Harbin Electric Reports Record Quarterly Revenues and Operating Income in the Third Quarter 2009
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Third Quarter 2009 Financial Highlights
-- Total revenues were $46.93 million, up 18% from 3Q08 and 22% from 2Q09,
respectively
-- Adjusted net income was $10.95 million, up 41% and 48% from $7.75
million and $7.42 million in 3Q08 and in 2Q09, respectively
-- Operating profits were $13.04 million, up 24% and 48% from $10.52
million in 3Q08 and $8.82 million in 2Q09, respectively
-- GAAP earnings per diluted share were a loss of $0.07
-- Adjusted non-GAAP earnings per diluted share were $0.40 compared with
$0.34 in 3Q08 and $0.33 in 2Q09, respectively
HARBIN, China, Nov. 10 /PRNewswire-Asia-FirstCall/ -- Harbin Electric, Inc.
("Harbin Electric" or the "Company", Nasdaq: HRBN), a leading developer and
manufacturer of a wide array of electric motors in the People's Republic of
China, today announced its third quarter 2009 financial results. The Company
filed its quarterly report on Form 10-Q on Monday, November 9, 2009.
Quarterly Key Financial Figures
3Q09 3Q08 2Q09
Revenue $46,932,031 $39,659,669 $38,363,484
Gross Profit $16,761,234 $13,771,968 $12,863,276
Gross Profit Margin 35.7% 34.7% 33.5%
Operating Income $13,043,644 $10,519,189 $8,815,820
Operating Margin 27.8% 26.5% 23.0%
Net (Loss) Income ($1,907,964) $7,753,668 ($5,419,364)
Adjusted Net Income* $10,953,069 $7,753,668 $7,422,866
Diluted EPS ($0.07) $0.34 ($0.24)
Adjusted Diluted EPS* $0.40 $0.34 $0.33
* See Reconciliation of non-GAAP measure to GAAP net income. Also see
"About Non-GAAP Financial Measures" toward the end of this release
Reconciliation of non-GAAP measure to GAAP net income
Three Months Ended
September 30 June 30
2009 2008 2009
Net Income (Loss) ($1,907,964) $7,753,668 ($5,419,364)
Deduct
Other income-Government grant $0 $0 ($1,172,560)
Gain on debt repurchase ($4,155,000) $0 $0
Add back:
Amortization associated with
debt repurchase $7,279,487 $0 $0
Loss on cross currency
interest rate swap settlement $9,000,000 $0 $0
Change in fair value of
warrant $736,546 $0 $14,014,790
Adjusted Net Income $10,953,069 $7,753,668 $7,422,866
Diluted EPS ($0.07) $0.34 ($0.24)
Deduct:
Other income-Government grant $0.00 $0.00 ($0.05)
Gain on debt repurchase ($0.15) $0.00 $0.00
Add back:
Amortization associated with
debt repurchase $0.27 $0.00 $0.00
Loss on cross currency
interest rate swap settlement $0.33 $0.00 $0.00
Change in fair value of
warrant $0.02 $0.00 $0.62
Adjusted Diluted EPS $0.40 $0.34 $0.33
"We believe that the third quarter was yet another significant period on
our way to becoming a global leader in the electric motor industry. Our goal
is to build China's largest and most diversified developer and manufacturer of
electric motors across all technologies: linear motors, micro-motors, and
rotary motors, a company that we believe will produce great returns in periods
of global economic growth but will also perform well in times of economic
uncertainty thanks to the diversification of its products and customer base."
"First, we have achieved the best quarter in the Company's history in
terms of our operating results despite continuing economic challenges,
particularly in North America. Robust orders in oil pumps and industrial
rotary motors in China helped offset continued weakness in specialty micro
motors and overseas sales," said Tianfu Yang, Chairman and Chief Executive
Officer of Harbin Electric.
"I am very proud of these record operating results and very thankful for
the hard work of our staff who overcame capacity constraints with substantial
overtime work to meet increased demand for our products and to keep our
customers happy."
"Secondly, we completed the acquisition of Xi'an Tech Full Simo Motor and
the integration and consolidation of its business with our other businesses
are moving smoothly. Xi'an Simo has also been experiencing robust demand in
its rotary motors and orders are exceeding current capacity due to limited
equipment and production lines. While we are working on a plan to expand
capacity and improve manufacturing efficiency, we expect Xi'an Simo to
contribute solidly to our total operating results beginning next quarter."
