General Steel Reports Results for Full Year and Fourth Quarter 2009
Full-year total revenues increase 23.5% year-over-year to a record $1.7 billion; Company achieves record full-year gross profit of $88.6 million
BEIJING, March 16 /PRNewswire-Asia-FirstCall/ -- General Steel Holdings, Inc. ("General Steel" or the "Company") (NYSE: GSI), one of China's leading non-state-owned producers of steel products and aggregators of domestic steel companies, today announced its financial results for the full year and fourth quarter ended December 31, 2009.
Full year 2009 highlights include record numbers in total revenues, shipment volume and income from operations.
-- Full-year total revenues increased 23.5% year-over-year to a record
$1.7 billion.
-- Aggregate shipment volume increased 66.1% year-over-year to a record
3.8 million metric tons.
-- Gross margin swung from 0.6% in 2008 to 5.3% in 2009 and the Company
achieved a record full-year gross profit of $88.6 million.
-- Income from operations in 2009 was the highest in the Company's history,
reaching $47.5 million, compared to an operating loss of $29.0 million
in 2008.
-- Adjusted non-GAAP EBITDA(1) in 2009 was $93.2 million, a significant
increase from $3.2 million in 2008.
-- The Company successfully passed a Sarbanes-Oxley compliance audit.
-- Secured commitments for 70% of 2010 estimated production at Longmen
Joint Venture ("Longmen JV") through signed contracts from established
distributors.
-- Completed $25 million capital raise through the issuance of common
stock and warrants.
(1) Adjusted non-GAAP EBITDA is defined as GAAP net income before interest,
tax, depreciation and amortization less non-operating, non-cash
expenses associated with the Company's December 2007 convertible note
issuance.
"Despite the challenging macro environment in the beginning of the year, we achieved record total revenues, shipment volume and income from operations in 2009," said General Steel's Chairman and Chief Executive Officer Henry Yu. "We were able to achieve these results by leveraging our leading market position in Shaanxi province and fulfilling strong construction-related steel demand driven by ongoing government investment in infrastructure development. These widespread and multi-year infrastructure projects will drive growth for many years to come."
Selected Financial Results for the Full Year and Fourth Quarter Ended December 31, 2009
Total revenues for the full year increased 23.5% to $1.7 billion from $1.4 billion in 2008. Total revenues in the fourth quarter increased 73.1% to $451.9 million from $261.1 million in the fourth quarter of 2008.
The year-over-year increase in total revenues for 2009 was largely the result of consistently strong demand for construction steel products in the Company's principal markets of Shaanxi province and western China, as well as favorable raw material prices in the first three quarters of the year. The Company's Longmen JV, which comprised 92% of 2009 total revenues, continues to benefit from several large-scale regional infrastructure projects fueled by the government's stimulus plan and "Go West" economic development initiative. In addition, the new capacity attributable to the two 1,280 cubic meter blast furnaces that were brought on-line in December of 2008 and January of 2009 helped realize a 66.1% increase in aggregate year-over-year shipment volume. Total revenues for 2009 also reflected a full twelve months of operations from the Company's most recent Maoming acquisition.
Cost of Revenues
Total cost of revenues for the full year increased 17.6% to $1.6 billion from $1.3 billion in 2008. Total cost of revenues for the fourth quarter increased 55.2% to $438.6 million from $282.7 million in the fourth quarter of 2008.
Cost of revenues principally consists of the cost of raw materials, labor, utilities, manufacturing costs, manufacturing-related depreciation and other fixed costs. Cost of iron ore and coke account for approximately 76% of the Company's total cost of revenues. The Company noted it was able to successfully stockpile raw material inventory, especially iron ore at a relatively low price throughout the year. Moreover, the Company was able to control cost of revenues at its Longmen JV in 2009, which utilizes coke and iron ore in a more efficient manner.
Gross Profit
Gross profit for the full year was $88.6 million, a significant increase from $7.9 million in 2008. Gross profit for the fourth quarter was $13.4 million, compared to a gross loss of $21.6 million in the fourth quarter of 2008.
