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About ANNEC GREEN REFRACTORIES CORPORATION

Number of visits: Date:2011年6月1日 17:44

Abstract:

We indirectly control though subsidiaries, Zhengzhou Annec Industrial Co., Ltd. ("Annec"), a PRC wholly-Foreign Owned Enterprise, which is engaged in the business of design, manufacturing of and selling of medium and high level refractory materials for top combustion type, internal combustion type, and external combustion type hot blast stoves, and through our variable interest entity ("VIE"), Annec (Beijing) Engineering Technology Co., Ltd. ("Beijing Annec"), a PRC limited company, we provide turnkey service for large hot blast stove projects, integrating the structural design, equipment purchase, construction, refractory production/sale and after-sale service of hot blast stoves.

This release contains certain "forward-looking statements" relating to the business of the Company. These forward looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. Such forward looking statements include, but are not limited to, that our brand will continue to have strong brand recognition, that our operations are efficient and scalable, that we be able to enter into new regional markets in China and high-end overseas markets, that we will be able to find and consummate strategic and accretive acquisitions and that our net income will increase by 200% this year. Further the forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors. [Not sure what that statement means] The Company does not assume a duty to update these forward-looking statements.

– Financial tables follow –

CONSOLIDATED BALANCE SHEETS合并资产负债表

December 31,

2010 2009

ASSETS资产

Current assets:流动资产
Cash现金 $  1,504,971 $  1,227,457
Restricted cash专用现金 4,425,167 4,972,796
Bank notes receivable应收银行票据 1,056,569 741,168
Accounts receivable (net of allowance of $572,793 and $709,479 应收款
at December 31, 2010 and 2009, respectively) 16,130,117 16,485,191
Retentions receivable应收滞留款 4,553,071 1,052,759
Prepaid expenses and deposits预付费用 5,604,102 4,762,032
Other receivables其他应收款 5,420,233 7,341,759
Inventories库存 25,703,214 18,826,280
Total current assets总流动资产 64,397,444 55,409,442
Long-term retentions receivable应收长期滞留款 5,425,110 1,744,144
Deposits for capital expenditure资本支出 3,235,272 -
Plant and equipment, net厂房和设备 12,093,625 11,091,695
Land use rights, net土地使用权 2,193,823 -
Long-term investment长期投资 151,722 146,259
Total assets总资产 $ 87,496,996 $ 68,391,540

LIABILITIES AND EQUITY负债和所有权权益

Current liabilities:流动负债
Short-term loans短期贷款 $  8,475,193 $  4,811,911
Bank notes payable应付银行票据 5,310,272 4,972,796
Accounts payable and accrued expenses应付款和应计费用 11,271,228 13,562,037
Advances from customers客户预支费用 23,105,778 18,921,030
Salaries payable工资报酬 436,635 186,202
Taxes payable纳税 2,535,965 615,707
Related party payables应付其他方 917,008 1,913,064
Loans payable to employees应付员工贷款 2,154,409 1,319,204
Loans payable to other individuals其他应付贷款 1,972,387 1,901,363
Other payable其他应付 1,918,056 1,703,602
Total current liabilities总流动负债 58,096,931 49,906,916
Deferred income递延收益 2,884,600 783,947
Long-term loans长期借贷 1,189,501 -
Total liabilities总负债 62,171,032 50,690,863
Equity:所有权权益
Owner's capital自有资本 2,612,769 2,612,769
Capital surplus资本累积 1,436,223 1,436,223
Retained earnings留存收益 20,700,451 13,910,357
Accumulated other comprehensive income (loss)其他 576,521 (258,672)
Total equity所有者权益总计 25,325,964 17,700,677
Total liabilities and equity总负债和所有者权益 $ 87,496,996 $ 68,391,540

CONSOLIDATED STATEMENTS OF OPERATIONS利润表

Year Ended

December 31,

2010 2009
Revenues:营业收入
Product revenues生产收入 $ 60,236,785 $ 29,171,923
Service revenues服务收入 3,176,355 3,233,437
Total revenues总收入 63,413,140 32,405,360
Cost of revenues:营业成本
Products生产成本 37,206,740 18,214,253
Services服务性成本 2,889,677 2,579,689
Total cost of revenues总成本 40,096,417 20,793,942
Gross profit总利润 23,316,723 11,611,418
Operating expenses:营业费用
Selling 销售费用 7,390,200 3,704,000
General and administrative行政费用 6,385,664 4,155,987
Total operating expenses总营业费用 13,775,864 7,859,987
Income from operations营销收入 9,540,859 3,751,431
Other income (expense):其他
Interest income利息收益 76,690 115,326
Interest expense利息收益 (1,574,268) (1,111,393)
Other income (expense), net其他净收益 608,766 (40,009)
Total other income (expense)其他净收益总额 (888,812) (1,036,076)
Income before provision for income taxes税前收入 8,652,047 2,715,355
Provision for income taxes税款 1,414,136 331,010
Net income 纯收入 $  7,237,911 $  2,384,345
 

