Bartvp
13 years ago
A small writeup on the company, I didn't have the time or space to go into too much detail so I'm sorry if I would have stayed too general, please leave your thoughts so we can further discuss this company here
China Industrial Waste Management is a provider of comprehensive environmental services and solutions in northeastern China. The company currently has two primary areas of business. In their Industrial Solid Waste Treatment and Recycling business, the company collects, stores, treats, disposes and recycles industrial solid waste. In its Sludge and Sewage Treatment business, the company is licensed to treat municipal sewage generated from a designated portion of Dalian, China, as well as treat the sludge resulting from the processing of sewage routed to them from sewage treatment facilities. In addition, they recently began to offer sludge processing equipment supply and engineering services.
The company generates revenue from two business areas: 1. The collection of fees and 2. Sales of recycled commodities such as cupric sulfate and methane.
Not only has CIWT proven to be more than a simple landfill company by offering more advanced technologies, the company has as well proven to be a leading recognised service provider in their region.
Its facilities have been awarded different prices such as the award for "Best Sewage Sludge Process Application of China" for their sludge-to-energy plant that generates methane which is then sold to the Dalian Gas Company (trough a 20 year BOT-project). It’s in this expertise that the company has also formed a joint venture with a company called German Lipp; Dalian Dontai, the sole appointed partner by German Lipp in the arena of anaerobic fermentation in China. Some CCTV coverage on the sludge treatment facility can be found here
Morover, the company’s CEO has been named one of the ‘Top Ten” in Dalian’s economy and is also the chairman of the Dalian Environmental Protection Association
In july 2010, CIWT was approached to lead the oil waste management operation following China’s largest recorded oil spill off the coast of Dalian City, and one year later the CEO was being authorized to represent all waste treatment service providers in Liaoning province at the Environmental Safety Conference in Shenyang.
Because of the rapid waste management & sludge treatment industry growth fueled by industrialization and urbanization in China, the company has been investing heavily over the last two years in projects to expand their capacity and several projects will come online from the end of 2011. For example they will double (!) their industrial solid waste disposal and treatment capacity by the end of 2011. (Last year the service fees related to the solid waste came in at 11,6m which equals to around 50% of total revenues. )
Due to China’s high growth I want to make sure my investment pick has some degree of sustainability, even when growth might temporary slow down or when competitors would try to kick in and create a downward pressure on profit margins. Enough companies have shown to be a labor-shop only, or have had a business model that would only turn out last a couple of years to make a quick profit.
Waste management firms usually offer a certain earnings predictability because of a steady recurring revenue flow due to the nature of their contracts, which often are long term contracts with municipalities such as BOT projects. These BOT projects are designed to generate a steady and recurring source of income (from the PRC gov) over a sustained period of time - typically between 20 and 25 years. This ensures that another hard recession cannot simply weep out this company.
In contrast, the resale of commodities (cupric sulfate, metals, methane...) typically makes up around 30% of their revenue. Therefore any rise or drop in commodity prices will as well affect CIWT’s profit. The management however seems to be fairly competent in pursuing an active commodity inventory management and has succeeded to increase commodity inventory in 2009 when prices were low and is now reaping benefits of it (for example the price of cupric sulfate has gone up almost 50% by the time they were holding it.)
Another advantage of the waste management industry is that it’s a very capital intensive industry.
So far the company hasn’t been in need for extra funds and is able to borrow more money from banks, which leaves the company some room to not immediately address the capital markets.
Some bigger multinational companies, take Violea for example, have been active in China for hazardous waste management operations as well. However, the initial resuls were below expectations. These prominent giants do have competitive advantages in sufficiency of capital and advanced technology over many local participants (that’s why it’s such a big plus for CIWT to be one of the more advanced technological players in their industry). The local players however also have their advantages, according to management. First of all CIWT is listed as one of the 31 hazardous waste treatment center for Liaoning Province and possess utmost treatment facilities to serve the surrounding areas, and the only company out of two to have been given certain landfill rights in the whole Liaoning Province. According to management, the relevant authority is not likely to grant Redundant construction of such facilities when existing ones can satisfy local demand. A second competitive advantage over the multinational players trying to access the Chinese market might be the comprehensive utilization rate. This improved comprehensive utilization rate is of utmost importance to enhance high profitability. To realize this goal, not only technology is required but also a decent market exploration, which is non-realizable without long term accumulation of knowledge on the local market. Therefore, the overseas giants will have to rely on relatively high cost measures, namely incinerator or landfill, to handle waste. They might be doomed to lose economic feasibility from the very beginning by doing waste management business in that way.