Looking forward, Mr. Yang said, "We expect operating results in the fourth
quarter to remain strong. While oil pump sales should be seasonally softer
and the subway train project is continuing its final testing stage, we expect
our rotary motors order book to remain robust and to exceed current capacity.
Additionally, we expect the linear motor freight train project for coal
transportation to begin contributing to our total revenues and profits in the
coming quarters. In the specialty micro-motor business, while we see some
higher order volumes going into the fourth quarter with existing products, our
Shanghai facility is working hard with our North American customers and we
anticipate that this facility will begin the production of new products soon."
Revenues
Total revenues of $46.93 million were up 18% from $39.66 million in the
third quarter of 2008 ("3Q08") and up 22% from $38.36 million in the second
quarter of 2009 ("2Q09"). International sales totaled $3.30 million for the
quarter, down 45% and 7% from $6.06 million and $3.58 million in the third
quarter of 2008 and the second quarter of 2009, respectively, reflecting
continued economic weakness in North America.
Compared with 3Q08, higher revenues in this quarter were driven by growth
in the linear motor and industrial rotary motor businesses. Linear motor
sales were up 18% mainly due to significant higher sales of oil pumps to
Daping Oil Field, with 259 units sold compared to 64 units in the same quarter
of 2008. Higher sales in oil pumps more than offset the sales decline in
other linear motors and related systems. Continued strong demand for rotary
motors boosted industrial rotary motor sales by 37%.
Compared with 2Q09, sales increased 22%, driven by a 42% growth in linear
motors and a 22% growth in the industrial rotary motors, while sales of
specialty micro-motors and other products remained relatively flat. Robust
sales of oil pumps were the major contributor to sales growth in linear motors
(259 units of oil pumps in 3Q09 versus 105 units in 2Q09).
The following table presents the revenue contribution by percentage for
each major product line in 3Q09 in comparison with 3Q08 and 2Q09.
Product Line Percent of Total Revenues (%)
3Q09 3Q08 2Q09
Linear Motors and Related
Systems 35.0% 35.0% 30.1%
Specialty Micro-Motors 18.0% 23.0% 22.3%
Rotary Motors 44.0% 38.0% 44.1%
Others 3.0% 4.0% 3.5%
Total 100% 100% 100%
International Sales 7.0% 15.3% 9.3%
Net Income
The Company recorded a net loss of $1.91 million, or a loss of $0.07 per
diluted share, in this quarter, which included special non-cash and
non-recurring items totaling a loss of $12.86 million or $(0.47) per diluted
share. This compared with a net income of $7.75 million, or $0.34 per diluted
share, in 3Q08 and a net loss of $5.42 million, or $(0.24) per diluted share,
in 2Q09, which included special non-cash and non-recurring items totaling a
loss of $12.84 million or $(0.58) per diluted share.
The adjusted net income of $10.95 million, or the adjusted EPS of $0.40
per diluted share, for 3Q09 excludes special non-cash and non-recurring items
including a gain of $4.16 million on debt repurchase, a loss of $7.28 million
additional amortization of debt discount and debt issuance costs associated
with the repurchase of 2010 Notes and 2012 Notes, a loss of $9 million due to
the termination of the cross currency interest rate swap, and a loss of $0.74
million due to change in fair value of the warrants outstanding. This
adjusted net income compares, on the same basis, with the net income of $7.75
million, or $0.34 per diluted share, in 3Q08, and adjusted net income of $7.42
million, or $0.33 per diluted share, in 2Q09, respectively.
Compared to 3Q08, the higher adjusted net income was primarily driven by
higher sales. Other factors such as higher gross margin, higher non-operating
income, and relatively lower operating cost and lower interest expense also
contributed.
Compared to 2Q09, the higher adjusted net income was mainly attributable
to higher sales, higher gross margin, and relatively lower operating cost.
Gross Profit Margin
The following table presents the average gross profit margin by product
line for 3Q09, in comparison to 3Q08 and 2Q09. The improvement in overall
gross profit margin was primarily due to changes in product mix where sales of
higher gross margin oil pumps increased sharply in the quarter. The slight
decline in gross margin in the industrial rotary motor business was mainly due
to higher raw material costs.