The increase in gross profit for the full year and fourth quarter of 2009 was mainly attributable to a 66.1% increase in shipment volume at the Company's Longmen JV. The year-over-year improvement in gross profit was driven by lower raw material costs, strict cost controls in production and greater efficiencies in raw material usage.
Gross margin for the full year was 5.3%, compared to 0.6% in 2008. Gross margin for the fourth quarter was 3.0%, compared to -8.3% in the fourth quarter of 2008. The increase in gross margin year-over-year was mainly the result of strong demand in the second and third quarters of 2009, and stockpiling raw materials, especially iron ore, at relatively low prices throughout the year.
Operating Expenses
Selling, general and administrative expenses for the full year increased 11.2% to $41.1 million from $36.9 million in 2008. Selling, general and administrative expenses for the fourth quarter increased 38.2% to $11.9 million from $8.6 million in the fourth quarter of 2008. Selling, general and administrative expenses were 2.5% of total revenues for the full year and 2.6% for the fourth quarter ended December 31, 2009, compared to 2.7% and 3.3% for the same periods last year.
Finance and interest expenses for the full year increased 20.2% to $27.8 million from $23.2 million in 2008. Finance and interest expenses for the fourth quarter increased 134.5% to $9.4 million from $4.0 million in the fourth quarter of 2008. The increase was primarily due to make-whole interest payable upon the conversion of the convertible debt.
Income from operations
Income from operations reached a record $47.5 million in 2009, compared to an operating loss of $29.0 million in 2008. In the fourth quarter, income from operations increased to $1.5 million, compared to an operating loss of nearly $30.2 million in the fourth quarter of 2008.
Net Income
Net loss for the full year was $25.2 million, compared to net loss of $11.3 million in 2008. Net loss for the fourth quarter was $11.1 million, compared to net loss of $9.7 million in the fourth quarter of 2008.
Basic and diluted losses per share were $0.60 in 2009. Basic and diluted losses per share were $0.26 in the fourth quarter of 2009.
The Company's net income was materially impacted by a non-cash, non- operating expense that was due to the change in fair value of derivative liabilities related to the conversion of the Company's outstanding convertible note. To supplement the consolidated financial statements, which are prepared and presented in accordance with GAAP, the Company uses EPS as adjusted for the impact of non-cash, non-operating expense related to the change in the fair value of derivative liabilities related to the conversion option in its outstanding convertible notes. The Company noted that it believes these adjusted measures are useful in analyzing the underlying operating performance of its business.
These measures may be inconsistent with similar measures presented by other companies and should only be used in conjunction with the Company's results reported according to accounting principles generally accepted in the United States.
A reconciliation of earnings per share as reported and operating income as reported to adjusted non-GAAP earnings per share and adjusted non-GAAP operating income follows:
(USD in thousands) FY2009 FY 2008
GAAP Net Income (Loss) ($25,244) ($11,323)
Non-cash Expense:
Change in fair value of derivative - ($33,159) $12,821
conversion option
Adjusted to Non-GAAP Net Income $7,915 ($24,144)
GAAP Earnings per share
Basic ($0.603) ($0.320)
Diluted ($0.603) ($0.320)
Non-GAAP Earnings per share
Basic $0.189 ($0.682)
Diluted $0.189 ($0.682)
Balance Sheet
As of December 31, 2009 General Steel had cash and restricted cash of $274.2 million, compared to $145.6 million as of December 31, 2008. Accounts receivable and accounts receivable - related parties were $8.5 million as of December 31, 2009, compared to $8.3 million as of December 31, 2008.
Inventory increased to $208.1 million as of December 31, 2009, from $59.5 million as of December 31, 2008. The increase was attributable to the large capacity expansion at the Company's Longmen JV and stocking piling of raw materials at relatively low prices.
