Tri-Tech Holding, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2012; Provides Earnings Guidance for the Full Year of 2012
November 14, 2012 at 09:00 pm
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Tri-Tech Holding, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2012. For the quarter, total revenues were $18.1 million against $24 million last year. Loss from operations totaled $0.3 million against income from operations of $3.1 million last year. Loss before provision for income taxes was $0.9 million against income before provision for income taxes of $3 million last year. Net loss attributable to the shareholders was $0.7 million or $0.08 per basic and diluted share against net income attributable to the shareholders of $1.9 million or $0.24 per basic and diluted share last year.
For the nine months, total revenues were $60.4 million against $61.7 million last year. Income from operations totaled $2.8 million against income from operations of $8.6 million last year. Income before provision for income taxes was $2.5 million against income before provision for income taxes of $8.4 million last year. Net income attributable to the shareholders was $2.1 million or $0.26 per basic and diluted share against net income attributable to the shareholders of $5.4 million or $0.66 per diluted share last year. Net cash used in operating activities was $17 million against $15.2 million last year. Payment to purchase plant and equipment was $0.3 million against $0.3 million last year. Cash paid to acquire intangible asset was $0.04 million against $1.4 million last year.
Based on the performance in the third quarter of 2012 and the estimate for the fourth quarter, the company expects revenues to be around $80 million. Assuming the weighted average number of diluted shares remains the same, the company expects EPS to be around $0.04. These are the company's targets, not predictions of the actual performance. The foregoing statements regarding targets are forward-looking and actual results may differ materially.
Tri-Tech Holding Inc., through its subsidiaries and contractually-controlled variable interest entities, provides self-manufactured and third-party products, system integration and other services. The Company provides consulting, engineering, procurement, construction and technical services. The Company's segments are Water, Wastewater Treatment and Municipal Infrastructure (WWTM) and Industrial Pollution Control and Safety (IPCS). The WWTM segment focuses on municipal water supply and distribution, wastewater treatment and gray water recycling, through the procurement and construction of build-transfer processing equipment and processing control systems. The Company also provides municipal facilities engineering and operation management services for related infrastructure construction projects. The IPCS segment focuses on industrial water, wastewater treatment and seawater desalination for industrial production and pollution control in the petroleum and power industries.
Tri-Tech Holding, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2012; Provides Earnings Guidance for the Full Year of 2012