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China Integrated Energy Reports First Quarter 2010 Financial

整理: K8时间: 2019-02-01

XI'AN, China, May 12 /PRNewswire-Asia/ -- China Integrated Energy, Inc. (Nasdaq: CBEH), a leading non-state-owned integrated energy company in China, today announced its financial results for the first quarter of 2010.

-- Q1 2010 sales increase to $109.4 dafabet大发million, up 86.5% over first quarter

2009.

-- Q1 2010 net income increases 57.7% to $11.4 million, with EPS of $0.27.

-- All three business segments -- Distribution of Finished Oil and Heavy

Oil, Production and Sale of Biodiesel, and Operation of Retail Gas

Stations -- generate higher revenue year-over-year.

-- The Company increased full-year 2010 revenue and net income guidance to

$387 million and $49.5 million, respectively.

-- Management to host earnings conference call on May 12, 2010 at

10:00 am ET.

SUMMARY FINANCIALS

First Quarter 2010 Results (unaudited)

Q1 2010 Q1 2009 CHANGE

Sales $109.4 million $58.7 million +86.5%

Gross Profit $13.3 million $7.7 million +73.2%

Net Income (Loss) $11.4 million $7.2 million +57.7%

EPS (Fully diluted) $0.27 $0.21 +28.6%

First Quarter 2010 Financial Results

Sales -- Sales for the first quarter of 2010 were $109.4 million compared to $59.1 million in the first quarter of 2009, an increase of 86.5%. The increase was mainly due to strong market demand for finished oil products and sales growth generated by the Company's retail gas stations. China Integrated Energy reported revenue in its three business segments -- Distribution of Finished Oil and Heavy Oil Products, Production and Sale of Biodiesel, and Operation of Retail Gas Stations, as follows:

First Quarter 2010 Revenue Breakdown

Q1 2010 Q1 2009 CHANGE

Distribution of $76.6 million $39.3 million +94.9%

Finished Oil and

Heavy Oil Products

%of Sales 70.0% 67.0%

Production and Sale of $14.9 million $11.3 million +32.4%

Biodiesel

%of Sales 13.6% 19.2%

Operation of Retail $17.9 million $8.1 million +121.3%

Gas Stations

%of Sales 16.4% 13.8%

Total Sales $109.4 million $58.7 million +86.5%

"Growth was strong for both total sales and net income during the first quarter of 2010," stated Mr. Gao Xincheng, Chief Executive Officer of China Integrated Energy, Inc. "Sales volume of wholesale distribution products totaled 91,500 tons, an increase of 51.2% from the same period in 2009, due to an increase in sales to our existing customers to support their business growth and to an increase in the number of new customers. First quarter sales volume for our retail gas stations was 19,500 tons, an increase of 75.3% from the same period in 2009, as a result of increase of number of gas stations and sales volume increase per gas station. Sales volume of biodiesel for the first quarter of 2010 totaled 18,400 tons, a decrease of 11.5% compared to the same period of 2009, however the average selling price of biodiesel increased by approximately 10.9% from the same period in 2009. With 12 retail gas stations servicing 14 provinces and municipalities, an extensive petroleum distribution network and one of the largest biodiesel manufacturing facilities in China with a 50% increase in capacity scheduled to come on line in the third quarter, we continue to believe that China Integrated Energy is well positioned to capitalize on China's growing demand for energy."

Cost of Sales -- Cost of sales for the first quarter of 2010 was $96.1 million compared to $51.0 million in the same period of 2009, an increase of 88.5%. The increase was attributable to an increase in production and sales activities during the first quarter of 2010. Cost of sales as a percentage of sales was approximately 87.8% for the first quarter of 2010 and 86.9% for the same period in 2009. The increase as a percentage of sales was due to change in product sales mix in wholesale distribution business.

Gross Profit and Gross Margin -- Gross profit was $13.3 million for the first quarter of 2010 as compared to $7.7 million for the same period in 2009, representing a gross profit margin of approximately 12.2% and 13.1%, respectively. The decrease in gross profit margin was mainly change in product sales mix in the Company's wholesale distribution business. During the first quarter of 2010, the gross profit margin for wholesale distribution of finished oil and heavy oil products was approximately 8.6%, production and sale of biodiesel was approximately 31.5%, and operation of retail gas stations was approximately 11.2%.