Conference Call
General Steel management will hold an earnings conference call at 8:00 a.m. U.S. Eastern Time on March 16, 2010. Management will discuss results and highlights from the quarter and full year and answer questions. The dial-in number and passcode for the conference call are as follows:
U.S. Toll Free: +1-800-860-2442
Passcode: General Steel Holdings
The conference call will be broadcast live over the Internet and can be accessed by clicking the following link: http://www.visualwebcaster.com/event.asp?id=66966
Additionally, an archived Web cast of this call will be available on the Investor Relations section of the General Steel's website at http://www.gshi- steel.com .
About General Steel Holdings, Inc.
General Steel Holdings, Inc., (NYSE: GSI), headquartered in Beijing, China, operates a diverse portfolio of Chinese steel companies. With 6.3 million metric tons aggregate production capacity, its companies serve various industries and produce a variety of steel products including rebar, hot-rolled carbon and silicon sheet, high-speed wire and spiral-weld pipe. General Steel Holdings, Inc. has steel operations in Shaanxi and Guangdong provinces, Inner Mongolia Autonomous Region and Tianjin municipality. For more information, please visit http://www.gshi-steel.com .
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.
For investor and media inquiries please contact:
In China:
Ms. Jing Ou-Yang
General Steel Holdings, Inc.
Phone: +86-10-5879-7346
Email: [email protected]
Mr. Justin Knapp
Ogilvy Financial, Beijing
Phone: +86-10-8520-6556
Email: [email protected]
In the United States:
Ms. Jessica Barist Cohen
Ogilvy Financial, New York
Phone: +1-646-460-9989
Email: [email protected]
GENERAL STEEL HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2009 AND 2008
(In thousands, except per share data)
A S S E T S
December 31, December 31,
2009 2008
CURRENT ASSETS:
Cash $82,118 $14,895
Restricted cash 192,041 130,700
Notes receivable 29,185 38,207
Accounts receivable, net of allowance
for doubtful accounts of $490 and
$401 as of December 31, 2009
and 2008, respectively 8,525 8,329
Accounts receivable - related parties -- --
Other receivables, net of allowance
for doubtful accounts of $14
and $685 as of December 31, 2009
and 2008, respectively 5,357 5,101
Other receivables - related parties 32,670 523
Dividend receivable 2,372 631
Inventories 208,087 59,549
Advances on inventory purchases 28,407 47,154
Advances on inventory purchases -
related parties 2,995 2,375
Prepaid expenses - current 692 494
Prepaid value added tax 19,488 --
Deferred tax assets 3,341 7,487
Total current assets 615,278 315,445
PLANT AND EQUIPMENT, net 555,111 491,705
OTHER ASSETS:
Advances on equipment purchases 7,361 8,965
Investment in unconsolidated
subsidiaries 20,022 13,959
Prepaid expense - non-current 900 1,195
Prepaid expense related parties -
non-current 158 211
Long-term deferred expense 2,069 --
Long-term other receivable -- 4,873
Intangible assets, net of
accumulated amortization 23,733 24,556
Note issuance cost 406 4,218
Equipment to be disposed 3,026 587
Total other assets 57,675 58,564
Total assets $1,228,064 $865,714
L I A B I L I T I E S A N D E Q U I T Y
CURRENT LIABILITIES:
Short term notes payable $254,608 $206,040
Accounts payable 158,126 149,239
Accounts payable - related parties 48,151 15,327
Short-term loans - bank 148,968 67,840
Short-term loans - others 110,358 87,834
Short-term loans - related parties 11,751 7,350
Other payables 5,627 3,183
Other payables - related parties 3,706 677
Accrued liabilities 10,595 7,779
Customer deposits 208,765 141,102
