Florida
|
65-1129912
|
(State
or other jurisdiction of
|
(I.R.S.
Employer Identification No.)
|
incorporation)
|
o
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
o
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
o
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
Item
2.02
|
Results
of Operations and Financial
Condition.
|
Item
9.01
|
Financial
Statements and Exhibits
|
Exhibit
No.
|
Description
|
99.1
|
Press
Release of Puda Coal, Inc. dated March 16,
2009.
|
PUDA COAL, INC. | |||
Date: March
17, 2009
|
By:
|
/s/ Liping Zhu | |
Liping Zhu | |||
President and Chief Executive Officer | |||
Investor
Relations Contact:
|
Company
Contact:
|
Crocker
Coulson, President
|
Laby
Wu, Chief Financial Officer,
|
CCG
Investor Relations
|
Puda
Coal, Inc.
|
+1-646-213-1915
|
+86-10-6439-2405
|
crocker.coulson@ccgir.com
|
labywu@gmail.com
|
www.ccgirasia.com
|
www.pudacoalinc.com
|
·
|
Fourth
quarter revenue reached $64.5 million, up 31.0%
year-over-year
|
·
|
Operating
income totaled $4.5 million, down 28.5%
year-over-year
|
·
|
Net
income was $3.4 million or $0.03 per fully diluted share, down 22.3%
year-over-year from $4.3 million, or $0.04 per fully diluted share, in the
same quarter of 2007
|
·
|
Sales
of cleaned coal totaled 571,000 metric tons (MT), down 2.4%
year-over-year
|
·
|
Average
selling price of cleaned coal rose 24.5% year-over-year to $113 per
MT.
|
·
|
Net
revenue climbed to $242.3 million, up 46.6% from
2007
|
·
|
Operating
income rose to $24.9 million, up 6.5% from
2007
|
·
|
Net
income totaled $17.1 million, or $0.16 per fully diluted share, up 56.9%
from $10.9 million, or $0.11 per fully diluted share, in
2007
|
·
|
Sales
of cleaned coal reached 2.3 million metric tons, up 16.3% from
2007
|
·
|
Average
selling price of cleaned coal was $103 per MT in 2008 and $89 per MT in
2007 (after adjusting for exchange rate
differences)
|
·
|
Launched
its new corporate web site, under the domain name http://www.pudacoalinc.com
|
·
|
Successfully
Presented at the Rodman & Renshaw Annual Global Investment Conference
held on November 10-12 at the New York Palace Hotel in New York City;
conducted a non-deal roadshow in the U.S. the week of the
conference
|
·
|
Signed
letter of intent to restructure six coal mines and construct a coal gangue
power plant in Shanxi Province
|
PUDA
COAL, INC.
|
|||||
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|||||
For
the Three and Twelve Months ended December 31, 2008 and
2007
|
|||||
(In
thousands of United States dollars, except for per share
data)
|
Three
months ended
December
31,
|
Twelve
months ended
December
31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
NET
REVENUE
|
$ | 64,501 | $ | 49,219 | $ | 242,338 | $ | 165,267 | ||||||||
COST
OF REVENUE
|
58,505 | 41,392 | 212,002 | 136,652 | ||||||||||||
GROSS
PROFIT
|
5,996 | 7,827 | 30,336 | 28,615 | ||||||||||||
OPERATING
EXPENSES
|
||||||||||||||||
Selling
expenses
|
796 | 735 | 3,191 | 2,975 | ||||||||||||
General
and administrative expenses
|
682 | 771 | 2,207 | 2,215 | ||||||||||||
|
|
|
|
|||||||||||||
TOTAL
OPERATING EXPENSES
|
1,478 | 1,506 | 5,398 | 5,190 | ||||||||||||
INCOME
FROM OPERATIONS
|
4,518 | 6,321 | 24,938 | 23,425 | ||||||||||||
INTEREST
INCOME
|
322 | 25 | 406 | 83 | ||||||||||||
INTEREST
EXPENSE
|
(175 | ) | (231 | ) | (763 | ) | (1,577 | ) | ||||||||
DEBT
FINANCING COSTS
|
(38 | ) | (501 | ) | (778 | ) | (2,422 | ) | ||||||||
