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China Dredging Group Co., Ltd. Reports Unaudited Third Quarter 2012 Results

FUZHOU, China, Dec. 13, 2012 /PRNewswire/ -- China Dredging Group Co., Ltd. (together with its consolidated subsidiaries and variable interest entities, "China Dredging," the "Company," "we," "us" and "our"), one of the leading independent (non-state-owned) providers of dredging services in the PRC, today announced its unaudited financial results for the third quarter of 2012.

Nine Months Ended September 30, 2012 Highlights

  • Revenues of $166.0 million, a 1.1% year-over-year increase
  • Gross profit of $89.4 million, a 4.0% year-over-year decrease
  • Net income of $60.8 million, a 17.3% year-over-year decrease
  • Operating cash flow of $73.3 million, a 21.0% year-over-year increase
  • Cash of $210.6 million and working capital of $226.9 million as of September 30, 2012

Three Months Ended September 30, 2012 Highlights

  • Revenues of $46.9 million, a 17.4% year-over-year decrease
  • Gross profit of $25.9 million, an 18.5% year-over-year decrease
  • Net income of $17.4 million, a 26.3% year-over-year decrease

"I am very pleased that we were able to deliver steady quarterly results in revenue in the third quarter of 2012," said Mr. Xinrong Zhuo, Chairman and Chief Executive Officer of China Dredging. "We expanded our dredging volume in the first half of 2012 and took steps to reconfigure our modern dredging fleet to allow us to continue completing multiple projects simultaneously and to deliver our services more effectively in projects requiring a variety of dredging methods. In September 2012, we entered into a BT project in the Kemen Industrial Zone of Lianjiang County, Fujian Province with an estimated investment of $2 billion. In light of this upcoming project, we stopped leasing dredgers that are not suitable for it and continue to seek opportunities to lease dredgers suitable for our needs. While this transition in our fleet composition impacted our dredging capacity and revenues in third quarter of 2012, we expect to continue to gain recognition and increase our market share in China's dredging industry."

Recent Developments

In July 2012, we did not renew two dredgers lease agreements when the contracts expired, and terminated leasing one dredger, as these three dredgers were not suitable for upcoming projects. As a result, we currently have 10 dredgers in our fleet, including 6 non-self-propelling cutter suction dredgers, 2 trailer suction hopper dredgers and 2 grab dredgers.

2012 Third Quarter Operating Results


For the Three Months Ended


For the Nine Months Ended

September 30,


September 30,

2012


2011


2012


2011








Contract Revenue

$     46,892,465


$    56,796,654


$ 165,986,546


$  164,152,489

Percentage Change

(17.4%)




1.1%



Contract revenue increased by $1.8 million, or 1.1% (1.4% without foreign exchange effect), to $166.0 million in the nine months ended September 30, 2012, compared to $164.2 million in the same period of 2011. Contract revenue decreased by $9.9 million, or 17.4% (-18.3% without foreign exchange effect), to $46.9 million in the three months ended September 30, 2012, compared to $56.8 million in the same period of 2011. The year-over-year increase primarily reflected the increase of our dredging and unit construction price. The sequential decrease primarily reflected the decrease in our dredging capacity.

The projects we perform vary in size, span of time and other factors. Accordingly, we measure our business volume by the cubic meters we dredge. Applying the metric to our contract revenue allows us to track trends in unit construction price per cubic meter dredged. The unit construction price for each contract varies and reflects the negotiated price with the contractor for each specific project, depending on the nature of sediments in the river bed, difficulties in the dredging, and other factors specific to the project. We completed 91.1 million cubic meters of dredging volume in the nine months ended September 30, 2012 as compared to 91.9 million cubic meters in the same period of 2011, a 0.9% decrease in dredging volume. We completed 25.9 million cubic meters of dredging volume in the three months ended September 30, 2012 as compared to 31.6 million cubic meters in the same period of 2011, an 18.1% decrease in dredging volume. However, the unit construction price per cubic meter increased by $0.03, or 1.7% (-0.4% without foreign exchange effect), to $1.82 in the nine months ended September 30, 2012 from $1.79 in the same period of 2011, and it increased by $0.01, or 0.6% (-0.3% without foreign exchange effect), to $1.81 in the three months ended September 30, 2012 from $1.80 in the same period of 2011. This increase reflects improved pricing on our dredging projects.