Product Line Gross Profit Margin (%)
3Q09 3Q08 2Q09
Linear Motors and Related
Systems 62.1% 53.9% 56.9%
Specialty Micro-Motors 40.4% 40.6% 40.4%
Rotary Motors 11.8% 12.3% 13.2%
Others 48.1% 47.1% 48.0%
Corporate Average 35.7% 34.7% 33.5%
International Business 44.2% 45.0% 42.6%
Operating Profit
Operating profits of $13.04 million in 3Q09 represented a 24% increase
from $10.52 million in 3Q08 and a 48% growth from $8.82 million in 2Q09.
Compared to 3Q08, higher operating earnings benefited from increased sales
and improved gross margin. Total operating costs including selling, general
and administrative ("SG&A") expenses and research & development (R&D) expenses,
were $3.72 million for the current quarter, compared to $3.25 million for the
same quarter in 2008. As a percentage of total sales, operating costs
decreased from 8.2% to 7.9%. Operating margin improved to 27.8% from 26.5% in
the same quarter of last year. The margin improvement was primarily
attributable to a higher gross margin and relatively lower operating costs.
Compared to the second quarter of 2009, operating profits increased by
$4.23 million, primarily driven by higher sales, higher gross margin, and
lower SG&A expenses. Operating margin improved to 27.8% from 23.0% in the
previous quarter, driven by higher gross margin and lower SG&A expenses. As a
percentage of total sales, operating costs declined to 7.9% from 10.6% in the
previous quarter.
Interest expense
Net interest expense was $8.48 million for 3Q09, which included $8.21
million amortization of debt discount, of which $6.60 million was related to
the debt repurchase, and $0.90 million to amortization of debt issuance costs,
of which $0.68 million was related to the debt repurchase. Excluding these
special charges, net interest expense was $1.20 million. This compares to net
interest expense of $2.06 million for 3Q08 and $0.84 million for 2Q09. In all
periods, net interest expense included non-cash amortization expense of debt
discount and debt issuance cost.
Income Taxes
The income tax provision was $1.95 million for the current quarter,
compared with $1.41 million and $1.48 million for 3Q08 and 2Q09, respectively.
Liquidity and Capital Resources
As of September 30, 2009, the Company had cash of $154.9 million,
generated from operations, cash proceeds from the conversion of outstanding
warrants, and cash proceeds from the issuance of 7,187,500 shares of common
stock at $16 per share in a public offering during the third quarter. Cash
provided by operating activities was $37.5 million for the nine months ended
September 30, 2009, compared to cash provided by operating activities of $23.7
million in the same period of 2008. Net proceeds from the conversion of
warrants totaled $11.1 million. Net proceeds from stock issuance totaled
$107.5 million.
During the nine months ended September 30, 2009, the Company used
$32,745,000 in cash to repurchase and repay a total of $36,900,000 aggregate
principal amount of the 2010 and 2012 Notes, including the mandatory
redemption of $2.0 million principal amount of the 2010 Notes on March 1, 2009
and of $2.4 million principal amount of the 2012 Notes on September 1, 2009.
During 3Q09, the Company made cash payment of $9 million to terminate the
cross currency interest rate swap agreement that the Company entered on April
17, 2007 with Merrill Lynch.
On October 22, 2009, the Company utilized approximately $84 million (RMB
572,665,304) of the net cash proceeds from its August public offering in
connection with its acquisition of Xi'an Tech Full Simo Motor Co. Ltd. The
Company may be required to make an additional cash purchase price payment
within seven (7) months of the closing date of the acquisition.
Earnings Conference Call and Webcast
The Company will host a conference call to discuss its third quarter 2009
financial results at 8:30 a.m. ET on Tuesday, November 10, 2009. Tianfu Yang,
Chairman and Chief Executive Officer, Zedong Xu, Chief Financial Officer, and
Christy Shue, Executive Vice President will be on the call.
To participate in the conference call, please dial any of the following
numbers:
USA: 1-800-603-1779
International: 1-706-643-7429
North China: 10-800-713-0924
South China: 10-800-130-0748
The conference ID for the call is 38740658
A replay of the call will be available beginning at 9:30 a.m. ET on
November 10, 2009 and will remain available through midnight on November 17,
2009.
