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09.11.2009 22:06
Duoyuan Global Water Inc. Reports Third Quarter 2009 Financial Results / Revenue Up 30.9% to RMB255.2 Million from the Prior Year Period
BEIJING, Nov. 9 /PRNewswire-Asia/ -- Duoyuan Global Water Inc. ("Duoyuan" or the "Company"), a leading China-based domestic water treatment equipment supplier, today announced unaudited financial results for the third quarter of 2009.

Mr. Wenhua Guo, the Company's Chairman and Chief Executive Officer, stated, "We are pleased with the Company's third quarter financial results, which reflect increased demand across all three product lines, our comprehensive and high quality product offering, as well as our low cost manufacturing base, extensive distribution network and strong competitive position. All of these factors contributed to our quarterly financial results today and lay the groundwork for continued growth in the future."

Third Quarter 2009 Financial Highlights
-- Revenue increased 30.9% to RMB255.2 million ($37.4 million(1)) from
RMB195.0 million in the prior year period.
-- Gross margin increased to 49.5% from 46.8% in the prior year period.
-- Operating income increased 31.1% to RMB95.7 million ($14.0 million)
from RMB73.0 million in the prior year period.
-- Net income increased 23.1% to RMB73.4 million ($10.8 million) from
RMB59.6 million in the comparable period of 2008.
-- Diluted earnings per ADS(2) was $0.49. Each ADS represents two of the
Company's ordinary shares.


(1) This announcement contains translations of certain Renminbi amounts
into US dollars at specified rates solely for the convenience of
readers. Unless otherwise noted, all translations from Renminbi to US
dollars as of and for the quarter ended September 30, 2009, were made
at the noon buying rate of RMB6.8262 to USD1.00 on September 30, 2009
in the City of New York for cable transfers in Renminbi per US dollar
as certified for customs purposes by the Federal Reserve Bank of New
York. Duoyuan Global Water makes no representation that the Renminbi
or US dollar amounts referred to in this press release could have been
or could be converted into US dollars or Renminbi, at any particular
rate or at all.
(2) American Depositary Shares, which are traded on the New York Stock
Exchange, are equivalent to ordinary shares at a ratio of 1:2.


Third Quarter 2009 Financial Performance
Third quarter 2009 revenue increased 30.9% to RMB255.2 million ($37.4 million) from RMB195.0 million in the comparable period of 2008, reflecting growth across all three product categories. Revenue from wastewater treatment equipment increased 42.3%, to RMB100.1 million ($14.7 million) in the third quarter of 2009 compared to RMB70.3 million in the third quarter of 2008, due to increased demand for Duoyuan's belt filter press machines, sludge screw, online testing equipment, ultraviolet shelving disinfection systems and microporous aerators. Revenue from circulating water treatment increased by 20.0% to RMB96.1 million ($14.1 million) in the third quarter of 2009 compared to RMB80.1 million in the third quarter of 2008, driven by increased demand for the Company's new fully automatic filters, electronic water conditioners and circulating water central processors. Revenue from water purification equipment increased by 28.4% to RMB55.0 million ($8.1 million) in the third quarter of 2009 compared to RMB42.8 million in the prior year period, as the Company's newly introduced models for central water purifiers, industry pure water equipment and ultraviolet water purifiers continued to be well-received by the marketplace. Demand for the Company's products increased across all three product lines, driven by market recognition of the high quality, durability and effectiveness of the Company's products, as well as the success of the Company's promotion and marketing strategies.

Ongoing government regulations mandating the utilization of water treatment products and stricter enforcement of environmental protection laws also drove demand in the third quarter. While Duoyuan experienced revenue growth across all three product categories in the third quarter of 2009, demand for the Company's wastewater treatment equipment outpaced demand for circulating water treatment equipment and water purification equipment due to intensified government efforts to monitor wastewater discharge.

