News List

      Tri-Tech Holding Reports Second Quarter 2013 Financial Results

      Date:08/14/2013

      BEIJINGAug. 14, 2013 /PRNewswire-FirstCall/ -- Tri-Tech Holding Inc. (Nasdaq: TRIT), which provides turn-key water resources management, water and wastewater treatment, industrial safety and pollution control solutions, announced its financial performance for the second quarter ended June 30, 2013.

      (Logo: http://www.newscom.com/cgi-bin/prnh/20100603/CNTH016LOGO )

      In discussing second quarter results, Mr. Gavin Cheng, CEO of Tri-Tech Holding Inc. commented, "Despite an overall deterioration in financial results compared to that from the same period in 2012, the Company saw a recovery in operations when compared to that of first quarter 2013: our revenue increased by 55%, our operating expenses margin declined by 15% and our gross margin maintained relatively the same at 22.3%." Management ascribes the recovery to:

      • 11% reduction in headcount and improvements in employee productivity;
      • Consolidation of compatible business units;
      • Reduction of middle management;
      • Rigorous selection of projects to reduce exposure to riskier projects; and
      • Avoidance of projects with unfavorable payment terms.

      Moving forward, the Company will further such efforts to continue on the course of recovery."

      Highlights from the Company's second quarter 2013 performance include the following:

      • Loss from Operations was $0.49 million in the second quarter 2013, compared to Income from Operations of $1.63 million in the same period of 2012. Loss from Operations decreased sharply from 2013 first quarter Loss from Operations of $1.6 million.
      • Net Loss was $0.6 million in the second quarter 2013, compared to Net Income of $1.3 million in the same period of 2012. Net Loss decreased from 2013 first quarter Net Loss of $1.1 million.
      • The Company achieved $16.3 million in revenues in the second quarter of 2013, a decline of 29.3% compared to $23.04 million from the same period in 2012. Revenues were up 55% from first quarter 2013 revenues of $10.5 million.
      • Weighted average number of diluted shares outstanding was 8,253,406 compared to 8,207,427 in the same period in 2012.
      • Diluted loss per share was $0.07 compared to diluted earnings per share of $0.17 in the same period of 2012.