Kawasaki, Japan, Feb 10, 2010 - (ACN Newswire) - Fujitsu Laboratories Ltd. and the University of Toronto today announced their joint development of a new processing method for transceiver chips used in gigabit-class(1) high-speed data transmission over wirelines. The new technology employs digital circuitry to replace previously-required structures that used analog circuits. While analog processing require circuits that are adapted to the specifications of a signal being transmitted, such as transmission distance and amplitude, this new digital approach can perform these optimizations automatically, so that a single circuit could be used to accommodate a wide range of various wireline communications. Compared to conventional processing methods, this new digital-processing method makes it possible to shorten development periods by approximately half. It is anticipated that this new technology in the future could be applied to a variety of wireline communication applications, including 10 Gbps high-speed Ethernet in datacenters.
Details of this technology were presented at the IEEE International Solid-State Circuits Conference 2010 (ISSCC 2010) being held in San Francisco from February 7-11. (Presentation number: 8.7)
Background and Technological Challenges
File size data volumes for large photographic, audio, and video files are becoming increasingly larger, thus requiring a significant amount of bandwidth to transmit, leading to demand for ever-faster wireline data communications. Conventional transceiver chips rely on analog circuitry which needs to be optimized to accommodate specifications of the signal being transmitted - such as transmission distance and amplitude - and therefore require multiple transceiver chips to be designed in order to accommodate for various applications.
With a growing diversity of devices featuring high-speed data transmission, the need to optimize an existing technology for every new type of device or model has become a bottleneck in the development process. Efforts to develop transceiver chips within short development periods that can accommodate the wide range of different devices have been proven challenging.
Newly-developed Technology
Fujitsu Laboratories and the University of Toronto have developed a digital circuit-based transceiver chip. Featuring digital circuitry, the new transceiver chip can automatically optimize itself for a variety of high-speed communications circuits, thus significantly reducing development periods by approximately half compared with conventional methods.
This technology detects variations in the delay on the time axis of the input signal, caused during data transmission, and based on that can automatically adjust the timing it uses for judging whether an incoming signal is a 0 or 1 (Figure 1). Since variations in data transmissions increase along with faster transmission speeds, this new technology is essential for accurate data exchange. This is the world's first technology to achieve Gbps-class speeds without the use of analog circuitry elements, while offering fully-digital timing adjustments for signal-determination.
Results
As a world's first, by using digital circuitry-based high-speed transceiver technology, Fujitsu Laboratories and the University of Toronto's new technology makes it possible to reduce the design and development period for a gigabit-class transceiver chip by approximately one-half (1/2) compared with conventional methods. This suggests that transceiver chips for a wide range of communications devices could be offered in a timely manner.
Future Developments
Fujitsu Laboratories and the University of Toronto will continue with development of this technology to optimize the digital signal processing, to further reduce the transceiver's power consumption.
Glossary and Notes
1 Gigabit-class/Gigabits-per-second (Gbps):Gigabits-per-second (Gbps) expresses data rate and indicates how many gigabits can be transferred per second. 10 Gbps is 10 billion bits-per-second (10 billion bps) = 10,000 megabits-per-second (10,000 Mbps), and indicates that 10 billion bits of data can be transferred per second.
About University of Toronto
Established in 1827, the University of Toronto is Canada's largest university, recognized as a global leader in research and teaching. U of T's distinguished faculty, institutional record of groundbreaking scholarship and wealth of innovative academic opportunities continually attract outstanding students and academics from around the world. U of T is committed to providing a learning experience that benefits from both a scale almost unparalleled in North America and from the close-knit learning communities made possible through its college system and academic divisions. Located in and around Toronto, one of the world's most diverse regions, U of T's vibrant academic life is defined by a unique degree of cultural diversity in its learning community. The University is sustained environmentally by three green campuses, where renowned heritage buildings stand beside award-winning innovations in architectural design.
For more information: http://www.utoronto.ca/
About Fujitsu Ltd
Fujitsu is a leading provider of IT-based business solutions for the global marketplace. With approximately 160,000 employees supporting customers in 70 countries, Fujitsu combines a worldwide corps of systems and services experts with highly reliable computing and communications products and advanced microelectronics to deliver added value to customers. Headquartered in Tokyo, Fujitsu Limited (TSE: 6702) reported consolidated revenues of 4.6 trillion yen (US$47 billion) for the fiscal year ended March 31, 2009. For more information, please visit www.fujitsu.com.
Contact: Fujitsu Laboratories Ltd. Design Solutions Lab. Platform Technologies Lab. Tel: +81-44-754-2635 E-mail:hsio_adc_pr@ml.labs.fujitsu.com University of Toronto Prof. Ali Sheikholeslami Dept. of Electrical and Computer Engineering Tel: +1(416)978-1681 E-mail:ali@eecg.utoronto.ca Address: 10 King's College Road, Toronto, Ontario, M5S 3G4
Copyright 2010 ACN Newswire. All rights reserved.
