omniture
from common-pcom:html:key:en_segment_includes_overall_segment_header_shtml
PR Newswire: news distribution, targeting and monitoring
Home Page > News Releases > Global
en_US

RINO Announces Second Quarter 2010 Financial Results

2010-08-17 04:41
60.6% year-over-year total revenue increase

80.5% year-over-year operating profit increase

    DALIAN, China, Aug. 16 /PRNewswire-Asia/ -- RINO International Corporation (the "Company" or "RINO") (Nasdaq: RINO), a leading provider of clean technology solutions to China's iron and steel industry, announced today its unaudited financial results for the second quarter ended June 30, 2010.

    Second Quarter Highlights
    -- Total revenues in the second quarter of 2010 were $65.4 million, a 
       60.6% increase from the corresponding period in 2009.
    -- Operating profit in the second quarter of 2010 was $18.1 million, a 
       80.5% increase from the corresponding period in 2009.
    -- Net income in the second quarter of 2010 was $20.4 million, a 107.4% 
       increase from the corresponding period in 2009. Net income excluding 
       change in fair value of warrant (non-GAAP) was $15.5 million, a 33.0% 
       increase from the corresponding period in 2009.
    -- Diluted earnings per share ("EPS") for the second quarter of 2010 was 
       $0.71. Diluted EPS excluding change in fair value of warrant (non-GAAP) 
       was $0.54, a 16.6% increase from $0.47 for the corresponding period in 
       2009.

    "We are pleased to announce strong results for the second quarter 2010," said Mr. Dejun Zou, director and chief executive officer of RINO. "The robust year-over-year revenue increase was primarily driven by steady growth in our two main business segments, core flue gas desulphurization and waste water treatment systems. Going forward, the primary objective for our core business segments is to continue expanding our market share and enhance gross margin. At the same time, we will build out other business segments that are synergistic extensions of our core competence. Municipal sludge treatment, for instance, is an area of our near-term focus."  

    "China's clean technology industry is growing rapidly with government support. Policies and guidelines that call for increasingly stricter standards for industrial waste treatment continuously drive up demand for a greater scope of treatments as well as volume. RINO's future success depends on our ability to continue enhancing our production capacity and technological capability to keep up with industry developments. We are confident that with our focused efforts on these fronts and effective execution we will continue to be a leading player in the industry of our fundamental business segments and successfully expand into high growth segments in the future," Mr. Zou concluded.

    Mr. Ben Wang, chief financial officer of RINO, added, "Both top and bottom line results were very strong in the second quarter and we are on track to achieve our targets for fiscal year 2010. For the rest of the year we will continue to enhance operational systems while investing for sustainable growth in the long term. We are also progressing according to our schedule to further strengthen our internal control and to continue to comply with Sarbanes Oxley requirements."

    2010 Second Quarter Results

    RINO reported total revenues of $65.4 million for the second quarter of 2010, representing a 60.6% increase from the corresponding period in 2009. Revenue growth was driven by the continued growth across the Company's major product lines. Specifically, the Company recorded $42.4 million in revenues from the desulphurization business, an increase of 41.0% from $30.1million in the same period of 2009; $15.0 million from wastewater treatment system sales, an increase of 61.7% over the second quarter of 2009; and $7.1 million in anti-oxidation equipment and coatings as compared to $1.1 million recorded in the same period of 2009. 

    Cost of sales for the second quarter of 2010 was $42.3 million as compared to $26.6 million in the same quarter of 2009, an increase of 59.3%. Gross profit was $23.1 million in the second quarter of 2010 compared to $14.2 million for the same period of 2009, an increase of 62.9%, and representing gross margins of 35.3% and 34.8%, respectively. The Company expects gross margin to be in the mid thirties range for the remainder of the year. Outsourcing costs for the second quarter 2010 were $4.3 million, an increase of 2745% from $0.2 million in the same period of 2009.

    Total operating expenses for the second quarter of 2010 were $5.0 million as compared to $4.2 million for the same period in 2009. The increase in operating expenses was primarily due to increased sales commissions associated with the increased volume of contracts. Operating margin was 27.6% for the second quarter of 2010 as compared to 24.6% for the second quarter of 2009. The fluctuation in operating margins is associated with sales commissions being paid upon contract signing, while contract revenues are recognized in stages during the project using the percentage-of-completion method.

