2008-08-14 07:00:00
Second Quarter Revenue Reaches a Record $387 Million Increasing 219% Year
Over Year
BEIJING, Aug. 14 /Xinhua-EMWNews/ -- General Steel
Holdings, Inc. ('General Steel') ('Company') (NYSE: GSI), one of China's
leading non- state owned steel products producer, today announces its
financial results for the second quarter of 2008.
Recent Company Highlights
-- Revenue increased 219% year over year to a record $387 million.
-- Net income, excluding non-cash derivative associated expenses,
increased 136% to $4.5 million.
-- Total shipment volume increased from 0.3 million tons to 0.6 million
tons during the second quarter of 2008.
-- In June 2008, acquired a controlling interest in Maoming Hengda Steel
Group Limited, a steel products processor located in the Guangdong
province with an annual production capacity of 1.8 million tons.
-- Aggregate production capacity increased to 4.8 million tons.
-- At Longmen Joint Venture, building two new blast furnaces and
supporting facilities anticipated to increase crude steel production
capacity from 2.5 million tons to 4.0 million tons.
-- In August 2008, migrated from the NYSE Arca exchange to begin trading
on the NYSE.
Second Quarter 2008 Results
Q2 2008 Q2 2007 vs. Q2 2007
Net Sales $387.0 million $121.3 million +219%
Gross Profit $22.9 million $8.1 million +182%
Non-GAAP Net Income* $4.5 million $1.9 million +136%
GAAP Net Income ($24.3 million) N/A
Non-GAAP EPS (Fully
Diluted) * $0.13 $0.06 +113%
GAAP EPS (Fully Diluted) ($0.70) N/A
Six Months 2008 Results
H1 2008 H1 2007 vs. H1 2007
Net Sales $678.6 million $158.9 million +327%
Gross Profit $35.9 million $9.8 million +266%
Non-GAAP Net Income* $4.8 million $2.4 million +100%
GAAP Net Income ($22.1 million) N/A
Non-GAAP EPS (Fully
Diluted) * $0.14 $0.08 +83%
GAAP EPS (Fully Diluted) ($0.63) N/A
* The denoted Net Income and EPS are Non-GAAP calculations and do not
include non-operating, non-cash derivative associated expenses from the
convertible bond and related warrants issued on December 13, 2007.
Further information is provided below and in the section titled
"Explanation of Non-Cash Derivative Expenses".
"The second quarter of 2008 was a pivotal quarter for General Steel,"
said Henry Yu, CEO and Chairman of General Steel Holdings, Inc. "As
witnessed by our recent acquisition of Maoming, we remain steadfast in
executing our strategy of growing through aggressive mergers, joint
ventures and acquisitions, targeting state-owned enterprise steel companies
and selected entities with outstanding potential," added Mr. Yu, "We are
pleased to be building at our Longmen Joint Venture two new 1280 cubic
meter blast furnaces. Upon completion we anticipate this will double our
pig-iron capacity and allow us to increase crude steel production capacity
from 2.5 to 4.0 million tons annually. The added output and production
efficiencies will better allow us to exploit the strong demand and our
unique advantages in the Xi'an and Shaanxi markets."
Second Quarter 2008 Financial Results
Net sales for the second quarter of 2008 were approximately $387
million compared to $121.3 million in the same period of 2007, an increase
of 219.2%. The increase in net sales is mostly attributed to the Longmen
Joint Venture which started its operations in June of 2007. Cost of sales
increased to $364.2 million for the second quarter of 2008 compared to
$113.1 million for the same period of 2007, an increase of 222%.
Gross profit for the second quarter of 2008 was approximately $22.9
million, an increase of 182% or $14.8 million from $8.1 million for the
same period of 2007. Gross profit margin decreased to 5.9% for the second
quarter of 2008 compared to 6.7% for the same period of 2007 primarily due
to strong margin compression from rising input costs. Selling, general and
administrative expenses were $9.5 million for the second quarter of 2008,
compared to $2.8 million for the same period of 2007. The increase is
primarily due to operational costs from our Longmen Joint Venture, and
accounted for approximately $7.5 million in SG&A expense in the second
quarter 2008.
