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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 XD Plastics Announces Third Quarter 2012 Financial Results

-Reports Record Third Quarter Revenues and Net Income-

HARBIN, China, Nov. 13, 2012 /PRNewswire-FirstCall/ -- China XD Plastics Company Limited (NASDAQ: CXDC, "China XD Plastics" or the "Company"), one of China's leading specialty chemical players engaged in the development, manufacture and sale of modified plastics primarily for automotive applications, today announced its financial results for the third quarter ended September 30, 2012.

Third Quarter Fiscal 2012 Financial Highlights:

  • Revenue was $163.3 million, an increase of 57.4% from $103.8 million in the third quarter of fiscal 2011
  • Gross profit was $40.0 million, an increase of 50.9% from $26.5 million in the third quarter of fiscal 2011
  • Gross profit margin was 24.5%, compared to 25.6% in the third quarter of fiscal 2011
  • Net income was $25.3 million, compared to $15.7 million in the third quarter of fiscal 2011
  • Total volume shipped was 61,589 metric tons, up 57.7% from 39,057 metric tons in the third quarter of fiscal 2011

Mr. Jie Han, Chairman and Chief Executive Officer of China XD Plastics, commented "I am pleased to report another quarter of record revenues and profit growth especially during the changing and challenging macro environment affecting different industries in China. The performance of this quarter speaks volume of our proactive effort further penetrating our less entrenched North and East China markets with a focus on higher-end applications used in more luxury car models, an increase from 17.8% to 21.2% and 19.5% to 22.8% as a percentage of total revenues compared to the same period in fiscal 2011, offsetting the slower growth in our traditional Northeast China market. In addition, the number of our sales distributors was increased by one from the second quarter of fiscal 2012, bringing our total number of sales distributors to 8. As evidenced by the higher volumes shipped, we continue to experience strong demand for our products across our portfolio. The increase in average selling prices was partially due to our continued shift in sales mix to higher value-added products. As market demand grew for these higher margin products and as part of our long-term growth strategy, we remain committed to our investment in research and development. We believe this strategy is the key to further strengthening our market position and will help us deliver long-term value for our stockholders. The 20 new production lines in our third production base launched in December 2011 contributed approximately 22,825 tons of production during the third quarter of 2012. In addition, the construction of the three additional workshops has been completed in our third production base and most of the 30 additional production lines were delivered to our site on schedule to complete the installation and trial-run in December of 2012 and further expand our annual capacity potential by approximately 135,000 metric tons to support our future growth in 2013."

Third Quarter 2012 Results

Revenues for the third quarter of fiscal 2012 were $163.3 million, representing a year-over-year increase of 57.4% from $103.8 million in the third quarter of fiscal 2011. The increase in revenues was due to a 57.7% increase in sales volume and a 3.6% increase in the average selling price of our products on a constant dollar basis, driven by increasing demand for automotive modified plastics used in the plastic parts of mid- and high-end branded automobiles by the Company's major customers, and a shift in product mix to include a greater percentage of sales of higher margin and higher value-added products. For the third quarter of fiscal 2012, sales of higher margin products represented 50.5% of product revenues, compared to 56.4% of product revenues in the same period of 2011.

Gross profit for the third quarter of fiscal 2012 was $40.0 million, up 50.9% from $26.5 million in the third quarter of fiscal 2011. Gross margin was 24.5%, compared to 25.6% in the same period of the prior year.  The year-to-year decrease in gross margin was mainly attributed to increase of the price of raw materials, depreciation and workers' wages this year, partially offset by our efforts in developing and selling more higher value-added automotive modified plastics towards high-end products as a percentage of total sales in the third quarter ended September 30, 2012.

General and administrative (G&A) expenses were US$2.24 million which is generally consistent with the US$2.26 million in the same period in 2011.

R&D expenses were $5.5 million, compared to $3.5 million in the same period of the prior year. The increase in R&D expenses reflected increased research and development activities on new products primarily in consumption of raw materials for various experiments for automotive applications from automobile manufacturers as well as other non-automotive application. During the third quarter of 2012, the Company successfully launched nine new AM certified products, which increased its total number of AM certified products to 236 and currently has 147 new projects under research and development.