For the third quarter of 2009, gross profit increased by 38.4% to RMB126.4 million ($18.5 million) from RMB91.3 million in the prior year's period. Gross margin for the third quarter of 2009 was 49.5%, compared to 46.8% in the third quarter of 2008, primarily due to a decrease in raw material costs.

Operating income increased by 31.1% to RMB95.7 million ($14.0 million) in the third quarter of 2009, from RMB73.0 million in the comparable period of 2008. Operating margin was 37.5% in the third quarter of 2009, essentially flat from 37.4% in the prior year period. Selling expenses increased 82.5% to RMB19.2 million ($2.8 million) in the third quarter from RMB10.5 million in the prior year's period. The increase primarily reflects advertising activities initiated in the third quarter of 2009 to enhance national brand recognition.

Provision for income taxes in the third quarter of 2009 increased to RMB22.4 million ($3.3 million), an effective tax rate of 23.4%, from RMB12.9 million, an effective tax rate of 17.8%, in the third quarter of 2008. The increase in tax provision primarily reflects the increase in the Company's profits by 32.0% over the same period of 2008, and the termination of a tax exemption for Duoyuan Langfang, one of the Company's subsidiaries on December 31, 2008.

Net income increased 23.1% to RMB73.4 million ($10.8 million) in the third quarter of 2009, from RMB59.6 million in the prior year's third quarter. Diluted earnings per share was RMB1.67 ($0.25) in the third quarter of 2009, compared to RMB1.99 in the third quarter of 2008. During this year over year period, diluted earnings per ADS was RMB3.35 ($0.49) compared to RMB3.97, respectively.

The Company had approximately 43.8 million weighted average number of diluted shares outstanding as of September 30, 2009, compared to 30.0 million weighted average number of diluted shares outstanding as of September 30, 2008.

As of September 30, 2009, the Company had cash and bank deposits of RMB937.2 million ($137.3 million), compared to RMB198.5 million as of December 31, 2008, mostly reflecting net proceeds from the Company's initial public offering. Cashflow provided by operating activities for the nine months ended September 30, 2009 were approximately RMB150.5 million ($22.0 million), compared to approximately RMB184.5 million in the prior year period.

Nine Months Ended September 30, 2009 Financial Performance

For the nine months ended September 30, 2009, revenue increased 33.0% to RMB589.6 million ($86.4 million) from RMB443.2 million for the first nine months of 2008. During this same time period, gross profit increased by 42.8% to RMB285.5 million ($41.8 million) from RMB200.0 million. Operating income decreased by 11.8% to RMB133.2 million ($19.5 million) for the first nine months of 2009 from RMB151.0 million for the first nine months of 2008, and net income decreased 34.8% to RMB77.2 million ($11.3 million), or RMB2.22 ($0.33) per diluted share, from RMB118.3 million, or RMB3.94 per diluted share, for these respective periods. Net income per diluted ADS was RMB4.44 ($0.65) for the first nine months of 2009, down from RMB7.89 for the first nine months of 2008. Weighted average number of diluted shares outstanding was approximately 34.8 million for the first nine months of 2009, compared to 30.0 million weighted average number of diluted shares outstanding for the first nine months of 2008.

Non-Cash Share-Based Compensation Expense

In the third quarter of 2009, the Company recorded non-cash share-based compensation expense of approximately RMB1.1 million ($158,813), or approximately $0.0072 per ADS. In the first nine months of 2009, the Company recorded non-cash share-based compensation expense of approximately RMB91.6 million ($13.4 million), or approximately $0.77 per ADS, the majority of which was recognized in the second quarter of 2009. Please refer to the non-GAAP presentation provided below for a year over year comparison excluding non-cash share-based compensation expense.

Financial Outlook

Mr. Stephen C. Park concluded, "As we come off a fantastic third quarter, which is seasonally our strongest quarter, our competitive position remains strong and we are poised for future growth supported by our trusted brand name and vast distribution network. With this in mind, we are targeting revenue of approximately RMB190 million in the fourth quarter of 2009."

