|
August 14, 2009 - 9:02 PM EDT Cavico Corp. Announces Second Quarter 2009 Results Aug. 14, 2009 (Business Wire) -- Cavico Corp. (“Cavico” or “the Company”) (OTCBB: CVIC), a leading infrastructure development company in Vietnam, today announced financial results for the second quarter ended June 30, 2009. Second Quarter 2009 Results Gross profit for the second quarter of 2009 was $3.2 million or 23.3% of sales compared to $3.5 million or 17.9% of sales for the three months ended June 30, 2008. The growth in gross profit was attributable to increase in profitability from Dong Nai 4 and Algeri project. Also contributing to the significant growth in gross profit percentage was the decrease in cost of fuel, steel, and replacement parts. Revenues for the second quarter of 2009 were $13.9 million, down 28.9% from $19.5 million in the second quarter of 2008. On a sequential basis, revenue increased 13.2% compared with the first quarter of 2009 as a result of additions of several new projects and an adverse effect from National Holiday in Vietnam in the first quarter of 2009. Operating expenses totaled $2.0 million, an increase of 19.9% from $1.7 million. The increase in operating expenses was primarily due to the increase in administrative costs for the corporate office such as professional fees related to audit, legal, consulting services and other administrative costs. The Company reported an operating income of $1.2 million in the second quarter of 2009, compared to $1.8 million in the second quarter of 2008. Net income in the second quarter of 2009 was $0.6 million, compared to net income of $1.1 million in the same period a year ago. Financial Condition As of June 30, 2009, the Company has $3.8 million in cash, accounts receivable of $10.8 million and construction work in progress of $39.7 million. Total current liabilities were $99.0 million, which includes advance from customers of $19.5 million. As of June 30, 2009, shareholders' equity reached $21.1 million, up 12.5% from shareholder's equity of $18.8 million as of December 31, 2008. During the six months ended June 30, 2009, the Company used $2.9 million in operating activities. Business Environment Vietnam’s GDP grew at 6.2% in 2008 and 3.9% in the first half of 2009. The stimulus package rolled out by the Vietnamese economy in December 2008 will help boost the overall economy and result in construction and infrastructure growth. On June 18, 2009, Cavico announced that Cavico Energy Construction JSC (“Cavico Energy”), a wholly own subsidiary of Cavico Corp, won the contract bid involving construction of an overfill spillway (Package 4) for Da Ban Irrigation Dam. Cavico also has received the investment license, an important document for the development of its planned wind farm project. The Company has also completed the construction of the three ground levels of its high-tech APEX tower, successfully establishing a critical foundation for the whole tower. “While we saw a decline in our year-over-year results during the second quarter, we are pleased to report net income growth compared with the first quarter of 2009. Our plans include acquiring mine ownership in Vietnam and Laos to expand our scope of business and diversify sources of revenue. Our future strategy includes expanding into the alternative energy sector with an investment in a wind power farm in Vietnam.” said Mr. Hung Manh Tran, Vice President of Cavico Corp. “We are progressing towards completing a reverse stock split and upgrading the listing of our common stock to NASDAQ.” On June 11, 2009, Cavico announced that the Company has filed an application to list its common stock on the NASDAQ Capital Market. Upon approval, Cavico will become the first Vietnamese company to list on a U.S. national securities exchange. Fraktal |
|
| aus der Diskussion: | Cavico (CVIC) - der erste vietnamesische Wert, der an die Nasdaq geht! |
| Autor (Datum des Eintrages): | Frakt@l (16.08.09 16:44:10) |
| Beitrag: | 10 von 20 (ID:37790655) |
| Alle Angaben ohne Gewähr © wallstreetONLINE | |