended September 30, 2007. Inclusive of any currency changes, based on US$, the year over year increase of revenues was 15.8%, from US $65.31 to US$75.63 mln.

Revenue cost for the period was RMB404.80 million (US $59.62 million). Gross profit for the year ended September 30, 2008 made RMB108.70 million (US $15.94 million) – an increase from RMB26.53 million (US $3.54 million) for the year ended September 30, 2007.

Company’s loss of operations for the year ended September 30, 2008 was RMB42.38 million (US $6.24 million), compared with RMB152.15 million (US $20.31 million) of loss for the previous year. Origin Agritech reported net loss of  RMB43.29 million (US $6.37 million), as compared to the net income of  RMB163.20 million (US $21.78 million) for the previous twelve months period.
As of September 30, 2007 the company had cash and cash equivalents in the amount of RMB162.31 million (US $21.66 million) and RMB102.26 million (US $15.00 million).

The expectations for the fiscal year 2009 published by the company included revenue guidance  from RMB560 million to RMB580 million, and operating cash flow guidance in the amount of RMB80 mln.

China Cablecom reports financial results for the quarter and full year period ended December 31, 2008

BVI-based China Cablecom Holdings, Ltd., cable network operator, acquirer and provider of services in the Shandong province of the Chinese Republic, has announced its unaudited financial results for the fourth quarter and full year periods ended December 31, 2008.

This earnings release reflects both pro forma and actual financial results, due to the completion of China Cablecom’s acquisition of 60 per cent economic interest in Hubei Chutian Video & Information Network, late in the second quarter of 2008. For purposes of U.S. Generally Accepted Accounting Principles, the financial results of Hubei have been consolidated starting from July 1, 2008.

Consolidated revenues for the fourth quarter of 2008 were $9.8 million, compared to revenues of 9.4 million for the third quarter of 2008, and this increase was primarily due to the growth in paying subscribers. Consolidated operating expenses for the fourth quarter made $5.7 million, compared to operating expenses of $5.6 million for the third quarter 2008.

General and administrative expenses for the fourth quarter of the year included amortization of intangible assets, and deferred finance costs of $1 million; overhead costs from administrative expenses of $1.2 million, and operating JV overhead costs of $3.5 million. Net comprehensive loss for the fourth quarter of 2008 was $4.3 million or $0.44 per basic and fully diluted share, compared to a net comprehensive loss of $4.5 million, or $0.48 per basic and fully diluted share in the third quarter of 2008.

In December 2008, China Cablecom announced extension for the outstanding payment owed to Binzyhou Broadcasting, with respect to a joint venture formed in September 2007 to operate the cable networks in Shandong Province. This extension was granted until January 31, 2009 and then later extended further until December 31, 2009.

On a pro forma basis, BVI company’s revenues for the twelve months period ended December 31, 2008 were $36.6 million. Pro forma operating expenses for this period were $23.8 million. As of December 31, 2008, the company had $29.2 million in cash and cash equivalents.

HLS Systems International reports unaudited financial results for Q2 2009

HLS Systems International Limited, the company registered in the British Virgin Islands and headquartered in California, has announced the unaudited financial results for the second quarter of the year 2009. The company engaged in the research, development, production, sale and distribution of industrial automation and control systems for the industrial, rail and nuclear power industries in China, reported record revenues of $52.5 million – a 22.2% increase year-over-year.

Gross margin made 34.6% as compared to 25.9% in the same period of last year. The BVI company generated $12.2 million net cash from operations for the quarter ended on December 31, 2008; cash and cash equivalents of $86.4 million as of December 31, 2008, and working capital of $155.3 million.

By comments of CEO of HLS, Dr. Changli Wang, the record quarterly revenue of the company was primarily due to the accelerating growth of rail and nuclear segments. He also said that HLS is well-positioned to grow its leading share of the industrial and nuclear industries, as there are opportunities in each of the targeted markets.

Company’s CEO said that, with over $86.4 million in cash, HLS has an incredibly strong financial position. They expect that their solid financial foundation will allow them to improve their strength in the rail and industrial automation markets through further investment in research and development while increasing long-term value for the shareholders.

Digicel Completes US$335 Million Offering

On March 11, Digicel Limited announced that it closed a corporate bond offering of US$335 million, priced at a coupon of 12%. J.P. Morgan and Credit Suisse were joint book-runners on the deal.

The proceeds of this offering will be used to acquire a 35.8% stake in Digicel Holdings (Central America) Limited (DHCAL), which currently owns mobile phone operations in Panama and Honduras launched in November-December 2008. Digicel Limited will pay US$215 million for the stake in DHCAL, and from the rest proceeds will provide funding for general corporate purposes. The balance of the money raised in the transaction and not used for the acquisition will remain in Digicel Limited for general corporate purposes.

Since 2001, Digicel has become the largest wireless telecoms operator in the Caribbean; with more than 7 mln customers, it has become the leading brand in the region, and now it is entering the Central American market.