Customer deposits - related parties 3,791 7,216
Deposit due to sales representatives 49,544 8,149
Taxes payable 6,921 13,917
Distribution payable to former
shareholders 16,434 18,765
Deferred tax liability
Total current liabilities 1,037,345 734,418
CONVERTIBLE NOTES PAYABLE, net of
debt discount of $2,250 and $26,095
as of December 31, 2009 and
2008, respectively 1,050 7,155
DERIVATIVE LIABILITIES 23,340 9,903
Total liabilities 1,061,735 751,476
EQUITY:
SHAREHOLDERS' EQUITY:
Preferred stock, $0.001 par value,
50,000,000 shares authorized,
3,092,899 shares issued and
outstanding as of December 31,
2009 and 2008, respectively 3 3
Common Stock, $0.001 par value,
200,000,000 shares authorized,
51,618,594 and 36,128,833 shares
issued and outstanding as of
December 31, 2009 and 2008,
respectively 52 36
Paid-in-capital 95,588 37,128
Statutory reserves 6,162 4,902
Retained (deficits) earnings (16,410) 10,094
Contribution receivable -- (960)
Accumulated other comprehensive
income 8,336 8,705
Total shareholders' equity 93,731 59,908
Noncontrolling interest 72,598 54,330
Total equity 166,329 114,238
Total liabilities and equity $1,228,064 $865,714
GENERAL STEEL HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
(in thousands, except per share data)
For the years ended December 31,
2009 2008 2007
REVENUES $1,202,708 $1,004,848 $416,901
REVENUES - RELATED PARTIES 465,738 346,355 355,539
TOTAL REVENUES 1,668,446 1,351,203 772,440
COST OF REVENUES 1,139,630 999,318 389,615
COST OF REVENUES - RELATED PARTIES 440,262 343,957 326,136
TOTAL COST OF REVENUES 1,579,892 1,343,275 715,751
GROSS PROFIT 88,554 7,928 56,689
SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES 41,074 36,942 16,164
INCOME FROM OPERATIONS 47,480 (29,014) 40,525
OTHER INCOME (EXPENSE), NET
Interest income 3,334 4,251 871
Finance/interest expense (27,843) (23,166) (9,297)
Change in fair value of
derivative liabilities (33,159) 12,821 6,236
Gain from debt extinguishment 7,331 7,169 --
Government grant 3,430 -- --
Loss on disposal of fixed assets (4,643) -- --
Income from equity investments 4,730 1,896 --
Other non-operating income, net 1,812 767 928
Total other income
(expense), net (45,008) 3,738 (1,262)
INCOME (LOSS) BEFORE PROVISION FOR
INCOME TAXES AND NONCONTROLLING
INTEREST 2,472 (25,276) 39,263
PROVISION (BENEFIT) FOR INCOME TAXES
Current 2,155 1,424 5,225
Deferred 3,998 (6,835) (389)
Total provision (benefit) for income
taxes 6,153 (5,411) 4,836
NET (LOSS) INCOME BEFORE
NONCONTROLLING INTEREST (3,681) (19,865) 34,427
Less: Net income (loss) attributable
to noncontrolling interest 21,563 (8,542) 12,001
NET (LOSS) INCOME ATTRIBUTABLE TO
CONTROLLING INTEREST (25,244) (11,323) 22,426
OTHER COMPREHENSIVE INCOME (LOSS):
Foreign currency translation
adjustments (369) 5,420 1,656
Comprehensive income (loss)
attributable to noncontrolling
interest 303 3,654 (978)
COMPREHENSIVE (LOSS) INCOME $(25,310) $(2,249) $23,104
WEIGHTED AVERAGE NUMBER OF SHARES
Basic 41,860,238 35,381,210 32,424,652
Diluted 41,860,238 35,381,210 32,558,350
(LOSS) EARNINGS PER SHARE
Basic $(0.60) $(0.32) $0.69
Diluted $(0.60) $(0.32) $0.69
GENERAL STEEL HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(In thousands, except per share data)
Preferred stock Common stock
Par Par Paid-in
Shares value Shares value capital
BALANCE, January 1, 2008 3,092,899 $3 34,634,765 $35 $23,429
Net loss
Adjustment to statutory
reserve
Common stock issued for
compensation, $7.16 76,600 0.08 548
Common stock issued for
compensation, $10.43 150,000 0.15 1,564
Common stock issued for
compensation, $6.66 87,400 0.09 582
Common stock issued for