CONDENSED CONSOLIDATED BALANCE SHEETS合并资产负债表

(Unaudited)未审计

March 31,

December 31,

2011 2010

ASSETS资产

Current assets:流动资产
Cash现金 $            284,026 $       1,504,971
Restricted cash专业资金 2,926,104 4,425,167
Bank notes receivable应收银行票据 724,416 1,056,569
Accounts receivable (net of allowance of $572,793
at March 31, 2010 and December 2009, respectively)
应收款
17,245,686 16,130,117
Retentions receivable应收滞留款 5,447,629 4,553,071
Prepaid expenses and deposits预付费用 12,380,616 5,604,102
Other receivables其他应收 5,491,349 5,420,233
Inventories库存 29,160,149 25,703,214
Total current assets总流动负债 73,659,975 64,397,444
Long-term retentions receivable应收长期滞留款 5,190,506 5,425,110
Deposits for capital expenditure资本支出 3,128,803 3,235,272
Plant and equipment, net厂房和设备 12,229,674 12,093,625
Land use rights, net土地使用权 2,194,767 2,193,823
Long-term investment长期投资 152,669 151,722
Total assets总资产 $       96,556,394 $     87,496,996

LIABILITIES AND EQUITY负债和所有者权益

Current liabilities:流动负债
Short-term loans短期借贷 $         8,070,106 $       8,475,193
Bank notes payable应付银行票据 3,816,736 5,310,272
Accounts payable and accrued expenses应收款和应计费用 17,879,001 11,271,228
Advances from customers客户订金 27,269,664 23,105,778
Salaries payable工资报酬 301,149 436,635
Taxes payable税款 2,058,008 2,535,965
Related party payable应付其他方款额 922,734 917,008
Loans payable to employees应付员工贷款 1,490,817 2,154,409
Loans payable to other individuals应付其他贷款 1,984,703 1,972,387
Other payable其他应付 2,590,196 1,918,056
Total current liabilities总流动负债 66,383,114 58,096,931
Deferred income递延收益 2,860,196 2,884,600
Long-term loans长期贷款 1,122,120 1,189,501
Total liabilities总负债 70,365,430 62,171,032
Stockholders' equity:股东权益
Common stock, $0.0001 par value, 100,000,000 shares authorized,
   19,995,701 issues and outstanding 2,000 2,000
Additional paid in capital追加股本金 4,046,992 4,046,992
Retained earnings留存收益 21,405,035 20,700,451
Accumulated other comprehensive income (loss)其他收入 736,937 576,521
Total equity总负债 26,190,964 25,325,964
Total liabilities and equity总负债和所有者权益 $       96,556,394 $     87,496,996
 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS利润表

(Unaudited)未审计

Three Months Ended

March 31,

2011 2010
Revenues:营业收入
Product and service生产和服务性收入 $  13,058,029 $    7,972,482
Cost of revenues:营业成本
Product and service生产和服务性成本 7,573,416 5,041,572
Total cost of revenues总成本 7,573,416 5,041,572
Gross profit总利润 5,484,613 2,930,909
Operating expenses:营业费用
Selling 销售费用 2,097,887 1,180,886
General and administrative行政费用 1,352,130 1,264,645
Total operating expenses总费用 3,450,017 2,445,532
Income from operations营销收入 2,034,596 485,378
Other income (expense):其他收入
Interest income利息收益 98,835 24,511
Interest expense利息支出 (605,260) (279,155)
Other income (expense), net其他收入 136,550 (74,902)
Total other income (expense)其他收入总额 (369,874) (329,547)
Income before provision for income taxes税前收入 1,664,722 155,831
Provision for income taxes税款 261,871 28,123
Net income 纯收入 $    1,402,851 $      127,708
Net income per share – basic基本每股净收益 $            0.07 $            0.01
Net income per share – diluted稀释的每股净收益 $            0.07 $            0.01
Shares used in computing net income per share – basic计算基本每股净收益的股票数 19,995,701 19,995,701
Shares used in computing net income per share - diluted计算稀释每股净收益的股票数 19,995,701 19,995,701

Contact:

Yolanda Li

Tel: +86-371-69999012

+86-15210121018

Email: annecyolanda@annec.com.cn

TypeInfo: News Center

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