    Share-based compensation expenses, which were allocated to the related operating costs and expenses line items, increased in aggregate to $46,036 in the second quarter of 2010 from $9,263 in the corresponding period in 2009. The increase in share-based compensation expenses was primarily due to additional options granted to staff and a board member.

    Income tax expense provision was $2.5 million, or $0.09 per share, for the second quarter of 2010, compared to nil in the same period in 2009. The Company's effective tax rate for 2010 is 10.9% compared to 0% for 2009.The increase in effective tax rate was primarily due to Dalian Innomind Environment Engineering Co., Ltd., a wholly owned subsidiary of the Company, reaching the end of its tax-free holiday and entering a phase in which it is subject to a fifty percent tax shelter (12.5%) for the years of 2010, 2011and 2012.

    Net income for the second quarter of 2010 was $20.4 million, representing an increase of 107.4% as compared to $9.9 million reported in the same period in the prior year. Diluted earnings per share were $0.71 for the second quarter of 2010 as compared to $0.39 for the same period last year, based on 28.6 million and 25.1 million weighted average shares outstanding, respectively. Non-GAAP net income, which is net income excluding a $4.9 million gain from the change in the fair value of warrants for the second quarter of 2010, was $15.5 million, translating to non-GAAP diluted EPS of $0.54.

    Balance Sheet and Cash Flow Discussion

    Cash and cash equivalents as of June 30, 2010 were $88.0 million, representing a decrease of 34.5% as compared to $134.5 million as of December 31, 2009. At the end of the second quarter, the Company had working capital of $245.2 million and a current ratio of 11 to 1. 

    Accounts receivable stood at $68.4 million, an 18.3% increase from $57.8 million reported as of December 31, 2009. Days sales outstanding for the first two quarters of 2010 was 102 days compared with 124 days for the same period of 2009. As of June 30, 2010, the Company had $8.1 million in long-term loans and $3.7 million in short term loans. Stockholder's equity increased 19.8% to $244.5 million as of June 30, 2010 as compared to $204.2 million as of December 31, 2009.

    For the first six months of 2010, cash used in operations totaled $48.3 million as compared to $9.7 million cash provided by operations for the first six months of 2009, mainly due to an increase in advances for inventory purchases to support additional projects, an increase in costs and estimated earnings in excess of billings on uncompleted contracts, and change in fair value of warrants.

    Backlog as of June 30, 2010

    Backlog, defined as projects for which contracts have been signed but which have not been completed or started, as of June 30, 2010 was $104.7 million. The Company expects that approximately 50% of the currently backlogged contracts will be executed and recognized as revenue by the end of the third quarter, 2010.

    Product Segment                               Amount ($ millions)
    1.  Desulphurization Systems                         70.8
    2.  Wastewater Treatment                             14.6
    3.  Anti-oxidation Systems                            0.4
    4.  Municipal Sludge Treatment                       18.9
    Total                                               104.7


    Recent Business Updates

    Approval for new bank loan

    In August 2010, RINO received a letter of approval from the Agricultural Bank of China for a business loan in the amount of $ 44.2 million (RMB 300 million) to be used to purchase fixed assets. The Company plans to use funding from this loan for the Changxing Island Project as needed. 

    Outlook for Fiscal Year 2010 

    RINO continues to expect to generate total revenues in an amount ranging from $221.0 million to $229.0 million for fiscal year 2010, representing an increase of 15% - 19% from 2009. This forecast reflects RINO's current and preliminary view, which will be subject to future changes.

    Conference Call Information

    RINO's management will host an earnings conference call at 8 AM on August 17, 2010 U.S. Eastern Time (8 PM on August 17, 2010 Beijing/Hong Kong time). 

    Dial-in details for the earnings conference call are as follows:


     International:  +1-857-350-1602
     US:             +1-866-783-2143
     UK:             +44-207-365-8426
     Hong Kong:      +852-3002-1672

     Passcode:       90238159


    A replay of the conference call may be accessed by phone at the following number until August 25, 2010:

     International:  +1-617-801-6888    
     US:             +1-888-286-8010    

     Passcode:       52332473

    Additionally, a live and archived webcast of this conference call will be available at http://ir.stockpr.com/rinointernational/ .

    About RINO International Corporation

    RINO International Corporation is a leading provider of clean technology solutions to China's iron and steel industry. RINO designs, manufactures, installs and services an extensive suite of products and solutions, including its patented wastewater treatment, flue gas desulphurization, high temperature anti-oxidation and sludge treatment systems, to a large customer base with the aim to reduce industrial pollution and improve energy utilization in China. With strong research and development capabilities, RINO has two patents related to wastewater treatment, ten patents under application and an invention patent for its anti-oxidation technology under the International Patent Corporation Treaty as of May 2010. For additional investor information, please visit http://ir.stockpr.com/rinointernational/ .

