HONG KONG, April 30, 2015 /PRNewswire/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT) today reported financial results for the 12-month period ended December 31, 2014 ("Fiscal 2014").
The Company's revenues for Fiscal 2014 were approximately $18,822,000, an approximate 1.2% increase compared to approximately $18,602,000 in the Company's fiscal year ended December 31, 2013 ("Fiscal 2013").
Despite the research and development costs of approximately US$631,000 spent for Ballast Water Treatment Systems ("BWTS"), the Company had net income of approximately $164,000 for Fiscal 2014, as compared to net loss of approximately $18,000 for Fiscal 2013. This was principally due to the income contributions of approximately US$892,000 from the affiliates, Blue Sky and Jia Huan.
Mr. T.C. Leung, Chairman and CEO of the company commented, "Since we obtained type approval certificate in July 2014, from China's Classification Society ("CCS") for the 300 Cubic Meters per hour BWTS, we have been developing the other ranges of BWTS, namely 1,000, 750 and 500 Cubic Meters per hour to meet different requirements of potential customers. We expect to obtain the various type approval certificates for other ranges from CCS, Lloyd's Register ("LR") and Alternate Management Systems ("AMS") by the end of 2015."
"As China is getting tougher on water and air pollution reduction measures, we are positive about the BWTS business potential in view of obtaining the various certifications for all our ranges within 2015 and also the growing income contributions from Blue Sky and Jia Huan, the affiliates which are in the air pollution control business."
About BWTS
BWTS are an imminent requirement by The International Maritime Organization ("IMO") to prevent the biological unbalance caused by the estimated 12 billion tons of ballast water transported across the seas by ocean-going vessels when their ballast water tanks are emptied or refilled. In 2012, ballast water discharge standard became a law in the US. Any vessel constructed in December 2013 or later will need to comply when entering US waters, and existing vessels will follow shortly after. The market potential for retrofits and new installations of BWTS in these old and new ocean-going vessels is enormous.
About AMS
AMS acceptance by the U.S. Coast Guard is a temporary designation given to BWTS approved by a foreign administration. It enables BWTS to be used on vessels for a period of up to 5 years, while the treatment system undergoes approval testing to U.S. Coast Guard standards.
About Blue Sky
Zhejiang Tianlan Environmental Protection Technology Co. Ltd., ("Blue Sky"), found in 2000, is a fast growing company which provides a comprehensive service for design, general contract, equipment manufacturing, installation, testing and operation management of the treatment of waste gases emitted from various boilers and industrial furnaces of power plants, steel works and chemical plants.
About Jia Huan
Zhejiang Jia Huan Electronic Co. Ltd. in Zhejiang, China ("Jia Huan"), an established company, has been in business since 1969. 95% of Jia Huan's business is related to air pollution control and less than 5% is for water and wastewater treatment. Jia Huan designs and manufactures automatic control systems and electric voltage control equipment for electrostatic precipitators which are major air purification equipment for power plants, cement plants and incinerators to remove and collect dust and pollutants from the exhaust stacks.
Certain statements in this news release regarding the Company's expectations, estimates, present view of circumstances or events, and statements containing words such as estimates, anticipates, intends, or expects, or words of similar import, constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements indicate uncertainty and the Company can give no assurance with regard to actual outcomes. Specific risk factors may include, without limitation, having the Company's offices and operations situated in Hong Kong and Mainland China, doing business in China, competing with Chinese manufactured products, competing with the Company's own suppliers, dependence on vendors, and lack of long term written agreements with suppliers and customers, development of new products, entering new markets, possible downturns in business conditions, increased competition, loss of significant customers, availability of qualified personnel, negotiating definitive agreements, new marketing efforts and the timely development of resources. See the "Risk Factor" discussions in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 20-F for its fiscal year ended December 31, 2014.
CONDENSED STATEMENTS OF OPERATIONS |
|||
(Dollar amounts in US$ thousands, except share and per share data)
|
|||
Year Ended December 31, |
|||
2014 |
2013 |
||
Revenues |
$ 18,822 |
$ 18,602 |
|
Net Income/(Loss) attributable to the Company |
164 |
(18) |
|
Net Income/(Loss) Per Share -- Basic |
0.08 |
(0.01) |
|
Weighted Average Number of Ordinary Shares Outstanding -- Basic |
2,069,223 |
2,069,223 |
|
SELECTED BALANCE SHEET DATA
|
|||
As of December 31, |
|||
2014 |
2013 |
||
Cash and Cash Equivalents |
$ 4,857 |
$ 5,406 |
|
Total Current Assets |
11,136 |
11,831 |
|
Total Assets |
23,686 |
23,878 |
|
Total Current Liabilities |
5,869 |
6,001 |
|
Total Liabilities |
5,869 |
6,001 |
|
Total Euro Tech Shareholders' Equity |
16,030 |
15,872 |
|
Website: http://www.euro-tech.com
Blue Sky's website: http://www.tianlan.cn/
Jia Huan's website: http://www.jiahuan.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/euro-tech-holdings-company-limited-reports-2014-year-end-results-300074289.html