To access the replay, please dial any of the following numbers:
USA: 1-800-642-1687
International: 1-706-645-9291
Passcode is 38740658.
This conference call will be broadcast live over the Internet. To listen
to the live webcast, go to http://www.harbinelectric.com and click on "Harbin
Electric Q3 2009 Financial Results Conference Call". The replay of the
webcast will be available for 30 days and will be archived on the Investor
Kits page of the website after 30 days.
About Non-GAAP Financial Measures
The management of Harbin Electric uses non-GAAP adjusted net earnings to
measure the performance of the Company's business internally by excluding
non-recurring items as well as special non-cash charges. The Company's
management believes that these non-GAAP adjusted financial measures allow the
management to focus on managing business operating performance because these
measures reflect the essential operating activities of Harbin Electric and
provide a consistent method of comparison to historical periods. The Company
believes that providing the non-GAAP measures that management uses internally
to its investors is useful to investors for a number of reasons. The non-GAAP
measures provide a consistent basis for investors to understand Harbin
Electric's financial performance in comparison to historical periods without
variation of non-recurring items and non-operating related charges. In
addition, it allows investors to evaluate the Company's performance using the
same methodology and information as that used by the management. Non-GAAP
measures are subject to inherent limitations because they do not include all
of the expenses included under GAAP and because they involve the exercise of
judgment of which charges are excluded from GAAP financial measure. However,
the management of Harbin Electric compensates for these limitations by
providing the relevant disclosure of the items excluded.
About Harbin Electric, Inc.
Harbin Electric, headquartered in Harbin, China, is a leading developer
and manufacturer of a wide array of electric motors with a focus on innovative,
customized and value-added products. Its major product lines include
industrial rotary motors, linear motors, and specialty micro-motors. The
Company's products are purchased by a broad range of domestic and
international customers, including those involved in energy industry, factory
automation, food processing, packaging, transportation, automobile, medical
devices, machinery and tool manufacturing, chemical, petrochemical, as well as
in the metallurgical and mining industries. With a recent acquisition of
industrial rotary motor business, the Company operates four manufacturing
facilities in China located in Xi'an, Weihai, Harbin and Shanghai.
As China continues to grow its industrial base, Harbin Electric aspires to
be a leader in the industrialization and technology transformation of the
Chinese manufacturing sector. To learn more about Harbin Electric, visit
http://www.harbinelectric.com .
Safe Harbor Statement
The actual results of Harbin Electric, Inc. could differ materially from
those described in this press release. Detailed information regarding factors
that may cause actual results to differ materially from the results expressed
or implied by statements in this press release may be found in the Company's
periodic filings with the U.S. Securities and Exchange Commission, including
the factors described in the section entitled "Risk Factors" in its annual
report on Form 10-K for the year ended December 31, 2008. The Company does
not undertake any obligation to update forward-looking statements contained in
the press release. This press release contains forward-looking information
about the Company that is intended to be covered by the safe harbor for
forward- looking statements provided by the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are statements that are not
historical facts. These statements can be identified by the use of
forward-looking terminology such as "believe," "expect," "may, "will,"
"should," "project," "plan," "seek," "intend," or "anticipate" or the negative
thereof or comparable terminology, and include discussions of strategy, and
statements about industry trends and the Company's future performance,
operations and products.
For investor and media inquiries, please contact:
In China
Harbin Electric, Inc.
Tel: +86-451-8611-6757
Email: MainlandIR@Tech-full.com
In the U.S.
Christy Shue
Harbin Electric, Inc.