Operating Expenses -- Selling, general and administrative expenses for the first quarter of 2010 were approximately $1.8 million compared to $0.6 million in the same period last year. Total operating expenses as a percentage of sales was 1.7% and 1.0% for the first quarter of 2010 and 2009, respectively. The increase was mainly attributed to stock-based compensation cost related to employee stock options and various stock purchase options.

Net Income -- For the quarter ended March 31, 2010, net income increased 57.7% to $11.4 million, as compared to $7.2 million in the same period of 2009. The increase was attributable to economies of scale combined with rapid growth in revenue from wholesale distribution of finished oil and heavy oil products and from the operation of retail gas stations. Earnings per share in the first quarter of 2010 were $0.27 as compared to $0.21 in the first quarter of 2009, based on 42.8 million and 34.6 million diluted weighted average shares outstanding, respectively.

Liquidity and Capital Resources

Cash and cash equivalents were $41.0 million at March 31, 2010, compared to $62.4 million at December 31, 2009. The Company had working capital of $109.1 million at March 31, 2010 compared to $121.1 million at December 31, 2009. The ratio of current assets to current liabilities was 8.5-to-1 at March 31, 2010, compared to 12.8-to-1 at the December 31, 2009. The decrease in working capital in the first quarter of 2010 was primarily due to an increase of $14.2 million in the Company's advance to suppliers for additional petroleum supply to support the growth of its wholesale distribution and retail gas station business segments. In the first quarter of 2010, the Company also leased two new gas stations for approximately $8.9 million, and made down payments of approximately $7.7 million for the new equipment for its new biodiesel production plant. Inventories were $21.8 million and the accounts receivable balance was $6.9 million on March 31, 2010, compared to $21.0 and $3.1 million on December 31, 2009, respectively. Net cash used in operations was $11.2 million in the first quarter of 2010.

Business Outlook

China Integrated Energy's future growth strategies include expanding and diversifying base of customers and suppliers for finished oil and heavy oil products, further increasing and enhancing its biodiesel production capacity and feedstock supply, and expanding its wholesale and retail distribution network through organic growth and potential acquisitions.

China Integrated Energy's core wholesale distribution business is strategically located with valuable railway access to Yunnan, Sichuan and Guizhou provinces, and benefits from an extensive distribution network and well-established base of customers and suppliers. In January 2010, the Company signed a contract with an existing wholesale distribution customer to deliver an estimated 160,000 tons of petroleum products in 2010, an increase of 62,000 tons over sales to this customer in 2010. The newly signed contract is expected to generate an additional $52 million in revenue from this customer in 2010.

China Integrated Energy is currently constructing a new biodiesel production facility in Tongchuan City, Shaanxi Province. The new production facility, adjacent to the Company's existing biodiesel production facility, is expected to add 50,000 tons to the Company's annual biodiesel production capacity, bringing total capacity to 150,000 tons. The Company expects to commence operation of the additional facility by the third quarter of 2010, with $15 million in capital expenditures budgeted for the expansion.

At March 31 2010, China Integrated Energy operated 12 retail gas stations in Shaanxi province, including two stations the Company acquired in January 2010. These two additional stations are expected to add approximately $14.2 million in revenues for FY 2010. Three stations acquired in December 2009 are expected to add approximately $19.9 million in revenues for FY2010. The Company plans to add additional retail gas stations through acquisition or lease, which should benefit its overall distribution profit margins.