    Cautionary Statement Regarding Forward-Looking Information

    Certain statement in this press release may contain forward-looking information about the Company. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology, and statements which may include discussions of strategy, and statements about industry trends future performance, operations and products of each of the entities referred to above. Actual performance results may vary significantly from expectations and projections as a result of various factors, including without limitation and the risks set forth "Risk Factors" contained in the Company's Annual Reports on Form 10-K, and Quarterly Reports on Form 10-Q.

    About Non-GAAP Financial Measures

    The management of RINO International Corporation (herein "RINO") uses non-GAAP adjusted net earnings to measure the performance of the Company's business internally by excluding non-recurring items as well as special non-cash charges. The Company's management believes that these non-GAAP adjusted financial measures allow the management to focus on managing business operating performance because these measures reflect the essential operating activities of RINO and provide a consistent method of comparison to historical periods. The Company believes that providing the non-GAAP measures that management uses internally to its investors is useful to investors for a number of reasons. The non-GAAP measures provide a consistent basis for investors to understand RINO's financial performance in comparison to historical periods without variations caused by non-recurring items and non-operating related charges. In addition, it allows investors to evaluate the Company's performance using the same methodology and information as that used by the management. Non-GAAP measures are subject to inherent limitations because they do not include all of the expenses included under GAAP and because they involve the exercise of judgment of which charges are excluded from GAAP financial measure. However, the management of RINO compensates for these limitations by providing the relevant disclosure of the items excluded.

    The following table provides the non-GAAP financial measures and the related GAAP measures and provides a reconciliation of the non-GAAP measure to the equivalent GAAP measure.


                                             Q2 2010              Q2 2009
    GAAP Net Income                      $ 20,436,248          $ 9,855,284
    Change in fair value of warrants      $ 4,889,118         $ (1,833,745)
    Adjusted Net Income                   $15,547,130         $ 11,689,029
    Adjusted EPS (Diluted)                     $ 0.54               $ 0.47


    For more information, please contact:

    In China:
     Mr. Ben Wang
     Chief Financial Officer
     RINO International Corporation
     Tel:    +86-411-8766-1828
     Email:  benwang@rinogroup.com 

     Ms. Cynthia He
     Brunswick Group LLP
     Tel:    +86-10-6566-2256
     Email:  rino@brunswickgroup.com 

    In the U.S.:
     Ms. Cindy Zheng
     Brunswick Group LLP
     Tel:    +1-212-333-3810
     Email:  rino@brunswickgroup.com 




    RINO INTERNATIONAL CORPORATION AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    AS OF JUNE 30, 2010 AND DECEMBER 31, 2009

                                                    2010              2009
    A S S E T S
    
    CURRENT ASSETS
           Cash and cash equivalents            $88,036,608      $134,487,611
           Restricted cash                        3,388,392                --
           Notes receivable                         469,960           440,100
           Due from shareholders                         --         3,005,386
           Accounts receivable, trade, net
            of allowance for doubtful     
            accounts of $562,822 and      
            $273,446 as of June 30, 2010  
            and December 31, 2009,        
            respectively                         68,389,279        57,811,171
           Costs and estimated earnings in
            excess of billings on         
            uncompleted contracts                38,902,971         3,258,806
           Inventories                            4,401,228         5,405,866
           Advances for inventory         
            purchases                            64,425,996        34,056,231
           Other current assets and       
            prepaid expenses                        879,076           629,506
                  Total current assets          268,893,510       239,094,677
    
    PLANT AND EQUIPMENT, NET                     13,020,836        12,265,389
    
    OTHER ASSETS
           Investment in unconsolidated   
            affiliate                               441,900                --
           Advances for non current assets        9,492,531         6,570,378
           Intangible assets, net                 9,026,114         1,144,796
                  Total other assets             18,960,545         7,715,174
    
