Le Lézard
Classified in: Business
Subjects: ERN, CCA, ERP

Pingtan Marine Enterprise Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2017


Company to Hold Conference Call on Thursday, March 15, 2018, at 8:30 AM ET

FUZHOU, China, March 14, 2018 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME) ("Pingtan" or the "Company"), a global fishing company based in the People's Republic of China (PRC), today announced financial results for its fourth quarter and year-ended December 31, 2017.

The Company's recent notable events are as follows:

Management Comments

Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "We delivered strong operating and financial results in 2017 despite the impact from the Indonesian government's moratorium and subsequent actions on our fishing operations in Indonesian waters. We were dedicated to enlarging fishing territories and increasing production capacity and product mix through expanding operating vessels in various fishing methods to harvest higher margin fishing products. During the year, we have been paying close attention to any new changes and trends in fishing policy and have been actively exploring for new locations to deploy our vessels. Since the second quarter of 2017, we have started partnerships with major chain restaurants and one of China's largest e-commerce retailers, JD.com. After months of efforts from both the JD and Pingtan teams, we have successfully launched three of our fish products online. As to date, we have made record online sales of over 10,000 pieces, capturing the attention of e-commerce customers. Our online success has motivated us to seek to launch more products in the future. Looking forward, we intend to accelerate the construction of our processing facilities and expand our territory to enrich product mix and expand our market share through online retail businesses."

Factors Affecting Pingtan's Results of Operation ? Indonesia Moratorium

As previously disclosed in our Forms 10-K and 10-Q filed during 2015 and 2016, in early December 2014 the Indonesian government introduced a six-month moratorium on issuing new fishing licenses and renewals so that the country's Ministry of Maritime Affairs and Fisheries ("MMAF") could combat illegal fishing and rectify ocean fishing order. In February 2015, the Company ceased all fishing operations in Indonesia. During the moratorium, the Company was informed that fishing licenses of four vessels operated through PT. Avona, one of the local companies through which Pingtan conducts business in Indonesia, and the fishery business license of PT. Dwikarya, the other local company through which Pingtan conducts business in Indonesia, were revoked. As a result, and because license renewal was prohibited due to the general moratorium, all local fishing licenses of the Company's vessels in Indonesia are presently inactive. The MMAF has not yet restored license issuing or renewal process for vessels built abroad.

In November 2015, the Indonesian government announced that the moratorium had concluded. As the MMAF has not implemented new fishing policies and resumed the license renewal process, the Company does not know when exactly licensing and renewal will start. Since the Company derived a majority of its revenue from this area, this ban has caused a significant drop in production.

In September 2017, the Company was informed that the fishing licenses of 13 vessels deployed to the Indo-Pacific waters were suspended and the vessels were docked in the port by the Ministry of Agriculture and Fisheries ("MAF") of the Democratic Republic of Timor-Leste. The MAF is alleging and is investigating whether false statements were made during the licensing process and the vessels were simultaneously registered in Indonesia. The Company disputes these allegations.

As of December 31, 2017, among the Company's 140 vessels, 12 are located in the Bay of Bengal in India; 11 are located in international waters (including 1 refrigerated transport vessel); and 13 are located in the Democratic Republic of Timor-Leste but are currently not operating as described above. The remaining 104 vessels are located in Indonesian waters and continue to be idle due to the Indonesian government's moratorium and subsequent actions.

Financial Highlights (all results are compared to prior year)

Fourth Quarter 2017 Financial Highlights (all results are compared to prior year period)

Pingtan's Revenue Break-down By PRC Territories



Year Ended December 31,



2017



2016



2015


Fujian province



61

%



32

%



36

%

Guangdong province



28

%



48

%



47

%

Shandong province



9

%



4

%



3

%

Zhejiang province



2

%



13

%



8

%

Liaoning province



0

%



1

%



2

%

Other areas



0

%



2

%



4

%

Total



100

%



100

%



100

%

2017 Selected Financial Highlights

($ in millions, except share and per share) data)

Three Months ended December 31,


Year Ended
December 31,


2017


2016


2017


2016


2015

Revenue

$16.4


$13.2


$63.2


$20.5


$60.7

Cost of Revenue

$4.2


$3.3


$41.1


$29.3


$63.5

Gross Profit (Loss)

$12.2


$9.9


$22.1


$ (8.8)


$ (2.8)

Gross Margin

74.5%


75.1%


34.9%


(42.8)%


$ (4.6)%

Net Income (Loss) 