For the Three Months Ended


For the Nine Months Ended

September 30,


September 30,

2012


2011


2012


2011








Gross Profit

$      25,949,976


$    31,840,457


$   89,448,828


$  93,209,439

  Gross Profit Margin

55.3%


56.1%


53.9%


56.8%

Gross profit decreased by $3.8 million, or 4.0% (-6.3% without foreign exchange effect), to $89.4 million in the nine months ended September 30, 2012, compared to $93.2 million in the same period of 2011. Gross profit decreased by $5.9 million, or 18.5% (-19.2% without foreign exchange effect), to $25.9 million in the three months ended September 30, 2012, compared to $31.8 million in the same period of 2011. Our cost of contract revenue for three months ended September 30, 2012 decreased by $4.0 million, or 16.1% (-17.2% without foreign exchange effect), to $20.9 million, from $25.0 million for the same period of 2011. Our cost of contract revenue for nine months ended September 30, 2012 increased by $5.6 million, or 7.9% (5.0% without foreign exchange effect), to $76.5 million, from $70.9 million for the same period of 2011. These changes in our cost of contract revenue primarily reflected the size of our fleet of vessels, including the decrease of three vessels in the third quarter of 2012, as well as general increases in consumable parts' prices and growth of use. As a percentage of revenue, our cost of contract revenue increased from 43.9% for the three months ended September 30, 2011 to 44.7% for the same period of 2012, and it increased from 43.2% for the nine months ended September 30, 2011 to 46.1% the same period of 2012. Our average unit construction cost in the nine months ended September 30, 2012 increased by 9.1% (6.0% without foreign exchange effect) compared to the same period of 2011. Our average unit construction cost in the three months ended September 30, 2012 increased by 2.5% (1.0% without foreign exchange effect) compared to the same period of 2011. Our gross profit margin decreased from 56.8% to 53.9%, or a 2.9% decrease, between the nine months ended September 30, 2012 and 2011, respectively, and decreased from 56.1% to 55.3%, or a 0.8% decrease, between the three months ended September 30, 2012 and 2011.


For the Three Months Ended


For the Nine Months Ended

September 30,


September 30,

2012


2011


2012


2011








General and Administrative Expenses

$    1,900,068


$    2,104,946


$    6,544,286


$  6,256,870

Percentage Change

(9.7%)




4.6%



General and administrative expenses increased 4.6% from $6.3 million, or 3.8% of revenues, in the nine months ended September 30, 2011 to $6.5 million, or 3.9% of revenues, in the same period of 2012. The increase in general and administrative expenses were primarily attributable to an increase in business tax levied in the PRC based on revenue of $0.4 million, offset by our reduced fleet size in the third quarter of 2012. General and administrative expenses decreased 9.7% from $2.1 million, or 3.7% of revenues, in the three months ended September 30, 2011 to $1.9 million, or 4.1% of revenues in the same period of 2012. We also had an aggregate of $0.2 million of non-recurring restructuring expenses in the nine months ended September 30, 2012, which mainly reflected auditor and legal fees.


 

 For the Three Months Ended 


 

 For the Nine Months Ended 

 September 30,


 September 30,

2012


2011


2012


2011








Gain on Obligation under Make-Good Escrow

$                 -


$  1,360,836


$                   -


$    13,794,643

Loss on Derivative

$    (747,839)


$    (158,736)


$  (1,669,516)


$    (5,643,319)

For the three and nine months ended September 30, 2012, we had $0.7 million and $1.7 million, respectively, in net losses from the reductions of estimated obligations to investors that had been incurred as a result of our fourth quarter 2010 Private Placement, as compared to net gains of $1.2 million and $8.2 million, respectively, for the same periods of 2011. The gain on obligation under the make-good escrow related to our meeting earnings targets both in 2010 and 2011, resulting in release of the contingent liability and a resulting gain, which significantly impacted our other income (expense) for the three and nine months ended September 30, 2011. There is no such gain or loss in 2012 as the make-good escrow expired on December 31, 2011. The loss on derivative related to the fair value adjustment to the embedded derivatives in our preferred shares issued in our 2010 Private Placement. These gains or losses have no income tax effect.

Taxable income decreased by 24.4% and 14.3% for the three and nine months ended September 30, 2012, compared to the same periods of 2011. Income tax expense decreased by $1.4 million, or 18.3%, to $6.1 million for the three months ended September 30, 2012, compared to $7.5 million for the same period of 2011. Income tax expense decreased by $0.9 million, or 4.2%, to $21.0 million for the nine months ended September 30, 2012, compared to $21.9 million for the same period of 2011. The applicable income tax was 25%, which was effective on January 1, 2008 in the PRC.