So it’s fair to conclude that entry barriers seem to be very high for newcomers who would try to take home their share of the profits and the very promising future growth prospects in this sector.
Basically to me CIWT seems to be in the perfect business, it’s profiting from China’s environmental issues and active in sectors such as the (grey)water and alternative energy sector. And if you believe in rising commodity prices, you will get your share of it by buying CIWT as well. Buffet and Gates who both love the waste industry nowadays, have been said new opportunities can be found in emerging markets investing heavily in waste management infrastructure, which does not seem to be incorrect at all if you take a look at the stimuli CIWT is receiving from the PRC for its expansion plans.
Finally, the greater part (66,7%) of the company is held by insiders (especially by the CEO who owns 62.8% of the company), and I like to put my money where his is. Besides, it makes me comfortable knowing that in 2008 the company raised funds by selling 1,32 million shares to a group of institutional investors for a price of 2 dollar/share, issuing 660k + 660k warrants which expire this year in September at 3.5 and 4.5 respectively. The top management has a compensation plan with options involved (about 30% of there compensation is in options) thus they can’t just neglect the share price and keep investors waiting for another couple of years.
The company has already made many efforts in improving investor relations and is very willing to help and listen to shareholders opinions.
In a mid 09 press release the company stated that it “is currently evaluating the establishment of one or more committees in connection with a possible application for listing [...] on a national stock exchange in the US”. They seem to have kept their promises as they have since engaged a legal counsel (Pryor Cashman) to “help them take the company to the next level” in the US capital markets, appointed independent directors and formed an Audit Committee and Compensation Committee. Management stated that they will submit an application for an up-listing to a major stock exchange when they believe the company has reached the minimum criteria.
Moreover, only less than two weeks ago, they have engaged the firm of UHY LLP ( ranked by Accounting Today as a Top 20 professional services firm) as its new independent registered public accountant to fight the excessive pessimism in the Chinese RTO markets.
The share price in contrast seem to be hitting 3y-lows and currently fluctuates around 1.0 on a very low volume and can easily shoot up or down 20% or more in one single day without any obvious reason. Buying shares of the company does not seem to be ideal for short term profits and you’ll need a strong stomach once you get in. The company is trading at P/E of only 2.85 and their book value stands at around 2.2 last quarter, which is about 250% higher. Not at all expensively priced for a company that’s growing net income double digits yoy and seems to still have it’s best years to come/ahead?
As the company clearly seems to be legitimate, a fair and conservative P/E of only 12 would be easy to justify. That would translate into a share price of 3.85, more than 4 times higher than the current stock price.
This stock is definitely a long play and can’t be missed in my basket of beaten down quality Chinese RTO companies with a more than promising future.
IndoInvest
13 years ago
Changes in Registrant's Certifying Accountant
Item 4.01. Changes in Company's Certifying Accountant.
Effective as of June 30, 2011, China Industrial Waste Management, Inc. (the "Company") dismissed Jewett, Schwartz, Wolfe & Associates ("JSW") and engaged UHY LLP ("UHY") as its new independent registered public accountant. These actions were recommended by the Audit Committee of the Company's Board of Directors (the "Board") and approved by the Board.
The reports of JSW on the Company's financial statements as of December 31, 2010 and 2009 and for the fiscal years ended December 31, 2010 and 2009 did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.
In connection with the audits of the Company's financial statements for the fiscal periods ended December 31, 2010 and 2009, and through June 30, 2011, there were: (i) no disagreements between the Company and JSW on any matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of JSW, would have caused JSW to make reference to the subject matter of the disagreement in its reports on the Company's financial statements for such periods, and (ii) no reportable events of the type listed in paragraphs (A) through (D) of Item 304(a)(1)(v) of Regulation S-K.
During its two most recent fiscal periods ended December 31, 2010 and 2009, and the subsequent interim period through the engagement of UHY on June 30, 2011, the Company did not consult with UHY on (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that may be rendered on the Company's financial statements, and UHY did not provide either a written report or oral advice to the Company that was an important factor considered by the Company in reaching a decision as to any accounting, auditing, or financial reporting issue; or (ii) the subject of any disagreement, as defined in Item 304 (a)(1)(iv) of Regulation S-K and the related instructions, or a reportable event within the meaning set forth in Item 304(a)(1)(v) of Regulation S-K.