GAAP Net income for the second quarter of 2008 was a loss of $24.3
million compared to $1.9 million for the same period of 2007. On June 30,
2008 the fair value of derivative liabilities was recalculated and created
a charge which amounted to $28.7 million, or $0.82 per diluted share.
Net income excluding this loss increased 113% to $4.5 million with
earnings of $0.13 per share, based on 34.9 million diluted shares compared
to $1.9 million for the same period of 2007 with earnings of $0.06 per
share, based on 31.4 million diluted shares.
Six Month Financial Results
Net sales for the six months ended June 30, 2008 were approximately
$678.6 million compared to $158.9 million in the same period of 2007, an
increase of 327.0%. Cost of sales increased to $642.7 million for the
second quarter of 2008 compared to $149.0 million for the same period of
2007, an increase of 331%.
Gross profit for the six months ended June 30, 2008 was approximately
$35.9 million, an increase of 266.3% or $26.1 million from $9.8 million for
the same period of 2007. Gross profit margin decreased to 5.3% for the six
months ended June 30, 2008 from 6.2% for the same period of 2007. Selling,
general and administrative expenses were $16.0 million for the six months
ended June 30, 2008, compared to $3.5 million for the same period of 2007.
The operations of the Longmen Joint Venture accounted for approximately
$11.9 million in SG&A expense in the second quarter 2008.
GAAP Net income for the six months ended June 30, 2008 was a loss of
$22.1 million compared to $2.4 million for the same period of 2007. On June
30, 2008 the fair value of derivative liabilities was recalculated and
created a charge which amounted to $26.9 million, or $0.77 per diluted
share.
Net income excluding this loss increased to $4.8 million with earnings
of $0.14 per share, based on 34.8 million diluted shares compared to $2.4
million for the same period of 2007 with earnings of $0.08 per share, based
on 31.4 million diluted shares.
Balance Sheet
Cash and restricted cash at June 30, 2008 were $128.3 million. Common
shares outstanding at June 30, 2008 were 34.9 million. Accounts receivable
and accounts receivable-related party were $63.2 million as of June 30,
2008 compared to $11.8 million on December 31, 2007.
Growth Strategy
General Steel is striving to become one of the largest non-government
owned steel companies in China:
-- Acquire Chinese steel companies and increase their profitability and
efficiencies with the infusion of applied western management practices,
advanced production technologies and capital resources.
-- Grow through aggressive mergers, joint ventures and acquisitions
targeting state-owned enterprise steel companies and selected entities
with outstanding potential.
Explanation of Non-Cash Derivative Expenses
Pursuant to SFAS 133 and EITF 00-19, the Company determined that both
the warrants and the conversion option embedded in the Notes issued on
December 13, 2007 met the definition of a derivative instrument and must be
carried as a liability and marked to market each reporting period. As such,
depending upon the price of the Company's common stock at the end of the
quarter or year there could be an associated gain or loss which are
non-cash in nature but will be recurring until such time as the notes are
either redeemed or converted and the warrants are exercised.
As of June 30, 2008, the balance of derivative liabilities was $53.6
million, which consisted of $14.3 million for the warrants and $39.3
million for the conversion option, and the carrying value of the Notes was
$7.1 million.
Conference Call
The earnings conference call will take place at 8:30 a.m. EDT on
Thursday, August 14, 2008. Interested participants in the United States
should call 1-800- 860-2442. Callers should utilize the pass code: General
Steel Call.
This conference call will be broadcast live over the Internet and can
be accessed by clicking this link:
http://www.videonewswire.com/event.asp?id=50833
For those unable to participate during the live broadcast, a replay
will be available shortly after the call on General Steel Holdings' website
http://www.gshi-steel.com for 90 days through November 21, 2008.
About General Steel Holdings, Inc.
General Steel Holdings, Inc., headquartered in Beijing, operates a
diverse portfolio of Chinese steel companies. With 4.8 million tons
aggregate production capacity, its companies serve various industries and
produce a variety of steel products including rebar, hot-rolled carbon and
silicon sheet, spiral-weld pipe and high speed wire. The Company has steel
operations in Shaanxi province, Inner Mongolia Autonomous Region, Guangdong
Province and Tianjin municipality.
