THT Heat Transfer Technology, Inc. Announces Consolidated Financial Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the First Quarter of Fiscal 2015
For the fiscal year 2014, sales revenue was USD 61.1 million, a 15.0% decrease from USD 71.8 million in 2013, primarily because of decreased demand for heat exchange units, plate heat exchangers and air coolers in response to China's economic slowdown. Income before income taxes for the fiscal year 2014 decreased by 26.0% to USD 3.1 million from USD 4.2 million in 2013. The decrease was mainly attributable to the decreased gross profit. Net income attributable to common stockholders was USD 2.1 million in 2014, a decrease of 30.4% compared to USD 3.1 million in 2013. Basic and fully diluted net income per share was USD 0.10 in 2014, compared with USD 0.15 in 2013. Net cash provided by operating activities was USD 6.1 million for 2014, compared with USD 2.9 million for 2013. The increase in net cash provided by operating activities was mainly because of more decrease of trade receivables, more decrease of retention receivable, more decrease of other receivables, increased other payable and accrued expenses, offset by decreased net income, and more purchase of inventories. Operating income was USD 3.125 million against USD 4.985 million a year ago.
The company provided earnings guidance for the first quarter of fiscal 2015. The company expects to generate net revenues in the range of USD 7 million to USD 9 million during the first quarter of 2015, compared with USD 8.3 million in the same period of 2014. This represents the Company's current and preliminary view, and is subject to change.