The Company provided JSW with a copy of the disclosures contained herein and requested that JSW furnish it with a letter addressed to the Securities and Exchange Commission stating whether or not JSW agrees with its statements in this Item 4.01. A copy of the letter to be furnished by JSW in response to such request, will be filed as Exhibit 16.1 to an amendment to this Form 8-K promptly when the Company is in receipt of the letter. The Company anticipates it will be provided with the letter within ten business days from the date of filing this Form 8-K.
IndoInvest
13 years ago
China Industrial Waste Management Announces 2011 First Quarter Financial Results
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DALIAN, China, May 16, 2011 /PRNewswire-Asia/ -- China Industrial Waste Management, Inc. (OTCBB: CIWT) ("China Industrial Waste Management" or the "Company"), a leading environmental services and solutions provider in China, today announced its financial results for the first quarter ended March 31, 2011.
First Quarter Highlights
Revenues increased 48.1% to $6.1 million
Gross profit increased 15.2% to $3.1 million
Operating income increased 10.3% to $1.7 million
Net income attributable to the Company increased 101.4% to $1.2 million
Diluted earnings per share doubled to $0.08
"We are pleased to announce strong financial performance for the first quarter and begin 2011 on a strong note. We achieved substantial revenue, net income, and EPS growth," said Mr. Jason Dong, Chairman and Chief Executive Officer. "In the first quarter of 2011, we had increased demand for waste disposal services from our customers; our sales of recycled commodities increased as a result of favorable market prices; and our sludge treatment business generated additional service fees. In addition, our discarded domestic appliance disposal operations contributed to our revenues."
First Quarter 2011 Results
Revenues increased 48.1% to $6.1 million from $4.1 million in the same period last year. The increase in revenue was mainly attributable to (i) the increased demand for waste disposal services from our customers, (ii) the increase in service fees generated by our sludge treatment as it processed more sludge in the first quarter of 2011, (iii) the increase in sales of waste iron and aluminum which experienced favorable market prices, and (iv) the addition of revenues generated from our discarded domestic appliance disposal operations commenced August 1, 2010 under a national program jointly sponsored by the PRC Ministries of Commerce, Finance and Environmental Protection.
Revenues from service fees increased 28.3% to $3.8 million, or 62.3% of total revenues, from $2.9 million, or 71.9% of total revenues, in the prior year period.
Sales of recycled commodities increased 98.9% to $2.3 million, or 37.7% of revenues, compared to $1.2 million, or 28.1% of revenues, in the same period last year. The sharp increase is attributable to higher selling prices and sales volume for these products.
Gross profit increased 15.2% to $3.1 million from $2.7 million in the same period last year. Gross margin was 50.8% compared to 65.4% in the prior year period. The decline in gross margin is primarily attributable to (i) the increased service fee revenue generated by our non-hazardous waste treatment operations, which has a lower gross profit margin compared with service fee revenue generated by our hazardous waste treatment operations, and (ii) the increased costs of labor, transportation and raw materials related to producing recycled waste products.
Income from operations increased 10.3% to $1.7 million from $1.6 million in the prior year period. Operating margin was 28.3% compared to 38.1% in the prior year period. The decrease in operating margin is primarily due to the reasons related to the aforementioned decline in gross margin offset by the fact that operating expenses as a percent of sales actually decreased by 4.8% to 22.5% in the first quarter of 2011 from 27.3% in the same period last year.
Net income attributable to the Company increased 101.4% to $1.2 million from $0.6 million in the same period last year. Diluted earnings per share increased 100.0% to $0.08 from $0.04 in the same period last year.
Financial Condition
As of March 31, 2011, the Company had cash and cash equivalents of $5.9 million. Working capital was $5.9 million. Shareholder's equity increased 4.8% to $33.9 million from $32.3 million at the end of 2010. Operating cash flow was $0.8 million versus $1.1 million in the prior year period. The decrease was due to, among other things, the payment of accrued staff bonuses, an increase in accounts receivable in the amount of $640,266, and a decrease in other payable in the amount of $457,682, due to payment to subcontractor.
