Attached files
| file | filename |
|---|---|
| 8-K - Sino Gas International Holdings, Inc. | v180348_8k.htm |
| EX-99.2 - Sino Gas International Holdings, Inc. | v180348_ex99-2.htm |
Sino
Gas International Holdings, Inc.
Reports
Record Sales and Increases
Profitability
for the Fiscal Year 2009
Press Release Source: Sino Gas
International Holdings, Inc. On Tuesday April 6, 2010, 5:00 am
BEIJING,
April 6 /PRNewswire-Asia-FirstCall/ -- Sino Gas International Holdings, Inc.
(OTC Bulletin Board:SGAS.ob - News), ("Sino Gas" or
the "Company"), announced 2009 Full Year Financial Results.
2009
Financial Highlights
-- 2009
Revenues Increased 28.64% to $27.59 Million vs. 2008
-- 2009
Gross Profit Increased 26.83% to $9.47 Million
-- 2009
Operating Income Increased 88.37% to $5.07 Million
-- 2009
Net Income Increased 152.90% to $4.05 Million with Diluted EPS of $0.14
from $0.05 in 2008
Full Year
Ending December 31, 2009 Financial Results
Revenue
and Net Income
Revenue
and net income in fiscal year 2009 was $27.6 million, up $6.2 from $21.4 million
in 2008. Sino Gas achieved considerable sales growth in both natural gas sales
and connection fees. Net income in 2009 was $4.05 million, representing a
significant improvement of 152.90% from $1.6 million in the previous year. The
Company improved the bottom line through increasing sales and maintaining and
controlling cost. Additionally, the Company successfully completed a convertible
debt financing in 2009, which incurred a financing expense of $394K. The net
income could have been $4.44 million, without the financing
expense.
The
revenue from gas sales was $15.7 million, up 29.13% from $12.2 million in 2008.
The revenue from connection fees was $11.9 million, an increase of 28% from $9.3
million in 2008. 32,681 new households were connected in 2009, up from 26,770
new households connected in 2008.
Gross
Profit and Gross Margin
Gross
profit for the year ended December 31, 2009 increased 26.83% to $9.47 million
from $7.47 million in 2008. Gross margin in 2009 was 34.3%, comparable to 34.8%
in 2008.
Outlook
"We are
delighted to announce that we have achieved great improvement in sales and net
income in 2009. These are record sales in our company's history. Going forward,
Sino Gas will continue to focus on the existing projects, increase the
penetration rate, improve our gas distribution networks, and enhance operating
efficiency and cost structure. Our company currently operates 1040 km of
pipeline in 35 cities in China. We will continue to expand into small and medium
size cities and increase our market share and the Company's presence in China as
capital becomes available for accretive opportunities. We are optimistic about
our future growth," concluded Mr. Yu- Chuan Liu, Chairman and CEO.
Sino Gas
International Holdings, Inc. Consolidated Income Statements
For the
year ended December 31, 2009 and 2008
(Stated
in US Dollars)
|
2009
|
2008
|
|||||||
|
Sales
|
$ | 27,591,501 | $ | 21,448,488 | ||||
|
Cost
of revenue
|
(18,117,500 | ) | (13,978,508 | ) | ||||
|
Gross
Profit
|
9,474,001 | 7,469,980 | ||||||
|
Operating
Expenses
|
||||||||
|
Selling
expenses
|
(1,032,629 | ) | (1,136,867 | ) | ||||
|
General
and administrative expenses
|
(3,374,896 | ) | (3,643,531 | ) | ||||
|
Total
operating expenses
|
(4,407,525 | ) | (4,780,398 | ) | ||||
|
Operating
Income
|
5,066,476 | 2,689,582 | ||||||
|
Other
Income/(Expense)
|
||||||||
|
Investment
income
|
461,014 | 417,264 | ||||||
|
Other
income
|
64,774 | 17,179 | ||||||
|
Other
expense
|
(36,214 | ) | (545,612 | ) | ||||
|
Interest
income
|
75,302 | 113,884 | ||||||
|
Interest
expense
|
(489,111 | ) | (187,999 | ) | ||||
|
Total
other income/(expense)
|
75,765 | (185,283 | ) | |||||
|
Earnings
from continued operation
|
5,142,241 | 2,504,299 | ||||||
|
Income
tax
|
(1,094,657 | ) | (903,806 | ) | ||||
|
Net
income
|
$ | 4,047,584 | $ | 1,600,493 | ||||
|
Income
available to common stockholders for basic EPS
|
$ | 4,047,584 | $ | 1,600,493 | ||||
|
Interest
expense for convertible bonds, net of tax
|
234,180 | -- | ||||||
|
Income
available to common stockholders for diluted EPS
|
$ | 4,281,764 | $ | 1,600,493 | ||||
|
Earnings
Per Share
|
||||||||
|
Basic
|
$ | 0.15 | $ | 0.06 | ||||
|
Diluted
|
$ | 0.14 | $ | 0.05 | ||||
|
Weighted
Average Shares Outstanding
|
||||||||
|
Basic
|
26,235,980 | 25,115,675 | ||||||
|
Diluted
|
30,815,819 | 29,944,548 | ||||||
About
Sino Gas International Holdings, Inc.
The
Company, through its indirectly wholly-owned subsidiary, Beijing Zhong Ran Wei
Ye Gas Co., Ltd. ("Beijing Gas"), and the subsidiaries of Beijing Gas, is a
leading developer of natural gas distribution systems in small and medium size
cities in China, as well as a distributor of natural gas to residential,
commercial and industrial customers in China. The company owns and operates 39
natural gas distribution systems serving approximately 145,000 residential and
seven commercial and industrial customers. Facilities include approximately
1,040 kilometers of pipeline and delivery networks with a daily capacity of
approximately 110,000 cubic meters of natural gas. The Company owns and operates
natural gas distribution systems in Beijing, Hebei, Jilin, Jiangsu, Anhui and
Yunnan Provinces. The Company's website is: http://www.sino-gas.com.
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Forward-Looking
Safe Harbor Statement
Statements
in this news release regarding future financial and operating results, potential
applications of the Company's technology, opportunities for the Company, and any
other statements about the future expectations, beliefs, goals, plans, or
prospects expressed constitute forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Any statements that are
not statements of historical fact (including statements containing the words
"will," "believes," "plans," "anticipates," "expects," "estimates," and similar
expressions) should also be considered to be forward-looking statements. There
are a number of important factors that could cause actual results or events to
differ materially from those indicated by such forward-looking statements
including: limited operating history, need for future capital and economic
conditions generally. Additional information on potential factors that could
affect results and other risks and uncertainties are detailed from time to time
in the Company's periodic reports, including Forms 10-K, 10-Q, 8-K, and other
forms filed with the Securities and Exchange Commission ("SEC"). These
statements, and other forward-looking statements, are not guarantees of future
performance and involve risks and uncertainties.
For more
information, please contact:
Sino Gas
International Holdings, Inc.
Chunying
Chai, IR Officer
Tel: +86-10-8260-0041
x883
Email:
chaichunying@sino-gas.com
Web: http://www.sino-gas.com
Investor
Relations Contact:
Strategic
Growth International
Richard
Cooper/ Linda Ni
Tel: +1-212-838-1444
Email:
rcooper@sgi-ir.com ; lni@sgi-ir.com
Web: http://www.sgi-ir.com
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