$5.3


$9.2


$32.5


$ (14.7)


$19.6

Basic and Diluted Weighted Average Shares

79.1


79.1


79.1


79.1


79.1

EPS (in $)

$0.06


$0.11


$0.38


$(0.17)


$0.23

 

Balance Sheet Highlights

($ in millions, except for book value per share)

12/31/2017


12/31/2016





Cash and Cash Equivalents

$2.0


$0.8

Total Current Assets

$20.8


$60.8

Total Assets

$201.1


$226.5

Total Current Liabilities

$36.4


$64.9

Total Long-term Debt, net of current portion

$17.2


$21.8

Total Liabilities

$53.6


$86.8

Shareholders' Equity

$147.5


$139.7

Total Liabilities and Shareholders' Equity

$201.1


$226.5

Book Value Per Share (in $)

$1.87


$1.77

Consolidated Financial and Operating Review

Revenue

Revenue for the three months ended December 31, 2017 was $16.4 million compared to $13.2 million for the same period in 2016. The increase was mainly attributable to business expansion resulting from more fishing vessels put into operation.

For the year ended December 31, 2017, the Company's revenue was $63.2 million, increasing by 207.7% from $20.5 million for the year ended December 31, 2016. The increase was primarily due to the increase in fishing activities. During the year ended December 31, 2017, the Company purchased 4 squid jigging vessels to reinforce its fishing capacity and placed 10 fishing vessels in operation in international waters during the year ended December 31, 2017 in comparison to 2 fishing vessels operating in international waters during the year ended December 31, 2016.

Gross Margin

The Company's gross margin was 74.5% for the three months ended December 31, 2017, compared to 75.1% in the prior year period.

The Company's gross margin was 34.9% in the fiscal year ended December 31, 2017 compared to (42.8)% in the same period of 2016. The increase was due to the increase in our sales revenue and the decrease in unit production cost of fish.

Selling Expenses

For the three months ended December 31, 2017, selling expense was $0.5 million compared to $0.7 million in the prior year period.

For the year ended December 31, 2017, total selling expense was $1.2 million, remaining unchanged as that of the same period of 2016.

General & Administrative Expenses

For the three months ended December 31, 2017, general and administrative expense was $6.3 million, compared to $0.9 million in the prior year period. The increment is due to depreciation of 104 vessels located in Indonesia but not operating as a result of the moratorium mentioned, which was recorded as operation expense rather than cost of revenue.

For the fiscal year ended December 31, 2017, total general and administrative expense was $9.6 million compared to $4.0 million in the same period of 2016. The increase was primarily due to increase in depreciation expense, professional fees and travel for investor conferences, as well as bad debt recovery based on periodic review of accounts receivable balances and management's evaluation of the collectability of receivable balances.

Net Income (Loss)

Net income attributable to owners of the Company for the three months ended December 31, 2017 was $4.8 million, or $0.06 per basic and diluted share, compared to net income attributable to owners of the Company of $8.4 million, or $0.11 per basic and diluted share, in the same period of 2016. The decrease was mainly due to management's sales policy since 2018 Lunar New Year is in February, which is the peak season for the seafood sales in China.

Net income attributable to owners of the Company for the year ended December 31, 2017 was $29.7 million, or 0.38 per basic and diluted share, compared to net loss attributable to owners of the Company of $13.7 million, or $(0.17) per basic and diluted share, in the same period of 2016. The increase was due to increase of fishing vessels operating in international waters as described above.

Conference Call Details

Pingtan also announced that it will discuss financial results in a conference call Thursday, March 15, 2018 ? 8:30 a.m. ET.

The dial-in numbers are:

Live Participant Dial In (Toll Free):           877-407-0310
Live Participant Dial In (International):   201-493-6786

To listen to the live webcast, please go to http://www.ptmarine.com and click on the conference call link at the top of the page or go to: http://ptmarine.equisolvewebcast.com/q4-2017. This webcast will be archived and accessible through the Company's website for approximately 30 days following the call.

About Pingtan

Pingtan is a global fishing company engaging in ocean fishing through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.