Executive VP, Finance & Investor Relations
Tel: +1-631-312-8612
Email: cshue@HarbinElectric.com
Kathy Li
Christensen Investor Relations
Tel: +1-212-618-1987
Email: kli@christensenir.com
HARBIN ELECTRIC, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2009 (UNAUDITED) AND DECEMBER 31, 2008
September 30, December 31,
2009 2008
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 154,890,100 $ 48,412,263
Restricted cash 1,026,900 513,450
Notes receivable 566,356 1,451,977
Accounts receivable, net of
allowance for doubtful accounts
of $697,602 and $153,155 as of
September 30, 2009 and December
31, 2008, respectively 36,446,837 30,284,080
Inventories 12,638,401 21,960,084
Other receivables & prepaid expenses 232,203 248,552
Advances on inventory purchases 2,858,528 3,529,607
Total current assets 208,659,325 106,400,013
PLANT AND EQUIPMENT, net 99,735,468 94,931,999
OTHER ASSETS:
Debt issuance costs, net 500,223 1,672,279
Advances on equipment purchases 10,817,565 10,416,187
Advances on intangible assets 4,207,356 1,892,430
Goodwill 12,273,778 12,273,778
Other intangible assets, net of
accumulated amortization 5,642,260 6,430,397
Other assets 748,832 471,220
Deposit in derivative hedge -- 1,000,000
Total other assets 34,190,014 34,156,291
Total assets $ 342,584,807 $ 235,488,303
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Notes payable - short term $ 2,053,800 $ 1,026,900
Accounts payable 9,022,153 8,415,919
Short term loan - bank 4,254,300 4,180,950
Other payables & accrued Liabilities 1,750,848 2,789,792
Customer deposits 1,581,701 1,244,622
Taxes payable 2,844,079 2,096,521
Interest payable 39,089 800,954
Cross currency hedge payable -- 175,986
Current portion of notes payable,
net of debt discount of
$2,173,797 and $4,420,129 as of
September 30, 2009 and December
31, 2008, respectively 6,926,203 1,979,871
Total current liabilities 28,472,173 22,711,515
LONG TERM LIABILITIES:
Amounts due to original shareholder 733,500 733,500
Notes payable, net of debt discount
of $0 and $7,969,005 as of September
30, 2009 and December 31, 2008,
respectively -- 31,630,995
Fair value of derivative instrument -- 5,762,958
Warrant liability 3,586,948 --
Total liabilities 32,792,621 60,838,968
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Common Stock, $0.00001 par value,
100,000,000 shares authorized,
30,803,651 and 22,102,078 shares
issued and outstanding as of
September 30, 2009 and December
31, 2008, respectively 308 220
Paid-in-capital 216,942,057 95,029,290
Retained earnings 56,243,099 52,100,479
Statutory reserves 17,900,660 14,573,994
Accumulated other comprehensive
income 18,706,062 12,945,352
Total shareholders' equity 309,792,186 174,649,335
Total liabilities and shareholders'
equity $ 342,584,807 $ 235,488,303
HARBIN ELECTRIC, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008
(UNAUDITED)
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
REVENUES $ 46,932,031 $ 39,659,669 $ 116,020,408 $ 86,076,927
COST OF SALES 30,170,797 25,887,701 75,472,120 50,089,348
GROSS PROFIT 16,761,234 13,771,968 40,548,288 35,987,579
RESEARCH AND
DEVELOPMENT
EXPENSE 468,309 130,360 1,270,111 414,731
SELLING,
GENERAL AND
ADMINISTRATIVE
EXPENSES 3,249,281 3,122,419 9,393,121 8,193,199
INCOME FROM
OPERATIONS 13,043,644 10,519,189 29,885,056 27,379,649
OTHER EXPENSE
(INCOME), NET
Other income,
net (1,062,650) (707,993) (3,702,914) (955,182)
Interest
expense, net 8,478,316 2,058,543 10,762,228 5,536,054
Loss on cross
currency
hedge
settlement 9,000,000 -- 9,000,000 --
Gain on debt
extinguishment (4,155,000) -- (4,155,000) --
Change in fair
value of
warrant 736,546 -- 12,177,915 --
Total other
expense, net 12,997,212 1,350,550 24,082,229 4,580,872
INCOME BEFORE
PROVISION FOR
INCOME TAXES 46,432 9,168,639 5,802,827 22,798,777
PROVISION FOR
INCOME TAXES 1,954,396 1,414,971 4,475,821 3,460,930
NET (LOSS)
INCOME (1,907,964) 7,753,668 1,327,006 19,337,847
OTHER
COMPREHENSIVE
INCOME (LOSS)
Foreign
currency
translation
