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In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...
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China Natural Gas Announces Third Quarter 2012 Financial Results

XI'AN, China, Nov. 9, 2012 /PRNewswire/ -- China Natural Gas, Inc. ("China Natural Gas" or the "Company") (PINK: CHNG), a leading provider of compressed natural gas (CNG) for vehicular fuel and pipeline natural gas for industrial, commercial and residential use in Xi'an, China, today announced its financial results for the third quarter ended September 30, 2012.

Shuwen Kang, CEO of China Natural Gas, Inc. commented: "We are pleased to share the results of our third quarter. The company has successfully commenced commercial production of its Jingbian liquefied natural gas ("LNG") plant on July 16, 2011, which represents a key milestone in its corporate history.

Our network of compressed natural gas, or CNG, fueling stations currently contains 32 stations, a significant presence in the markets we operate in. Our outlook for the forthcoming quarter of the year is promising as we continue to grow our business, and we look forward to sharing any future developments as they materialize."

Third Quarter 2012 Financial and Operating Results

Revenues in the third quarter of 2012 decreased by 15.8% to $31.06 million from $36.90 million in the third quarter of 2011,the decrease was primarily attributable to the sales volume decrease.Natural gas sales decreased 13.4% year-over-year to $27.90 million, compared to $32.23 million in the third quarter of 2011. Gasoline revenues in the third quarter of 2012 decreased to $0.65 million, down by 57.1% from $1.51 million in the same period of the prior year, which was mainly attributable to the closure of two gasoline fueling stations during the fourth quarter of 2011. Installation and services revenue decreased by 20.6% year-over-year to $2.51 million, compared to $3.16 million in the comparable period of 2011. In the third quarter of 2012, sales of natural gas, gasoline, and installation and other services contributed 89.8%, 2.1%, and 8.1% of the total revenues, respectively.

Gross profit in the third quarter of 2012 decreased 26.1% to $10.48 million, compared to $14.18 million in the same period of the prior year. Gross margin in the third quarter of 2012 was 33.7%, compared to 38.4% a year ago. Gross margin decreased primarily due to the current lower gross margin level of our LNG business, as compared to the gross margins of those business lines making greatest contribution to revenue.

Operating income in the third quarter of 2012 was $2.72 million, a decrease of 61.1% year-over-year from $7.00 million in the third quarter of 2011, primarily attributable to the decrease in gross profit of natural gas and increase in selling expenses.

Income tax expense was $0.09 million, as compared to $1.53 million in the third quarter of 2011.

Net loss in the third quarter of 2012 was $1.50 million, or $0.07 per diluted share, compared to net income of $4.55 million, or $0.21 per diluted share, in the third quarter of 2011, primarily attributable to the increase in non-operating expense related to the loss of $4.02 million on disposal of five fueling stations during the third quarter of 2012.

As of September 30, 2012, the Company had $8.60 million in cash and cash equivalents, compared to $9.62 million in cash and cash equivalents at December 31, 2011. The decrease was primarily attributable to the construction of the LNG plant and other projects, and the repayment of the loans from SPDB and of the principal of the Abax Senior Notes.

Net cash provided by operating activities was $21.08 million for the nine months ended September 30, 2012, compared to net cash provided by operations of $15.75 million for the nine months ended September 30, 2011. The increase was primarily due to the decrease in prepaid expense and other current assets, increase in unearned revenue and decrease in accounts receivable.

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 21 CNG fueling stations in Shaanxi Province 10 CNG fueling stations in Henan Province and 1 CNG fueling station in Hubei Province. China Natural Gas' five primary business lines include: (1) the distribution and sale of CNG through Company-owned CNG fueling stations for hybrid (natural gas/gasoline) powered vehicles; (2) the installation, distribution and sale of piped natural gas to residential, commercial and industrial customers through Company-owned pipelines; (3) production and sales of LNG through our LNG production facility in Jingbian County, Shaanxi Province; (4) the distribution and sale of gasoline through Company-owned CNG fueling stations for hybrid (natural gas/gasoline) powered vehicles; and (5) the conversion of gasoline-fueled vehicles to hybrid (natural gas/gasoline) powered vehicles through its auto conversion division.