 For the Three Months Ended


 For the Nine Months Ended

 September 30,


 September 30,

2012


2011


2012


2011








Net Income

$   17,375,250


$   23,589,921


$   60,773,049


$  73,524,887

Percentage Change

(26.3%)




(17.3%)



Earnings per Diluted Ordinary Share

$            0.28


$          0.38


$          0.97


$         1.17

As a result of the foregoing, our net income decreased by $6.2 million, or 26.3% (-26.8% without foreign exchange effect), to $17.4 million for the three months ended September 30, 2012, compared to $23.6 million for the same period of 2011. Our net income decreased by $12.8 million, or 17.3% (19.3% without foreign exchange effect), to $60.8 million for the nine months ended September 30, 2012, compared to $73.5 million for the same period of 2011.

As of September 30, 2012, we had cash of $210.6 million, total current assets $249.9 million, total assets of $343.6 million, total current liabilities of $23.0 million, no non-current liabilities, and a balance to Class A Preferred Shares of $50.0 million. We had a positive operating cash flow for the nine months ended September 30, 2012 of $73.3 million, primarily attributable to the decrease in accounts receivable and prepaid expenses.

About China Dredging

China Dredging is one of the leading independent (non-state-owned) providers of specialized dredging services to the Chinese marine infrastructure market. With a modern fleet of ten dredging vessels, China Dredging has broad capabilities with which it is able to address diverse types of dredging projects. Its services, which require significant engineering and project management expertise, include on-site investigation and measurement, cost estimation, sediment and obstruction removal and transport and disposal of dredged material in an environmentally responsible manner. China Dredging conducts dredging operations through Fujian Xing Gang Port Service Co., Ltd., in which it holds a 50% equity interest, with the remaining 50% interest controlled by China Dredging pursuant to variable interest entity agreements. 

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking" statements regarding China Dredging's operating results and business prospects that involve substantial risks and uncertainties. You can identify some of these forward-looking statements by words or phrases such as "anticipate," "believe," "continue," "could," "estimate," "expect," "future," "intend," "likely to," "may," "plan," "project," "potential," "predict," "should," "scheduled to," "target," "will," "would," or similar words, as well as statements in the future tense, in connection with any discussion of future operating or financial performance. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of China Dredging, or industry results, to differ materially from those expressed or implied by such forward-looking statements. Important assumptions and other important factors that could cause actual results to differ materially from those forward-looking statements include, but are not limited to: continued public spending on PRC marine infrastructure; our ability to manage costs under our fixed-price contracts; our ability to maintain our concentrated customer base; the variable billing and payment cycles associated with our milestone contracts; our ability to maintain adequate working capital; our ability to expand our dredging fleet; unexpected adjustments or cancellations to our backlog; our ability to meet schedule requirements in our contracts; the significant competition in the markets in which we operate; our ability to attract and retain qualified personnel, including executive officers; extensive regulations of our business in the PRC; and political and economic policies of the Chinese government. Additional information and discussion of these risks, uncertainties, and other factors can be found in China Dredging's Annual Report on Form 20-F for the year ended December 31, 2011 and other filings by China Dredging with the U.S. Securities and Exchange Commission.  

The forward-looking statements contained in this press release are made only as of the date hereof and China Dredging does not have or undertake any obligation to update or revise any forward-looking statements whether as a result of new information, subsequent events or otherwise.

CONTACT: Alfred Ho, CFO of China Dredging, +86-591-8727-1266 

 

CHINA DREDGING GROUP CO., LTD AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(IN US DOLLARS)

 











September 30, 2012


December 31, 2011











(Unaudited)



Assets











Current assets











Cash








$      210,552,835


$       112,409,544


Accounts receivable







20,922,369


27,020,183


Cost and estimated earnings in excess of billings







   on contracts in progress






14,031,818


14,008,972


Prepaid expenses







516,415


4,767,072


Inventories







3,909,325


2,048,158


Other receivables 







3,909


3,364

Total current assets







249,936,671


160,257,293














Other assets












Prepaid dredger deposits






23,071,538


23,038,180


Security deposits







24,869,526


48,872,718


Dredger, machinery and equipment, net




45,713,566


51,131,051

Total other assets







93,654,630


123,041,949














Total assets








$      343,591,301


$       283,299,242














Liabilities and equity










Liabilities











Current liabilities











Accounts payable







$         3,658,297


$          3,653,008


Income tax payable







6,143,998


8,295,538


Accrued liabilities and other payables




3,070,680


4,045,227


Advance from a shareholder






182,163


-


Advance from related companies






-


13,664


Derivative liability







9,949,343


8,279,827

Total current liabilities






23,004,481


24,287,264

Total liabilities







23,004,481


24,287,264














Class A Preferred Shares, no par value; 25,000,000 shares
authorized; 10,012,987 shares issued and outstanding
(liquidation preference $50,064,935, less $0 discount) as of
September 30, 2012 and December 31, 2011