Kawasaki, Japan, Feb 10, 2010 - (ACN Newswire) - Fujitsu Laboratories Limited and the University of Toronto today announced that they have jointly developed the world's first high-reliability read-method for use with spin-torque-transfer (STT) MRAM(1) that is insusceptible to erroneous writes. STT MRAM is regarded as a potential future form of non-volatile memory(2) that could be used as an alternative to flash memory. NOR flash memory that is embedded in microcontrollers widely used in mobile phones and other electronic devices is expected to reach the limits of its feasible miniaturization in the near future, which has led to the search for an alternative low-power non-volatile memory that will allow continued necessary miniaturization. By resolving one of the major obstacles to using STT MRAM, Fujitsu and the University of Toronto's new read-method marks a major step towards the practical implementation of STT MRAM as a necessary replacement for flash memory, in view of future requirements that will be necessary for compact and low-power electronic devices.
Details of this technology were presented at the IEEE International Solid-State Circuits Conference 2010 (ISSCC 2010) being held in San Francisco from February 7-11. (Presentation number: 14.1)
Background
Many electronic devices such as mobile phones or PDAs use microcontrollers with embedded flash memory, which allows onboard software to be rewritten. However, NOR flash memory used in such microcontrollers is nearing the physical limits of its miniaturization, which has led to research on various types of memory that could replace NOR flash memory.
STT MRAM, which uses magnetic materials as the memory storage element, is gaining attention as an emerging potential candidate to replace flash memory, as STT MRAM meets the needs for speed, low power consumption, and miniaturization that would make it a good candidate to replace flash memory.
Technological Challenges
STT MRAM uses memory storage elements that take advantage of the effect in which a current that is passed through a magnetic material - such as a magnetic tunnel junction (MTJ)(3) - reverses its direction of magnetization (Figure 1). Passing a current through the MTJ causes its direction of magnetization to switch between a parallel or anti-parallel state, which has the effect of switching between low resistance and high resistance. Because this can be used to represent the 1s and 0s of digital information, STT MRAM can be used as a non-volatile memory.
Reading STT MRAM involves applying a voltage to the MTJ to discover whether the MTJ offers high resistance to current ("1") or low ("0"). However, a relatively high voltage needs to be applied to the MTJ to correctly determine whether its resistance is high or low, and the current passed at this voltage leaves little difference between the read-current and the write-current. Any fluctuation in the electrical characteristics of individual MTJs could cause what was intended as a read-current, to have the effect of a write-current, thus reversing the direction of magnetization of the MTJ.
Newly-developed Technology
In a joint collaboration, Fujitsu Laboratories and the University of Toronto have developed an innovative circuit design (Figure 3) that for the first time resolves the issue of erroneous writes in STT MRAM during read operations.
The newly developed read-method uses a negative resistance(4) that is intermediate between the MTJ's high resistance and low resistance on a parallel circuit (Figure 4). If the MTJ is in a high-resistance state, this circuit exhibits negative-resistance characteristics. If the MTJ is in a low-resistance state, then it exhibits normal-resistance characteristics. These characteristics allow the resistance value to be read at lower voltages than before, suppressing the tendency of the read operation to reverse the direction of magnetization and avoiding the problem of erroneous write operations.
Results
The development of this new read circuit with negative resistance has resulted in STT MRAM that is insusceptible to erroneous writes caused by fluctuations in the electrical characteristics of the MTJs. It is anticipated that the STT MRAM used as miniaturized non-volatile memory would enable greater high-performance in mobile phones and other electronic devices.
Future Developments
Fujitsu Laboratories and the University of Toronto plan to continue with R&D related to STT MRAM to strive toward practical implementation, such as lowering write currents and developing process technologies for further miniaturization.
Glossary and Notes
1 Spin- Torque-Transfer MRAM:Spin-torque-transfer magnetoresistive (STT) random access memory. MRAM that uses the "spin-torque-transfer" effect to reverse the direction of magnetization of an element by passing current through it.
2 Non-volatile memory:Memory that persists even when electrical power is cut.
3 Magnetic tunnel junction (MJT):A tunnel junction that uses the magnetoresistive effect. Consists of a recording layer made of ferromagnetic material, an insulating film a few atoms thick, and a layer made of ferromagnetic material that will not change its direction of magnetization in the presence of a current.
4 Negative resistance:An element that has negative resistance value, in which its current decreases when voltage rises.
About University of Toronto
Established in 1827, the University of Toronto is Canada's largest university, recognized as a global leader in research and teaching. U of T's distinguished faculty, institutional record of groundbreaking scholarship and wealth of innovative academic opportunities continually attract outstanding students and academics from around the world. U of T is committed to providing a learning experience that benefits from both a scale almost unparalleled in North America and from the close-knit learning communities made possible through its college system and academic divisions. Located in and around Toronto, one of the world's most diverse regions, U of T's vibrant academic life is defined by a unique degree of cultural diversity in its learning community. The University is sustained environmentally by three green campuses, where renowned heritage buildings stand beside award-winning innovations in architectural design.