adjustment 292,230 400,094 (2,248) 8,755,781
Change in fair
value of
derivative
instrument 3,322 4,359,163 (3,237,042) 4,109,529
OTHER
COMPREHENSIVE
INCOME, NET 295,552 4,759,257 (3,239,290) 12,865,310
COMPREHENSIVE
(LOSS)
INCOME $ (1,612,404) $ 12,512,925 $ (1,912,284) $ 32,203,157
(LOSS)
EARNINGS
PER SHARE:
Basic $ (0.07) $ 0.35 $ 0.06 $ 0.99
Diluted $ (0.07) $ 0.34 $ 0.06 $ 0.92
WEIGHTED
AVERAGE
NUMBER
OF SHARES
Basic 27,076,669 21,981,374 23,861,950 19,619,000
Diluted 27,076,669 23,075,834 24,024,172 20,911,930
HARBIN ELECTRIC, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008
(UNAUDITED)
2009 2008
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 1,327,006 $ 19,337,847
Adjustments to reconcile net income to
cash provided by (used in) operating
activities:
Depreciation 1,943,019 1,124,953
Amortization of intangible assets 818,118 757,959
Amortization of debt issuance costs 1,172,056 480,455
Amortization of debt discount 10,215,337 3,557,014
Gain on debt extinguishment (4,155,000) --
Realized loss on extinguishment of
derivative liability 9,000,000 --
Gain on derivative instrument -- (318,131)
Share-based compensation 827,218 1,368,688
Bad debt expense 544,040 --
Change in fair value of warrants 12,177,915 --
Change in operating assets and
liabilities
Notes receivable 884,957 (489,321)
Accounts receivable (6,702,093) (5,422,500)
Inventories 9,314,625 1,616,743
Other receivables & prepaid expenses 16,337 4,090,907
Other receivables - related parties -- (3,364)
Advances on inventory purchases 670,580 1,549,898
Other assets (277,487) (155,561)
Accounts payable 604,793 294,195
Other payables & accrued liabilities (1,037,449) (2,943,839)
Other payables - related party -- (47,572)
Customer deposits 336,826 (283,885)
Taxes payable 746,996 311,387
Interest payable (976,940) (1,122,000)
Net cash provided by operating
activities 37,450,854 23,703,873
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash acquired through acquisition -- 5,077,545
Payment for advances on intangible
assets (2,313,190) --
Payment for advances on equipment
purchases (401,077) (2,330,053)
Purchase of intangible assets (30,571) (258)
Purchase of plant and equipment (758,515) (19,761,402)
Additions to construction-in-progress (5,945,269) --
Payment to original shareholders for
acquisition -- (49,850,250)
Net cash used in investing activities (9,448,622) (66,864,418)
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in restricted cash (513,065) (2,517,605)
Proceeds from stock issuance 107,491,950 46,290,743
Proceeds received from conversion of
warrants and options 11,144,999 1,205,543
Decrease in deposit to secure
investment in cross currency hedge 1,000,000 --
Payment of cross currency hedge (9,000,000) --
Proceeds from cross currency hedge -- 145,945
Payment on notes payable (32,745,000) (4,000,000)
Proceeds from notes payable-short term 4,098,656 --
Payment on notes payable-short term (3,072,526) --
Proceeds from short term loan 4,251,110 --
Payment of short term loan (4,177,815) (716,850)
Net cash provided by financing
activities 78,478,309 40,407,776
EFFECTS OF EXCHANGE RATE CHANGE ON
CASH (2,704) 1,994,144
INCREASE (DECREASE) IN CASH 106,477,837 (758,625)
Cash and cash equivalents, beginning of
period 48,412,263 45,533,893
Cash and cash equivalents, end of
period $ 154,890,100 $ 44,775,268
SOURCE Harbin Electric, Inc.
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AMSTERDAM, NETHERLANDS -- 11/26/09 --
Amsterdam, The Netherlands - Ahold and the Stedelijk Museum have
agreed to enter a three-year sponsorship agreement. Dutch-based
Ahold, which operates supermarket companies in Europe a..
Metso to deliver new environmental waste gasification technology to Lahti Energia Oy in Finland
HELSINKI, FINLAND -- 11/26/09 --
Metso Corporation's press release on November 26, 2009 at 12:00 a.m.
local time
Metso will supply a waste gasification plant to Lahti Energia Oy in
Lahti, Finland. Metso's supply includes w..
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