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.

Consolidated Balance Sheets

As of September 30, 2012 and December 31, 2011

(Stated in US Dollars)

 



September 30,



December 31,




2012



2011









ASSETS









CURRENT ASSETS:









Cash and cash equivalents


$

8,604,906



$

9,622,883


Restricted cash



739,150




-


Accounts receivable, net



2,064,413




2,997,845


Other receivables, net



93,453




540,646


Employee advances



812,524




285,270


Inventories



3,685,266




1,938,754


Advances to suppliers



6,467,436




4,540,139


Prepaid expense and other current assets



4,367,024




4,470,687


Total current assets



26,834,172




24,396,224











Investment in unconsolidated joint ventures



1,583,000




1,574,000


Property and equipment, net



179,374,098




174,097,754


Construction in progress



51,567,976




45,882,320


Deferred financing cost, net



-




517,334


Goodwill



1,741,678




629,729


Other intangible assets



20,366,045




18,910,244


Prepaid expenses and other assets



6,415,166




10,976,203


TOTAL ASSETS


$

287,882,135



$

276,983,808











LIABILITIES AND STOCKHOLDERS' EQUITY


















CURRENT LIABILITIES:









Senior notes- current maturities


$

38,255,832



$

9,671,682


Current portion of bank loan payable



5,540,500




4,722,000


Redeemable liabilities - warrants



17,500,000




-


Accounts payable and accrued liabilities



8,203,277




7,694,423


Other payable - related party



1,612,355




787,000


Short-term borrowing - related party



2,679,945




1,359,945


Unearned revenue



5,479,768




4,280,594


Accrued interest



1,470,269




1,029,431


Taxes payable



1,210,929




2,626,271


Total current liabilities



81,952,875




32,171,346











LONG-TERM LIABILITIES:









Senior notes, net of current portion



-




25,791,151


Bank loan payable, net of current portion



7,915,000




9,444,000


Borrowings - related party



-




1,320,000


Warrants liability



-




17,500,000


Total long-term liabilities



7,915,000




54,055,151


Total liabilities


$

89,867,875



$

86,226,497











STOCKHOLDERS' EQUITY:









Preferred stock, par value $0.0001 per share, 5,000,000 authorized, none issued and outstanding


$

-



$

-


Common stock, par value $0.0001 per share, 45,000,000 authorized, 21,458,654 issued and outstanding at September 30, 2012 and December 31, 2011



2,145




2,145


Additional paid-in capital



83,353,599




82,909,485


Accumulated other comprehensive income



20,713,885




19,817,493


Statutory reserves



11,051,811




10,124,710


Retained earnings



82,674,291




77,903,478


Noncontrolling interests



218,529




-


Total stockholders' equity



198,014,260




190,757,311


TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY


$

287,882,135



$

276,983,808


 

China Natural Gas, Inc.

Consolidated Statements of Income and Comprehensive Income

For the three months and nine months periods ended September 30, 2012 and 2011

(Stated in US Dollars)


 



Three Months Ended



Nine Months Ended




September 30,



September 30,




2012



2011



2012



2011


Revenues

















Natural gas


$

27,903,522



$

32,225,481



$

92,231,013



$

74,859,041


Gasoline



647,061




1,508,657




2,174,124




4,790,207


Installation and others



2,511,199




3,163,237




6,835,658




8,669,404





31,061,782




36,897,375




101,240,795




88,318,652



















Cost of revenues

















Natural gas



18,950,048




19,893,643




60,687,423




44,863,543


Gasoline



616,290




1,461,302




2,060,048




4,588,735


Installation and others



1,013,647




1,363,506




2,821,175




3,736,054





20,579,985




22,718,451




65,568,646




53,188,332



















Gross profit



10,481,797




14,178,924




35,672,149




35,130,320



















Operating expenses

















Selling



6,503,728




4,667,132




17,074,392




12,288,465


General and administrative



1,255,336




2,513,296




5,603,011




7,276,052





7,759,064




7,180,428




22,677,403




19,564,517



















Income from operations



2,722,733




6,998,496




12,994,746




15,565,803



















Other income (expense):

















