Monthly Archives: January 2011

China Cablecom gets additional time to regain compliance with NASDAQ rule

British Virgin Islands-incorporated company China Cablecom Holdings, Ltd. made an announcement that the NASDAQ stock market has granted it an extension of 180 days to regain compliance with its minimum US$1 bid price rule.

In July 2010, the BVI holding was notified by NASDAQ that it did not meet the minimum bid price rule required for continued listing. The company had time until January 24, 2011 to achieve compliance with the minimum bid rule, however now it was announced by the company that it has time until July 21, 2011 to regain compliance.

China Cablecom will achieve compliance if the closing bid price of the company’s common stock is at least US$1 per share for a minimum of 10 consecutive business days before July 21, 2011.

Origin Agritech reported unaudited results for Financial Year 2010

British Virgin Islands-registered Origin Agritech Limited has announced the unaudited financial results for the year ended September 30, 2010. The company plans to file its audited financial statements next week, in conjunction with the annual report.

The unaudited annual results published by the company reflect the financial statements of Origin Agritech in the period from October 1, 2009 to September 30, 2010. According to the report, FY2010 again showed significant progress toward improved industry conditions.  Operating cash flow of the company in 2010 was US$44.56 million from US $30.59 million in the previous year. Operating expenses for the year were US$25.26 million – 9.96% increase as compared to September 30, 2009. The increase in operating expenses was partially due to increase in salary expenses and grant of stock options.

For the year ended September 30, 2010, revenues of Origin Agritech were US$87.28 million, this is a slight decrease of 1.29% from the period ended September 30, 2009, with US$86.76 million. The year-over-year increase in revenues to US$87.28 million from US$86.76 was 0.60%. BVI company’s gross profit for the period increased to US$34.51 million, this is 15.81% increase from September 30, 2009 with US$29.24 million.

Selling and marketing expenses for the year ended September 30, 2010 were US$7.79 million, representing a decrease of 6.15% from September 30, 2009 of US$8.15 million. General and administrative expenses for the year ended September 30, 2010 were US$11.75 million – an increase of 21.41% from September 30, 2009 of US$9.50 million. Research and development expenses for the year ended September 30, 2010 were US$5.72 million, representing an increase of 14.61% from September 30, 2009 of the previous year.

Company’s net income this year was US$7.32  million as compared to net loss of US$5.98 million in the year 2009. This amount included the net gain from the sale of company’s minority investment of Biocentury Transgene of US$1.33 million. Origin Agritech reported income from operations for FY2010 of US$9.25 million, compared with US$6.69 million in the year 2009.

Global-Tech Advanced Innovations reported financial results for Q2 of fiscal year 2011

British Virgin Islands-incorporated holding Global-Tech Advanced Innovations Inc. announced its financial results for the second quarter of fiscal year 2011. For the reported period ended September 30, 2010, net sales of the BVI company were US$25 million, as compared to US$29 million in the same period of the previous year. Also, in the second quarter of fiscal 2011 net loss of the company was US$0.9 million, or US$0.29 per share, compared to net income of US$1.6 million, or US$0.51 per share, reported by Global-Tech in the second quarter of fiscal 2010. 

For the six months ended September 30, 2010, the BVI company reported net sales in the amount of US$50.8 million, compared to US$54.6 million in the corresponding six-month period of the last year. Net loss for the six months was US$0.1 million, or US$0.03 per share, compared to net income of US$2.7 million, or US$0.89 per share, for the first half of fiscal 2010.

Global-Tech’s President and CEO Mr. Sham said in his comments that the increased revenues from the electronic component and electronic manufacturing service businesses “were insufficient to offset the continued decline in net sales of our floor care business.” He also said that the “overall gross profit margin remains weak as operating costs, particularly labor and energy costs, continue to increase. This increase in costs was attributable, in part, to rising inflation that has been taking place in China. Additionally, our fixed cost absorption rate increased due to declining activity. Accordingly, the Company must continue to refine its focus on productivity and efficiency.”

By words of Mr. Sham, the company does not expect significant improvements in the floor care business during the remainder of fiscal year, and accordingly it is increasing its efforts to incorporate proprietary elements into the electronic component business and improve efficiencies in its EMS business. Also, Global-Tech continues its emphasis on the expansion of business in China.

Emerging Metals published unaudited results for period ended 30 September 2010

Emerging Metals Limited, the British Virgin Islands-incorporated company working in the industry of minor metals and rare earth elements, in the end of December announced the unaudited interim results for the six months period ended 30 September 2010. In the reported period, company’s current assets decreased to £10,001,338, compared to £35,920,430 as of 31 March 2010. The reduce of current assets was mainly because of the sale of BVI company’s holdings in Kalahari Minerals Plc and Extract Resources Limited. Equity shareholder funds of Emerging Metals Limited decreased in the reported period to £9,975,844 from £35,867,184 in the period ended 31 March 2010.

For the period ended 30 September 2010, operating expenses of the company were £521,233, major part of this amount related to a commission payment on the sale of Kalahari shares. Emerging Metals reported net asset value of 2.81 pence per share (10.70 pence per share in the same period of 2009). Net loss for the six months ended 30 September 2010 was £896,884 – as compared to the profit of £13,916,315  as of 30 September 2009, resulting from investment gains of £14,419,739.

As of 30 November 2010, cash balances of the BVI company stand at £9,640,544, representing 2.71 pence per share.

The co-chairman of the BVI company Stephen Dattels said in his comments to the interim results of the company that the cash the company has retained will provide sufficient working capital for the directors to continue to develop opportunities for investment. In his words, the Board intends to continue implementation of its investing policy.