"We believe that China Integrated Energy's vertically integrated business model provides a competitive advantage in the marketplace and offers unique, synergistic opportunities to generate significant growth and return on investment," added Mr. Gao. "We are one of only four companies in Shaanxi licensed to distribute both finished and heavy oil, we are the only integrated biodiesel producer with a distribution license in China and our distribution platform covers a geographic population of approximately 640 million people. Our proprietary biodiesel production capabilities enable us to utilize a variety of feedstock sources, giving us better control over our input costs and capacity utilization. Our growing retail fuel station business provides the opportunity to leverage our distribution and biodiesel production assets, while presenting additional opportunity to grow through acquisition. With plans to expand our wholesale distribution network, portfolio of retail gas stations as well as our biodiesel manufacturing capacity, along with favorable market conditions as a result of China's economic growth, favorable government initiatives and global crude oil prices, we anticipate another strong year in 2010."

Financial Outlook for 2010

For the full year ending December 31, 2010, management now expects revenues of $387 million from $382 million and net income of $49.5 million from $48 million, representing an increase of 33.7% and 30.7% compared to 2009 revenue and net income, respectively. Guidance includes an additional 50,000 tons of annual biodiesel manufacturing capacity expected to come online during the third quarter of 2010 and the lease of three additional retail gas stations. Management reserves the right to revise guidance in the future.

Conference Call Information

Interested parties may access the Company's conference call, scheduled for 10:00 a.m. EDT on May 12, 2010, by dialing 1-877-941-1430 when calling within the United States or +1-480-629-9667 when calling internationally (pass code 4297433). It is advisable to dial in approximately 5-10 minutes prior to the start of the call. A replay will be available through May 19, 2010 and can be accessed by dialing 1-800-406-7325 (U.S.), +1-303-590-3030 (Int'l), passcode 4297433.

This call is being web cast by ViaVid Broadcasting and can be accessed at ViaVid's website at http://www.viavid.net or at the following link: http://viavid.net/dce.aspx?sid=00007511 . To access the web cast, you will need to have the Windows Media Player on your desktop. For the free download of the Media Player please visit: http://www.microsoft.com/windows/windowsmedia/en/download/default.asp

About China Integrated Energy, Inc.

China Integrated Energy, Inc. is a leading non-state-owned integrated energy company in the PRC engaged in three business segments: the wholesale distribution of finished oil and heavy oil products, the production and sale of biodiesel, and the operation of retail gas stations. The Company's primary business segment is the wholesale distribution of finished oil and heavy oil products. The Company also operates a 100,000-ton biodiesel production plant with an additional 50,000-ton biodiesel production plant under construction, and twelve retail gas stations in China.

Safe Harbor Statement

This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. For example, statements about the future use of the proceeds are forward looking and subject to risks. China Integrated Energy, Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on forms 10-K, 10-Q and 8-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements.

Forward- looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, risks outlined in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For more information, please contact:

Company

Susan Zhou

Vice President, Investor Relations

Tel: +1-305-393-5536

Email: susan.zhou@cbeh.net.cn

HC International, Inc.

Ted Haberfield, Executive VP

Tel: +1-760-755-2716

Email: thaberfield@hcinternational.net

Web: http://www.hcinternational.net

PART 1. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

CHINA INTEGRATED ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

March 31, December 31,

2010 2009

(Unaudited)

ASSETS

CURRENT ASSETS

Cash and cash equivalents $40,967,385 $62,415,443

Accounts receivable 6,878,367 3,099,587

Other receivables and

deposits 1,182,927 7,231,586

Prepaid expenses 3,921,161 3,145,502

Advance to suppliers 48,772,007 34,544,100

Inventories, net 21,843,594 20,954,851

Total current assets 123,565,441 131,391,069

Prepaid rents 30,869,398 24,620,685

Property, plant and

equipment, at cost 10,466,490 10,017,987

Construction in progress 7,704,856 --

Less accumulated depreciation (2,714,157) (2,456,080)

Property, plant and

equipment , net 15,457,189 7,561,907

Intangible asset, net 10,480,929 --

Total noncurrent assets 56,807,516 32,182,592

TOTAL ASSETS $180,372,957 $163,573,661

LIABILITIES AND STOCKHOLDERS'