compensation, $10.29 90,254 0.09 929
Common stock issued for
consulting fee, $3.60 100,000 0.10 360
Common stock issued for
public relations, $3.60 25,000 0.03 90
Common stock issued for
compensation, $3.50 87,550 0.09 306
Common stock transferred
by CEO for compensation,
$6.91 207
Common stock issued at
$5/share 140,000 0.14 700
Acquired noncontrolling
interest
Notes converted to common
stock 541,299 0.54 6,103
Make whole shares issued
on notes conversion 195,965 0.18 2,310
Foreign currency
translation adjustments
BALANCE, December 31, 2008 3,092,899 $3 36,128,833 $36 $37,128
Net loss attributable to
controlling interest
Net income attributable
to noncontrolling
interest
Disposal of subsidiaries
Distribution of dividend
to noncontrolling
shareholders
Adjustment to statutory
reserve
Common stock issued for
compensation 596,650 0.77 1,875
Common stock issued for
interest payments 196,305 0.20 745
Common stock issued for
repayment of debt, $6.00 300,000 0.30 1,800
Notes converted to common
stock 7,045,274 7.05 32,072
Make whole shares issued
on notes conversion 1,795,977 1.80 7,085
Common stock transferred
by CEO for compensation,
$6.91 276
Reduction of registered
capital
Common stock issued for
private placement 5,555,556 5.56 14,607
Foreign currency
translation adjustments
BALANCE, December 31, 2009 3,092,899 $3 51,618,595 $52 $95,588
Retained earnings Accumu-
(deficits) lated
Contri- other
bution compre- Noncon-
Statutory Unre- receiv- hensive trolling
reserves stricted able income interests Totals
BALANCE, January
1, 2008 $3,632 $22,687 $(960) $3,285 $43,322 $95,433
Net loss (11,323) (8,542) (19,865)
Adjustment to
statutory
reserve 1,270 (1,270) --
Common stock
issued for
compensation,
$7.16 548
Common stock
issued for
compensation,
$10.43 1,564
Common stock
issued for
compensation,
$6.66 582
Common stock
issued for
compensation,
$10.29 929
Common stock
issued for
consulting fee,
$3.60 360
Common stock
issued for
public
relations,
$3.60 90
Common stock
issued for
compensation,
$3.50 306
Common stock
transferred by
CEO for
compensation,
$6.91 207
Common stock
issued at
$5/share 700
Acquired
noncontrolling
interest 15,896 15,896
Notes converted
to common stock 6,104
Make whole
shares issued
on notes
conversion 2,310
Foreign currency
translation
adjustments 5,420 3,654 9,074
BALANCE, December
31, 2008 $4,902 $10,094 $(960) $8,705 $54,330 $114,238
Net loss
attributable to
controlling
interest (25,244) (25,244)
Net income
attributable to
noncontrolling
interest 21,563 21,563
Disposal of
subsidiaries (293) (293)
Distribution of
dividend to
noncontrolling
shareholders (3,305) (3,305)
Adjustment to
statutory
reserve 1,260 (1,260) --
Common stock
issued for
compensation 1,876
Common stock
issued for
interest
payments 745
Common stock
issued for
repayment of
debt, $6.00 1,800
Notes converted
to common stock 32,079
Make whole
shares issued
on notes
conversion 7,087
Common stock
transferred by
CEO for
compensation,
$6.91 276
Reduction of
registered
capital 960 960
Common stock
issued for
private
placement 14,613
Foreign currency
translation
adjustments (369) 303 (66)
BALANCE, December
31, 2009 $6,162 $(16,410) $- $8,336 $72,598 $166,329
GENERAL STEEL HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2009, 2008 AND 2007
(In thousands except per share data)
2009 2008 2007
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income attributable to
controlling interest $(25,244) $(11,323) $22,426
Net income (loss) attributable to
noncontrolling interest 21,563 (8,542) 12,001
Consolidated net (loss) income (3,681) (19,865) 34,427
Adjustments to reconcile net (loss)