                         Total assets          $300,874,891      $259,075,240
    
    
    L I A B I L I T I E S    A N D    
     S H A R E H O L D E R S'   E Q U I T Y
    
    CURRENT LIABILITIES
           Accounts payable                      $7,202,192        $4,281,353
           Short term bank loans                  3,682,500         1,467,000
           Notes payable                          3,388,392                --
           Billings in excess of costs and
            estimated earnings on         
            uncompleted contracts                 3,385,163                --
           Customer deposits                        351,630         4,984,801
           Deferred revenue                       1,333,127                --
           Liquidated damages payable                20,147            20,147
           Due to  shareholders                     535,895                --
           Taxes payable                          3,261,799         4,003,709
           Other payables and accrued     
            liabilities                             508,564           496,411
                  Total current liabilities      23,669,409        15,253,421
    
    Long-term loan                                8,101,500                --
    
    Warrant Liabilities                              97,798        15,172,712
    
    REDEEMABLE COMMON STOCK ($0.0001 par  
     value, 5,464,357 shares issued with
     conditions for redemption outside    
     the control of the company)                 24,480,319        24,480,319
    
    COMMITMENTS AND CONTINGENCIES
    
    SHAREHOLDERS' EQUITY
           Preferred Stock ($0.0001 par   
            value, 50,000,000 shares      
            authorized, none issued and         
            outstanding)                                 --                --
           Common Stock ($0.0001 par      
            value, 100,000,000 shares     
            authorized, 28,605,321 and          
            28,603,321 shares issued and     
            outstanding as of June 30,
            2010 and December 31, 2009)               2,860             2,860
           Additional paid-in capital           107,201,125       107,135,593
           Retained earnings                    115,517,443        78,983,794
           Statutory reserves                    14,314,417        11,755,312
           Accumulated other comprehensive
            income                                7,490,020         6,291,229
                  Total shareholders'     
                   equity                       244,525,865       204,168,788
                         Total liabilities
                          and shareholders'   
                          equity               $300,874,891      $259,075,240
    


    RINO INTERNATIONAL CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME (LOSS)
    FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2010 AND 2009
    (UNAUDITED)
                                                                         
                     Three Months Ended June 30, Six Months Ended June 30, 
                            2010        2009         2010           2009 
    REVENUES                                                             
    Contracts          $64,496,123  $40,469,182  $112,263,690    $75,835,318 
    Services               887,545      253,068       979,225        495,051 
                        65,383,668   40,722,250   113,242,915     76,330,369 

    COST OF SALES                                                        
    Contracts           41,638,121   26,123,509    72,613,173     45,249,005        
    Services               494,649      268,912       494,649        592,830 
    Depreciation           170,767      162,260       355,442        370,327 
                        42,303,537   26,554,681    73,463,264     46,212,162         
                                                                         
    GROSS PROFIT        23,080,131   14,167,569    39,779,651     30,118,207         
                                                                         
    OPERATING EXPENSES                                                   
    Selling, general                                                     
     and administrative   
     expenses            4,958,664    4,146,294    11,771,338      7,517,018                                                 
    Stock compensation                                                   
     expense                46,036        9,263        65,532          9,263 
    TOTAL OPERATING                                                      
     EXPENSES            5,004,700    4,155,557    11,836,870      7,526,281 
                                                                         
    INCOME FROM                                                  
     OPERATIONS         18,075,431   10,012,012    27,942,781     22,591,926          
                                                                         
    OTHER INCOME 
     (EXPENSES), NET                                         
    Other expense, net    -110,664        3,871     -113,879          -5,779 
    Change in fair                          
     value of warrants   4,889,118   -1,833,745   15,074,914      -1,810,134                                                 
    Interest income                         
    (expense), net          70,162      -72,974      140,444        -191,933 
    Gain on liquidated                                                   
     damage settlement          --    1,746,120           --       1,746,120 
    TOTAL OTHER INCOME                    
     (EXPENSES), NET     4,848,616     -156,728   15,101,479        -261,726 
                                                                         
    INCOME BEFORE                                                        
     PROVISION FOR      
     INCOME TAXES       22,924,047    9,855,284   43,044,260      22,330,200                                               
                                                                         
    PROVISION FOR                                                        
     INCOME TAXES        2,487,799           --    3,951,506              --
                                                                    
    NET INCOME          20,436,248    9,855,284   39,092,754      22,330,200         
                                                                         
    OTHER COMPREHENSIVE 
     INCOME (LOSS):                                                             
    Foreign currency                           
     translation          
     adjustment          1,065,043      -10,019    1,198,791        -137,639                                                  
                                                                         
    COMPREHENSIVE                                                        
     INCOME            $21,501,291   $9,845,265  $40,291,545     $22,192,561 
                                                                         
