Tri-Tech Holding, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013
November 19, 2013
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Tri-Tech Holding, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, total revenues were $9,102,429 against $18,146,811 last year. Loss from operations was $2,559,163 against $281,627 last year. Loss before provision for income taxes was $1,379,395 against $865,198 last year. Net loss attributable to the company's shareholders was $1,230,576 or $0.15 per basic and diluted share against $677,022 or $0.08 per basic and diluted share last year.
For the nine months, total revenues were $35,865,874 against $60,408,657 last year. Loss from operations was $4,226,424 against income from operations of $2,803,789 last year. Loss before provision for income taxes was $3,287,682 against income before provision for income taxes of $2,476,773 last year. Net loss attributable to the company's shareholders was $2,931,369 or $0.35 per basic and diluted share against net income attributable to the company's shareholders of $2,131,990 or $0.26 per basic and diluted share last year. Net cash provided by operating activities was $1,853,162 against net cash used in operating activities of $17,011,378 last year. Payment to purchase plant and equipment was $132,096 against $262,584 last year. The decrease in total Revenue was mainly due to the company's shift away from build and transfer projects and the progress in Ordos project and the India projects. The increase of $18,864,540 in operating cash inflow was due to the receipt of $25.2 million from the Ordos project and prepayments on projects.
Tri-Tech Holding Inc., through its subsidiaries and contractually-controlled variable interest entities, provides self-manufactured and third-party products, system integration and other services. The Company provides consulting, engineering, procurement, construction and technical services. The Company's segments are Water, Wastewater Treatment and Municipal Infrastructure (WWTM) and Industrial Pollution Control and Safety (IPCS). The WWTM segment focuses on municipal water supply and distribution, wastewater treatment and gray water recycling, through the procurement and construction of build-transfer processing equipment and processing control systems. The Company also provides municipal facilities engineering and operation management services for related infrastructure construction projects. The IPCS segment focuses on industrial water, wastewater treatment and seawater desalination for industrial production and pollution control in the petroleum and power industries.