BEIJING, March 22, 2012 /PRNewswire-Asia-FirstCall/ -- Tri-Tech Holding Inc. (Nasdaq: TRIT), which provides turn-key water resources management, water and wastewater treatment, industrial safety and pollution control solutions, announced today that its revenue for the fiscal year ended December 31, 2011 increased by 97.3% to $85.9 million from $43.5 million in 2010. Net income rose 14.3% to $8.1 million from $7.1 million a year earlier. Fully diluted earnings per share ("EPS") for 2011 was $0.98, the same as 2010.
Fiscal Year 2011 Financial Highlights
- Total revenues increased by 97.3% to $85.9 million from $43.5 million in fiscal year 2010.
- Gross profit increased by 48% to $21.9 million from $14.8 million in fiscal year 2010.
- Gross margin decreased from 33.9% in fiscal year 2010 to 25.5% in fiscal year 2011.
- Income from operations increased by 24.1% to $10.7 million from $8.7 million in fiscal year 2010.
- Net income increased by 14.3% to $8.1 million from $7.1 million in fiscal year 2010.
- Diluted EPS was $0.98 (based on 8.2 million weighted average diluted shares outstanding), equal to 2010 diluted EPS (based on 7.2 million weighted average diluted shares outstanding).
Fourth Quarter 2011 Highlights
- Total revenues for the fourth quarter of 2011 increased by 68.4% to $24.1 million from $14.3 million in the fourth quarter of 2010.
- Gross profit was $5.5 million for the fourth quarter of 2011, approximately equal to $5.5 million in the fourth quarter of 2010.
- Fourth quarter 2011 gross margin decreased from 38.3% to 22.6% in the corresponding period in 2010.
- Income from operations decreased by 35.9% to $2.1 million from $3.3 million in the fourth quarter of 2010.
- Net income slightly increased by 3.7% to $2.7 million from $2.6 million in the fourth quarter of 2010.
- Diluted EPS was $0.32 (based on 8.2 million weighted average diluted shares outstanding), equal to $0.32 in the fourth quarter of 2010 (based on 8.1 million weighted average diluted shares outstanding).
Fiscal Year 2011 Business Development Highlights
- $1.5 million recycled water project for Tianjin Airport Industrial Park
- $20 million contract for expansion phase of Ordos Water Treatment Plant project
- INR 2.06 billion ( $39 million) EPC contract in India for sewerage collection and treatment systems and a water treatment system contract for Jasper Fairmont Lodge in Canada
- $3.1 million investment in build-own-operate-subsidy-transfer ("BOOST") contract for construction of municipal infrastructure for a Township in Xinjiang
- $14.1 million in flash flood forecasting and hydrologic monitoring contracts in fourteen Chinese provinces.
- $8.3 million contract for a seawater desalination unit in Qatar.
- $7.9 million contract for wastewater pipeline network and treatment plant for an industrial park in Hebei Province.
- $4 million in two contracts for oil and gas production security system and communication system from Shaanxi Yanchang Petroleum Group Field.
- $1 million contract for natural gas analysis and monitoring from Uzbekistan Branch of China Petroleum Engineering Construction Corporation.
- Acquired 100% of operating assets of J&Y International Inc, a Wisconsin water technology company and 51% equity of Beijing Huaxia Yuan Jie Water Technology Co., Ltd, a company specializing in integrated water supply and treatment system for high-rise buildings.