    WEIGHTED AVERAGE 
     NUMBER OF SHARES:                                                             
    Basic               28,603,517   25,070,356   28,603,431      25,055,668          
    Diluted             28,609,452   25,070,940   28,610,245      25,055,668           
                                                                         
    EARNINGS PER SHARE:                                                              
    Basic                    $0.71        $0.39        $1.37           $0.89 
    Diluted                  $0.71        $0.39        $1.37           $0.89 



    RINO INTERNATIONAL CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY

                                  Common Stock                           
                               Par Value $0.0001                   Retained 
                                                   Additional      Earnings  
                                 Number    Common   Paid-in      Unrestricted
                               of shares   stock    capital        earnings 
                                                                         
    BALANCE, January 31, 2009 $25,040,000  $2,504  $25,924,007    $28,570,948 
                                                                         
    Cumulative effect of                                      
     reclassification of       
     warrants                          --      --   -1,058,702       -420,070                                           
    Shares issued to settle                                              
     liquidated damage payable     48,438       5      216,999             --
    Stock issued for service        2,000      --        8,960             --
    Imputed interest on                                                  
     advances from a shareholder       --      --       13,557             --
    Net income                         --      --           --     22,330,200 
    Allocation to statutory                                                 
     reserve                           --      --           --     -2,477,427 
    Foreign currency                                                     
     translation gain                  --      --           --             --                               
                                                                         
    BALANCE, June 30, 2009                                               
    (Unaudited)               $25,090,438   $2,509  $25,104,821   $48,003,651 
                                                                         
    Stock compensation expense         --       --       38,425            --
    Non cash exercise of                                                 
     warrant at $5.38             260,851       26    5,881,081            --                                        
    Stock issuance for cash                                              
     for $30.75                 3,252,032      325   76,111,266            --                                         
    Net income                         --       --           --    34,061,550 
    Allocation to statutory                                                
     reserve                           --       --           --    -3,081,407 
    Foreign currency                                                     
     translation gain                  --       --           --            --              
                                                                         
                                                                         
    BALANCE, December 31, 
     2009                     $28,603,321   $2,860 $107,135,593   $78,983,794 
                                                                      
    Stock compensation 
     expense                        2,000       --       65,532            --
    Net income                         --       --           --    39,092,754 
    Allocation to statutory                                                 
     reserve                           --       --           --    -2,559,105 
    Foreign currency                                                     
     translation gain                  --       --           --            --         
                                                                         
    BALANCE, June 30, 2010                                               
    (Unaudited)                28,605,321    2,860  107,201,125   115,517,443 
 
                                                                         
                                          Accumulated       
                                             other            
                                Statutory comprehensive       
                                 reserve      income      Totals
                                                                         
    BALANCE, January 31, 2009   $6,196,478 $6,221,943  $66,915,880 
                                                                         
    Cumulative effect of                                                     
     reclassification of               
     warrants                           --         --   -1,478,772                                   
    Shares issued to settle                                              
     liquidated damage payable          --         --      217,004 
    Stock issued for service            --         --        8,960 
    Imputed interest on                                                  
     advances from a 
     shareholder                        --         --       13,557    
    Net income                          --         --   22,330,200 
    Allocation to statutory                                             
     reserve                     2,477,427         --           -- 
    Foreign currency                                            
     translation gain                   --   -137,639     -137,639 
                                                                    
    BALANCE, June 30, 2009                                               
    (Unaudited)                 $8,673,905 $6,084,304  $87,869,190 
                                                                         
    Stock compensation expense          --         --       38,425 
    Non cash exercise of                                                 
     warrant at $5.38                   --         --    5,881,107 
                                                                 
    Stock issuance for cash                                              
     for $30.75                         --         --   76,111,591 
                                                                   
    Net income                          --         --   34,061,550 
    Allocation to statutory                                              
     reserve                     3,081,407         --           -- 
    Foreign currency                                                     
     translation gain                   --    206,925      206,925 
                                                                     
                                                                         
                                                                         
    BALANCE, December 31, 
     2009                      $11,755,312 $6,291,229 $204,168,788 
                                                                         
    Stock compensation expense          --          --      65,532 
    Net income                          --          --  39,092,754 
    Allocation to statutory                                              
     reserve                     2,559,105          --          -- 
    Foreign currency                                                     
     translation gain                   --   1,198,791   1,198,791 
                                                                     
                                                                         
    BALANCE, June 30, 2010                                               
    (Unaudited)                 14,314,417   7,490,020 244,525,865 
                                                                           