This forecast reflects the Company's current and preliminary view, which is subject to change.

Conference Call

The Company will host a conference call on Monday, November 9, 2009 at 5:00 PM U.S. Eastern Time. Listeners may access the call by dialing:

United States: 1-866-519-4004
China (Landline): 800-819-0121
China (Mobile): 400-620-8038
Hong Kong: 852-2475-0994
United Kingdom: 0-808-234-6646
International: 65-6735-7955
Conference ID: 35643396

A telephone replay will be available beginning two hours after the conclusion of the call and will be available through November 16, 2009. Listeners may access the replay by dialing:

United States: 1-866-214-5335
China (North): 10-800-714-0386
China (South): 10-800-140-0386
Hong Kong: 800-901-596
United Kingdom: 0-800-731-7846
International: 61-2-8235-5000
Conference ID: 35643396

A webcast of the conference call will also be available at the investor relations section of the Company's website at http://www.duoyuan-hq.com/ .

About Duoyuan Global Water Inc.

Duoyuan Global Water Inc. is a leading China-based domestic water treatment equipment supplier. Duoyuan's product offerings address the key steps in the water treatment process, such as filtration, water softening, water-sediment separation, aeration, disinfection and reverse osmosis. Duoyuan offers a comprehensive set of complementary products across three product categories: circulating water treatment, water purification and wastewater treatment. The Company has an extensive local distribution network, which provides proximity to end-user customers and responsiveness to local market demand. Learn more at http://www.duoyuan-hq.com/ .

DUOYUAN GLOBAL WATER INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

THREE MONTHS ENDED SEPTEMBER 30,
2008 2009 2009
RMB RMB US$

REVENUE 194,972,023 255,203,895 $37,385,939

COST OF REVENUE 103,674,793 128,852,598 18,876,183

GROSS PROFIT 91,297,230 126,351,297 18,509,756

RESEARCH AND DEVELOPMENT EXPENSES 3,998,738 4,413,573 646,564

SELLING EXPENSES 10,537,292 19,225,862 2,816,481

GENERAL AND ADMINISTRATIVE
EXPENSES 3,763,336 7,007,731 1,026,593

OPERATING INCOME 72,997,864 95,704,131 14,020,118

INTEREST EXPENSE (710,805) (298,540) (43,735)

OTHER INCOME 246,246 362,942 53,169

LOSS FROM SALE OF PROPERTY -- -- --

INCOME BEFORE INCOME TAXES 72,533,305 95,768,533 14,029,552

PROVISION FOR INCOME TAXES 12,925,412 22,371,952 3,277,365

NET INCOME 59,607,893 73,396,581 $10,752,187


Earnings per share:
Basic 1.99 1.68 $0.25
Diluted 1.99 1.67 $0.25

Earnings per ADS:
Basic 3.97 3.36 $0.49
Diluted 3.97 3.35 $0.49

Weighted average number of shares
outstanding:
Basic 30,000,000 43,702,631 43,702,631
Diluted 30,000,000 43,838,207 43,838,207


NINE MONTHS ENDED SEPTEMBER 30,
2008 2009 2009
RMB RMB US$

REVENUE 443,168,505 589,579,085 $86,370,028

COST OF REVENUE 243,195,069 304,061,507 44,543,305

GROSS PROFIT 199,973,436 285,517,578 41,826,723

RESEARCH AND DEVELOPMENT EXPENSES 11,594,354 13,682,707 2,004,440

SELLING EXPENSES 26,277,454 41,490,394 6,078,110

GENERAL AND ADMINISTRATIVE
EXPENSES 11,068,726 97,161,943 14,233,679

OPERATING INCOME 151,032,902 133,182,534 19,510,494

INTEREST EXPENSE (2,587,823) (923,450) (135,280)

