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China Architectural Engineering Reports Continued Strong Growth in Fiscal Year 2007
Friday March 28 12:00 AM
For all of 2007, revenues were $86.6 million, up 37% from $63.3 million in 2006. Net income for 2007 was $12.03 million, or $0.21 per fully diluted share, up 50% on an EPS basis from $6.15 million, or $0.14 per fully diluted share, in 2006.
Earnings for the full year 2007 were negatively impacted by non-cash charges of $2.14 million relating to the Company's issuance in April 2007 of $10 million of variable rate convertible bonds.
On the balance sheet, CAE reported cash and cash equivalents of $4.64 million as of December 31, 2007. This is an increase of 119% from $2.12 million on December 31, 2006. Long-term debt on December 31, 2007 totaled $3.9 million, compared to $2.5 million on December 31, 2006.
"Today's report confirms once again that CAE is on a fast growth track," said Ken Yi Luo, China Architectural Engineering's Chairman and CEO. "Our ability to achieve another year of record revenues and earnings is a clear reflection of our growing, reputation-driven business in China and our successful efforts to win new business overseas. We expect this trend to continue and look forward to an even stronger year in 2008."
To be added to China Architectural Engineering's investor lists, please contact Haris Tajyar at htajyar@irintl.com or at 818-382-9702.
About China Architectural Engineering
China Architectural Engineering, Inc. (CAE) (AMEX:RCH), which began operations in 1992, has maintained a leading position in the global commercial construction industry by providing timely, high-quality, reliable, fully integrated & cost-effective service solutions to its clients utilizing specialized technical expertise in the design, engineering, fabrication and construction of structural exterior cladding systems. It specializes in high-end curtain wall systems (including glass, stone & metal curtain walls), roofing systems, steel construction systems, eco-energy saving building conservation systems and related products, for public works and commercial real estate projects.
CAE has worked with world-renowned architects and building engineers from China and other countries and has completed over 100 large, complex and unique projects throughout China, Hong Kong, Macau, Australia and Southeast Asia, including numerous award-winning landmark buildings in many of Asia's major cities. It is now capitalizing on its industry-leading expertise by expanding aggressively beyond China into some of the hottest construction markets in the world, including the Middle East, Central Asia and Eastern Europe. It also plans to set up operations in New York to expand in the U.S. and Canadian markets.
For further information on China Architectural Engineering please visit www.caebuilding.com.
Forward Looking Statements: In addition to historical information, the statements set forth above include forward-looking statements that may involve risk and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, but are not limited to, uncertainty of contract negotiations and payments under existing contracts, the Company's dependence on government contracts, changes in the laws of the PRC that affect the Company's operations, fluctuation and unpredictability of costs related to the Company's products and services, the Company's dependence on the steel and aluminum markets, reduction or reversal of the Company's recorded revenue or profits due to "percentage of completion" method of accounting and expenses and costs associated with the issuance of convertible bonds. The forward-looking statements are also identified through use of the words "believe," "enable," "may," "will," "could," "intends," "estimate," "anticipate," "plan," "predict," "probable," "potential," "possible," "should," "continue," and other words of similar meaning. Actual results could differ materially from the expectations contained in forward-looking statements as a result of several factors, including regulatory approval requirements and competitive conditions. These and other factors that may result in differences are discussed in greater detail in the Company's reports and other filings with the Securities and Exchange Commission.
CHINA ARCHITECTURAL ENGINEERING, INC.
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2007 AND 2006
(Stated in US Dollars)
12/31/2007 12/31/2006
----------- -----------
ASSETS
Current Assets
Cash and cash equivalents $ 4,635,184 $ 2,115,966
Restricted cash - 2,743,142
Contract receivables, net 13,047,559 7,573,913
Costs and earnings in excess of billings 57,488,693 22,487,792
Job disbursements advances 2,454,106 5,236,327
Tender and other site deposits 83,046 3,427,490
Other receivables 6,436,400 213,257
Amount due from subsidiaries 204,465 -
Inventories 528,743 23,108
Other current assets 109,533
----------- -----------
Total current assets 84,987,729 43,820,995
----------- -----------
Non-current assets
Plant and equipment, net 2,652,940 474,498
Security deposits - 565,795
Organization cost 92,741 -
Goodwill 7,995,896 -
Other non-current assets 7,505 -
----------- -----------
TOTAL ASSETS $95,736,811 $44,861,288
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Short-term bank loan $ 2,578,550 $ -
Accounts payable 18,737,771 15,202,029
Amount due to shareholder 1,334,856 1,735
Other payables 9,193,186 1,091,382
Income tax payable 6,204,315 1,263,491
Business and other taxes payable 7,663 2,058,327
Customers' deposits 757,079 1,272,312
Job disbursements payable - -
Accruals 499,685 894,329
----------- -----------
Total current liabilities 39,313,105 21,783,605
----------- -----------
Non-current liabilities
Long term liabilities bank loan 443,881 2,564,979
Convertible bond payable, net 3,465,741 -
Minority interest 49,482 -
----------- ------------
TOTAL LIABILITIES $43,272,209 $24,348,584
----------- -----------
STOCKHOLDERS' EQUITY
Preferred stock, $0.001 par value, 10,000,000
shares authorized, 0 shares issued and
outstanding at December 31, 2007 and 2006;
Common stock, $0.001 par value, 100,000,000
shares authorized, 51,783,416 shares issued
and outstanding at December 31, 2007 and
December 31, 2006 $ 51,784 $ 50,000
Additional paid in capital 23,665,558 7,074,701
Statutory reserves 3,040,595 1,437,223
Accumulated other comprehensive income 1,892,829 469,964
Retained earnings 23,813,836 11,480,816
----------- -----------
52,464,602 20,512,704
----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $95,736,811 $44,861,288
=========== ===========
CHINA ARCHITECTURAL ENGINEERING, INC.
CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006
12/31/2007 12/31/2006
----------- -----------
Contract revenues earned $86,617,239 $63,359,174
Cost of contract revenues earned 64,353,915 46,796,419
----------- -----------
Gross profit $22,263,324 $16,562,755
Selling and administrative expenses 5,525,131 5,989,328
Non-recurring general and administrative
expenses - 3,805,608
Finance expense 208,197 -
----------- -----------
Income from operations $16,529,997 $ 6,767,819
Interest income 108,241 -
Interest expense 2,144,768 -
Other income 88,385 700,170
Other expenses 127,043 -
----------- -----------
Income before taxation $14,454,812 $ 7,467,989
Income tax 2,422,484 1,318,221
----------- -----------
Net income $12,032,328 $ 6,149,768
=========== ===========
Basic net income per common share $ 0.21 $ 0.14
=========== ===========
Diluted net income per common share $ 0.21 $ 0.14
=========== ===========
Basic weighted average common shares
outstanding 50,357,454 44,679,990
=========== ===========
Diluted weighted average common shares
outstanding 51,088,144 44,679,990
=========== ===========
Contact:
Investor Relations Intl. Haris Tajyar, Managing Partner, 818-382-9702 htajyar@irintl.com
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