For more information: http://www.utoronto.ca/
About Fujitsu Ltd
Fujitsu is a leading provider of IT-based business solutions for the global marketplace. With approximately 160,000 employees supporting customers in 70 countries, Fujitsu combines a worldwide corps of systems and services experts with highly reliable computing and communications products and advanced microelectronics to deliver added value to customers. Headquartered in Tokyo, Fujitsu Limited (TSE: 6702) reported consolidated revenues of 4.6 trillion yen (US$47 billion) for the fiscal year ended March 31, 2009. For more information, please visit www.fujitsu.com.
Contact: Fujitsu Laboratories Ltd. Technology Integration Lab. Platform Technologies Lab. Tel: +81(46)250-8379 E-mail:til-si@ml.labs.fujitsu.com University of Toronto Prof. Ali Sheikholeslami Dept. of Electrical and Computer Engineering Tel: +1(416)978-1681 E-mail:ali@eecg.utoronto.ca Address: 10 King's College Road, Toronto, Ontario, M5S 3G4 Canada
Copyright 2010 ACN Newswire. All rights reserved.
EDEN, Utah, Feb. 10 /PRNewswire/ -- Global Data Mining LLC (http://www.gdmllc.com), the leading provider of database management and customs classification systems, today announced a free Webinar on the company's Global Trade Desktop(TM), a Web-based HS Classification System.
What: Free Webinar on optimizing HS classification processes
When: Thursday, Feb. 18, 2010 from 2:00 p.m. to 3:00 p.m. EST
Why: Learn why trade professionals are saying this is the must-have tool
Where: Online: register by visiting https://www1.gotomeeting.com/register/705100272
"We added the February 18th Webinar due to market demand, and we had nearly 100 registrations on the first business day," said Matt Gersper, president and founder at Global Data Mining LLC. "We are committed to helping trade professionals get their jobs done efficiently, quickly, and positively affecting the company's bottom line."
Global Trade Desktop Background
The Desktop optimizes the process of classifying products and maintaining complete "audit-ready" records. It maintains company-specific trade data with HS classifications assigned to each item, for every country, with supportive rulings and other documentation stored with the item in a single, universally accessible database.
The Desktop is designed so approved classification data can be easily integrated with GTM applications, Importer Security Filing (10+2) applications, Product Lifecycle Management applications, Transportation Management Systems, ERP systems or any other application that may need accurate customs and classification data.
About Global Data Mining
Global Data Mining and its sister company CUSTOMS Info provide database management and customs classification systems to help businesses optimize global trade management (GTM) systems and streamline global trade automation. Global Data Mining helps multi-national companies optimize business processes and turn unorganized data into corporate assets managers and executives use to improve performance, save money and accelerate the international supply chain. CUSTOMS Info provides the world's most comprehensive trade data repository delivered via web-based subscription or as data to populate any GTM or Landed Cost application.
Working in conjunction with GTM applications, Global Data Mining and CUSTOMS Info's strategic partners include SAP, Oracle, MIC, Kewill, Arigo, Qwestaweb and others. Please visit http://www.gdmllc.com for more information.
Contact Info: Lori Bertelli Bertelli Group for Global Data Mining (916) 216-2968 lbertelli@bertelligroup.com
This release was issued through eReleases(TM). For more information, visit http://www.ereleases.com.
SOURCE Global Data Mining LLC
BEIJING, Feb. 10 /PRNewswire-FirstCall/ -- China Advanced Construction Materials Group, Inc. (Nasdaq: CADC) ("China ACM", or the "Company"), a leading provider of ready-mix concrete in China, today announced its unaudited financial results for the fiscal year 2010 second quarter and six months ended December 31, 2009.
Financial Highlights
-- Net revenue increased 141.6% year-over-year to a quarterly record $26.2
million;
-- Gross profit increased 32.3% year-over-year to $5.2 million;
-- Gross margin was 20.0% versus 36.5% in the same quarter last year, but
higher than the 16.9% in the fiscal 2010 first quarter;
-- Net income available to common shareholders increased 226.5%
year-over-year to a quarterly record $7.6 million;
-- Non-GAAP net income available to common shareholders increased 83% to
$4.3 million;
-- Fully diluted EPS were $0.50 on a greater number of shares compared with
$0.19 in the fiscal year 2009 second quarter;
-- Non-GAAP fully diluted EPS were $0.29 on a greater number of shares
compared with $0.19 in the fiscal year 2009 second quarter
Mr. Xianfu Han, Chairman and Chief Executive Officer of China ACM, commented, "We are pleased to have delivered two consecutive record quarters. Our proprietary environmentally friendly concrete products allow us to continue winning high-profile construction projects such as the new French Embassy while our technical expertise is helping us gaining a strong foothold in the high-speed railway sector including the Hangzhou-Ningbo and Xi'an-Ankang projects. Our proprietary concrete products continue to gain traction among wider customer groups from commercial and residential real estate to underground transit and to high-speed railway networks. The addition of experienced investment professionals such as Mr. Jeremy Goodwin as President and Ms. Jing Liu as an independent board member will help provide better governance and strategic planning. We remain optimistic about our near future prospects as the Chinese government is committed to expanding the country's infrastructure with a $586 billion stimulus package and it is investing approximately $15 billion to rapidly build the high-speed railway system."