Recent Developments
The Company's 70%-owned subsidiary, Dalian Zhuorui Resource Recycling Co., Ltd. ("Zhuorui"), is engaged in the separation and purification of waste catalysts generated from the oil refinery process. Zhuorui has successfully completed its trial production period and has commenced production including ammonium metavanadate, molybdic acid, and nickel powder. Metals contained in waste catalyst are a scarce resource and the Company expects a significant increase in the selling prices for Zhuorui's final products. The Company may decide to selectively sell some of those products in fiscal year 2011 depending on market conditions.
Business Outlook
The Company is currently building in Dalian one of the most advanced one-stop service centers for industrial solid waste treatment in China (the "Dagushan Expansion Project"). The construction of the Dagushan Expansion Project is now 90% complete and we expect it to become operational in the third quarter of 2011. Once fully operational, this new facility will increase our hazardous industrial solid waste treatment capacity to 114,000 tons per year.
The Company reaffirms that for the first half of 2011, the Company expects revenues of between $10 million and $12 million and net income attributable to the Company of between $2.0 million and $2.5 million.
Conference Call
The Company will host a conference call at 9:00 a.m. Eastern Daylight Time (EDT) on Monday, May 16, 2011, to discuss its financial results for the first quarter of 2011.
To participate in this live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: (877) 275-8968. International callers should call +1 (706) 643-1666. The Conference Pass Code is 65634929.
If you are unable to participate in the call at this time, a replay will be available for fourteen days starting on Monday, May 16, 2011 at 11:00 a.m. EDT. To access the replay, call (800) 642-1687. International callers should call +1 (706) 645-9291. The Conference Pass Code is 65634929.
About China Industrial Waste Management, Inc.
China Industrial Waste Management is a leading environmental services and solutions provider in China. The Company is based in Dalian, Liaoning Province, China and has been engaged in the industrial solid waste treatment business since 1991. Today, the Company is the largest industrial solid waste management enterprise in northeastern China. China Industrial Waste Management's main businesses are industrial solid waste treatment and recycling, municipal sewage and sludge treatment, and environmental protection engineering. For more information, please visit the Company's website (www.chinaciwt.com).
Cautionary Statement Regarding Forward-Looking Information
This release may include "forward-looking statements." You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain such words as "may," "project," "might," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," or the negative or other variations thereof or comparable terminology. These forward-looking statements are based on current expectations and projections about future events. Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, our actual performance may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors, as well as other factors described from time to time in our reports filed with the Securities and Exchange Commission: the timing and magnitude of technological advances; the prospects for future acquisitions; the effects of political, economic and social uncertainties regarding the governmental, economic and political circumstances in the People's Republic of China, the possibility that a current customer could be acquired or otherwise be affected by a future event that would diminish their waste management requirements; the competition in the waste management industry and the impact of such competition on pricing, revenues and margins; uncertainties surrounding budget reductions or changes in funding priorities of existing government programs and the cost of attracting and retaining highly skilled personnel; our projected sales, profitability, and cash flows; our growth strategies; anticipated trends in our industries; our future financing plans; and our anticipated needs for working capital. Forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.
IndoInvest
13 years ago
China Industrial Waste Management Announces Commercial Operations at Zhuorui Subsidiary
PR Newswire
DALIAN, China, May 12, 2011
DALIAN, China, May 12, 2011 /PRNewswire-Asia/ -- China Industrial Waste Management, Inc. (OTCBB: CIWT) ("China Industrial Waste Management" or the "Company"), a leading environmental services and solutions provider in China, today announced that its 70%-owned subsidiary, Dalian Zhuorui Resource Recycling Co., Ltd. ("Zhuorui") successfully completed its trial production period, and commenced commercial operations in early May 2011.
Zhuorui is engaged in the separation and purification of waste catalysts generated from the oil refinery process. Waste catalysts purchased from oil refineries are utilized by Zhuorui to produce ammonium metavanadate, molybdic acid, and nickel powder. Metals contained in the waste catalyst are a scarce resource and the Company expects a significant increase in the selling prices for Zhuorui's final products. The Company may decide to selectively sell some of those products in fiscal year 2011 depending on market conditions.
"We are thrilled that Zhuorui is now operating commercially and moving to normal production," commented Mr. Jinqing Dong, Chairman and Chief Executive Officer of China Industrial Waste Management. "The commencement of Zhuorui's commercial production will add an exciting new business to the Company and increase revenues during fiscal year 2011."