Operating income for the third quarter of fiscal 2012 was $32.3 million, or 19.7% of revenues, an increase of 55.4% over operating income of $20.8 million, or 20.0% of revenues, in the same period of the prior year.

Net income for the third quarter of fiscal 2012 was $25.3 million, compared to a net income of $15.7 million for the same period of the prior year.

Basic and diluted earnings per share were $0.40 and $0.40, respectively, a significant increase when compared to last year's results, which were at $0.33 and $0.33, respectively. 

Basic average number of shares used in computation of basic earnings per share for the three months ended September 30, 2012 was 47.56 million, compared to 47.55 million for the same period of the prior year.

Weighted average number of shares used in computation of diluted earnings per share for the three months ended September 30, 2012 was 47.6 million, compared to 47.7 million for the same period of the prior year.

EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortization) for the third quarter of 2012 was $37.2 million, an increase of 68.4% from EBITDA of $22.1 million in the same period of the prior year. For a detailed reconciliation of EBITDA, a non-GAAP measure, to its nearest GAAP equivalent, please see the financial tables at the end of this release.

Financial Condition

As of September 30, 2012, China XD Plastics had $51.0 million in cash and cash equivalents, $28.5 million in time deposit with commercial banks, $188.0 million in working capital and a current ratio of 2.6. Stockholders' equity as of September 30, 2012 was $244.2 million, compared to $173.9 million as of December 31, 2011.

Accounts Receivable

As of September 30, 2012, accounts receivable was $120.9 million, compared to $45.2 million as of December 31, 2012 as we adapted to the change of our industry environment and it takes longer to collect from our customers. Day Sales Outstanding (DSO) was 76 days for the nine months ended September 30, 2012, which is well below industry average. The average DSO for the automotive modified plastic industry is generally 90 days based on our industry experience. We expect that all of the accounts receivable are collectible and anticipate our DSO to remain this level for the remainder of this year and early next year.

Cash Flows from Operating Activities

Net cash used in operating activities was US$12.4 million for the nine months ended September 30, 2012, as compared to US$54.5 million provided by operating activities in the same period of last year. This decrease of US$66.9 million net cash in operating activities was primarily due to (i) increase of approximately US$148.1 million in cash operating expenditures, including raw material purchases, rental and personnel costs, and (ii) the increase of approximately US$12.1 million income tax payment in the nine months ended September 30, 2012 resulting from increase in income before taxes and income tax rate as a result of internal reorganization for the nine months ended September 30, 2012.  The increase of cash operating expenditures and income tax payment were partially offset by the increase of approximately US$93.3 million in cash collected from our customers in the nine months ended September 30, 2012 resulting from increased sales during the period.

Business Outlook and Guidance

Given the Company's good performance during the third quarter of 2012 along with its successful and proactive strategy adjustment to adapt to the market change, existing customer contracts to be fulfilled for the remainder of 2012, and positive outlook on customer demand for its products for the remainder of 2012, the Company raises its revenues for fiscal 2012 to range between $570 million and $600 million, and non-GAAP adjusted net income to range between $85 million and $95 million, excluding any non-cash charges related to deferred income tax benefit, stock based compensation and change in fair value of existing derivative liabilities. This forecast is based on constant exchange rates and reflects the Company's current and preliminary view, which is subject to change.

Mr. Han concluded, "Thanks to our committed practice of business strategy periodic review and timely adjustment in response to the ever-changing business environment, we continue to execute our business plan in multiple fronts. We generated strong operational and financial results and further enhanced our position in the marketplace especially amidst current challenging economic conditions both globally and nationally. During the third quarter, we kept growing our product portfolio to offer our customers more higher-value added products in a cost effective manner and solidified our footprint in North and East China. We are pleased with the development of our product mix and product certifications, both key areas that we believe will give us significant competitive advantages as we continue to expand our customer base and increase sales. Looking ahead, we continue to be enthusiastic about the prospects for our business. Demand for our products remains strong, the production contribution from product lines installed in December 2011 is on schedule, and we are making the necessary investments in R&D to ensure we are well positioned to leverage positive market dynamics both now and in the future. In light of our strong performance in the third quarter of 2012 and positive growth trends for the sector and our business, we remain optimistic about our business and growth in 2012."

