BEIJING,
Jan. 26, 2011
/PRNewswire-Asia-FirstCall/ -- LianDi Clean Technology Inc.
(OTC Bulletin Board: LNDT), ("LianDi" or the "Company"), a provider
of clean technology, downstream flow equipment, engineering
services and software to China's
leading petroleum and petrochemical companies, today provided a
business update.
The following chart reflects LianDi's backlog through the first
three quarters of fiscal year ending March
31, 2011.
|
|
Backlog
|
9 months
ended December 31, 2010
|
9 months
ended December 31, 2009
|
%
Change Y-O-Y
|
|
Equipment
|
$36
million
|
$26
million
|
38.5%
|
|
Software
|
$1
million
|
$0
million
|
--
|
|
Services
|
$3
million
|
$0
million
|
--
|
|
Total
|
$40
million
|
$26
million
|
+53.8%
|
|
|
|
|
|
|
|
Total orders during the first nine months of fiscal year ending
March 31, 2011 were $85 million, an increase of 86.4% compared to the
same period last year. Equipment orders grew by 86.2% to
$72.8 million.
"We continue to benefit from the strong growth in spending by
the large domestic oil and gas and petrochemical companies," stated
Mr. Jianzhong Zuo, Chairman, Chief
Executive Officer and President of the Company. "The growth in
orders and contract renewals reflect the successes we have achieved
to date. As our customers' needs expand and become more complex,
they have consolidated more of their spending among a smaller
number of trusted suppliers, which has benefited our company
significantly."
Mr. Zuo continued, "Our collaboration with leading global
suppliers and broad portfolio of cutting-edge products enhances our
ability to drive business value and high performance for our
clients. These strategic partnerships with some of the largest
organizations in the oil and gas industry around the world allow us
to leverage proven technology and industry solutions to optimize
our services and offer our clients complete solutions to meet their
business challenges. By complementing this with proprietary
software and additional products and services, we seek to drive
incremental revenue and earnings for 2011."
LianDi recently signed master distribution agreements with new
and existing customers which expands the Company's ability to bid
for a broader range of projects while meeting more of its customers
needs.
|
|
Name
|
Origin
|
Customer
Since
|
Products
|
End
Market
|
|
Bornemann
|
Germany
|
2008
|
Screw
Pumps
|
Oil &
Gas
|
|
ABB
|
Switzerland
|
2010
|
Measurement
Products
|
Oil &
Gas
|
|
Metso
|
Finland
|
2008
|
Control
Valves
|
Petrochemicals
|
|
Poyam
|
Spain
|
2007
|
Valves
|
Oil &
Gas
|
|
Rotork
|
U.K.
|
2007
|
Electric
Actuators
|
Oil &
Gas
|
|
|
|
|
|
|
|
|
Based on preliminary results through December 31, 2010, the Company is increasing its
fiscal 2011 guidance. Revenues are now expected to be
$130 million, an 11% increase from
previous estimates of $117 million.
Net income is expected to be $25
million, a 1.6% increase from previous estimates of
$24.6 million.
About LianDi Clean Technology Inc.
LianDi was established in July
2004 to serve the largest Chinese petroleum and
petrochemical companies. Through its four operating subsidiaries,
Hua Shen Trading (International) Ltd., Petrochemical Engineering
Ltd., Bright Flow Control Ltd. and Beijing JianXin Petrochemical
Engineering Ltd., the Company distributes a wide range of
customized valves and equipment and provides associated value-added
technical and integration service. The Company also develops and
markets proprietary optimization software for the polymerization
process. In addition, LianDi is focused on the large, rapidly
growing, clean technology market for oil refineries, projected to
reach over $1 billion in the next 10
years. This market is expected to benefit from favorable Chinese
government policies, including tax benefits and other
incentives.
Cautionary Statement Regarding Forward-Looking Information
This press release may contain certain "forward-looking
statements" relating to the business of LianDi and its subsidiary
companies. All statements, other than statements of historical fact
included herein are "forward-looking statements" including
statements regarding: the impact of the proceeds from the private
placement on the Company's short term business and operations; the
general ability of the Company to achieve its commercial
objectives, including the ability of the Company to sustain growth;
the business strategy, plans and objectives of the Company and its
subsidiaries; and any other statements of non-historical
information. These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involve known and unknown risks
and uncertainties. The Company's actual results could differ
materially from those anticipated in these forward-looking
statements as a result of a variety of factors, including those
discussed in the Company's periodic reports that are filed with the
Securities and Exchange Commission and available on its website
(http://www.sec.gov )
For more information, please contact:
Investor Relations:
|
|
|
|
HC International,
Inc.
|
|
Ted Haberfield, Executive
VP
|
|
Tel:
+1-760-755-2716
|
|
Email:
thaberfield@hcinternational.net
|
|
|
SOURCE LianDi Clean Technology Inc.