Use of Non-GAAP Financial Measures
Three Months Ended Six Months Ended
------------------------ ----------------------
December 31 December 31
------------------------ ----------------------
2009 2008 2009 2008
---------- ---------- ---------- ----------
Net Income
(Loss)-GAAP $7,945,081 $2,645,002 $3,422,144 $4,103,841
Subtract:
Dividends and
accretion on
redeemable
convertible
preferred stock $318,835 $309,036 $659,699 $618,132
Net Income
available to
Common
shareholders-GAAP $7,626,246 $2,335,966 $2,762,445 $3,485,709
Add Back
(Subtract):
Change in
fair value
of warrants $(3,356,796) $ - $3,916,645 $ -
Adjusted Net
Income
available to
Common
shareholders -
non-GAAP $4,269,450 $2,335,966 $6,679,090 $3,485,709
Basic earning
per share -
GAAP $0.62 $0.22 $0.24 $0.33
Add back
(Subtract):
Change in fair
value of
warrant $(0.27) $ - $0.34 $ -
Adjusted basic
earning per
share non-GAAP $0.35 $0.22 $0.58 $0.33
Diluted earning
per share-GAAP $0.50 $0.19 $0.22 $0.29
Add back (Subtract):
Change in fair
value of
warrant $(0.21) $ - $0.25 $ -
Adjusted diluted
earning per
share non-GAAP $0.29 $0.19 $0.47 $0.29
Weighted average
number of shares
-GAAP
Basic 12,377,182 10,525,000 11,681,294 10,525,000
Diluted 15,955,516 14,220,410 15,624,782 14,220,410
Weighted average
number of shares
-non GAAP
Basic 12,377,182 10,525,000 11,681,294 10,525,000
Diluted 15,955,516 14,220,410 15,624,782 14,220,410
FY 2010 Second Quarter Results
Revenue for the second quarter of fiscal year 2010 grew by 141.6%, or by $15.3 million, to $26.2 million, a growth record for any quarter, from $10.8 million in the fiscal second quarter of 2009. Sales of the Company's proprietary environmentally friendly concrete represented approximately $12.3 million of the quarterly sales increase, with manufacturing service and technical service sales approximating $1.6 million and $0.8 million of the gain. Increased concrete production volume in and outside of Beijing helped generate the record high concrete sales in this quarter. China ACM continued to supply concrete products to 7 railway contracts with 12 portable plants throughout China, which contributed $3.7 million to our total revenue for the quarter ended December 31, 2009. Revenue generated through technical consulting was $1.2 million during the quarter, a 191.7% gain compared to the same fiscal quarter in 2008. Mixer rental revenue was $0.42 million, an increase of $0.08 million or 22.7% year over year. Market cooperation revenue and selling of raw material revenue were $0.25 million and $0.29 million during the quarter while the Company did not engage in the selling of raw material during the same period last year.
Gross profit for the second quarter of fiscal year 2010 increased 32.3%, or by $1.2 million, to approximately $5.2 million from $4.0 million in the second quarter of fiscal year 2009. The increase in cost of sales was due to increased activity in the production of concrete especially by the five fixed plants in Beijing and the Company's services. Gross margin for the quarter was 20.0% compared with 36.5% a year ago, but improved from 16.9% in the 2010 fiscal first quarter. The decline in the gross margin compared with a year ago was due to the unusually higher margin volume associated with the Olympic Games. In the second quarter of fiscal year 2010, the Company's gross margin for concrete sales, manufacturing and technical services all improved quarter over quarter, as China ACM's concrete products and technical services gain further traction among existing and new customers. Production rates also began to improve in October 2009.
Selling, general and administrative ("SG&A") expenses during the second quarter of fiscal year 2010 were $1.2 million compared with $0.61 million in the fiscal second quarter last year. As a percentage of revenues, the most recent quarter's SG&A was 4.4% of revenue, down on a percentage basis from 5.7% of revenue in the second quarter of 2009. The increased expense was primarily because of an increase in employment and lease expenses resulting from higher production during the quarter, and professional and consulting expenses from being a public company.