income to cash provided by
operating activities:
Depreciation 32,102 21,506 9,740
Amortization 1,005 908 597
Gain on debt extinguishment (7,331) (7,169) --
Bad debt allowance (write-off) (714) 704 2
Inventory allowance (1,533) 2,204 --
Loss (gain) on disposal of
equipment 1,213 (598) 10
Stock issued for services and
compensation 1,639 2,723 596
Interest expense accrued on
mandatory redeemable stock
Make whole shares interest expense
on notes conversion 2,892 2,310 114
Income from investment (4,730) (1,896) --
Amortization of Professional
Fee-Consulting Fee 424 -- --
Amortization of deferred notes
issuance cost and discount on
convertible notes 60 833 189
Change in fair value of derivative
instrument 33,159 (12,821) (6,236)
Change in deferred tax assets 4,403 (6,937) (384)
Changes in operating assets and
liabilities:
Notes receivable 9,017 (33,064) (9,492)
Accounts receivable 19,526 2,091 16,248
Accounts receivable - related
parties (19,604) (18,275) (543)
Other receivables 5,253 (4,124) (453)
Other receivables - related
parties (49,637) 2,423 (990)
Loan receivable -- 1,297 (1,185)
Inventories (146,914) 29,220 (8,854)
Advances on inventory purchases 52,655 19,916 (45,013)
Advances on inventory purchases
- related parties (13,341) 7,814 (9,550)
Prepaid expense 393 401 (880)
Accounts payable 10,421 11,975 88,356
Accounts payable - related parties 55,445 44,725 13,736
Other payables 13,010 (1,752) 823
Other payables - related parties (13,346) (1,482) (76,864)
Accrued liabilities (825) 214 2,440
Customer deposits 66,465 95,132 2,560
Customer deposits - related
parties (13,569) (2,287) 8,847
Taxes payable (27,332) (22,443) 20,800
Net cash (used in) provided by
operating activities 6,525 113,683 39,041
CASH FLOWS FROM INVESTING ACTIVITIES:
Increase in long-term investment (6,597) -- (790)
Increase in investment payable 6,320
Dividend receivable (1,727) -- --
Cash proceeds from sale of
subsidiaries 4,912 2,782 509
Deposits due to sales
representatives 41,370 4,782 840
Advances on equipment purchases 1,604 (8,029) (713)
Cash proceeds from sale of equipment 7,231 598 63
Long term other receivable -- (4,788) --
Equipment purchase (112,011) (194,399) (21,524)
Intangible assets purchase (183) (245) --
Payment to the original shareholders -- (7,290) --
Net cash used in investing
activities (65,401) (206,589) (15,295)
CASH FLOWS FINANCING ACTIVITIES:
Restricted cash (61,303) (87,121) 237
Notes receivable - restricted 13,158 --
Dividend payable (2,343) (815) --
Borrowings on short term loans -
bank 174,290 71,057 56,813
Payments on short term loans - bank (93,212) (103,641) (53,112)
Borrowings on short term loans -
related parties 4,398 7,222 --
Payments on short term loans -
related parties -- (7,693) (17)
Borrowings on short term loans -
others 159,296 87,207 5,230
Payments on short term loans -
others (126,650) (53,031) (12,640)
Borrowings on short term notes
payable 636,136 335,870 14,563
Payments on short term notes payable (587,598) (200,416) (38,211)
Cash received on stock issuance 23,090 700
Cash received from issuance of
convertible note -- -- 36,856
Cash contribution received from
minority shareholders -- -- 790
Cash received from warrants
conversion -- -- 5,300
Payment to minority shareholders (2,814)
Net cash provided by financing
activities 126,104 62,497 12,995
EFFECTS OF EXCHANGE RATE CHANGE IN
CASH (5) 1,591 140
INCREASE (DECREASE) IN CASH 67,223 (28,818) 36,881
CASH, beginning of year 14,895 43,713 6,832
CASH, end of year $82,118 $14,895 43,713
SOURCE General Steel Holdings, Inc.
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