Business Risks and Forward-Looking Statements

This press release may contain forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. Words such as "estimate," "project," "forecast," "plan," "believe," "may," "expect," "anticipate," "intend," "planned," "potential," "can," "expectation" and similar expressions, or the negative of those expressions, may identify forward-looking statements. Although forward-looking statements reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Risks include anticipated growth and growth strategies; need for additional capital and the availability of financing; locating or re-locating vessels, in foreign waters and related license requirements; our ability to successfully manage relationships with customers, distributors and other important relationships; actions taken by government regulators, such as the Indonesian moratorium, technological changes; competition; demand for our products and services; the deterioration of general economic conditions, whether internationally, nationally or in the local markets in which we operate; legislative or regulatory changes that may adversely affect our business; operational, mechanical, climatic or other unanticipated issues that adversely affect the production capacity of the Company's fishing vessels and their ability to generate expected annual revenue and net income; and other risk factors contained in Pingtan's SEC filings available at www.sec.gov, including Pingtan's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Pingtan undertakes no obligation to update or revise any forward-looking statements for any reason.

CONTACT:

Roy Yu
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
[email protected]

Johnny Zhang
IR Manager
Pingtan Marine Enterprise Ltd.
Tel: +86 591 8727 1753
[email protected]

Maggie Li
IR Deputy Manager
Pingtan Marine Enterprise Ltd.
Tel: +86 591 8727 1753
[email protected]

INVESTOR RELATIONS COUNSEL:

The Equity Group Inc.
Katherine Yao, Senior Associate
Tel: +86 10 6587 6435
[email protected]

 

PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES 

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) 

(IN U.S. DOLLARS)






For the three Months Ended 




December 31,


December 31,

2017

2016








REVENUE

$

16,389,874

$

13,152,374








COST OF REVENUE


4,183,993


3,274,073








GROSS PROFIT


12,205,881


9,878,301








OPERATING EXPENSES:






Selling


469,536


727,435


General and administrative


6,254,136


930,481


Grant income


(153,486)


(404,937)


Loss on fixed assets disposal


7,666


-


Total Operating Expenses


6,577,852


1,252,979








INCOME FROM OPERATIONS


5,628,029


8,625,322








OTHER INCOME (EXPENSE):






Loss on equity method investment


(5,746)


(7,978)


Dividend received


2,191


(3,601)


Interest income


14,151


1,927,912


Interest expenses


(561,421)


(315,595)


Other expense


6,330


5


Foreign currency transaction gain (loss) 


254,141


(1,000,663)








INCOME BEFORE INCOME TAXES


5,337,675


9,225,402








INCOME TAXES


-


-








NET INCOME 

$

5,337,675

$

9,225,402








LESS: NET INCOME ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST


508,471


790,804








NET INCOME ATTRIBUTABLE TO OWNERS OF THE COMPANY

$

4,829,204

$

8,434,598







COMPREHENSIVE INCOME:





NET INCOME


5,337,675


9,225,402


OTHER COMPREHENSIVE INCOME (LOSS)






Unrealized foreign currency translation gain (loss) 


2,939,441


(5,456,204)

TOTAL COMPREHENSIVE INCOME

$

8,277,116

$

3,769,198








LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST


741,402


359,051








COMPREHENSIVE INCOME ATTRIBUTABLE TO OWNERS OF THE COMPANY

$

7,535,714

$

3,410,147







NET INCOME PER ORDINARY SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY






Basic and diluted earnings per share

$

0.06

$

0.11







WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING:





Basic and diluted


79,055,053


79,055,053

 

 

PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES 

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(IN U.S. DOLLARS)



For the Years Ended December 31,


2017


2016


2015







REVENUE

$

63,209,687


$

20,540,769


$

60,700,190










COST OF REVENUE


41,126,898



29,328,776



63,476,627










GROSS PROFIT (LOSS)


22,082,789



(8,788,007)



(2,776,437)










OPERATING EXPENSES (PROFIT):









Selling


1,231,031



1,235,497



1,858,687

General and administrative


9,579,404



3,969,465



2,933,588

Grant income


(22,177,227)



(558,451)



(33,152,698)

Loss on fixed assets disposal


195,375



-



1,583,834










Total Operating (Profit) Expenses


(11,171,417)



4,646,511



(26,776,589)










INCOME (LOSS) FROM OPERATIONS


33,254,206



(13,434,518)



24,000,152










OTHER INCOME (EXPENSE):









Interest income


186,194



1,931,963



103,668

Interest expense


(2,403,213)



(1,972,267)



(3,630,200)

Foreign currency transaction gain (loss)


1,195,875



(1,543,357)



(1,308,922)

Dividend received


320,316



375,396



413,614

Loss on equity method investment


(33,246)



(33,073)



(19,700)

Other expense


(1)



(471)



(210)










Total Other Expense


(734,075)



(1,241,809)



(4,441,750)