EQUITY

CURRENT LIABILITIES

Accounts payable $816,880 $--

Advance from customers 7,247,886 1,903,124

Taxes payable 882,254 1,242,931

Other payables 1,131,393 2,700,988

Loans payable 4,395,089 4,395,025

Total current liabilities 14,473,502 10,242,068

TOTAL LIABILITIES 14,473,502 10,242,068

STOCKHOLDERS' EQUITY

Preferred stock, $.001 par

value; authorized shares

10,000,000; issued and

outstanding 2,815,753 and

3,115,753 shares at March

31, 2010 and December 31

2009, respectively 2,815 3,115

Common stock, $.0001 par

value; authorized shares

79,000,000; issued and

outstanding 33,569,091 and

33,269,091 shares at March

31, 2010 and December 31,

2009, respectively 3,356 3,326

Additional paid in capital 76,986,338 75,858,994

Statutory reserve 4,920,114 4,920,114

Accumulated other

comprehensive income 5,554,434 5,473,420

Retained earnings 78,432,398 67,072,624

Total stockholders'

equity 165,899,455 153,331,593

TOTAL LIABILITIES AND

STOCKHOLDERS' EQUITY $180,372,957 $163,573,661

CHINA INTEGRATED ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME

(Unaudited) For The Three Months Ended March 31,

2010 2009

Sales $109,416,050 $58,658,668

Cost of goods sold 96,120,907 50,981,714

Gross profit 13,295,143 7,676,954

Selling, general and administrative

expenses 1,843,456 555,849

Income from operations 11,451,687 7,121,105

Non-operating income (expenses)

Interest expenses (50,785) (33,518)

Subsidy income -- 116,964

Other expense (41,128) (3,299)

Total non-operating income

(expenses) (91,913) 80,147

Net income 11,359,774 7,201,252

Other comprehensive item

Foreign currency translation

gain (Loss) 79,883 (50,784)

Comprehensive Income $11,439,657 $7,150,468

Basic and diluted weighted average

shares outstanding

Basic 33,319,091 27,169,091

Diluted 42,807,628 34,622,712

Basic and diluted net earnings per

share available to common

stockholders

Basic $0.34 $0.27

Diluted $0.27 $0.21

CHINA INTEGRATED ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOW

(Unaudited) For The Three Months Ended March 31,

2010 2009

CASH FLOWS FROM OPERATING

ACTIVITIES:

Net income $11,359,774 $7,201,252

Adjustments to

reconcile net income

to net cash

provided by (used in)

operating activities:

Depreciation and

amortization 321,142 292,744

Stock based

compensation 1,127,074 82,590

(Increase)

decrease in

current

assets:

Accounts receivable (3,777,960) 2,597,481

Other receivables, deposits and

prepaid expenses (924,587) 3,789,723

Advance to suppliers (14,224,483) 2,478,674

Inventories (888,254) 1,627,802

Prepaid expenses - Rents, non-

current (8,047,836) 322,565

Increase

(decrease) in

current

liabilities:

Accounts payable 816,713 --

Advance from customers 5,343,638 (3,703,649)

Taxes payable (360,621) 84,725

Other payables and accrued expenses (1,991,970) (3,025,122)

Net cash provided by

(used in) operating

activities (11,247,370) 11,748,785

CASH FLOWS FROM INVESTING

ACTIVITIES:

Acquisition of property and

equipment (4,716) (3,324)

Business acquisition (2,490,040) --

Construction in progress (7,703,276) --

Net cash used in

investing activities (10,198,032) (3,324)

CASH FLOWS FROM FINANCING

ACTIVITIES:

Restricted cash released -- 522,500

Repayment of auto loans and notes

payable -- (14,473)

Net cash provided by

financing activities -- 508,027

EFFECT OF EXCHANGE RATE CHANGE ON

CASH AND CASH EQUIVALENTS (2,656) 14,086

NET INCREASE IN CASH AND CASH

EQUIVALENTS (21,448,058) 12,267,574

CASH AND CASH EQUIVALENTS,

BEGINNING OF PERIOD 62,415,443 23,119,028

CASH AND CASH EQUIVALENTS, END OF

PERIOD $40,967,385 $35,386,602

Supplemental Cash flow data:

Income tax paid $-- $--

Interest paid $64,166 $38,372

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