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Tri-Tech Holding Reports Second Quarter 2012 Financial Results
Conference Call on August 15, 2012 at 9:00 AM EDT
BEIJING, Aug. 14, 2012 /PRNewswire-Asia-FirstCall/ — Tri-Tech Holding Inc. (Nasdaq: TRIT), a premier Chinese company that provides leading turn-key solutions for water resources management, water and wastewater treatment, industrial safety and pollution control announced today that revenues for the second fiscal quarter ended June 30, 2012 increased by 14.1% to $23 million from $20.2 million in Q2 2011. Net income for the quarter was $1.4 million, a 22.2% decrease from that of $1.8 million in Q2 2011. Diluted EPS was $0.17 compared to that of $0.21 in Q2 2011.
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The decrease in net income and EPS in Q2 2012 was due to the following several factors: (i) a substantial increase in operating expenses mainly due to employee headcount, which increased by 50%, and officers' options cost, which constituted 13.5% of general and administrative expenses, (ii) longer periods between contract awards and their implementation, and (iii) delayed revenue recognition from two of the Company's largest projects, the Ordos water processing plant and the India wastewater system.
Additional Second Quarter of 2012 Highlights
|·||Revenue from Water Resource Management Systems and Engineering Services increased 264.5% to $8.4 million from $2.3 million in Q2 2011|
|·||Revenue from Industrial Pollution Control and Safety increased 459.2% to $6.3 million from $1.1 million in Q2 2011|
|·||Gross profit for the quarter was $5.8 million, a slight increase from $5.3 million in Q2 2011|
|·||Weighted average number of diluted shares outstanding was 8,207,427 for Q2 2012, compared to 8,202,784 for Q2 2011|
Key Events in the Second Quarter of 2012
|·||Won multiple flash flood early warning and hydrologic monitoring contracts collectively valued at $16.67 million in Heilongjiang, Fujian, Guizhou, Anhui, Shanxi, Shandong, Guangxi, Hebei, Qinghai and Gansu Provinces and Beijing|
|·||Awarded a natural gas field project valued at over $1.6 million in Turkmenistan|
|·||Awarded a water conservation irrigation project valued at $1.3 million for a township in Xinjiang|
Financial Performance in the First Six Months of 2012
Revenues for the six months ended June 30, 2012 were $42.3 million, an increase of $4.5 million, or 11.9%, compared to $37.8 million in the same period of 2011. Gross profit was $11 million, compared to $10.3 million in the same period of 2011. Gross margin was 26.1%, compared to 27.3% in the same period of 2011. Operating income for the six months ended June 30, 2012 decreased from $5.5 million to $3.1 million. Net income attributable to the shareholders of TRIT was down 18.8% to $2.8 million, compared to $3.5 million in the same period of 2011. Diluted EPS was $0.34 compared to $0.42 for the same period of 2011.
Financial Performance in the Second Quarter of 2012
Revenues for Q2 2012 were $23 million, an increase of $2.8 million, or 14.1%, from $20.2 million in the same period of 2011.
The following information was filed by Tritech Holding, Inc. (TRITF) on Tuesday, August 14, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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