THT Heat Transfer Technology, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Revenue Guidance for the Third Quarter of 2014
August 14, 2014 at 04:01 pm EDT
THT Heat Transfer Technology, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. Sales revenue for the second quarter of 2014 was $12.7 million, a 16.5% increase from $10.9 million during the same period of 2013. The increase was primarily attributable to higher sales revenue from heat exchange units and plate heat exchangers. Income before income tax was $0.9 million in the second quarter of 2014, an increase of 54.7% compared with $0.6 million in the same period of 2013. The increase was mainly due to an increase in gross profit. Net income attributable to common shareholders was $0.9 million in the second quarter of 2014, a 162.2% increase compared with $0.3 million in the same period of 2013. The increase was due to the cumulative effect of the foregoing factors. Basic and fully diluted net income per share was $0.05 in the second quarter of 2014, compared with $0.02 in the same period of 2013.
Net cash provided by operating activities was $1.594 million against net cash used in operating activities of $4.49 million a year ago.
The company expects to generate sales revenue in the range of $22 million to $28 million in the third quarter of 2014, compared with $13.8 million in the same period of 2013. This represents the company's preliminary view, and is subject to change.