NEW YORK, Nov. 13, 2013 (GLOBE NEWSWIRE) -- China Advanced Construction Materials Group, Inc. (Nasdaq:CADC) ("China ACM" or the "Company"), a provider of ready-mix concrete and related technical services in China, on November 13, 2013, has announced its financial results for the fiscal quarter ended September 30, 2013.
First Quarter Fiscal Year 2014 Financial Highlights
- Revenue decreased 67.0% year over year to $10.2 million
- Gross margin at 11.2%
- Net loss available to common shareholders of $5.8 million or EPS of - $3.92
- $33.2 million in working capital at September 30, 2013
First Quarter Fiscal Year 2014 ResultsRevenue. For the three months ended September 30, 2013, we generated total revenue of approximately $10.2 million compared to approximately $30.8 million during the three months ended September 30, 2012, a decrease of approximately $20.6 million or 67.0%. Such decrease is due to a reduction in sales generated from the concrete division for the three months ended September 30, 2013. Our concrete sales revenue was approximately $9.7 million for the three months ended September 30, 2013, a decrease of approximately $19.2 million, or 66.3% compared to the three months ended September 30, 2012. The decrease in revenues attributable to concrete sales was principally due to the decreased sales in the areas in which we operate. Operations at one of our concrete producing plants were suspended due to the China International Garden Expo and a temporary suspension order imposed by the Beijing government for industrial activities in the area. In addition, China's central government continues to impose restrictions on the purchase of residential apartments in order to regulate housing prices in China, and China's economic growth has been decelerating since 2012, which has caused an adverse impact on the construction industry in China.