Conference Call

China XD Plastics' management will host a conference call at 9:00 a.m. ET on Tuesday, November 13, 2012, to discuss its third quarter of fiscal 2012 financial results. The conference call may be accessed by calling +1-866-519-4004 (for callers in the U.S.) or +65-6723-9381 (for international callers) and entering pass code 57335618. Please dial in approximately 10 minutes before the scheduled time of the call.

A recording of the conference call will be available through November 20, 2012, by calling +1-866-214-5335 (for callers in the U.S.) or +61-28235-5000 (for callers outside the U.S.) and entering pass code 57335618.

A live webcast and replay of the conference call will be available on the investor relations page of the Company's website at http://www.media-server.com/m/p/5ghs5it2.

About China XD Plastics Company Limited

China XD Plastics Company Limited, through its wholly-owned subsidiaries (the "Company"), develops, manufactures and sells modified plastics, primarily for automotive applications. The Company's products are used in the exterior and interior trim and in the functional components of 23 automobile brands manufactured in China, including AUDI, BMW, Toyota, Buick, Mazda, VW Golf, Jetta, and Hafei new energy vehicles. The Company's wholly-owned research center is dedicated to the research and development of modified plastics, and benefits from its cooperation with well-known scientists from prestigious universities in China. As of September 30, 2012, 236 of the Company's products have been certified for use by one or more of the automobile manufacturers in China. For more information please visit http://cxdc.irpage.net/.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, statements reflecting management's current beliefs regarding anticipated completion and deployment of additional productions lines and capacity; competitive advantages expected to be brought by product mix and product certifications; market trends and continued demand for our products; the growth expansion into different geographic areas and market segments outside the automotive sector; the growth trends for the automotive sector and our business; revenue and net income guidance; and our future growth prospects and market position. These statements and other forward-looking statements are subject to uncertainties and risks detailed in the Company's filings with the Securities and Exchange Commission and available on its website at http://www.sec.gov. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

Contacts:

China XD Plastics
Mr. Taylor Zhang, CFO (New York)
Phone: +1-212-747-1118
Email: cxdc@chinaxd.net

- Financial Tables Follow -

 

CHINA XD PLASTICS COMPANY LIMITED AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

 


September 30,


December 31,


2012


2011


US$


US$

ASSETS




Current assets:




Cash and cash equivalents


51,029,961



135,482,386

Restricted cash


26,691,382



11,128,106

Time deposits


28,512,983



-

Accounts receivable, net of allowance for doubtful accounts


120,932,224



45,232,013

Amounts due from related parties


3,978



78,912

Inventories


67,478,022



44,953,958

Prepaid expenses and other current assets


11,101,365



12,857,223

Total current assets


305,749,915



249,732,598

Property, plant and equipment, net


131,475,063



100,933,429

Land use rights, net


4,013,356



4,055,363

Deposits for purchase of land use rights and plant


5,616,886



5,608,765

Deposits for purchase of equipment


34,547,013



-

Other non-current assets


239,202



264,662

Total assets


481,641,435



360,594,817

LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCKS AND STOCKHOLDERS' EQUITY






Current liabilities:






Short-term bank loans


65,276,540



31,459,032

Bills payable


37,869,145



22,243,760

Accounts payable


7,726



398,043

Amounts due to a related party


360,626



-

Income taxes payable


8,526,565



5,814,988

Accrued expenses and other current liabilities


5,731,414



3,213,181

Total current liabilities


117,772,016



63,129,004

Deferred income tax liabilities


20,994,428



22,102,431

Warrants liability


1,145,617



3,862,927

Embedded derivative liability


63



610

Total liabilities


139,912,124



89,094,972

Redeemable Series C convertible preferred stock


1,829



1,829

Redeemable Series D convertible preferred stock


97,576,465



97,576,465

Stockholders' equity:






Series B preferred stock


100



100

Common stock, US$0.0001 par value, 500,000,000 shares
             authorized, 47,584,772 shares and 47,548,367 shares
             issued, 47,563,772 shares and 47,527,367 shares

             outstanding as of  September 30, 2012 and December 31,
             2011, respectively