50,064,935


50,064,935







Shareholders' equity











Ordinary shares, no par value; 225,000,000 shares






   authorized; 52,677,323 shares issued and outstanding






   as of September 30, 2012 and December 31, 2011


-


-


Statutory reserves







15,386,316


15,386,316


Additional paid-in capital






79,185,284


79,185,284


Retained earnings







159,332,145


98,559,096


Accumulated other comprehensive income




16,618,140


15,816,347

Total shareholders' equity






270,521,885


208,947,043














Total liabilities and equity






$      343,591,301


$       283,299,242


 

CHINA DREDGING GROUP CO., LTD AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(IN US DOLLARS)

 







 For the Three Months Ended 


 For the Nine Months Ended 







 September 30,


 September 30,







2012


2011


2012


2011














Contract revenue, including revenue from customers under
control of a common parent company for the three months
ended September 30 (2012: $23,914,205, 2011: $38,761,883);
for the nine months ended September 30 (2012: $93,788,205,
2011: $102,952,419)



$ 46,892,465


$ 56,796,654


$165,986,546


$  164,152,489














Cost of contract revenue, including depreciation for the three
months ended September 30 (2012: $1,837,337, 2011:
$1,817,573); for the nine months ended September 30
(2012: $5,520,575, 2011: $5,326,748)


(20,942,489)


(24,956,197)


(76,537,718)


(70,943,050)










Gross profit





25,949,976


31,840,457


89,448,828


93,209,439














General and administrative expenses



(1,900,068)


(2,104,946)


(6,544,286)


(6,256,870)














Income from operations




24,049,908


29,735,511


82,904,542


86,952,569














Other income/(expense):











   Interest income




169,988


115,254


498,666


310,309

   Gain on obligation under "Make-Good Escrow"


-


1,360,836


-


13,794,643

   Loss on derivative




(747,839)


(158,736)


(1,669,516)


(5,643,319)

Total other (expense)/income



(577,851)


1,317,354


(1,170,850)


8,461,633














Income before income taxes



23,472,057


31,052,865


81,733,692


95,414,202














Income tax expense




(6,096,807)


(7,462,944)


(20,960,643)


(21,889,315)














Net income





17,375,250


23,589,921


60,773,049


73,524,887














Accretion of discount on Class A Preferred Shares


-


-


-


(6,135,012)














Net income attributable to ordinary shareholders


$ 17,375,250


$ 23,589,921


$ 60,773,049


$   67,389,875



























Earnings per ordinary share











    - Basic





$        0.33


$        0.45


$        1.15


$          1.28

    - Diluted





$        0.28


$        0.38


$        0.97


$          1.17














Weighted average number of ordinary shares outstanding









    - Basic





52,677,323


52,677,323


52,677,323


52,677,323

    - Diluted





62,690,310


62,690,310


62,690,310


62,690,310

















 

 

CHINA DREDGING GROUP CO., LTD AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(IN US DOLLARS)

 



 For the Three Months Ended


 For the Nine Months Ended



 September 30, 


 September 30, 



2012


2011


2012


2011










Net income attributable to ordinary shareholders

$    17,375,250


$   23,589,921


$    60,773,049


$    67,389,875










Other comprehensive income









Foreign currency translation gain


3,729,425


3,043,591


801,793


7,175,065

Total comprehensive income


$    21,104,675


$   26,633,512


$    61,574,842


$    74,564,940

 

CHINA DREDGING GROUP CO., LTD AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012

(IN US DOLLARS)

 




 Accumulated








Ordinary Shares, with no Par Value








 other


Total






 Number of




Statutory


Additional


Retained


 comprehensive


 shareholders' 






 Shares


 Amount


reserves


paid-in capital


earnings


 income


 equity



















Balance as of December 31, 2011

52,677,323


$            -


$    15,386,316


$    79,185,284


$   98,559,096


$    15,816,347


$   208,947,043



















Net income



-


-


-


-


60,773,049


-


60,773,049



















Foreign currency translation gain

-


-


-


-


-


801,793


801,793



















Balance as of September 30, 2012

52,677,323


$             -


$    15,386,316


$    79,185,284


$ 159,332,145


$    16,618,140


$   270,521,885





















 

CHINA DREDGING GROUP CO., LTD AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(IN US DOLLARS)

 










 For the Nine Months Ended










 September 30, 










2012


2011













Cash flows from operating activities:







Net income







$     60,773,049


$     73,524,887

Adjustments to reconcile net income to net








cash provided by operating activities:








Depreciation of dredger, machinery and equipment



5,521,692


5,327,837


Gain on obligation under "Make-Good Escrow"



