Euro Tech Holdings Company Limited Reports 2012 Year-End Results PR Newswire HONG KONG, April 25, 2013 HONG KONG, April 25, 2013 /PRNewswire/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT) today reported financial results for the 12-month period ended December 31, 2012 ("Fiscal 2012"). The Company's revenues for Fiscal 2012 were approximately $21,645,000, an approximate 7% increase compared to approximately $20,213,000 in the Company's fiscal year ended December 31, 2011 ("Fiscal 2011"). The net loss for Fiscal 2012 was approximately $429,000, as compared to net income of approximately $521,000 for Fiscal 2011. The increase of the company's revenues was mainly due to increase in revenues from engineering activities as more sales are outside China. The net loss for Fiscal 2012 was mainly due to no profit contributions from the affiliate, particularly Blue Sky, and research and development costs of $930,000 spent for Ballast Water Treatment Systems (BWTS). Blue Sky has recently decided to withdraw the listing plans because of declining profits. If the research and development costs spent in developing the BWTS were excluded, there would be a net income for Fiscal 2012. Mr. T.C. Leung, Chairman and CEO of the company commented, "We are very positive about our investment in developing our BWTS for the global markets, despite some delays in the installation of the BWTS for seaboard test. We reckon the close co-operation with international engineering companies for projects outside China is the right direction for our company in view of fierce competitions for projects in China, and the wastewater treatment for shale-gas drilling is what we plan to pursue in the near future with some of these engineering companies." Currently the Company is in talks of a feasible co-operation with an European manufacturer of BWTS which are complimentary to the BWTS under development by the company. As the synergy could bring mutual benefits to both companies, the co-operation will be for the company to help them reduce their costs by manufacturing some parts of their systems in China. In return, they will sell the company's systems in Europe and outside China when the company's systems are ready and available. BWTS are an imminent requirement by The International Maritime Organization ("IMO") to prevent the biological unbalance caused by the estimated 12 billion tons of ballast water transported across the seas by ocean-going ships when their ballast water tanks are emptied or refilled. The market potential for retrofits and new installations of BWTS in these old and new ocean-going ships is enormous. In view of the keen competitions from local contractors for projects in China, the Company has been seeking more co-operations with international engineering companies for various wastewater engineering projects outside China. The growing volume of wastewater produced in shale-gas drilling in many countries including China has created many business opportunities worldwide. The company is interested in this unique wastewater treatment business, and in talks of co-operations with some engineering companies. In Shale-gas drilling operations, a huge amount of water is injected deep underground, along with sand and chemicals to fracture shale rock and extract the embedded natural gas. Some of that water returns to the surface immediately after the fracturing. The rest comes back over the course of months and years. The result is that each well brings up a large amount of fracturing wastewater and many companies are after this wastewater treatment business. About Blue Sky Zhejiang Tianlan Environmental Protection Technology Co. Ltd., ("Blue Sky"), found in 2000, is a fast growing company which provides a comprehensive service for design, general contract, equipment manufacturing, installation, testing and operation management of the treatment of waste gases emitted from various boilers and industrial furnaces of power plants, steel works and chemical plants. Certain statements in this news release regarding the Company's expectations, estimates, present view of circumstances or events, and statements containing words such as estimates, anticipates, intends, or expects, or words of similar import, constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements indicate uncertainty and the Company can give no assurance with regard to actual outcomes. Specific risk factors may include, without limitation, having the Company's offices and operations situated in Hong Kong and China, doing business in China, competing with Chinese manufactured products, competing with the Company's own suppliers, dependence on vendors, and lack of long term written agreements with suppliers and customers, development of new products, entering new markets, possible downturns in business conditions, increased competition, loss of significant customers, availability of qualified personnel, negotiating definitive agreements, new marketing efforts and the timely development of resources. See the "Risk Factor" discussions in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 20-F for its fiscal year ended December 31, 2012. CONDENSED STATEMENTS OF OPERATIONS (Dollar amounts in US$ thousands, except share and per share data) Year Ended December 31, 2012 2011 Revenues $ 21,645 $ 20,213 Net (Loss)/Income Attributable to the Company (429) 521 Net (Loss)/Income Per Share – Basic (0.21) 0.25 Weighted Average Number ofOrdinary Shares 2,070,685 2,087,922 Outstanding – Basic SELECTED BALANCE SHEET DATA As of December 31, 2012 2011 Cash and Cash $ $ Equivalents 7,468 5,339 Total Current Assets 12,897 11,685 Total Assets 24,947 23,864 Total Current Liabilities 7,191 5,955 Total Liabilities 7,191 5,955 Total Euro Tech Shareholders' Equity 15,837 16,299 CONTACT: Euro Tech Holdings Company Limited, Hong Kong T.C. Leung, Chairman and CEO, or Jerry Wong, CFO Tel: 852-2814-0311 Fax: 852-2873-4887 Website: http://www.euro-tech.com Blue Sky's website: http://www.tianlan.cn/ SOURCE Euro Tech Holdings Company Limited Website: http://www.euro-tech.com Website: http://www.tianlan.cn/
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Euro Tech Holdings Company Limited Reports 2012 Year-End Results
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