Information Regarding Forward-Looking Statements
This press release may contain certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
These statements are based on management's current expectations or beliefs
about future events and financial, political and social trends and
assumptions it has made based on information currently available to it. The
Company cannot assure that any expectations, forecasts or assumptions made
by management in preparing these forward-looking statements will prove
accurate, or that any projections will be realized. Such forward-looking
statements may be affected by inaccurate assumptions or by known or unknown
risks or uncertainties. Actual results may vary materially from those
expressed or implied by the statements herein. For factors that could cause
actual results to vary, perhaps materially, from these forward-looking
statements, please refer to the Company's Form 10-K, filed with the
Securities and Exchange Commission, and other subsequent filings.
Forward-looking statements contained herein speak only as of the date of
this release. The Company does not undertake any obligation to update or
revise publicly any forward-looking statements, whether to reflect new
information, future events or otherwise.
-- Financial Tables to Follow --
GENERAL STEEL HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2008 AND DECEMBER 31, 2007
A S S E T S
June 30, December 31,
2008 2007
(Unaudited)
CURRENT ASSETS:
Cash $26,910,158 $43,713,346
Restricted cash 101,352,891 8,391,873
Accounts receivable, net of allowance
for doubtful accounts of $276,101 and
$148,224 as of June 30, 2008 and
December 31,2007 26,118,539 11,225,678
Accounts receivable -
related parties 37,126,645 565,631
Notes receivable 18,895,361 4,216,678
Notes receivable - restricted -- 12,514,659
Short term loan receivable - related
parties -- 1,233,900
Other receivables 3,776,407 1,280,853
Other receivables - related parties 520,264 1,913,448
Dividend receivable 627,042 --
Inventories 137,440,721 77,928,925
Advances on inventory purchases 53,566,234 58,170,474
Advances on inventory purchases -
related parties 19,343,195 9,944,012
Prepaid expenses - current 1,499,850 1,059,866
Prepaid expenses related party -
current 52,524 49,356
Deferred tax assets 860,140 399,751
Deferred notes issuance cost 5,108,617 3,564,546
Deferred compensation expense
433,198,588 236,172,996
PLANT AND EQUIPMENT, net 400,720,970 218,263,367
OTHER ASSETS:
Advances on equipment purchases 95,834 742,061
Investment in unconsolidated
subsidiaries 9,875,972 822,600
Prepaid expenses - non current 534,268 506,880
Prepaid expenses related party -
non current 236,358 142,467
Intangible assets, net of accumulated
amortization 24,883,346 21,756,709
Total other assets 35,625,778 23,970,717
Total assets $869,545,336 $478,407,080
L I A B I L I T I E S A N D S H A R E H O L D E R S' E Q U I T Y
CURRENT LIABILITIES:
Accounts payable $159,824,445 $102,241,708
Accounts payable - related parties 8,237,683 14,302,738
Short term loans - bank 85,565,694 93,019,608
Short term loans - others 72,383,213 19,156,070
Short term loans - related parties 7,309,590 7,317,027
Short term notes payable 155,708,387 15,163,260
Other payables 9,050,597 3,343,684
Other payable - related parties 967,165 2,126,383
Accrued liabilities 10,728,642 5,248,863
Customer deposits 137,476,284 37,872,698
Customer deposits - related parties 5,690,541 9,211,736
Deposits due to sales representatives 2,181,205 3,068,298
Taxes payable 32,288,459 27,576,240
Investment payable 7,003,200 6,580,800
Distribution payable to minority