DERIVATIVE
UNREALIZED FAIR VALUE GAIN/(LOSS)
|
53 | 917 | 394 | (343 | ) | |||||||||||
OTHER
EXPENSE
|
- | - | (719 | ) | - | |||||||||||
INCOME
BEFORE INCOME TAXES
|
4,680 | 6,531 | 23,478 | 19,166 | ||||||||||||
INCOME
TAXES
|
(1,316 | ) | (2,199 | ) | (6,417 | ) | (8,292 | ) | ||||||||
NET
INCOME/(LOSS)
|
3,364 | 4,332 | 17,061 | 10,874 | ||||||||||||
OTHER
COMPREHENSIVE INCOME
|
||||||||||||||||
Foreign
currency translation adjustment
|
(445 | ) | 1,056 | 3,498 | 2,860 | |||||||||||
COMPREHENSIVE
INCOME/(LOSS)
|
2,919 | 5,388 | 20,559 | 13,734 | ||||||||||||
NET
INCOME/(LOSS)
|
3,364 | 4,332 | 17,061 | 10,874 | ||||||||||||
LESS:
DIVIDENDS
|
||||||||||||||||
Option
holder preference dividend
|
- | - | - | - | ||||||||||||
Common
dividend
|
- | - | (116 | ) | - | |||||||||||
|
|
|
|
|||||||||||||
UNDISTRIBUTED
EARNINGS
|
3,364 | 4,332 | 16,945 | 10,874 | ||||||||||||
BASIC
EARNINGS/(LOSS) PER SHARE
|
||||||||||||||||
-
Option holder preference
|
- | - | - | - | ||||||||||||
-
Other common holders
|
$ | 0.03 | $ | 0.04 | $ | 0.16 | $ | 0.11 | ||||||||
$ | 0.03 | $ | 0.04 | $ | 0.16 | $ | 0.11 | |||||||||
DILUTED
EARNINGS/(LOSS) PER SHARE
|
||||||||||||||||
-
Option holder preference
|
- | - | - | - | ||||||||||||
-
Other common holders
|
$ | 0.03 | $ | 0.04 | $ | 0.16 | $ | 0.11 | ||||||||
0.03 | 0.04 | 0.16 | 0.11 | |||||||||||||
WEIGHTED
AVERAGE NUMBER OF SHARES OUTSTANDING -BASIC
|
107,335,759 | 100,117,465 | 106,288,598 | 98,404,914 | ||||||||||||
WEIGHTED
AVERAGE NUMBER OF SHARES OUTSTANDING -DILUTED
|
107,649,807 | 113,390,962 | 106,602,646 | 100,591,136 |
December
31, 2008
|
December
31, 2007
|
|||||||
ASSETS
|
||||||||
CURRENT
ASSETS
|
||||||||
Cash
and cash equivalents
|
$ | 39,108 | $ | 16,381 | ||||
Restricted
cash
|
- | 233 | ||||||
Accounts
receivable, net
|
14,645 | 8,137 | ||||||
Other
receivables
|
||||||||
- Related parties
|
- | 4 | ||||||
-Third
parties
|
7 | 6 | ||||||
Advances
to suppliers
|
||||||||
-
Related parties
|
879 | 685 | ||||||
-
Third parties
|
5,635 | 1,363 | ||||||
Inventories
|
21,589 | 35,953 | ||||||
Total
current assets
|
81,863 | 62,762 | ||||||
PROPERTY,
PLANT AND EQUIPMENT, NET
|
13,370 | 15,018 | ||||||
INTANGIBLE
ASSETS, NET
|
3,399 | 3,484 | ||||||
TOTAL
ASSETS
|
$ | 98,632 | $ | 81,264 |
CURRENT
LIABILITIES
|
||||||||
Current
portion of long-term debt
|
||||||||
-
Related party
|
$ | 1,300 | $ | 1,300 | ||||
Accounts
payable
|
||||||||
-
Related parties
|
- | 182 | ||||||
-
Third parties
|
4,272 | 2,140 | ||||||
Other
payables
|
||||||||
-
Related parties
|
1,030 | 1,851 | ||||||
-
Third parties
|
2,714 | 2,916 | ||||||
Accrued
expenses
|
1,991 | 1,350 | ||||||
Income
taxes payable
|
1,319 | 2,223 | ||||||
VAT
payable
|
1,726 | 1,379 | ||||||
Distribution
payable
|
117 | 1,096 | ||||||
Convertible
notes
|
- | 1,841 | ||||||
Derivative
conversion feature
|
- | 1,100 | ||||||
Penalty
payable
|
- | 1,725 | ||||||
Total
current liabilities
|
14,469 | 19,103 | ||||||
LONG-TERM
LIABILITIES
|
||||||||
Long-term
debt
|
||||||||
-
Related party
|
7,800 | 9,100 | ||||||
Derivative
warrants
|
4,086 | 4,480 | ||||||
Total
long-term liabilities
|
11,886 | 13,580 |
December
31, 2008
|
December
31, 2007
|
|||||||
COMMITMENTS
AND CONTINGENCIES
|
||||||||
STOCKHOLDERS’
EQUITY
|
||||||||
Preferred
stock, authorized 5,000,000 shares, par value
$0.01, issued and outstanding None
|