Interest income



22,084




12,403




42,683




28,323


Interest expense



(277,347)




(465,236)




(985,027)




(469,902)


Loss on disposal of fixed assets



(4,017,726)




-




(4,017,726)




-


Other income (expense), net



133,625




(62,059)




119,295




25,806


Change in fair value of warrants



1,233




11,971




4




251,781


Foreign currency exchange loss



2,634




(421,031)




(501,812)




(428,079)





(4,135,497)




(923,952)




(5,342,583)




(592,071)



















Income before income tax



(1,412,764)




6,074,544




7,652,163




14,973,732



















Provision for income tax



87,239




1,529,451




2,129,838




3,549,122



















Net income (loss)



(1,500,003)




4,545,093




5,522,325




11,424,610


Less: Income (loss) attributable to noncontrolling interests



23,594




-




(175,589)




-


Net income (loss) attributable to China Natural Gas, Inc.



(1,523,597)




4,545,093




5,697,914




11,424,610



















Other comprehensive income (loss)

















Foreign currency translation gain



(844,824)




2,696,721




896,392




7,139,013


Comprehensive income (loss)


$

(2,368,421)



$

7,241,814



$

6,594,306



$

18,563,623



















Weighted average shares outstanding

















Basic



21,458,654




21,458,654




21,458,654




21,403,052


Diluted



21,458,654




21,458,654




21,458,654




21,403,052



















Earnings per share


































Basic


$

(0.07)



$

0.21



$

0.27



$

0.53


Diluted


$

(0.07)



$

0.21



$

0.27



$

0.53


 

China Natural gas, Inc.

Consolidated Statements of Stockholders' Equity

As of September 30, 2012 and December 31, 2011

(Stated in US Dollars)


 



Common Stock



Additional



Accumulative
Other






Retained Earnings



Total




Shares



Amount



 Paid-in
Capital



 Comprehensive
Income



 Minority
Interest



Statutory
Reserve



Unrestricted



 Stockholders'
Equity


Balance at 1/1/2011



21,321,904



$

2,132



$

81,611,763



$

15,667,145



$

-



$

7,918,634



$

64,847,622



$

170,047,296


Exercise of stock  options



136,750




13




670,062




-




-




-




-




670,075


Stock based compensation



-




-




627,660




-




-




-




-




627,660


Cumulative translation adjustment



-




-




-




4,150,348




-




-




-




4,150,348


Net income



-




-




-




-




-




-




15,261,932




15,261,932


Appropriation of  retain earnings



-




-




-




-




-




2,206,076




(2,206,076)




-


Balance at 12/31/2011



21,458,654



$

2,145



$

82,909,485



$

19,817,493



$

-



$

10,124,710



$

77,903,478



$

190,757,311



































Balance at 1/1/2012



21,458,654



$

2,145



$

82,909,485



$

19,817,493



$

-



$

10,124,710



$

77,903,478



$

190,757,311


Stock based compensation



-




-




444,114




-




-




-




-




444,114


Purchases of a Noncontrolling interest equity



-




-




-




-




394,118




-




-




394,118


Cumulative translation adjustment



-




-




-




896,392




-




-




-




896,392


Net income



-




-




-




-




(175,589)




-




5,697,914




5,522,325


Appropriation of  retain earnings



-




-




-




-




-




927,101




(927,101)




-


Balance at 9/30/2012



21,458,654



$

2,145



$

83,353,599



$

20,713,885



$

218,529



$

11,051,811



$

82,674,291



$

198,014,260


 

China Natural gas, Inc.