shareholder 2,381,458 2,820,803
Total current liabilities 696,796,563 349,049,916
NOTES PAYABLE, net of debt discount
$32,933,400 7,066,600 5,440,416
DERIVATIVE LIABILITIES 53,599,177 28,483,308
Total liabilities 757,462,340 382,973,640
MINORITY INTEREST 67,349,806 42,044,266
SHAREHOLDERS' EQUITY:
Preferred stock, $0.001 par value,
50,000,000 shares authorized
3,093,899 shares issued and
outstanding 3,093 3,093
Common Stock, $0.001 par value,
200,000,000 shares authorized,
34,948,765 and 34,634,765
shares issued and outstanding
as of June 30, 2008 and
December 31, 2007, respectively 34,949 34,635
Paid-in-capital 26,192,979 23,429,153
Retained earnings (44,539) 22,686,590
Statutory reserves 4,280,688 3,632,325
Stock receivable
Contribution receivable (959,700) (959,700)
Accumulated other comprehensive income 15,225,720 4,563,078
Total shareholders' equity 44,733,190 53,389,174
Total liabilities and
shareholders' equity $869,545,336 $478,407,080
GENERAL STEEL HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME
(LOSS)
FOR THE THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 2008 AND 2007
(UNAUDITED)
Three months ended Six months ended
June 30, June 30,
2008 2007 2008 2007
REVENUES $277,514,917 $121,254,744 $456,007,084 $158,862,715
REVENUES - RELATED
PARTIES 109,514,019 -- 222,587,851 --
TOTAL REVENUES 387,028,936 121,254,744 678,594,935 158,862,715
COST OF SALES 259,734,698 113,141,376 426,449,361 149,016,342
COST OF SALES -
RELATED PARTIES 104,425,433 -- 216,294,654 --
TOTAL COST OF
SALES 364,160,131 113,141,376 642,744,015 149,016,342
GROSS PROFIT 22,868,805 8,113,368 35,850,920 9,846,373
SELLING, GENERAL AND
ADMINISTRATIVE
EXPENSES 9,503,221 2,844,411 16,036,042 3,474,611
INCOME FROM
OPERATIONS 13,365,584 5,268,957 19,814,878 6,371,762
OTHER EXPENSE
(INCOME)
Interest income (877,099) (57,810) (1,457,417) (89,465)
Interest/finance
expense 6,289,868 1,756,992 12,276,375 2,397,850
Change in fair
value of
derivative
liabilities 27,786,632 -- 25,115,869 --
Other
nonoperating
(income)
expense, net (649,871) (458,040) (1,019,142) (846,567)
Total other
expense,
net 32,549,530 1,241,142 34,915,685 1,461,818
INCOME (LOSS) BEFORE
PROVISION FOR INCOME
TAXES AND MINORITY
INTEREST (19,183,946) 4,027,815 (15,100,807) 4,909,944
PROVISION FOR INCOME
TAXES
Current 1,292,890 1,206,612 1,959,246 1,333,882
Deferred (206,100) -- (422,633) --
Total provision for
income taxes 1,086,790 1,206,612 1,536,613 1,333,882
NET INCOME (LOSS)
BEFORE MINORITY
INTEREST (20,270,736) 2,821,203 (16,637,420) 3,576,062
LESS MINORITY
INTEREST 4,000,490 927,902 5,445,346 1,207,896
NET INCOME (LOSS) (24,271,226) 1,893,301 (22,082,766) 2,368,166
OTHER COMPREHENSIVE
INCOME:
Foreign currency
translation
adjustments 6,339,703 374,568 10,662,642 598,119
COMPREHENSIVE INCOME
(LOSS) $(17,931,523) $2,267,869 $(11,420,124) $2,966,285
WEIGHTED AVERAGE
NUMBER OF SHARES
Basic 34,928,576 31,444,665 34,883,740 31,444,665
Diluted 34,928,576 31,444,665 34,883,740 31,444,665
EARNING PER SHARE
Basic $ (0.695) $ 0.060 $ (0.633) $ 0.075
Diluted $ (0.695) $ 0.060 $ (0.633) $ 0.075
GENERAL STEEL HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2008 AND 2007 (UNAUDITED)
2008 2007
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net (loss) income $ (22,082,766) $ 2,368,166
Adjustments to reconcile net income
(loss) to cash provided by
(used in) operating activities:
Minority interest 5,445,346 1,207,896
Depreciation 8,868,941 1,979,184
Amortization 444,670 194,830
Loss on disposal of equipment -- 118,528
Stock issued for services and
compensation 1,199,640 23,760
Interest expense accrued on
