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Tri-Tech Holding Reports Fourth Quarter And Fiscal Year 2011 Financial Results

Stocks in this article: TRIT

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.

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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.

Mr. Warren Zhao, CEO of Tri-Tech Holding, commented, "We are pleased to report solid growth in 2011. Our successful Ordos water treatment plant project continued to contribute considerable revenue last year, and our flash flood monitoring and forecasting projects helped propel the company to record revenue levels. . Beyond the domestic market, we also expanded internationally in 2011, with three sewage water system projects in India, a hotel water treatment project in Canada and a seawater desalination project in Qatar.

"With a strong start already this year, 2012 looks to be another exciting year for Tri-Tech. Although we expect the Chinese economy's growth rate is likely to slow in 2012, we expect that the Chinese government will increase its focus on infrastructure and public health improvements. At the beginning of the year, the Chinese government issued a number of regulations and policies to motivate further development of environmental industries, where measures on pollution control and water conservancy were specified and regulatory standards were raised. We believe these changes will present growing business opportunities for Chinese water companies.

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