Income from operations was approximately $4.1 million, a 22.0% increase from almost $3.3 million in the second quarter of fiscal year 2009. Operating margin for the 2010 fiscal second quarter was 15.6% compared to 30.9% in the second quarter last year. The increase in income from operations was generated by the record concrete sales and higher gross margin on manufacturing, technical services and mixer rental during the second quarter of fiscal year 2010.
Provision for income taxes amounted to $0.81 million and $1.0 million for the quarters ended December 31, 2009 and 2008, respectively. China ACM uses recycled raw materials which created an income tax rate reduction from January 1, 2009 to December 31, 2011, an exemption from the Value Added Tax ("VAT") as well as generating additional contracts. Since January 1, 2009, the Company has had a 15% income tax rate compared with a 25% income tax rate for the quarter ended December 31,2008.
Net income attributable to common shareholders for the 2010 fiscal second quarter was $7.6 million, up 226.5%, compared with $2.3 million in the same quarter last year. This year's second quarter net income was the highest net income for any quarter in the Company's history. Diluted net earnings per share were $0.50 versus $0.19 for the same quarter last year. During the 2010 fiscal second quarter, the Company recognized a non-cash gain on the fair value of its warrants of $3.4 million. Recognizing this change, non-GAAP net income attributable to common shareholders for the 2010 fiscal second quarter was $4.3 million, up 82.8% versus non-GAAP net income of $2.3 million in the year ago same quarter. Non-GAAP diluted net earnings per share were $0.29 versus $0.22 for the same quarter. Diluted weighted average shares outstanding for the 2010 fiscal second quarter were 16.0 million compared with diluted weighted average shares outstanding of 14.2 million in the fiscal second quarter of 2009.
Six Month Results
For the first six months of fiscal year 2010 which ended December 31, 2009, net revenues increased by 186% to $45.6 million from $16.0 million in the corresponding period of fiscal year 2009. Gross profit increased 28.26% in the first six months of fiscal year 2010 to $8.5 million from approximately $6.6 million in the comparable period one year ago. Gross margin was 18.7% in the first two quarters of fiscal year 2010 compared with 41.6% in the same period of 2008. The decline in the gross margin compared with the same period last year reflected unusually higher margin volume associated with production for the Olympic Games in the year ago six month period. Income from operations grew by $1.1 million, or 20.4%, to $6.5 million from $5.4 million in the same period one year ago. Net income attributable to common shareholders for the first six months of 2010, were $2.8 million, with diluted net earnings per share of $0.22. During the 2010 fiscal six months period, the Company recognized a non-cash loss on the fair value of its warrants of $3.9 million. Non-GAAP net income attributable to common shareholders for the first six months of 2010, increased by $3.2 million to $6.7 million, with diluted net earnings per share of $0.47.
Financial Condition
Net working capital was $6.5 million. Shareholders' equity was $35.6 million at December 31, 2009. For the six months, the Company was cash flow positive from operations.
Mr. Jeremy Goodwin, President, commented, "Our growth in the second quarter reflected our success in securing contracts in the Beijing area thereby improving the utilization of our production capacity, and the higher gross profits generated by our 7 railway projects, technical services, and rental income. We remain optimistic as we also expanded our production capacity and expect that profitability will improve as those units are more fully utilized. As one of the ten nationally certified cement companies with the Certificate of China Environmental Protection Concrete we are well positioned to benefit from continuing government construction projects. As a leader in the ready-mix concrete segment, which is expected to be the fastest growing concrete market, our proprietary concrete mixtures continue to generate high demand by important and technically challenging projects."
Recent Developments
On October 22, 2009, the Company announced it will be the major provider of concrete for the French embassy being built in the new diplomatic zone in the Chaoyang District of Beijing. The complex will house the largest French embassy in the world when opened in 2011.
On November 2, 2009, the Company announced it had been awarded two new contracts totaling approximately $4.2 million to provide concrete manufacturing services for the Hangzhou-Ningbo railway construction project. Under the agreement, China ACM will supply approximately 550,000 cubic meters of concrete covering approximately 150 kilometers, or approximately 93 miles.
On January 25, 2010, the Company announced that it had signed a definitive contract to provide its ready-mix concrete service to the high-speed railway project between Xi'an and Ankang, the largest city in southern Shanxi Province. China ACM will provide technical counseling for the production of 270,000 cubic meters of ready-mix concrete. Equipment for the portable mixers has arrived on site and production will commence in February 2010. Duration of the project is estimated to be 20 months. Revenues for this contract are an estimated $3 million with an estimated $800,000 net income.
The Company announced the appointment of Jeremy Goodwin, to assume the newly created position as President of China ACM. Mr. Goodwin has been a member of China ACM's Board of Directors since October 4, 2008. His main responsibilities will include assisting the CEO in procuring and deploying domestic contracts, as well as expanding the Company's involvement in international projects, and strategic and financial partnerships going forward. Mr. Goodwin will also oversee the public company activities.