About China Industrial Waste Management
China Industrial Waste Management is a leading environmental services and solutions provider in China. The Company is based in Dalian, Liaoning Province, China and has been engaged in the industrial solid waste treatment business since 1991. Today, the Company is the largest industrial solid waste management enterprise in northeastern China. China Industrial Waste Management's main businesses are industrial solid waste treatment and recycling, municipal sewage and sludge treatment, and environmental protection engineering. For more information, please visit the Company's website (www.chinaciwt.com).
Cautionary Statement Regarding Forward-Looking Information
This release may include "forward-looking statements." You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain such words as "may," "project," "might," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," or the negative or other variations thereof or comparable terminology. These forward-looking statements are based on current expectations and projections about future events. Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, our actual performance may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors, as well as other factors described from time to time in our reports filed with the Securities and Exchange Commission: the timing and magnitude of technological advances; the prospects for future acquisitions; the effects of political, economic and social uncertainties regarding the governmental, economic and political circumstances in the People's Republic of China, the possibility that a current customer could be acquired or otherwise be affected by a future event that would diminish their waste management requirements; the competition in the waste management industry and the impact of such competition on pricing, revenues and margins; uncertainties surrounding budget reductions or changes in funding priorities of existing government programs and the cost of attracting and retaining highly skilled personnel; our projected sales, profitability, and cash flows; our growth strategies; anticipated trends in our industries; our future financing plans; and our anticipated needs for working capital. Forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.
Company Contact:
Mr. Darcy Zhang, Corporate Secretary
Tel: +86-411-8259-5339
Email: darcy.zhang@chinaciwt.com
Website: www.chinaciwt.com
CCG Investor Relations:
Mr. Athan Dounis
Phone: +1-646-213-1916
Email: athan.dounis@ccgir.com
Website: www.ccgirasia.com
Read more: http://www.digitaljournal.com/pr/306291#ixzz1MBr9Y84j
IndoInvest
13 years ago
DALIAN, China, April 13, 2011 /PRNewswire-Asia/ -- China Industrial Waste Management, Inc. (OTCQB: CIWT) ("China Industrial Waste Management" or the "Company"), a leading environmental services and solutions provider in China, today announced financial results for the fiscal year ended December 31, 2010.
Full Year 2010 Highlights
Revenues increased 106.2% to $21.8 million
Gross profit increased 97.7% to $12.6 million
Operating income increased 447.6% to $6.8 million
Operating margin increased to 31.3% from 11.8%
Net income attributable to the Company increased 129.8% to $4.5 million
Diluted earnings per shares increased 142.9% to $0.29 per diluted share
Operating cash flow increased 130.9% to $4.7 million
Working capital increased 306.9% to $6.7 million
"We are very pleased with our 2010 financial performance as we achieved strong growth in sales, profitability, EPS, and operating cash flow," said Mr. Jason Dong, the Company's Chairman and Chief Executive Officer. "Our business rebounded significantly in 2010 from the lows of 2009, a year where we were impacted by the global recession and slowdown in world trade. In 2010, our customers increased their production volumes and their business with us, we added new customers as the manufacturing sector in Dalian continues to grow, our sludge treatment facility began contributing to our sales, and we received additional revenues from waste disposal operations related to the tragic oil spill in Dalian in June of 2010. Importantly, we grew our bottom line and operating cash flow even faster than our top line at both the net income and EPS lines. Our increased profitability was the result of our strong sales rebound combined with the operating leverage of our business. Overall, we are proud of our accomplishments in 2010 and believe we are on sound footing to continue our strong financial performance in 2011."
Full Year 2010 Results
Revenues increased 106.2% to $21.8 million from $10.6 million in 2009. The increase in revenues is mainly attributable to an increase in the Company's solid waste treatment business as production volumes from the Company's industrial customers continued to recover from the lows of 2009, the addition of new customers in 2010, additional revenue generated by the Company's subsidiary, Dongtai Organic, from municipal sludge treatment, as well as sales of biogas (methane), a byproduct derived from sludge fermentation, and from revenues generated from the Company's waste disposal operations in connection with the June 2010 oil spill in Dalian.