mandatory redeemable stock -- 114,726
Amortization of deferred note
issuance cost 20,429 --
Amortization of discount on
convertible notes 1,626,184 --
Change in fair value of
derivative instrument 25,115,869 --
Deferred tax assets (422,633) --
Changes in operating assets and
liabilities
Accounts receivable (13,657,403) 499,590
Accounts receivable - related
parties (21,068,625) --
Notes receivable (13,961,703) (212,753)
Other receivables (1,219,840) (152,646)
Other receivables - related
parties 1,471,397 (814,100)
Loan receivable 1,276,560 --
Inventories (44,931,442) (843,369)
Advances on inventory purchases 33,110,981 248,632
Advances on inventory purchases
- related parties (8,517,117) (25,403,755)
Prepaid expense - current (245,115) (111,573)
Prepaid expense - non current 11,443 --
Prepaid expense - non current -
related parties (82,388) --
Accounts payable 1,188,213 14,049,429
Accounts payable - related
parties 1,440,412 --
Other payables (2,250,089) 808,677
Other payable - related parties (1,208,217) (13,990,128)
Accrued liabilities 2,598,366 7,981,708
Dividends payable (391,165) --
Customer deposits 90,831,063 771,354
Customer deposits - related
parties (3,998,027) 7,247,099
Taxes payable (4,147,173) 14,610,931
Net cash provided by operating
activities 36,465,809 10,696,186
CASH FLOWS FROM INVESTING
ACTIVITIES:
Cash acquired from subsidiary 1,256,385 426,387
Increase in investment payable -- 6,226,080
Deposits due to sales
representatives (1,053,871) (355,405)
Proceeds from short term investment 2,340,360 --
Advance on equipment purchases 674,550 (1,941,624)
Equipment purchases (93,010,997) (1,350,225)
Cash proceeds from sale of
equipment -- 39,442
Intangible assets purchases (186,623) --
Payment to original shareholders (7,092,000) --
Net cash (used in) provided by
investing activities (97,072,197) 3,044,655
CASH FLOWS FINANCING ACTIVITIES:
Restricted cash (55,759,041) (5,188,741)
Notes receivable - restricted 12,947,333 --
Borrowings on short term loans -
bank 27,141,084 25,727,979
Payments on short term loans - bank (41,610,454) (30,165,358)
Borrowings on short term loans -
related parties 7,106,184 25,942,000
Borrowings on short term loan -
others 42,641,359 --
Payments on short term loans -
others (33,772,944) --
Borrowings on short term notes
payable 109,642,320 13,437,956
Payments on short term notes
payable (26,325,504) (8,249,556)
Cash contribution received from
minority shareholders -- 778,260
Net cash provided by
financing activities 42,010,337 22,282,540
EFFECTS OF EXCHANGE RATE CHANGE IN
CASH 1,792,862 1,449,773
INCREASE (DECREASE) IN CASH (16,803,188) 37,473,154
CASH, beginning of period 43,713,346 6,831,549
CASH, end of period $ 26,910,158 $ 44,304,703
GENERAL STEEL HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
Preferred stock Common stock
Par Par Paid-in
Shares value Shares value capital
BALANCE, January 1,
2007 -- $ -- 31,250,000 $31,250 $6,871,358
Net income
Preferred stock
issued for
acquisition
of minority
interest,
net of dividend
distribution to
Victory New 3,092,899 3,093 8,370,907
Common stock issued
for conversion
of redeemable stock,
$1.95/share 176,665 177 344,328
Common stock issued
for service,
$1.32/share 18,000 18 23,742
Foreign currency
translation
adjustments
BALANCE, June 30,
2007, unaudited $3,092,899 $3,093 $31,444,665 $31,445 $15,610,335
Net income
Adjustment to
statutory reserve
Registered Capital
to be received from
Baotou Steel by
05/21/09
Conversion of
redeemable stock,
$1.95 1,000,000 1,000 1,948,992
Conversion of
warrants, $2.50 2,120,000 2,120 5,297,880
Common stock issued