On February 8, 2010, the Company announced that the Board of Directors has appointed Ms. Jing Liu, Ph.D. as an independent member of the Board. Ms. Liu will fill a vacancy on the Board, which now consists of seven members.
Conference Call
The Company will host a conference call, to be simultaneously web cast, on Wednesday, February 10th at 8:00 a.m. Eastern Standard Time, or 9:00 p.m. Beijing Time.
To participate, please call the following phone numbers:
United States (877)-407-8033 International (201)-689-8033
A live web cast of the conference call will be available on China ACM's website at http://www.china-acm.com. Please visit the website at least 15 minutes early to register for the web cast and download any necessary audio software.
A web cast replay will be available on the Company's website, and the call replay will be available until midnight on February 24, 2010. To access the replay, please call the following phone numbers:
United States Dial-In #: (877)-660-6853 International (201)-612-7415 Account # 286 Conference ID # 344813
About China ACM
China ACM, founded in 2002 and based in Beijing, China, is a leading producer of advanced construction materials for large scale commercial, residential, and infrastructure developments. The company is primarily focused on producing and supplying a wide range of advanced ready-mix concrete materials for highly technical, large scale, and environmental construction projects. The company also aims to develop and produce new and innovative environmentally conscious construction materials.
China ACM provides materials and services through its six ready-mix concrete plant network covering Beijing metropolitan area. China ACM owns one plant, leases three plants and has technical services and preferred procurement agreements with two other independently-owned plants. China ACM is ISO 9001 (product quality), ISO 14001 (environmental safety), and ISO 18001 (employment environment safety) certified. Additional information about the company is available at www.china-acm.com.
This press release contains "forward-looking statements" within the meaning of the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to differ materially from the results expressed or implied by such statements, including changes from anticipated levels of sales, future national or regional economic and competitive and regulatory conditions, changes in relationships with customers, access to capital, difficulties in developing and marketing new products, marketing existing products, customer acceptance of existing and new products, and other factors. Additional Information regarding risks can be found in the Company's Annual Report on Form 10K and in the Company's recent report on Form 8K filed with the SEC. Accordingly, although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The Company has no obligation to update the forward-looking information contained in this press release.
Contact: Kevin Theiss Grayling 646-284-9409 kevin.theiss@grayling.com
CHINA ADVANCED CONSTRUCTION MATERIALS GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, AND JUNE 30, 2009
December 31, June 30,
ASSETS 2009 2009
----------- ----------
(Unaudited)
CURRENT ASSETS:
Cash $1,696,339 $3,634,805
Restricted cash 260,863 453,192
Marketable securities - 71,880
Notes receivable 14,275 10,799
Accounts receivable, net of allowance
for doubtful accounts of $95,866 and
$120,986, respectively 23,231,389 11,815,402
Inventories 1,878,710 1,216,014
Other receivables 1,825,418 3,845,186
Prepayments 5,524,792 4,255,326
--------- ---------
Total current assets 34,431,786 25,302,604
---------- ----------
PLANT AND EQUIPMENT, net 20,923,012 22,089,717
---------- ----------
OTHER ASSETS:
Accounts receivable (non-current),
net of allowance for doubtful
accounts of $223,685 and $328,563
respectively 8,404,203 4,132,706
Long term prepayments 9,447,976 4,794,746
--------- ---------
Total other assets 17,852,179 8,927,452
---------- ---------
Total assets $73,206,977 $56,319,773
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short term loans $146,259 $4,512,200
Accounts payable 22,081,971 10,722,741
Customer deposits 463,047 -
Other payables 306,266 352,880
Other payables – shareholders 751,826 806,946
Accrued liabilities 1,443,512 593,057
Taxes payable 2,727,478 3,048,179
--------- ---------
Total current liabilities 27,920,359 20,036,003
OTHER LIABILITIES
Warrants liabilities 5,546,523 -
--------- ---
Total liabilities 33,466,882 20,036,003
---------- ----------
COMMITMENTS AND CONTINGENCIES (Note 19)
REDEEMABLE CONVERTIBLE PREFERRED
STOCK ($0.001 par value, 549,875
shares issued and outstanding as of
December 31, 2009 and 851,125 shares
issued and outstanding as of June
30, 2009), net of discount for the