Revenues from service fees increased 114.6% to $14.9 million, or 68.3% of total revenues, from $6.9 million, or 65.6% of total revenues, in 2009. Sales of recycled commodities increased 90.1% to $6.9 million, or 31.7% of revenues, compared to $3.6 million, or 34.4% of revenues, in 2009. The increase in sales of recycled commodities was attributable to higher selling prices and sales volume for these products. The average selling price of cupric sulfate was approximately $1,723 per ton in 2010 as compared to $1,285 per ton in 2009, a 34% increase in average unit price. In addition, in 2010, revenues from the sale of methane gas generated $1.3 million whereas there were no sales of methane gas in 2009.
Gross profit increased 97.7% to $12.6 million from $6.4 million in 2009. Gross margin was 57.9% compared to 60.4% in 2009. The decline in gross margin is primarily attributable to the additional overhead imposed by Dongtai Organic's sludge treatment operations, a business added in 2010, which has not yet reached full operating capacity.
Income from operations increased 447.6% to $6.8 million from $1.2 million in 2009. Operating margin increased to 31.3% from 11.8% in 2009. The increase in operating margin is primarily due to operating leverage from the Company's higher volume of sales.
Net income attributable to the Company increased 129.8% to $4.5 million from $2.0 million in 2009. Diluted earnings per share increased 142.9% to $0.29 from $0.12 in 2009.
Financial Condition
As of December 31, 2010, the Company had cash and cash equivalents of $8.2 million compared to $11.4 million at the end of 2009. The Company had working capital of $6.7 million, an increase of 306.9% compared to $1.7 million as of December 31, 2009. Shareholder's equity increased 20.4% to $41.6 million from $34.5 million at the end of 2009. Operating cash flow increased 130.9% to $4.7 million compared to $2.0 million in the prior year period.
Business Outlook
The Company is currently building in Dalian one of the most advanced one-stop service centers for industrial solid waste treatment in China (the "Expansion Project"). The construction of this Expansion Project is now 90% complete and we expect it to become operational in the third quarter of 2011. Once fully operational, this new facility will increase our industrial solid waste treatment capacity to 114,000 tons per year, which is double our current treatment capacity.
For the first half of 2011, the Company expects revenues of between $10 million and $12 million and net income attributable to the Company of between $2.0 million and $2.5 million.
Mr. Dong concluded, "The industrial waste treatment business in China continues to show strength. Environmental sustainability and more balanced industrial development are key priorities for the PRC government in the 12th Five-Year Plan. The solid waste treatment business in China is still in the start-up stage and we believe we are well positioned to take advantage of very strong growth opportunities in 2011 and beyond. We expect a surge in demand for sludge and other degradable waste treatment services as a result of a shortage in sludge treatment facilities. For example, in Liaoning Province there are currently 42 sewage treatment plants processing 4 million tons of waste water every day, and these sewage treatment plants generate approximately 1 million tons of sludge annually. Our Dongtai Organic facility is currently the only sludge treatment facility in Liaoning Province. We believe that the shortage of sludge treatment facilities in Liaoning Province is a representative example of a problem that exists at a much larger scale throughout China.
"We are excited about our future opportunities and believe that we are poised to benefit from the rising demand for waste treatment in China. Supported by our state-of-the-art technology, we strive to become the leading industry player in Northern China. We expect the Expansion Project and other initiatives to contribute to our financial performance in fiscal 2011."
Conference Call
The Company will host a conference call at 9:00 a.m. Eastern Daylight Time on Thursday, April 14, 2011, to discuss its financial results for the fiscal year 2010.
To participate in this live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: (877) 275-8968. International callers should dial +1 (706) 643-1666. The Conference Pass Code is 53975142.
If you are unable to participate in the call at this time, a replay will be available for 14 days starting on Thursday, April 14, 2011, at 10:00 a.m. Eastern Time. To access the replay, call (800) 642-1687. International callers should call +1 (706) 645-9291. The Conference Pass Code is 53975142.
About China Industrial Waste Management
China Industrial Waste Management is a leading environmental services and solutions provider in China. The Company is based in Dalian, Liaoning Province, China and has been engaged in the industrial solid waste treatment business since 1991. Today, the Company is the largest industrial solid waste management enterprise in northeastern China. China Industrial Waste Management's main businesses are industrial solid waste treatment and recycling, municipal sewage and sludge treatment, and environmental protection engineering. For more information, please visit the Company's website (www.chinaciwt.com).