- | - | ||||||
Common
stock, authorized 150,000,000 shares, par
value $0.001, issued and outstanding 107,335,759 (2007:
105,252,176)
|
107 | 105 | ||||||
Paid-in
capital
|
31,555 | 28,304 | ||||||
Statutory
surplus reserve fund
|
1,366 | 1,366 | ||||||
Retained
earnings
|
31,752 | 14,807 | ||||||
Accumulated
other comprehensive income
|
7,497 | 3,999 | ||||||
Total
stockholders’ equity
|
72,277 | 48,581 | ||||||
TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$ | 98,632 | $ | 81,264 |
Years
ended December 31,
|
||||||||||||
2008
|
2007
|
2006
|
||||||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||
Net
income
|
$ | 17,061 | $ | 10,874 | $ | 1,354 | ||||||
Adjustments
to reconcile net income to net cash provided by operating
activities
|
||||||||||||
Amortization
of land-use rights
|
85 | 78 | 78 | |||||||||
Depreciation
|
1,650 | 1,252 | 953 | |||||||||
Provision
for doubtful debts
|
17 | 1 | 10 | |||||||||
Amortization
of debt issue costs
|
- | 6 | 838 | |||||||||
Amortization
of discount on convertible notes and warrants
|
399 | 895 | 8,627 | |||||||||
Derivative
unrealized fair value (gain)/loss
|
(394 | ) | 343 | (1,237 | ) | |||||||
Discount
on converted shares and exercised warrants
|
- | 663 | 2,898 | |||||||||
Stock
compensation expense
|
74 | 46 | - | |||||||||
Issue
of common stock for services
|
- | - | 21 | |||||||||
Issue
of common stock for penalty
|
379 | - | 1,000 | |||||||||
Changes
in operating assets and liabilities:
|
||||||||||||
Increase
in accounts receivable
|
(5,844 | ) | (444 | ) | (2,972 | ) | ||||||
Decrease
in other receivables
|
4 | 41 | 4 | |||||||||
(Increase)/decrease
in advances to suppliers
|
(4,243 | ) | (799 | ) | 1,819 | |||||||
Decrease/(increase)
in inventories
|
16,600 | (18,518 | ) | (8,104 | ) | |||||||
(Decrease)/increase
in accounts payable
|
1,754 | (596 | ) | 1,426 | ||||||||
Increase
in accrued expenses
|
526 | 289 | 588 | |||||||||
(Decrease)/increase
in other payables
|
(991 | ) | 660 | 1,432 | ||||||||
(Decrease)/increase
in income tax payable
|
(1,042 | ) | (415 | ) | 1,088 | |||||||
Increase
in VAT payable
|
245 | 90 | 887 | |||||||||
Increase
in penalty payable
|
- | 1,521 | 204 | |||||||||
Decrease
in restricted cash
|
233 | - | 382 | |||||||||
Net
cash provided by/(used in) operating activities
|
26,513 | (4,013 | ) | 11,296 | ||||||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||
Purchase
of property, plant and equipment
|
(2 | ) | (6,111 | ) | - | |||||||
Payment
for the purchase of equity interest in Shanxi Coal
|
(893 | ) | (1,799 | ) | - | |||||||
Net
cash used in investing activities
|
(895 | ) | (7,910 | ) | - | |||||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||
Exercise
of warrants
|
- | 3,600 | 1,860 | |||||||||
Repayment
of long-term debt
|
(1,300 | ) | (1,300 | ) | (1,300 | ) | ||||||
Repayment
of convertible notes
|
(2,015 | ) | - | - | ||||||||
Distribution
paid to owners of a subsidiary
|
(1,172 | ) | - | - | ||||||||
Net
cash (used in)/provided by financing activities
|
(4,487 | ) | 2,300 | 560 | ||||||||
Effect
of exchange rate changes on cash
|
1,596 | 1,061 | 1,020 | |||||||||
Net
increase/(decrease) in cash and cash equivalents
|
22,727 | (8,562 | ) | 12,876 | ||||||||
Cash
and cash equivalents at beginning of year
|
16,381 | 24,943 | 12,067 | |||||||||
Cash
and cash equivalents at end of year
|
$ | 39,108 | $ | 16,381 | $ | 24,943 |