Consolidated Statements of Cash Flows

For the nine months periods ended September 30, 2012 and 2011

(Stated in US Dollars)


 



For the Nine Months Ended September 30,




2012



2011


CASH FLOWS FROM OPERATING ACTIVITIES:









Net income attributable to China Natural Gas, Inc.


$

5,697,914



$

11,424,610


Add: Loss attributable to noncontrolling interests



(175,589)




-


Net income



5,522,325




11,424,610


Adjustments to reconcile net income to net cash  provided by operating activities:









Depreciation and amortization



10,443,635




6,271,846


Provision for doubtful accounts



200,984




6,759


Loss (Gain) on disposal of fixed assets



4,017,726




(3,366)


Stock-based compensation



444,114




479,622


Change in fair value of warrants



(4)




(251,781)


Change in assets and liabilities:









Accounts receivable



1,067,790




(148,404)


Other receivables



170,241




(339,992)


Employee advances



(526,366)




24,019


Inventories



(1,365,120)




(1,011,663)


Advances to suppliers



(2,458,489)




(5,863,429)


Prepaid expense and other current assets



3,049,626




(313,404)


Accounts payable and accrued liabilities



325,648




1,953,199


Unearned revenue



1,176,182




3,171,096


Accrued interest



440,838




(114,033)


Taxes payable



(1,432,165)




461,903


Net cash provided by operating activities



21,076,965




15,746,982











CASH FLOWS FROM INVESTING ACTIVITIES:









Payment for acquisition of property and equipment



(4,129,677)




(6,568,845)


Proceeds from sales of property and equipment



2,850,914




16,896


Additions to construction in progress



(13,107,944)




(7,884,773)


Prepayment on long-term assets



(418,295)




(805,522)


Payment for acquisition of business



(656,179)




-


Payment for intangible assets



(1,768,049)




(189,327)


Net cash used in investing activities



(17,229,230)




(15,431,571)











CASH FLOWS FROM FINANCING ACTIVITIES:









Proceeds from exercise of stock options



-




670,075


Proceeds from short-term debt and other payable, related parties



-




3,090,647


Repayment of long-term debt



(792,500)




-


Repayment of senior notes



(3,333,334)




(3,333,334)


Increase in restricted cash



(740,084)




-


Net cash (used in) provided by financing activities



(4,865,918)




427,388











Effect of exchange rate changes on cash and cash equivalents



206




424,188











NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS



(1,017,977)




1,166,987











CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD



9,622,883




10,046,249











CASH AND CASH EQUIVALENTS, END OF PERIOD


$

8,604,906



$

11,213,236











SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:









Interest paid, net of capitalized interest


$

718,541



$

293,941


Income taxes paid


$

3,330,382



$

3,142,069











Non-cash transactions for investing and financing activities:









Construction materials transferred to construction in progress


$

67,058



$

6,210,629


Construction in progress transferred to property and equipment


$

19,380,905



$

93,297,528


Construction in progress transferred to intangible assets


$

-



$

11,611,672


Advances to suppliers transferred to construction in progress


$

-



$

7,609,906


Other assets transferred to construction in progress


$

2,577,107



$

2,342,356


Capitalized interest - amortization of discount of notes payable and issuance cost


$

6,107,601



$

3,142,357


 

For more information, please contact:

 

China Natural Gas, Inc.


Zhaoyang Qiao, CFO


Phone: +86-29-8832-7391

Cell: +86-158 2969-1287


Email: qiaochaoyang@naturalgaschina.com  




Jackie Shi


Investor Relations Director


Phone: +86-29-8832-3325 x922


Cell:  +86-139-9287-9998


Email: yjshi@naturalgaschina.com   



SOURCE China Natural Gas, Inc.

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