Cautionary Statement Regarding Forward-Looking Information
This release may include "forward-looking statements." You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain such words as "may," "project," "might," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," or the negative or other variations thereof or comparable terminology. These forward-looking statements are based on current expectations and projections about future events. Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, our actual performance may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors, as well as other factors described from time to time in our reports filed with the Securities and Exchange Commission: the timing and magnitude of technological advances; the prospects for future acquisitions; the effects of political, economic and social uncertainties regarding the governmental, economic and political circumstances in the People's Republic of China, the possibility that a current customer could be acquired or otherwise be affected by a future event that would diminish their waste management requirements; the competition in the waste management industry and the impact of such competition on pricing, revenues and margins; uncertainties surrounding budget reductions or changes in funding priorities of existing government programs and the cost of attracting and retaining highly skilled personnel; our projected sales, profitability, and cash flows; our growth strategies; anticipated trends in our industries; our future financing plans; and our anticipated needs for working capital. Forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.
Company Contact:
Mr. Darcy Zhang, Corporate Secretary
Tel: +86-411-8259-5339
Email: darcy.zhang@chinaciwt.com
Website: www.chinaciwt.com
CCG Investor Relations:
Mr. Athan Dounis
Phone: +1-646-213-1916
Email: athan.dounis@ccgir.com
Website: www.ccgirasia.com
http://www.prnewswire.com/news-releases/china-industrial-waste-management-announces-fiscal-year-2010-financial-results-119799909.html
eom7
13 years ago
China Industrial Waste Management Announces Unaudited Preliminary Results for Fiscal Year 2010
Mar 2, 2011 8:00:00 AM
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DALIAN, China, March 2, 2011 /PRNewswire-Asia/ -- China Industrial Waste Management, Inc. (OTCQB: CIWT) ("China Industrial Waste Management", the "Company" or "us"), a leading environmental services and solutions provider in China, today announced its unaudited preliminary results for the fiscal year ended December 31, 2010.
For the fiscal year ended December 31, 2010, the Company's total unaudited revenue increased 98.1% to approximately $21 million from $10.6 million for the year ended December 31, 2009. Full year 2010 unaudited net income was approximately $4.5 million, up 125% from $2.0 million for the year ended December 31, 2009.
The Company expects to release its audited financial results when it files its Annual Report on Form 10-K on or before March 29, 2011.
About China Industrial Waste Management
China Industrial Waste Management is a leading environmental services and solutions provider in China. The Company is based in Dalian, Liaoning Province, and has been engaged in the industrial solid waste treatment business since 1991. Today, the Company is the largest industrial solid waste management enterprise in northeastern China. China Industrial Waste Management's main businesses are industrial solid waste treatment and recycling, municipal sewage and sludge treatment, and environmental protection engineering. For more information, please visit the Company's website (www.chinaciwt.com).
Cautionary Statement Regarding Forward-Looking Information
This release may include "forward-looking statements." You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain such words as "may," "project," "might," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," or the negative or other variations thereof or comparable terminology. These forward-looking statements are based on current expectations and projections about future events. Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, our actual performance may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors, as well as other factors described from time to time in our reports filed with the Securities and Exchange Commission: the timing and magnitude of technological advances; the prospects for future acquisitions; the effects of political, economic and social uncertainties regarding the governmental, economic and political circumstances in the People's Republic of China, the possibility that a current customer could be acquired or otherwise be affected by a future event that would diminish their waste management requirements; the competition in the waste management industry and the impact of such competition on pricing, revenues and margins; uncertainties surrounding budget reductions or changes in funding priorities of existing government programs and the cost of attracting and retaining highly skilled personnel; our projected sales, profitability, and cash flows; our growth strategies; anticipated trends in our industries; our future financing plans; and our anticipated needs for working capital. Forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.
Company Contact:
Mr. Darcy Zhang, Corporate Secretary
Tel: +86-411-8259-5339
Email: darcy.zhang@chinaciwt.com
Website: www.chinaciwt.com
CCG Investor Relations:
Mr. Athan Dounis
Phone: +1-646-213-1916
Email: athan.dounis@ccgir.com
Website: www.ccgirasia.com
SOURCE China Industrial Waste Management, Inc.
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Company Contact: Mr. Darcy Zhang
Corporate Secretary at +86-411-8259-5339 or darcy.zhang@chinaciwt.com; CCG Investo
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