amount of $167,851 and $567,581 as
of December 31 and June 30, 2009,
respectively 4,231,149 6,241,419
--------- ---------
SHAREHOLDERS' EQUITY:
Preferred stock $0.001 par value,
1,000,000 shares authorized, 549,875
issued and outstanding as of
December 31, 2009 and 851,125 issued
and outstanding as of June 30, 2009,
and classified outside shareholders'
equity (see above), liquidation
preference of $8.00 per share and
accrued dividends as of December 31,
2009 and June 30, 2009 - -
Common stock, $0.001 par value,
74,000,000 shares authorized,
12,751,971 and 10,595,500 shares
issued and outstanding, as of
December 31, 2009 and June 30, 2009,
respectively 12,752 10,596
Paid-in-capital 17,735,448 12,987,417
Contribution receivable - (1,210,000)
Retained earnings 11,590,535 12,783,892
Statutory reserves 3,545,038 2,765,179
Accumulated other comprehensive income 2,625,173 2,705,267
--------- ---------
Total shareholders' equity 35,508,946 30,042,351
---------- ----------
Total liabilities, redeemable
preferred stock and shareholders' equity $73,206,977 $56,319,773
=========== ===========
The accompanying notes are an integral part of these consolidated
financial statements
CHINA ADVANCED CONSTRUCTION MATERIALS GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER
COMPREHENSIVE (LOSS) INCOME
FOR THE THREE MONTHS AND SIX MONTHS ENDED DECEMBER 31, 2009 AND 2008
Three months ended Six months ended
December 31, December 31,
2009 2008 2009 2008
----------- ----------- ----------- -----------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
REVENUE
Sales of
concrete $20,316,502 $7,969,878 $35,203,259 $9,837,565
Manufacturing
services 3,663,114 2,070,996 6,468,728 3,996,539
Technical
services 1,234,760 423,330 2,479,655 1,040,127
Mixer rental 416,770 339,767 960,640 996,581
Marketing
cooperation 247,796 24,230 247,796 94,135
Sales of
materials 285,370 - 285,370 -
------- --- ------- ---
Total revenue 26,164,312 10,828,201 45,645,448 15,964,947
---------- ---------- ---------- ----------
COST OF REVENUE
Concrete 18,453,296 5,993,897 32,790,012 7,554,204
Manufacturing
services 2,063,646 795,880 3,820,813 1,293,088
Technical
services 81,516 29,781 135,999 97,683
Mixer rental 45,124 44,998 90,858 337,043
Marketing
cooperation 47,061 7,837 47,061 38,707
Sales of
materials 239,043 239,043
------- ----- ------- ------
Total cost of
revenue 20,929,686 6,872,393 37,123,786 9,320,725
---------- --------- ---------- ---------
GROSS PROFIT 5,234,626 3,955,808 8,521,662 6,644,222
SELLING, GENERAL
AND ADMINISTRATIVE
EXPENSES 1,157,250 612,371 2,052,281 1,269,480
--------- ------- --------- ---------
INCOME FROM
OPERATIONS 4,077,376 3,343,437 6,469,381 5,374,742
--------- --------- --------- ---------
OTHER (EXPENSE)
INCOME, NET
Other subsidy
income 1,323,515 602,427 2,290,287 830,021
Realized gain
from sales of
marketable
securities 27,008 - 27,008 -
Non-operating
(expense)
income, net (29,325) (85,295) (78,528) (83,188)
Change in fair
value of
warrants 3,356,796 - (3,916,645) -
Interest income 1,524 2,406 3,021 3,840
Interest expense - (217,570) (23,753) (446,344)
--- -------- ------- --------
TOTAL OTHER
(EXPENSE)
INCOME, NET 4,679,518 301,968 (1,698,610) 304,329
--------- ------- ---------- -------
INCOME BEFORE
PROVISION FOR
INCOME TAXES 8,756,894 3,645,405 4,770,771 5,679,071
PROVISION FOR
INCOME TAXES 811,813 1,000,403 1,348,627 1,575,230
------- --------- --------- ---------
NET INCOME 7,945,081 2,645,002 3,422,144 4,103,841
DIVIDENDS AND
ACCRETION ON
REDEEMABLE
CONVERTIBLE
PREFERRED STOCK 318,835 309,036 659,699 618,132
------- ------- ------- -------
NET INCOME
AVAILABLE TO
COMMON
SHAREHOLDERS 7,626,246 2,335,966 2,762,445 3,485,709
--------- --------- --------- ---------
RECONCILIATION
OF COMPREHENSIVE
INCOME:
Net Income 7,945,081 2,645,002 3,422,144 4,103,841
Unrealized loss
from marketable
securities - (5,876) - (19,217)
Foreign currency
translation
adjustment (17,663) 74,755 (80,094) 138,179
------- ------ ------- -------
COMPREHENSIVE
INCOME $7,927,418 $2,713,881 $3,342,050 $4,222,803
========== ========== ========== ==========
EARNING PER
COMMON SHARE
ALLOCATED TO
COMMON
SHAREHOLDERS
Weighted average
number of shares:
Basic 12,377,182 10,525,000 11,681,294 10,525,000
========== ========== ========== ==========
Diluted 15,955,516 14,220,410 15,624,782 14,220,410
========== ========== ========== ==========
Earnings per share:
Basic $0.62 $0.22 $0.24 $0.33
===== ===== ===== =====
Diluted $0.50 $0.19 $0.22 $0.29
===== ===== ===== =====
CHINA ADVANCED CONSTRUCTION MATERIALS GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED DECEMBER 31, 2009 AND 2008
December 31, December 31,
2009 2008
----------- -----------
(UNAUDITED) (UNAUDITED)
----------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $3,422,144 $4,103,841
