Key Developments For Harbin Electric, Inc.
Harbin Electric, Inc. (HRBN.O) (Consolidated Issue listed on NASDAQ Global Market)
Harbin Electric, Inc. Comments On Q4 2009 Operating Results Guidance
Harbin Electric, Inc. announced that it expects operating results in the fourth quarter of 2009 to remain strong. According to Reuters Estimates, analysts are expecting the Company to report EBIT of $15.11 million for the fourth quarter of 2009.
Harbin Electric, Inc.'s Harbin Tech Full Electric Co. Ltd. Completes Acquisition Of Xi'an Simo Motor Inc.
Harbin Electric, Inc. announced that Harbin Tech Full Electric Co. Ltd., a wholly owned subsidiary of the Company, completed the acquisition of Xi'an Simo Motor Incorporation (Group) (Simo Motor), one of China's electric motor companies. On October 6, 2009, Harbin Electric announced that Harbin Tech Full had signed a definitive agreement to acquire 100% of the outstanding shares and all of the corresponding assets of Simo Motor in consideration for the payment of a purchase price equal to no less than six times and no more than eight times the 2008 audited net profits of Simo Motor. As of the closing date, Harbin Tech Full had completed the registration of the share transfer with the requisite PRC authorities and had obtained the required business registration and transfer of licenses of Simo Motor, all as contemplated by the definitive agreement. On October 13, 2009, Simo Motor changed its name to Xi'an Tech Full Simo Motor Co. Ltd.
Harbin Electric, Inc.'s Harbin Tech Full Electric Co. Ltd. To Acquire Xi'an Simo Motor Inc. (Group)
Harbin Electric, Inc. announced that that Harbin Tech Full Electric Co. Ltd. (Harbin Tech Full), a wholly owned subsidiary of the Company, has entered into a definitive agreement dated as of October 2, 2009 to acquire Xi'an Simo Motor Incorporation (Group) (Simo Motor). Pursuant to the terms of the agreement, Harbin Tech Full has agreed to acquire 100% of the outstanding shares and all of the corresponding assets of Simo Motor in consideration for the payment of a purchase price equal to no less than six times and no more than eight times the 2008 audited net profits of Simo Motor. The closing of the acquisition is conditioned upon the completion of the registration of the share transfer with the requisite PRC authorities, which is expected to occur within the next 25 business days.
Harbin Electric, Inc. Announces Full Exercise of Over-Allotment Option
Harbin Electric, Inc. announced that it closed the sale of an additional 937,500 shares of common stock at the public offering price of $16.00 per share, pursuant to the over-allotment option exercised in full by the underwriter in connection with its public offering that closed on August 4, 2009. The exercise of the over-allotment option brings the total number of shares sold by Harbin Electric in this public offering to 7,187,500 and the total gross proceeds to $115 million. The aggregate net proceeds received by the Company totaled approximately $107.5 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company. The Company used part of the net proceeds from the sale of the securities to repay certain indebtedness. The Company intends to use the remainder of the net proceeds to fund product development and/or for working capital and general corporate purposes, including for potential acquisitions. Roth Capital Partners, LLC acted as the sole underwriter for the offering.
Harbin Electric, Inc. Issues FY 2009 Revenue Growth Outlook
Harbin Electric, Inc. announced that for fiscal 2009, it expects sales momentum to continue for the remainder of the year. The Company reported revenue of $120.82 million in fiscal 2008. According to Reuters Estimates, analysts were expecting the Company to report revenue of $146 million for fiscal 2009.