4,758



4,754

Treasury stock, at cost: 21,000 shares as of September 30,
             2012 and December 31, 2011, respectively


(92,694)



(92,694)

Additional paid-in capital


71,998,076



71,190,659

Retained earnings


159,948,549



91,340,855

Accumulated other comprehensive income


12,292,228



11,477,877

Total stockholders' equity


244,151,017



173,921,551

Commitments and contingencies


-



-

Total liabilities, redeemable convertible preferred stocks and
     stockholders' equity


481,641,435



360,594,817


 

 

CHINA XD PLASTICS COMPANY LIMITED AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

 


Three-Month Period Ended

 September 30,


2012


2011


US$


US$





Revenues


163,368,820



103,820,442

Cost of revenues


(123,326,182)



(77,289,477)

    Gross profit


40,042,638



26,530,965







Selling expenses


(77,399)



(40,311)

General and administrative expenses


(2,235,107)



(2,255,633)

Research and development expenses


(5,471,242)



(3,476,958)

    Total operating expenses


(7,783,748)



(5,772,902)







    Operating income


32,258,890



20,758,063







Interest income


1,406,161



202,332

Interest expense


(1,156,056)



(489,718)

Change in fair value of embedded derivative liability


235



(72)

Change in fair value of warrants liability


854,991



(345,295)

    Total non-operating income (expenses), net


1,105,331



(632,753)







    Income before income taxes


33,364,221



20,125,310







Income tax expense


(8,091,572)



(4,399,716)







    Net income


25,272,649



15,725,594







Earnings per share of common stock:






Basic and diluted


0.40



0.33







Net Income


25,272,649



15,725,594







Other comprehensive income






  Foreign currency translation adjustment, net of nil income taxes


2,840,914



1,827,861







Comprehensive income


28,113,563



17,553,455







 

 

CHINA XD PLASTICS COMPANY LIMITED AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 


Nine-Month Period Ended
September 30,


2012


2011


US$


US$

Cash flows from operating activities:




Net cash provided by (used in) operating activities


(12,423,558)



54,506,421







Cash flows from investing activities:






Purchases of and deposits for property, plant and equipment and
       land use rights


(72,155,807)



(28,547,852)

Purchase of time deposits


(28,308,042)



-

Proceeds from sales of property, plant and equipment


-



107,748

Net cash used in investing activities


(100,463,849)



(28,440,104)







Cash flows from financing activities:






Proceeds from bank borrowings


111,408,621



31,410,498

Repayments of bank borrowings


(77,879,405)



(21,570,984)

Placement of restricted cash as collateral for bank borrowings


(4,733,643)



-

Payments for stock repurchase


-



(92,694)

Proceeds from issuance of redeemable Series D convertible
       preferred stocks


-



100,000,000

Payments of issuance cost of redeemable Series D convertible
       preferred stocks


-



(564,163)

Dividends paid to redeemable Series C convertible preferred
       stockholders


(60)



(210)

Net cash provided by financing activities


28,795,513



109,182,447







Effect of foreign currency exchange rate changes on cash and cash equivalents


(360,531)



807,094

Net increase (decrease) in cash and cash equivalents


(84,452,425)



136,055,858







Cash and cash equivalents at beginning of period


135,482,386



22,720,766

Cash and cash equivalents at end of period


51,029,961



158,776,624







Supplemental disclosure of cash flow information:






Interest paid                                                                                          


2,084,010



1,312,946

Income taxes paid


19,978,772



7,850,831







Non-cash investing and financing activities:






Accrual for purchase of equipment


-



2,050,665

Accrual of issuance cost of Series D convertible preferred stock


-



358,372

Inducement cost in connection with the issuance of Redeemable
       Series D convertible preferred stock


-



1,501,000


 

 

CHINA XD PLASTICS COMPANY LIMITED.

Reconciliation of Net Income to EBITDA

(Amounts expressed in United States dollars)

 


Three Months Ended


September 30,


2012

2011

Net income

25,272,649

15,725,594

Interest expense

1,156,056

489,718

Income tax expense

8,091,572

4,399,716

Depreciation and amortization expense

2,637,475

1,445,585

EBITDA

37,157,752

22,060,613

  

SOURCE China XD Plastics Company Limited

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