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DALIAN, China, Nov. 19 /PRNewswire-FirstCall/ -- RINO International Corp.
(OTC Bulletin Board: RINO) today announced that it anticipates reporting
between $32 million and $33.5 million in revenues for its fourth quarter which
will end December 31, 2008. This would represent at least 85% growth as
compared to the fourth quarter of 2007.
The company's third quarter financial report disclosed a backlog on
September 30, 2008 of $61.1 million, which consists of signed contracts which
have not been recognized as revenue. Approximately $29.4 million of the
backlog will be recorded as revenue for the fourth quarter with the additional
revenue emanating from machining services.
For the first nine months of 2008, the company reported revenues of $98.5
million, more than double the $46.1 million reported in the corresponding
period of last year. Net income, excluding the non-cash equity compensation
charge, increased 180% to $31.9 million.
Management anticipates providing 2009 guidance during the first quarter.
Additionally, the company has a $15 million credit line with the Pudong Bank
of Shanghai of which approximately $7.4 million is utilized. The company
anticipates utilizing the balance of this line, coupled with collections from
receivables from large SOE Steel customers carried on its balance sheet, to
assist in meeting its growth plans for next year.
"We continue to capitalize on the mandates of the State Environmental
Protection Agency aimed at significantly reducing sulphur emission from iron
and steel producers. We have leveraged our brand name and first mover
advantage to build an impressive base of quality customers who utilize our
patented sinter flue gas desulphurization system. We anticipate revenues for
2008 to exceed $130.5 million, which would represent at least 105% growth as
compared to last year. We intend to fully capitalize on this large
addressable market while further diversifying our revenue base. This includes
sales of our anti-oxidation product where we have made solid marketing inroads
this year. While the steel industry continues to experience extreme
volatility and production cuts we have not experienced a slow down in new
bookings or project installations and believe that stringent enforcement of
the government regulations, coupled with tax credits and government funding
for this initiative, will continue to drive strong demand for our products,"
stated Mr. Zou Dejun, Director and CEO of RINO.
About RINO International Corporation
RINO, through its direct and indirect subsidiaries, including Innomind
Group Limited and Dalian Innomind Environment Engineering Co., Ltd.
("Innomind"), its contractually-controlled affiliate, Dalian RINO
Environmental Engineering Science and Technology Co., Ltd. ("Dalian RINO") and
Dalian Rino Environment Project Design Co., Ltd., a wholly-owned subsidiary of
Dalian Rino (collectively, "RINO"), is a leading provider of environmental
protection equipment for the iron and steel industry in China. Specifically,
RINO designs, manufactures, installs and services proprietary and patented
wastewater treatment, flue gas desulphurization equipment, and high
temperature anti-oxidation systems, which are all designed to reduce either
industrial pollution and/or improve energy utilization. RINO's manufacturing
facility maintains the ISO 9001 Quality Management System and ISO 14001
Environment Management System certifications, in addition to receiving
numerous government and industry awards.
Cautionary Statement Regarding Forward-Looking Information
This upcoming conference call may contain forward-looking information
about the Company. Forward-looking statements are statements that are not
historical facts. These statements can be identified by the use of forward-
looking terminology such as "believe," "expect," "may," "will," "should,"
"project," "plan," "seek," "intend," or "anticipate" or the negative thereof
or comparable terminology, and statements which may include discussions of
strategy, and statements about industry trends future performance, operations
and products of each of the entities referred to above. Actual performance
results may vary significantly from expectations and projections as a result
of various factors, including without limitation and the risks set forth "Risk
Factors" contained in the Company's Annual Reports on Form 10-K, Quarterly
Reports on Form 10-Q, and the Registration Statement on Form S-1 as amended
filed with the SEC.
For more information, please contact:
For the Company:
Amy Qiu
Tel: +86-411-8766-1233
Email: aqiu@rinogroup.com
Investors:
Matt Hayden
HC International, Inc.
Tel: +1-561-245-5155
Email: matt.hayden@hcinternational.net
SOURCE RINO International Corp.
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