-


(13,794,643)


Loss on derivative






1,669,516


5,643,319













Changes in operating assets and liabilities:






Accounts receivable






6,101,310


2,430,872


Cost and estimated earnings in excess of billings







   on contracts in progress





(2,547)


(9,450,576)


Other receivables






(536)


(1,848)


Prepaid expenses






4,232,841


-


Inventories







(1,847,413)


(6,864,939)


Accounts payable






-


(440,496)


Income tax payable






(2,150,990)


2,447,127


Accrued liabilities and other payables




(974,877)


1,766,199

Net cash provided by operating activities




73,322,045


60,587,739













Cash flows from investing activities:








Deposits paid for dredgers





-


(20,053,063)


Changes in security deposits





23,934,193


(25,606,220)


Purchase of dredger, machinery and equipment




-


(1,892,255)

Net cash provided by/(used in) investing activities



23,934,193


(47,551,538)













Cash flows from financing activities:








Cash paid for deferred offering expenses




-


(1,023,702)


Advance to related companies





(13,604)


-


Advance from a shareholder





182,163


-

Net cash provided by/(used in) financing activities



168,559


(1,023,702)













Net increase in cash






97,424,797


12,012,499













Effect of exchange rate






718,494


2,991,502













Cash at the beginning of the period





112,409,544


88,532,472

Cash at the end of the period





$   210,552,835


$   103,536,473













Supplemental disclosures of cash flow information:


















Cash paid:











Income tax paid






$     23,111,634


$     19,442,187













Supplemental disclosures of non-cash transactions:


















Accretion of discount on Class A Preferred Shares



$               -


$      6,135,012













Transfer of deposits paid for dredgers to dredger,







 machinery and equipment





$               -


$     12,717,173

SOURCE China Dredging Group Co., Ltd

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With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
Eighty percent of a data scientist’s time is spent gathering and cleaning up data, and 80% of all data is unstructured and almost never analyzed. Cognitive computing, in combination with Big Data, is changing the equation by creating data reservoirs and using natural language processing to enable analysis of unstructured data sources. This is impacting every aspect of the analytics profession from how data is mined (and by whom) to how it is delivered. This is not some futuristic vision: it's ha...
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Learn how IoT, cloud, social networks and last but not least, humans, can be integrated into a seamless integration of cooperative organisms both cybernetic and biological. This has been enabled by recent advances in IoT device capabilities, messaging frameworks, presence and collaboration services, where devices can share information and make independent and human assisted decisions based upon social status from other entities. In his session at @ThingsExpo, Michael Heydt, founder of Seamless...
The IoT's basic concept of collecting data from as many sources possible to drive better decision making, create process innovation and realize additional revenue has been in use at large enterprises with deep pockets for decades. So what has changed? In his session at @ThingsExpo, Prasanna Sivaramakrishnan, Solutions Architect at Red Hat, discussed the impact commodity hardware, ubiquitous connectivity, and innovations in open source software are having on the connected universe of people, thi...
WebRTC: together these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at WebRTC Summit, Cary Bran, VP of Innovation and New Ventures at Plantronics and PLT Labs, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it may enable, complement or entirely transform.
For manufacturers, the Internet of Things (IoT) represents a jumping-off point for innovation, jobs, and revenue creation. But to adequately seize the opportunity, manufacturers must design devices that are interconnected, can continually sense their environment and process huge amounts of data. As a first step, manufacturers must embrace a new product development ecosystem in order to support these products.
There are so many tools and techniques for data analytics that even for a data scientist the choices, possible systems, and even the types of data can be daunting. In his session at @ThingsExpo, Chris Harrold, Global CTO for Big Data Solutions for EMC Corporation, showed how to perform a simple, but meaningful analysis of social sentiment data using freely available tools that take only minutes to download and install. Participants received the download information, scripts, and complete end-t...
Manufacturing connected IoT versions of traditional products requires more than multiple deep technology skills. It also requires a shift in mindset, to realize that connected, sensor-enabled “things” act more like services than what we usually think of as products. In his session at @ThingsExpo, David Friedman, CEO and co-founder of Ayla Networks, discussed how when sensors start generating detailed real-world data about products and how they’re being used, smart manufacturers can use the dat...
When it comes to IoT in the enterprise, namely the commercial building and hospitality markets, a benefit not getting the attention it deserves is energy efficiency, and IoT’s direct impact on a cleaner, greener environment when installed in smart buildings. Until now clean technology was offered piecemeal and led with point solutions that require significant systems integration to orchestrate and deploy. There didn't exist a 'top down' approach that can manage and monitor the way a Smart Buildi...