OTHER INCOME 1,020,437 805,274 117,968

LOSS FROM SALE OF PROPERTY (3,204,479) -- --

INCOME BEFORE INCOME TAXES 146,261,037 133,064,358 19,493,182

PROVISION FOR INCOME TAXES 27,951,409 55,868,759 8,184,460

NET INCOME 118,309,628 77,195,599 $11,308,722


Earnings per share:
Basic 3.94 2.22 $0.33
Diluted 3.94 2.22 $0.33

Earnings per ADS:
Basic 7.89 4.45 $0.65
Diluted 7.89 4.44 $0.65

Weighted average number of shares
outstanding:
Basic 30,000,000 34,718,122 34,718,122
Diluted 30,000,000 34,767,287 34,767,287




DUOYUAN GLOBAL WATER INC. AND SUBSIDIARIES
UNAUDITED NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

THREE MONTHS ENDED SEPTEMBER 30,
2008 2009 2009
RMB RMB US$

REVENUE 194,972,023 255,203,895 $37,385,939

COST OF REVENUE 103,674,793 128,852,598 18,876,183

GROSS PROFIT 91,297,230 126,351,297 18,509,756

RESEARCH AND DEVELOPMENT EXPENSES 3,998,738 4,413,573 646,564

SELLING EXPENSES 10,537,292 19,225,862 2,816,481

GENERAL AND ADMINISTRATIVE
EXPENSES 3,763,336 5,923,642 867,780

OPERATING INCOME 72,997,864 96,788,220 14,178,931

INTEREST EXPENSE (710,805) (298,540) (43,735)

OTHER INCOME 246,246 362,942 53,169

LOSS FROM SALE OF PROPERTY -- -- --

INCOME BEFORE INCOME TAXES 72,533,305 96,852,622 14,188,365

PROVISION FOR INCOME TAXES 12,925,412 22,371,952 3,277,365

NET INCOME 59,607,893 74,480,670 $10,911,000


Earnings per share:
Basic 1.99 1.70 $0.25
Diluted 1.99 1.70 $0.25

Earnings per ADS:
Basic 3.97 3.41 $0.50
Diluted 3.97 3.40 $0.50

Weighted average number of shares
outstanding:
Basic 30,000,000 43,702,631 43,702,631
Diluted 30,000,000 43,838,207 43,838,207



NINE MONTHS ENDED SEPTEMBER 30,
2008 2009 2009
RMB RMB US$

REVENUE 443,168,505 589,579,085 $86,370,028

COST OF REVENUE 243,195,069 302,686,834 44,341,923

GROSS PROFIT 199,973,436 286,892,251 42,028,105

RESEARCH AND DEVELOPMENT EXPENSES 11,594,354 13,682,707 2,004,440

SELLING EXPENSES 26,277,454 37,505,478 5,494,342

GENERAL AND ADMINISTRATIVE
EXPENSES 11,068,726 10,966,189 1,606,485

OPERATING INCOME 151,032,902 224,737,877 32,922,838

INTEREST EXPENSE (2,587,823) (923,450) (135,280)

OTHER INCOME 1,020,437 805,274 117,968

LOSS FROM SALE OF PROPERTY (3,204,479) -- --

INCOME BEFORE INCOME TAXES 146,261,037 224,619,701 32,905,526

PROVISION FOR INCOME TAXES 27,951,409 55,868,759 8,184,460

NET INCOME 118,309,628 168,750,942 $24,721,066


Earnings per share:
Basic 3.94 4.86 $0.71
Diluted 3.94 4.85 $0.71

Earnings per ADS:
Basic 7.89 9.72 $1.42
Diluted 7.89 9.71 $1.42

Weighted average number of shares
outstanding:
Basic 30,000,000 34,718,122 34,718,122
Diluted 30,000,000 34,767,287 34,767,287