 

    RINO INTERNATIONAL CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    FOR THE SIX MONTHS ENDED JUNE 30, 2010 AND 2009

                                              2010                   2009
    
    CASH FLOWS FROM OPERATING ACTIVITIES
        Net income                        $39,092,754            $22,330,200
        Adjustments to reconcile       
         net income to cash (used in)   
         provided by operating           
         activities:
            Depreciation                      466,837                478,251
            Amortization                       86,273                 33,377
            Allowance for bad
             debt                             287,064                205,687
            Imputed interest 
             on advances from
             shareholders                          --                 13,556
            Amortization of  
             long term       
             prepaid expenses                  39,166                  7,329
            Stock issued for 
             services                              --                  9,263
            Stock            
             compensation    
             expense and     
             shares placed in
             escrow                            65,532                     --
            Gain (expense) on
             Liquidated      
             damage          
             settlement                            --             -1,746,120
            Change in fair   
             value of        
             warrants                     -15,074,914              1,810,134
        Changes in operating 
         assets and          
         liabilities:
            Notes receivable                  -27,944                806,516
            Accounts         
             receivable                   -10,585,899            -21,802,792
            Costs and        
             estimated       
             earnings in     
             excess of       
             billings on     
             uncompleted     
             contracts                    -35,483,281                     --
            Inventories                     1,022,495                 81,194
            Advances for     
             inventory       
             purchases                    -30,105,286              6,308,955
            Other current    
             assets and      
             prepaid expenses                -246,017               -131,544
            Accounts payable                2,891,305               -823,508
            Customer deposits              -4,634,288             -3,549,925
            Billings in      
             excess of costs 
             and estimated   
             earnings on     
             uncompleted     
             contracts                      3,371,144                     --
            Other payables   
             and accrued     
             liabilities                       10,077               -329,915
            Deferred revenue                1,327,607                     --
            Taxes Payable                    -755,144              6,038,867
                Net cash     
                 (used in)   
                 provided by 
                 operating   
                 activities               -48,252,519              9,739,525
    
    CASH FLOWS FROM INVESTING
     ACTIVITIES
        Payment for          
         investment in       
         unconsolidated      
         affiliate                           -440,070                     --
        Purchase of equipment              -1,169,547                -28,051
        Advances for non     
         current assets                    -2,922,462                     --
        Purchase of          
         intangible assets                 -7,930,290                     --
            Net cash used in 
             investing       
             activities                   -12,462,369                -28,051
    
    CASH FLOWS FROM FINANCING
     ACTIVITIES
        Change in restricted 
         cash                              -3,374,360              1,030,317
        Proceeds from notes  
         payable - banks                    3,374,360                 88,382
        Proceeds from short  
         term bank loans                    3,667,250             21,985,500
        Payments on short    
         term bank loans                   -1,466,900                     --
        Payments on          
         liquidated damage   
         settlement                                --               -615,018
        Payment on due to    
         shareholder                         -321,810               -824,808
        Proceeds from        
         shareholder                        3,862,842                668,449
        Proceeds from long   
         term bank loans                    8,067,950                     --
            Net cash provided
             by financing    
             activities                    13,809,332             22,332,822
    
    EFFECT OF EXCHANGE RATE  
     ON CASH                                  454,553                -42,094
    
    (DECREASE) INCREASE IN   
     CASH AND CASH EQUIVALENTS            -46,451,003             32,002,202
    
    CASH AND CASH            
     EQUIVALENTS, beginning               134,487,611             19,741,982
    
    CASH AND CASH            
     EQUIVALENTS, ending                  $88,036,608            $51,744,184
    
    SUPPLEMENTAL DISCLOSURE  
     OF CASH FLOW INFORMATION
        Cash paid for        
         Interest expense                    $206,830               $369,146
        Cash paid for income 
         taxes                             $2,388,504               $229,848
Source: RINO International Corporation

Related stocks: OTC:RINO

from common-pcom:html:key:en_segment_includes_releases_right_column_video_module_shtml

Featured Video

Environmental Products & Services Recent Releases

Green Technology Recent Releases

Mining/Metals Recent Releases

from common-pcom:html:key:en_segment_includes_overall_segment_footer_shtml
Advanced Search
Search
  
  1. Products & Services
  2. News Releases
  3. Knowledge Center
  4. Journalists & Media
  5. Multimedia Theater
  6. Contact Us