Key Developments: Sinoenergy Corporation (SNEN.O)
1.71USD
9 Feb 2010
$-0.05 (-2.84%)
$1.76
$1.72
$1.72
$1.71
2,800
29,244
$2.63
$0.80
Latest Key Developments
Sinoenergy Corporation Signs Merger Agreement With Skywide Capital Management Limited
Sinoenergy Corporation announced that it has entered into an agreement with Skywide Capital Management Limited, pursuant to which the Company will be merged with and into Skywide. Upon the effectiveness of the merger, each issued and outstanding share of the Company's common stock, other than shares owned by Skywide, will automatically be converted into the right to receive $1.90 per share. Skywide, which is owned by the Company's Chairman, Mr. Tianzhou Deng, and its President. As a result of the merger, the Company will cease to exist as a separate corporation, and its common stock will no longer be publicly traded. The merger was approved by the Board of Directors, upon the recommendation of a special committee of the Board which was comprised solely of Independent Directors.
Sinoenergy Corporation Updates Q2 2009 Earnings Guidance
Sinoenergy Corporation announced a further over $1 million loss for the second quarter of 2009, making allowance for uncollectible land rental income of Qingdao Sinogas General Machinery Co., Ltd. (Sinogas), the Company's subsidiary. A portion of Sinoenergy's receivables from Mingcheng Real Estate (listed under Other Receivables), will unlikely to be collected by March 31, 2009. In compliance with US GAAP, the Company will accrue the RMB 7.5 million as bad debt. This uncollected rental fee will significantly impact financial results for the second quarter of 2009. In addition to the estimated $1 million loss projected for the second quarter of 2009, this uncollected amount from Mingcheng will add another $1.1 million loss to the second quarter. The Company's total projected loss for the second quarter of 2009 is now estimated to be over $2 million.
Sinoenergy Corporation Issues Q2 2009 Guidance
Sinoenergy Corporation announced that for the second quarter of 2009, it expects its net revenue to be from $10 million to $11 million, operating income to be from $1.1 million to $1.2 million, net income to be from $ -$1.0 million to -$1.1 million, or -$0.05 to -$0.06 per diluted share (EPS). The Company commented that the projected sales and gross profits for the next quarter are expected to decrease due to the global financial crisis impacting its businesses. The decreases are due to the following factors: first, the sales of CNG trailer will decrease dramatically; and second, the orders of other manufacturing business from customers will also decrease.
Sinoenergy Corporation Opens Three New Retail CNG Filling Stations
Sinoenergy Corporation announced the opening of three new retail CNG filling stations that started operations selling CNG as of January 1, 2009. All of the three new retail CNG filling stations are fully licensed by local governments to operate and sell CNG for use in CNG powered vehicles. All of the three new CNG filling stations are in a new location in the Zhu Ye Shan district, the City of Wuhan, Hubei Province. Each of the stations has four filling outlets, and is open 24 hours a day, seven days a week.
Sinoenergy Corporation Appoints Mr. Ming Shiao Sheng As New Chief Financial Officer
Sinoenergy Corporation announced that it has appointed Mr. Ming Shiao Sheng to be the Company's new Chief Financial Officer as of October 20, 2008.
Sinoenergy Corporation Rangs Closing Bell At Nasdaq
Sinoenergy Corporation announced that the Company's management rang the closing bell at the Nasdaq MarketSite on October 17, 2008 to celebrate the Company's listing on The Nasdaq Capital Market.
Sinoenergy Corporation Reiterates FY 2008, FY 2009 EPS Outlook; Opens Two New Retail Stations
Sinoenergy Corporation reiterated its fiscal 2008 outlook and expects diluted earning per share (EPS) to be from $0.60-$0.65. It also reiterated fiscal 2009 EPS outlook to a range of $0.90-$1.00. The Company also announced the opening of two new retail CNG filling stations that started selling CNG as of October 1, 2008. The two new CNG filling stations are located in Xuanhu Lu, the City of Xuancheng, Anhui Province. Each of these standard CNG filling stations has four filling outlets, and is open 24 hours a day, seven days a week. The Company has now opened and is operating a total of sixteen retail CNG filling stations in Central and Eastern China.
Sinoenergy Corporation Opens Three New Retail CNG Filling Stations
Sinoenergy Corporation announced the opening of three new retail CNG filling stations that started selling CNG on August 22, 2008. All three CNG filling stations are located on Changqing Road, the city of Wuhan, Hubei Province. Each of the stations has four filling outlets, and is open 24 hours a day, seven days a week. Targeted sales for each CNG filling station, set by the Company and used in its business planning, are 10,000 cubic meters per day (equal to 353,147 cu.ft.). All three new retail CNG filling stations are fully licensed by local government agencies to operate and sell CNG for use in CNG powered vehicles. With these three additional retail CNG filling stations, the Company has opened and is operating a total of 14 retail CNG filling stations in Central and Eastern China, 11 of which are located in Wuhan.
Sinoenergy Corporation Issues Q4 2008 Outlook; Raises FY 2008 Outlook
Sinoenergy Corporation announced that for the fourth quarter of 2008, it expects its net revenue to be from $11 million to $12 million, net to be from $3.0 million to $3.2 million, or $0.15 to $0.16 per diluted share (EPS). For fiscal 2008, the Company expects net income to be about $12.2 to $12.4 million, or $0.62 to $0.63 per diluted share. The Company cited the successful third quarter period with remarkable financial performance and significant business developments, as the primary reasons for the fiscal 2008 positive outlook.
Sinoenergy Corporation Signs Share Exchange Agreement For Joint Venture Companies
Sinoenergy Corporation announced that it has signed a share exchange agreement with China New Energy Development Investment Co., Ltd to exchange part of the ownership between the two party's jointly established companies, Hubei Gather Energy Co., Ltd located in Wuhan City and Anhui Gather Energy Co., Ltd located in Wuhu City. Both Hubei Gather and Anhui Gather are joint venture companies between Sinoenergy and China New Energy that engage in the construction and operation of CNG mother stations. Prior to the share exchange, Sinoenergy, through its fully owned subsidiary Sinoenergy Holding Limited, owned 55% and 45% of the equity of Hubei Gather and Anhui Gather respectively, China New Energy owned the remaining equity of Hubei Gather and Anhui Gather. Each joint venture has obtained natural gas quota of 200 million cubic meters per year for 20 years from Sinopec starting from 2007. According to the share exchange agreement, Sinoenergy will transfer 25% of its ownership of Anhui Gather to China New Energy. In return, China New Energy will transfer 25% of its ownership of Wuhan Gather to Sinoenergy. The transaction is expected to be completed by the end of August 2008 on non-cash basis. Currently, Hubei Gather CNG mother station is under construction and is expected to be completed and begin operation in the third quarter of 2009. The maximum daily CNG processing capacity is estimated to reach 600,000 cubic meters.
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