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China ACM Reports Second Quarter Fiscal Year 2014 Results, Provides Quarterly Guidance For The Third Quarter Of Fiscal Year 2014, And Updates The Full Year Guidance For Fiscal Year 2014

Stocks in this article: CADC

NEW YORK, Feb. 12, 2014 (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 February 12, 2013, has announced its financial results for the second quarter ended December 31, 2013.

Second Quarter Fiscal Year 2014 Financial Highlights

  • Revenue decreased 45% year over year to $11.8 million
  • Gross margin at 12.7%
  • Net loss available to common shareholders of $5.7 million or loss per share of $3.83
  • $29.4 million in working capital at December 31, 2013

Second Quarter Fiscal Year 2014 Results

Revenue. For the three months ended December 31, 2013, we generated total revenue of approximately $11.8 million compared to approximately $21.6 million during the three months ended December 31, 2012, a decrease of approximately $9.7 million or 45%. Such decrease is due to a reduction in sales generated from the concrete division for the three months ended December 31, 2013. Our concrete sales revenue was approximately $11.4 million for the three months ended December 31, 2013, a decrease of approximately $7.7 million, or 40% compared to the three months ended December 31, 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 until late 2013 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.

During the three months ended December 31, 2013, we continued to supply concrete products to three railway projects in China through our portable plants, specifically our projects located in Anhui Province. These three projects contributed approximately $0.4 million to our total revenue for the three months ended December 31, 2013, a decrease of approximately $2.1 million, or 82%, compared to the three months ended December 31, 2012. The decrease in revenues attributable to our manufacturing services segment was principally due to the suspension of operations of a number of our portable plants during the three months ended December 31, 2013.

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