DUOYUAN GLOBAL WATER INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

ASSETS

December 31, September 30, September 30,
2008 2009 2009
(AUDITED) (UNAUDITED) (UNAUDITED)
RMB RMB US$
CURRENT ASSETS:
Cash 198,518,061 937,209,569 $137,295,943
Accounts receivable 137,549,786 184,060,332 26,963,806
Inventories, net of reserve
for obsolescence 46,726,339 63,289,184 9,271,510
Other receivables 46,500 31,000 4,541
Other current assets 645,376 22,745 3,332
Deposits 9,990,000 29,474,320 4,317,823
Total current assets 393,476,062 1,214,087,150 177,856,955

PLANT AND EQUIPMENT, net 117,681,359 145,189,409 21,269,434

OTHER ASSETS:
Prepaid leases 22,481,491 22,088,727 3,235,875
Deferred tax assets 4,446,899 4,446,899 651,446
Total other assets 26,928,390 26,535,626 3,887,321

Total assets 538,085,811 1,385,812,185 $203,013,710

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
Notes payable 20,000,000 20,000,000 $2,929,888
Accounts payable 38,696,788 79,684,831 11,673,381
Other payables 24,927,232 17,541,482 2,569,729
Income taxes payable 10,768,521 24,088,093 3,528,770
Total current liabilities 94,392,541 141,314,406 20,701,768

SHAREHOLDERS' EQUITY:
Ordinary shares, US$0.000033
par value: Authorized shares
- 1,500,000,000; Issued and
outstanding - 30,000,000
shares at December 31, 2008
and 43,702,631 shares at
September 30, 2009 7,295 10,384 1,521
Additional paid-in capital 132,455,705 856,061,526 125,408,210
Statutory reserves 36,413,141 53,467,690 7,832,717
Retained earnings 274,817,129 334,958,179 49,069,494
Total shareholders' equity 443,693,270 1,244,497,779 182,311,942

Total liabilities and
shareholders' equity 538,085,811 1,385,812,185 $203,013,710




DUOYUAN GLOBAL WATER INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP RESULTS OF OPERATIONS

THREE MONTHS ENDED SEPTEMBER 30,
2008 2009 2009
RMB RMB US$

GAAP NET INCOME 59,607,893 73,396,581 $10,752,187
Share-based compensation -- 1,084,089 158,813
NON-GAAP NET INCOME 59,607,893 74,480,670 $10,911,000

GAAP Earnings per share - diluted 1.99 1.67 $0.25
Share-based compensation -- 0.03 --
NON-GAAP Earnings per share - diluted 1.99 1.70 $0.25

GAAP Earnings per ADS - diluted 3.97 3.35 $0.49
Share-based compensation -- 0.05 0.01
NON-GAAP Earnings per ADS - diluted 3.97 3.40 $0.50

Weighted average number of shares
outstanding - diluted 30,000,000 43,838,207 43,838,207


NINE MONTHS ENDED SEPTEMBER 30,
2008 2009 2009
RMB RMB US$

GAAP NET INCOME 118,309,628 77,195,599 $11,308,722
Share-based compensation -- 91,555,343 13,412,344
NON-GAAP NET INCOME 118,309,628 168,750,942 $24,721,066

GAAP Earnings per share - diluted 3.94 2.22 $0.33
Share-based compensation -- 2.63 0.38
NON-GAAP Earnings per share -
diluted 3.94 4.85 $0.71

GAAP Earnings per ADS - diluted 7.89 4.44 $0.65
Share-based compensation -- 5.27 0.77
NON-GAAP Earnings per ADS - diluted 7.89 9.71 $1.42

Weighted average number of shares
outstanding - diluted 30,000,000 34,767,287 34,767,287
Duoyuan Global Water Inc.

CONTACT: Integrated Corporate Relations, Inc. - In New York: Ashley M.
Ammon, [phone]; Or In Beijing: Wei-Jung Yang, [phone]

Web site: http://www.duoyuan-hq.com/



© 2010 PR Newswire


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