As a quick update on the blog - summary on SRRY.OB:
What they do
Sancon Resources Recovery, Inc. is an environmental service and waste management
company that operates recycling facilities in China and Australia. Sancon
specializes in the collection and recovery of industrial and commercial solid
wastes such as plastic, paper, cardboard, and glass. The recycled materials are
re-used by Sancon's manufacturing customers in China to make a wide variety of
new products including outdoor furniture, construction materials, building
materials, road surface, and various new products. Sancon's China operation is
licensed by the Chinese government for waste management services, and is
certified with ISO 9001 and ISO14001 standards. Sancon currently ships more than
25,000 tons of recycled industrial and commercial waste material annually to its
customers in China. Sancon's main operations and services include industrial
waste management consulting, collection and reprocess of recyclable materials
such as plastic, glass, cardboard, and paper sourced from suppliers such as
Hella, Toyota, Full Views, Wastech Holdings, Supagas, and Priority etc, before
its re-entry into manufacture cycles as raw materials. Sancon also provides its
full waste management services to large consumer products maker such as Pernod
Ricard. The use of recycled material is both environmentally friendly and is a
key part of today's competitive manufacturing process to lower costs. As China
gains global manufacturing dominance and oil price soars, Chinese manufacturers
are increasingly turning to recycled materials to lower its costs, resulting
tremendous demand for recycled materials import. The major customers for Sancon
are Chinese manufacturers and recycled material traders which are located mainly
in the Chinese provinces of Guangdong, Zhejiang, Fujian and Hong Kong.
Sales
Sales are generated by service charges and the sale of recyclable materials. The
sales in Q2 2008 were $2,940,268, representing a 251% increase compared to the
sales of $838,658 in same period of 2007. The sharp increases were mainly due to
the significant sales amount contributed from Sancon SH and CS, which started
their operation in Q3 2007 and Q1 2008. On August 15, 2007, the Company
completed the acquisition of 70% of the equity interest in Sancon Resources
Recovery (Shanghai) Co., Ltd by exercising its option to convert $200,000 of
convertible promissory note. On November 17, 2006, the company completed the
acquisition of 100% equity interest in Crossover Solutions Inc from Fintel Group
by paying $1 for the transfer of one share of Crossover Solutions Inc. being the
total number of outstanding share of Crossover. Crossover did not have any
operations or assets/liability prior to 2008. The both companies are engaged in
recycling material trading business. And sales for six months ended on June 30
for the year 2008 and 2007 were $5,889,264 and $1,531,706 respectively.
Financials
- O/S = 21.7 mil
- Market cap roughly 12 mil
- 6 months sales = 5.8 mil
- Margins increased from 17.9% in 2Q 2007 to 46.2% in 2Q 2008
- Gross profit increased to $2.87 million in the 2008 six months compared to $0.31 million in the year-earlier period
- 2008 net income for the first six months was $1.03 million, or $0.05 per diluted share, compared to a loss of $(0.22) million, or a loss of $(0.01) per share in the year ago period
Business Outlook
The Company expects to generate 2008 revenue of between $11 million and $12 million and net income between $2 million and $2.1 million and $0.09 to $0.1 per share
“We are pleased that we have achieved another profitable quarter, while positioning the Company for growth throughout 2008 and 2009,” said Jack Chen, Sancon’s Chief Executive Officer. “The recent announcement that we have been selected by the largest personal computer manufacturer in China to collect and process waste materials reflects the growing recognition in China of the importance of recycling. Companies are increasingly embracing these initiatives, endorsed by the Chinese government, to become more environmentally responsible. We have been positioning Sancon to benefit from these trends by investing in technology and recycling plants and depots to support growth in new Chinese cities.”
Links
http://biz.yahoo.com/bw/080818/20080818005365.html?.v=1
http://www.sec.gov/Archives/edgar/data/1288195/000101968708003728/sancon_10q-063008.txt
Tuesday, August 26, 2008
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26 comments:
Got killed on the warrants for TXIC. Should we bail and take the loss or hold for earnings?
I'm sorry - I'm not a financial advisor to recommend buy or sell. Yes, the stock is taking a big hit for whatever reason. Who knows - maybe the earnings are very bad, maybe they are very good.
To me this is a long term play, unless I see a change in fundamentals, which would prompt me to rethink my position.
So far, it turned out to be a bust in 2008 (can't have them all turn out good :))...
Do you want to sell your financial articles?
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