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Montag, 08.08.2016 18:30 von PR Newswire | Aufrufe: 8

Pingtan Marine Enterprise Reports Financial Results For The Second Quarter And Six Months Ended June 30, 2016

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PR Newswire

FUZHOU, China, Aug. 8, 2016

FUZHOU, China, Aug. 8, 2016 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME), ("Pingtan" or the "Company") a global fishing company based in the People's Republic of China (PRC), today announced its unaudited financial results for the second quarter and six months ended June 30, 2016.

The Company's recent notable events are as follows:

July 20, 2016: The Company announced that it has declared a cash dividend of $0.01 per share of common stock outstanding. The dividend was payable in cash on or about August 15, 2016 to shareholders of record on July 31, 2016. This marks the seventh consecutive quarterly dividend paid by the Company, which it intends to continue paying on a quarterly basis.
August 4, 2016: The Company announced that thirteen fishing vessels controlled by the Company have obtained fishing licenses from the Ministry of Agriculture and Fisheries of Democratic Republic of Timor-Leste and are expected to operate in the sea area of Democratic Republic of Timor-Leste.
During the three months ended June 30, 2016, the Company continued to resell fish purchased from third parties to satisfy customer demands. The resale generated a positive gross margin on such sales. The positive gross margin in these reselling activities partially offset the decrease in the Company's overall gross margin for the three and six months ended June 30, 2016.

Management Comments

Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "In the first half of 2016, our management team was dedicated in expansion of our fishing territories and region. Recently, we were pleased to announce that we will operate thirteen of our fishing vessels in the sea area of Democratic Republic of Timor-Lest. We have seen demand in China for natural seafood products continue to increase; we believe this is driven in part by the impact of the Indonesia moratorium. We will continue to explore new areas in which to deploy our vessels and solidify our position as a leading fishing company in China."

Factors Affecting Pingtan's Results of Operation – Indonesia Moratorium

Among the company's 135 fishing vessels, 13 of these vessels have obtained fishing licenses from the Ministry of Agriculture and Fisheries of Democratic Republic of Timor-Leste and will operate in the sea area of Democratic Republic of Timor-Leste; 12 vessels are operating in the Bay of Bengal in India; 6 vessels are licensed to operate in Western and Central Pacific Ocean of the international waters and the remaining vessels are licensed to operate in Arafura sea of Indonesia.

As previously disclosed in Form 10-K and 10-Q the Company filed in 2015 and 2016, in early December 2014 the Indonesian government introduced a six-month moratorium on issuing new fishing licenses and renewals so that the country's Ministry of Maritime Affairs and Fisheries ("MMAF") could monitor the operations of existing fleets and fight illegal fishing activities. As a result, all licensed fishing vessels operating in Indonesian waters were informed by the Indonesian government to operate within strict guidelines and subsequently to cease operation, in order to avoid potential enforcement actions by the Indonesian Navy such as boat seizures.

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To cooperate and comply with the Indonesian government's fishing license check procedures; the Company reduced its operations in January 2015. Since February 2015, Pingtan has ceased operations of the vessels in Indonesian waters. Since the Company derives a majority of its revenue from this area, this ban caused a significant drop in production.

In November 2015, the Indonesian government announced that the moratorium had concluded. The Company's expectation is that the MMAF will implement new fishing policies and resume the license renewal process, although this has not yet occurred. In the interim, the Company's financial results will continue to be materially adversely affected by this moratorium.

Second Quarter 2016 Financial Highlights (all results are compared to prior year period)

As a result of the above, revenue was $2.1 million compared to $15.2 million.
Gross loss was $3.0 million compared to gross profit of $1.2 million, and gross margin was (144.5%) compared to 7.9%, due to the moratorium described above.
Net loss was $4.5 million, or $0.05 per basic and diluted share, compared to net loss of $1.6 million, or $0.02 per basic and diluted share.

Second Quarter 2016 Selected Financial Highlights

($ in millions, except per share data)	Three Months ended June 30,
	2016	2015
	(Unaudited)	(Unaudited)
Revenue	$2.1	$15.2
Cost of Revenue	$5.1	$14.0
Gross (loss) Profit	$(3.0)	$1.2
Gross Margin	(144.5%)	7.9%
Net Loss	$(4.5)	$(1.6)
Basic and Diluted Weighted Average Ordinary Shares Outstanding	79.1	79.1
EPS (in $)	$(0.05)	$(0.02)

Balance Sheet Highlights

($ in millions, except per share data)	6/30/2016 (Unaudited)	12/31/2015 (Audited)
Cash and Cash Equivalents	$2.6	$11.4
Total Current Assets	57.3	91.9
Total Assets	229.5	231.9
Total Current Liabilities	45.6	42.5
Total Long-term Debt, net of current portion	32.0	22.5
Total Liabilities	77.6	65.0
Shareholders' Equity	151.9	166.9
Total Liabilities and Shareholders' Equity	229.5	231.9
Book Value Per Share (in $)	$1.92	$2.11

Consolidated Financial and Operating Review

Revenues

Revenues from the fishing business, sales of frozen fish and other marine catches, for the three months ended June 30, 2016, were $2.1 million compared to $15.2 million for the same period in 2015. The decrease was primarily due to significant decrease in sales volumes, as the Company temporarily ceased its operations in the Indonesia waters since February 2015 due to the moratorium described above.

For the six months ended June 30, 2016, the Company's revenues were $6.2 million compared to $44.0 million in the first half of 2015. The decrease was primarily due to decrease in sales volume due to the moratorium described above.

Gross Margin

The Company's gross margin was (144.5%) for the three months ended June 30, 2016, compared to 7.9% in the prior-year period. The significant decrease was primarily due to the reduced scale of operations resulting from the moratorium, which is reflected in the allocation of fixed costs, mainly consisting of depreciation and maintenance fees, to cost of revenue. The maintenance fees, representing ordinary repairs and maintenance, were performed to maintain vessels in operating condition in the periods.

For the six months ended June 30, 2016, gross margin decreased to (102.2%) from 28.8% in the same period of 2015, the decrease was primarily due to the same reasons described above.

Selling Expenses

Selling expenses were $0.07 million for the three months ended June 30, 2016, compared to $0.3 million in the prior-year period.

For the six months ended June 30, 2016, selling expenses were $0.4 million, compared to $1 million in the same period of 2015.

General & Administrative Expenses

For the three months ended June 30, 2016, general and administrative expenses were $0.9 million, compared to $0.4 million in the prior-year period.

For the six months ended June 30, 2016, general and administrative expenses were $2.4 million compared to $1.8 million in the same period of 2015.

Net Income/Loss

For the three months ended June 30, 2016, net loss was $4.5 million, or $0.05 per basic and diluted share, compared to net loss of $1.6 million, or $0.02 per basic and diluted share, in the same period of 2015. The decrease was primarily due to the factors described above.

For the six months ended June 30, 2016, the Company's net loss was $10 million, or $0.12 per basic and diluted share, compared to net income of $6.8 million, or $0.09 per basic and diluted share, in the same period of 2015.

Conference Call Details

Pingtan also announced that it will discuss financial results in a conference call on Tuesday, August 9, 2016, at 8:30 AM ET.

The dial-in numbers are:
Live Participant Dial In (Toll Free):	877-407-0310
Live Participant Dial In (International):	201-493-6786

To listen to the live webcast, please go to http://www.ptmarine.com and click on the conference call link at the top of the page, or go to: http://ptmarine.equisolvewebcast.com/q2-2016. This webcast will be archived and accessible through the Company's website for approximately 30 days following the call.

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