for compensation,
$8.16 70,100 70 571,946
Foreign currency
translation gain
BALANCE, December 31,
2007 $3,092,899 $3,093 $34,634,765 $34,635 $23,429,153
Net loss
Adjustment to
statutory reserve
Common stock issued
for compensation,
$7.16 76,600 77 548,379
Common stock issued
for compensation,
$10.43 150,000 150 1,564,350
Common stock issued
for compensation,
$6.66 87,400 87 581,997
Common stock
transferred by CEO
for compensation,
$6.91 69,100
Foreign currency
translation
adjustments
BALANCE, June 30,
2008, unaudited $3,092,899 $3,093 $34,948,765 $34,949 $26,192,979
GENERAL STEEL HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
Retained earnings
Statutory
Reserves Unrestricted
BALANCE, January 1, 2007 $ 1,107,010 $4,974,187
Net income 2,368,166
Preferred stock issued for
acquisition of minority
interest , net of dividend
distribution to
Victory New (2,188,203)
Common stock issued for
conversion of
redeemable stock,
$1.95/share
Common stock issued for
service, $1.32/share
Foreign currency translation
adjustments
BALANCE, June 30, 2007, unaudited 1,107,010 5,154,150
Net income 20,057,755
Adjustment to statutory reserve 2,525,315 (2,525,315)
Registered Capital to be
received from
Baotou Steel by 05/21/09
Common stock issued for
acquisition net of
dividend distribution to
Tianjin Victory New
Conversion of redeemable stock,
$1.95
Conversion of warrants, $2.50
Common stock issued for
compensation, $8.16
Foreign currency translation
gain
BALANCE, December 31, 2007 $ 3,632,325 $ 22,686,590
Net loss (22,082,766)
Adjustment to statutory reserve 648,363 (648,363)
Common stock issued for
compensation, $7.16
Common stock issued for
compensation, $10.43
Common stock issued for
compensation, $6.66
Common stock transferred by CEO
for compensation, $6.91
Foreign currency translation
adjustments
BALANCE, June 30, 2008, unaudited $ 4,280,688 $ (44,539)
GENERAL STEEL HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
Accumulated
other
Subscriptions comprehensive
receivable income Totals
BALANCE, January 1, 2007 $ -- $ 1,076,688 $ 14,060,493
Net income 2,368,166
Preferred stock issued for
acquisition of minority
interest , net of dividend
Distribution to Victory New 6,185,797
Common stock issued for
conversion of
redeemable stock,
$1.95/share 344,505
Common stock issued for
service, $1.32/share 23,760
Foreign currency translation
adjustments
598,119 598,119
BALANCE, June 30, 2007,
unaudited $ -- $ 1,674,807 $ 23,580,840
Net income 20,057,755
Adjustment to statutory
reserve --
Registered Capital to be
received from --
Baotou Steel by 05/21/09 (959,700) (959,700)
Conversion of redeemable
stock, $1.95 1,949,992
Conversion of warrants,
$2.50 5,300,000
Common stock issued for
compensation, $8.16 572,016
Foreign currency
translation gain 2,888,271 2,888,271
BALANCE, December 31, 2007 $ (959,700) $ 4,563,078 $ 53,389,174
Net loss
Adjustment to statutory
reserve (22,082,766)
Common stock issued for
compensation, $7.16 548,456
Common stock issued for
compensation, $10.43 1,564,500
Common stock issued for
compensation, $6.66 582,084
Common stock transferred by CEO for
compensation, $6.91
Foreign currency
translation adjustments 10,662,642 10,662,642
BALANCE, June 30, 2008,
unaudited $ (959,700) $ 15,225,720 $ 44,733,190
For more information, please contact:
Ross Warner, General Steel Holdings, Inc.
Tel: +86-10-5879-7346 (Beijing)
Email: [email protected]
Skype: ross.warner.generalsteel
Ted Haberfield, HC International, Inc.
Tel: +1-760-755-2716 (USA)
Email: [email protected]
Web: hcinternational.net
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