INCOME (LOSS) BEFORE INCOME TAXES


32,520,131



(14,676,327)



19,558,402










INCOME TAXES


-



984



-










NET INCOME (LOSS)

$

32,520,131


$

(14,677,311)


$

19,558,402










LESS: NET INCOME (LOSS) ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST


2,860,438



(959,688)



1,205,485










NET INCOME (LOSS) ATTRIBUTABLE TO OWNERS OF THE COMPANY

$

29,659,693


$

(13,717,623)


$

18,352,917










COMPREHENSIVE INCOME (LOSS):









NET INCOME (LOSS)


32,520,131



(14,677,311)



19,558,402

OTHER COMPREHENSIVE INCOME (LOSS)









Unrealized foreign currency translation gain (loss)


7,760,460



(9,288,056)



(8,628,162)

COMPREHENSIVE INCOME (LOSS)

$

40,280,591


$

(23,965,367)


$

10,930,240

LESS: COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST


3,473,736



(1,695,044)



658,092

COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO OWNERS OF THE COMPANY

$

36,806,855


$

(22,270,323)


$

10,272,148










NET INCOME (LOSS) PER ORDINARY SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY









Basic and diluted

$

0.38


$

(0.17)


$

0.23










WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING:









Basic and diluted


79,055,053



79,055,053



79,055,053


 

 


PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES


CONSOLIDATED BALANCE SHEETS


(IN U.S. DOLLARS)



December 31,



2017


2016


ASSETS










CURRENT ASSETS:





    Cash

$

2,005,540


$

820,396


    Restricted cash


1,821,187



2,911,922


    Accounts receivable, net of allowance for doubtful accounts


13,012,671



11,322,726


    Inventories, net of reserve for inventories


3,560,261



8,811,111


    Advances to suppliers


-



3,969,351


    Prepaid expenses


110,536



8,145


    Prepaid expenses - related parties


-



522,337


    Other receivables


273,151



31,835,456


    Other receivables - related parties


-



639,917









        Total Current Assets


20,783,346



60,841,361









OTHER ASSETS:







    Cost method investment


3,213,859



3,027,245


    Equity method investment


30,521,466



28,493,273


    Prepayment for long-term assets


11,577,057



11,913,912


    Property, plant and equipment, net


135,042,467



122,196,594









        Total Other Assets


180,354,849



165,631,024









        Total Assets

$

201,138,195


$

226,472,385









LIABILITIES AND SHAREHOLDERS' EQUITY














CURRENT LIABILITIES:







    Accounts payable

$

4,301,146


$

916,737


    Accounts payable - related parties


1,803,698



2,560,760


    Short-term bank loans


14,600,978



21,554,636


    Long-term bank loans - current portion


5,968,596



17,298,544


    Accrued liabilities and other payables


5,354,616



4,399,536


    Accrued liabilities and other payables - related party


38,208



18,147,152


    Due to related parties


4,348,693



43,354









        Total Current Liabilities


36,415,935



64,920,719









OTHER LIABILITIES:







    Long-term bank loans - non-current portion


17,217,104



21,839,412









        Total Liabilities


53,633,039



86,760,131









COMMITMENTS AND CONTINGENCIES














SHAREHOLDERS' EQUITY:







     Equity attributable to owners of the company:







Ordinary shares ($0.001 par value; 225,000,000 shares authorized; 79,055,053 shares issued and outstanding at December 31, 2017 and 2016)


79,055



79,055


    Additional paid-in capital


81,682,599



111,008,085


    Retained earnings


40,349,189



17,438,215


    Statutory reserve


12,978,343



9,391,827


    Accumulated other comprehensive loss


(5,731,889)



(12,879,051)


    Total equity attributable to owners of the company


129,357,297



125,038,131


    Non-controlling interest


18,147,859



14,674,123









        Total Shareholders' Equity


147,505,156



139,712,254









        Total Liabilities and Shareholders' Equity

$

201,138,195


$

226,472,385


 

 

PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(IN U.S. DOLLARS)


For the Years Ended December 31,


2017


2016


2015







CASH FLOWS FROM OPERATING ACTIVITIES:






Net (loss) income

$

32,520,131


$

(14,677,311)


$

19,558,402

Adjustments to reconcile net income (loss) from operations to net cash provided by (used in) operating activities:









Depreciation


8,965,553



6,613,720



6,353,055

Decrease in allowance for doubtful accounts


(194,278)



(100,366)



(770,195)

(Decrease) increase in reserve for inventories


-



(213,255)