Adjustments to reconcile net income (loss)
to cash provided by (used in) operating
activities:
Depreciation 1,387,883 1,071,362
Amortization of long term deferred expense - 2,771
Bad debt expense (129,354) 142,485
Amortization of deferred compensation
expense 120,778 26,210
Change in fair value of warrants 3,916,645 -
Realized gain on sale of marketable
securities (27,007) -
Changes in operating assets and liabilities
Accounts receivable (19,737,550) (8,111,508)
Note receivable (3,502) -
Inventories (664,483) (861,184)
Other receivables 2,011,537 (208,733)
Prepayments (1,276,446) 155,626
Long term deferred expense (424,307) -
Accounts payable 11,375,636 2,931,338
Customer deposits 462,849 (2,232)
Other payables 39,898 55,886
Accrued liabilities 896,045 166,881
Taxes payable (314,895) 1,590,669
-------- ---------
Net cash provided by operating activities 1,055,871 1,063,412
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of marketable securities 78,207 -
Advanced for equipment purchase (80,462) -
Purchase of property, plant and equipment (258,580) (31,666)
-------- -------
Net cash used in investing activities (260,835) (31,666)
-------- -------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short term loan 146,284 7,354,278
Payments of short term loan (4,502,287) (6,749,544)
Payment to shareholder for rent (141,060) (43,282)
Restricted cash 192,330 31,608
Proceeds from warrant exercised 386,100 -
Proceeds from issuance of common stock 1,497,242 -
Preferred dividends paid (304,781) (317,648)
-------- --------
Net cash (used in) provided by financing
activities (2,726,172) 275,412
---------- -------
EFFECTS OF EXCHANGE RATE CHANGE IN CASH (7,330) 7,525
------ -----
NET (DECREASE) INCREASE IN CASH (1,938,466) 1,314,683
CASH, beginning of year 3,634,805 1,910,495
--------- ---------
CASH, end of period $1,696,339 $3,225,178
========== ==========
SOURCE China Advanced Construction Materials Group, Inc.
DUBLIN--(BUSINESS WIRE)-- Research and Markets(http://www.researchandmarkets.com/research/cc1113/global_heart_valve) has announced the addition of the "Global Heart Valve Market 2008-2012" report to their offering.
The growth in the ageing population (generally 60 and above) is one of the major of drivers for the healthcare industry. This section is also one of the major contributors to the revenues in the healthcare industry. It is estimated that by 2010, more than 45 million people in the US will be more than 65 years. China, France, Japan and the other major countries are also going to witness an increased percentage of aged populations. The demographic shift in world population is also increasing the demand for healthcare products, such as Heart Valves.
The Heart Valves market is witnessing a growth especially in countries such as Brazil, Mexico, China, India, Eastern European nations, etc. The expansion of the healthcare sector in these markets will offer opportunities for the Heart Valves. Further, the American and European market will provide a high potential of growth since most of the manufacturing companies are adopting a market-oriented business model.
The report by TechNavio Insights forecasts the size of the global heart valve market over the period 2008-2012. It segments the market into three geographic regions: Americas, APAC and EMEA, representing the market size and forecast for each of these regions. Further, it discusses the key market trends, drivers and challenges of the global heart valve market and profiles some of the key vendors of this industry.
Key Topics Covered:
-- Introduction
-- Global Heart Valves Market Size & Forecast
-- Product Segmentation
-- Geographic Segmentation
-- Heart Valves Market in Americas
-- Heart Valves Market in EMEA
-- Heart Valves in APAC
-- Trends in Global Heart Valves Market
-- Sales Drivers of Global Heart Valves Market
-- Challenges for Global Heart Valves Market
-- Vendors for Global Heart Valves Market
-- Other Heart Valve Providers
-- Other Reports in this Series
-- List of Exhibits
-- Exhibit 2.1: Global Heart Valves Market Size and Forecast 2008-2012 (In
$ million)
-- Exhibit 3.1: Heart Valves Market Segmentation by Products -2008
-- Exhibit 4.1: Heart Valves Market Segmentation by Geography -2008
-- Exhibit 4.2: Heart Valves Market in Americas 2008-2012 (In $ million)
-- Exhibit 4.3: Heart Valves Market in EMEA 2008-2012 (In $ million)
-- Exhibit 4.4: Heart Valves Market in APAC 2008-2012 (In $ million)
Companies Mentioned:
-- ATS Medical, Inc
-- Edwards Lifesciences Corporation
-- Medtronic, Inc
-- Sorin Group
-- St Jude Medical, Inc
For more information visit http://www.researchandmarkets.com/research/cc1113/global_heart_valve
Source: Research and Markets
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