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15.05.2013 15:20
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China Natural Gas Announces First Quarter 2013 Financial Results
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PR Newswire
XI'AN, China, May 15, 2013
XI'AN, China, May 15, 2013 /PRNewswire/ -- China Natural Gas, Inc. ("China Natural Gas" or the "Company") (PINK: CHNG), a leading provider of compressed natural gas (CNG) and LNG for vehicular fuel and pipeline natural gas for industrial, commercial and residential use in Xi'an, China, today announced its financial results for the first quarter ended March 31, 2013.
First Quarter 2013 Results
Revenue in the first quarter of 2013 increased by 10.0% to $35.5 million from $32.3 million in the first quarter of 2012, driven by increased capacity of our LNG plant. Sales revenue of natural gas grew by 9.5% year-over-year to $32.2 million, from $29.4 million in the first quarter of 2012. Gasoline revenue in the first quarter of 2013 decreased by 42.5% to $0.5 million, from $0.8 million in the same period of the prior year, mainly because the closure of one gasoline fueling stations during the fourth quarter of 2012. Installation and automobile conversion services revenue increased by 38.6% year-over-year to $2.8 million, from $2.1 million a year ago. In the first quarter of 2013, sales of natural gas, gasoline, and installation and automobile conversion services contributed 90.7%, 1.3%, and 8.0% of total revenue, respectively.
Gross profit in the first quarter of 2013 increased 13.8% to $12.9 million from $11.4 million in the same period of the prior year. Gross margin in the first quarter of 2013 was 36.4%, compared to 35.2% a year ago. Gross margin increased primarily due to the increase in gross margin for our LNG business.
Operating income in the first quarter of 2013 was $5.8 million, an increase of 57.9% year-over-year from $3.7 million, primarily attributable to the increase in gross profit of LNG and decrease in general and administrative expenses.
Income tax expense was $0.9 million at an effective tax rate of 15.9%, as compared to $0.8 million at an effective tax rate of 28.9% in the first quarter of 2012. The decrease of effective income tax rate was primarily attributable to the reduced income tax rate of 15% enjoyed by JBLNG beginning on January 1, 2013.
Net income in the first quarter of 2013 increased by 139.6% to $4.7million or $0.22 per diluted share from $1.9 million or $0.10 per diluted share in the first quarter of 2012.
As of March 31, 2013, the Company had $10.7 million of cash and cash equivalents on hand, compared to $10.9 million of cash and cash equivalents as of December 31, 2012. The decrease was primarily attributable to the construction of the LNG plant and other projects, and the repayment of the loans from Shanghai Pudong Development Bank.
Net cash provided by operating activities was $5.0 million for the first quarter of 2013, as compared to net cash provided by operations of $7.4 million for the first quarter of 2012. The decrease was primarily due to the increase in advances to suppliers, accounts receivable and other receivable, and adjustments for non-cash expense items.
About China Natural Gas, Inc.
China Natural Gas (http://www.naturalgaschina.com ) transports and sells natural gas to vehicular fueling terminals, as well as commercial, industrial and residential customers through its distribution networks in China's Shaanxi, Henan and Hubei Provinces. The Company owns approximately 120 km of high-pressure pipelines and operates 20 CNG fueling stations in Shaanxi Province, 10 CNG fuelling stations in Henan Province and 1 CNG fueling station in Hubei Province and one LNG factory in Jingbian, Shaanxi province. China Natural Gas' five primary business lines include: (1) distribution and sales of CNG through Company-owned CNG fueling stations serving hybrid (natural gas/gasoline) powered vehicles; (2) installation, distribution and sales of piped natural gas to residential and commercial customers through Company-owned pipelines; (3) production and sales of LNG through our LNG production facility in Jingbian County, Shaanxi Province; (4) distribution and sales of gasoline through Company-owned CNG fueling stations for hybrid (natural gas/gasoline) powered vehicles; and (5) conversion of gasoline-fueled vehicles to hybrid (natural gas/gasoline) powered vehicles at its automobile conversion workshops.
SAFE HARBOR: FORWARD-LOOKING STATEMENTS
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 plans and goals of the JV with CNPC and its prospects are forward looking and subject to risks. China Natural Gas, 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 fourth 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, including its registration statements on Forms S-1 and S-3, in each case as amended. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
This release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or selling security holder and that will contain detailed information about the company and management, as well as financial statements.
| CHINA NATURAL GAS, INC. AND SUBSIDIARIES | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| AS OF MARCH 31, 2013 AND DECEMBER 31, 2012 | ||||||||
| (Stated in US Dollars) | ||||||||
| | ||||||||
| | | March 31, 2013 | | December 31, 2012 | ||||
| | | | | | ||||
| ASSETS | | | | | | | ||
| CURRENT ASSETS: | | | | | | | ||
| Cash and cash equivalents | | $ | 10,700,924 | | $ | 10,857,456 | ||
| Accounts receivable, net | | | 3,289,300 | | | 2,148,379 | ||
| Other receivables, net | | | 969,170 | | | 458,605 | ||
| Employee advances | | | 325,505 | | | 399,031 | ||
| Inventories | | | 3,041,500 | | | 2,473,933 | ||
| Advances to suppliers | | | 8,449,792 | | | 4,869,606 | ||
| Prepaid expense and other current assets | | | 2,724,481 | | | 3,541,431 | ||
| Total current assets | | | 29,500,672 | | | 24,748,441 | ||
| | | | | | | | ||
| Investment in unconsolidated joint ventures | | | - | | | 1,587,000 | ||
| Property and equipment, net | | | 177,582,135 | | | 179,515,563 | ||
| Construction in progress | | | 57,149,739 | | | 53,393,933 | ||
| Goodwill | | | 844,569 | | | 839,806 | ||
| Other intangible assets | | | 21,094,232 | | | 21,400,924 | ||
| Prepaid expenses and other assets | | | 7,367,886 | | | 7,015,142 | ||
| TOTAL ASSETS | | $ | 293,539,233 | | $ | 288,500,809 | ||
| | | | | | | | ||
| LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | ||
| | | | | | | | ||
| CURRENT LIABILITIES: | | | | | | | ||
| Senior notes- current maturities | | $ | 38,569,998 | | $ | 38,352,498 | ||
| Current portion of bank loan payable | | | 4,788,000 | | | 4,761,000 | ||
| Redeemable liabilities - warrants | | | 17,500,000 | | | 17,500,000 | ||
| Accounts payable and accrued liabilities | | | 6,752,805 | | | 6,756,278 | ||
| Other payable - related party | | | 827,596 | | | 1,616,429 | ||
| Short-term borrowing - related party | | | 2,679,945 | | | 2,679,945 | ||
| Unearned revenue | | | 4,590,622 | | | 3,663,570 | ||
| Accrued interest | | | 2,392,773 Werbung Mehr Nachrichten zur China Natural Gas Aktie kostenlos abonnieren
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