227,826

Loss on equity method investment


33,246



33,073



19,700

Loss on disposal of fixed assets


195,376



-



1,583,834

Changes in operating assets and liabilities:









Accounts receivable


(765,708)



563,318



37,007,012

Inventories


5,607,279



(6,705,933)



9,302,719

Advances to suppliers


4,078,230



(145,293)



(37,575,746)

Prepaid expenses


(98,606)



(6,729)



30,633

Prepaid expenses - related parties


536,665



3,988,749



2,382,910

Deferred expenses - related parties


-



-



1,016,039

Other receivables


32,439,871



(1,994,127)



87,907

Other receivables - related party


1,377,487



1,387



(145,617)

Accounts payable


3,005,441



2,275,069



2,202,515

Accounts payable - related parties


(885,433)



-



(162,631)

Accrued liabilities and other payables


254,242



(334,820)



(266,105)

Accrued liabilities and other payables - related party


(18,606,716)



5,732,472



-

Due to related parties


(23,354)



20,000



1,292










NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES


68,439,426



(4,950,046)



40,853,550










CASH FLOWS FROM INVESTING ACTIVITIES:









Refunds from commercial retail space prepayments


-



-



22,202,268

Purchase of property, plant and equipment


(49,860,416)



(1,465,144)



(56,222,226)

Proceeds from government grants for fishing vessels construction


6,600,906



-



-

Prepayments made for long-term assets


-



(26,671,132)



-

Payments for equity method investment


(296,217)



-



(40,209,087)

Proceeds from transferring equity method investment share


-



15,055,026



8,041,817










NET CASH USED IN INVESTING ACTIVITIES


(43,555,727)



(13,081,250)



(66,187,228)










CASH FLOWS FROM FINANCING ACTIVITIES:









Proceeds from short-term bank loans


14,453,010



23,275,729



23,958,292

Repayments of short-term bank loans


(21,673,260)



(22,234,749)



(30,989,630)

Proceeds from long-term bank loans


-



18,818,783



-

Repayments of long-term bank loans


(17,773,038)



(12,390,286)



(19,963,812)

Refund of restricted cash


1,229,302



(1,499,481)



(1,646,964)

Advances from related parties


4,328,693



5,063,620



3,910,000

Payments made for dividend


(3,162,203)



(3,162,202)



(2,371,652)

Capital contribution from non-controlling interest


-



-



64,334,540

Payments made to related parties in connection with the termination of VIE


-



-



(13,349,417)










NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES


(22,597,496)



7,871,414



23,881,357










EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS


(1,101,059)



(468,406)



148,733










NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS


1,185,144



(10,628,288)



(1,303,588)










CASH AND CASH EQUIVALENTS - beginning of year


820,396



11,448,684



12,752,272










CASH AND CASH EQUIVALENTS - end of year

$

2,005,540


$

820,396


$

11,448,684










SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:









Cash paid for:









Interest

$

2,639,039


$

2,921,417


$

3,799,389

Income taxes

$

-


$

984


$

-

NON-CASH INVESTING AND FINANCING ACTIVITIES:









Acquisition of property and equipment by decreasing prepayment for long-term assets

$

1,036,761


$

38,332,421


$

1,408,636

Property and equipment acquired on credit as payable

$

215,202


$

-


$

-

Decrease in cost of property and equipment by decreasing in accounts payable - related party

$

-


$

-


$

4,344,190

Other receivable increase by transferring equity method investment share

$

-


$

-


$

16,083,635

Offset other receivables - related parties against due to related parties

$

-


$

6,424,910


$

4,900,000

Increase in prepayment for long-term assets by increasing in accrued liabilities and other payables - related party

$

-


$

13,219,818


$

-

Reclassification of advances to suppliers to other receivables

$

-


$

31,172,469


$

-

 

SOURCE Pingtan Marine Enterprise Ltd.


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at 10:30
Unifi Aviation is making a pledge to employ 500 refugees over the next three years, a commitment the company made at the second annual TENT U.S. Business Summit on Refugees hosted by Pfizer at its global headquarters in New York City on March 26....

at 10:15
Today, Investopedia announced the winners of its 2024 Best Online Broker Awards, featuring 14 categories highlighting winners whose products and services helped investors navigate rising but volatile markets, a crypto resurgence, and new assets like...

at 10:12
NerdsToGo®, a leading information technology (IT) solutions and technology repair services franchise for both business and home, announced today plans for its strategic expansion throughout the greater Chicago area with 20 new territories available...



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