AP Henderson Group Reports First Quarter Results.Business Editors LOS ANGELES--(BUSINESS WIRE)--May 23, 2003 AP Henderson Group Henderson Group plc (LSE: HGI, ASX: HGI) is a British asset management company based in the City of London. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. It is also listed on the Australian Stock Exchange. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :APHG) today announced its results for the first quarter ended March 31, 2003. AP Henderson Group is principally engaged in two industry segments: the petrochemical and the agrochemical agrochemical Any chemical used in agriculture, including chemical fertilizers, herbicides, and insecticides. Most are mixtures of two or more chemicals; active ingredients provide the desired effects, and inert ingredients stabilize or preserve the active ingredients or aid . Revenues for the first quarter ended March 31, 2003 increased by 134% to $32.2 million from $13.9 million for the same period last year. Revenues from the sale of petrochemical products for the three months ended March 31, 2003 increased by $17.9 million, or 130%, compared to the same period in 2002. Revenues from the sale of agrochemical products for the three months ended March 31, 2003 increased by $423 thousand, or 327%, compared to the same period 2002. The increase in revenues from the prior year period was due primarily to an expansion of our petrochemical refinery facility in Shandong province, People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China in late 2002. We increased our petrochemical refinery operations from a distillation distillation, process used to separate the substances composing a mixture. It involves a change of state, as of liquid to gas, and subsequent condensation. The process was probably first used in the production of intoxicating beverages. throughput capacity of 300,000 tons annually to a capacity of 1,300,000 tons annually. With increased production capacity, we were able to produce more petrochemical products to meet strong market demand. Gross profit for the first quarter 2003 increased by $1.47 million due to the increase in overall sales as a result of our ability to meet greater demand Net income for the first quarter 2003 increased by $81 thousand or 169% to $129 thousand from $48 thousand for the corresponding quarter last year. ABOUT THE COMPANY AP Henderson Group, through its wholly-owned subsidiary, Jingbo Chemical (Bo Xing) Company Ltd., is one of the largest independent petroleum refiners and suppliers of transportation fuels, fuel oil, liquefied petroleum gas liquefied petroleum gas or LPG, mixture of gases, chiefly propane and butane, produced commercially from petroleum and stored under pressure to keep it in a liquid state. (LPG LPG: see liquefied petroleum gas. 1. LPG - Linguaggio Procedure Grafiche (Italian for "Graphical Procedures Language"). dott. Gabriele Selmi. Roughly a cross between Fortran and APL, with graphical-oriented extensions and several peculiarities. ), oxidized oxidized having been modified by the process of oxidation. oxidized cellulose see absorbable cellulose. asphalt, kerosene kerosene or kerosine, colorless, thin mineral oil whose density is between 0.75 and 0.85 grams per cubic centimeter. A mixture of hydrocarbons, it is commonly obtained in the fractional distillation of petroleum as the portion boiling off and other petrochemical products in the Shandong Province of the People's Republic of China. Its agrochemical division is a major manufacturer and supplier of insecticide insecticide Any of a large group of substances used to kill insects. Such substances are mainly used to control pests that infest cultivated plants and crops or to eliminate disease-carrying insects in specific areas. , fungicide fungicide (fŭn`jəsīd', fŭng`gə–), any substance used to destroy fungi. Some fungi are extremely damaging to crops (see diseases of plants), and others cause diseases in humans and other animals (see fungal infection). , herbicide herbicide (hr`bəsīd'), chemical compound that kills plants or inhibits their normal growth. A herbicide in a particular formulation and application can be described as selective or nonselective. and other agrochemical products in the eastern and northern parts of China. FORWARD LOOKING STATEMENTS The statements contained in this press release that are not historical are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements, without limitation, regarding our expectations, beliefs, intentions or strategies regarding the future. The Company intends that such forward-looking statements be subject to the safe-harbor provided by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements relate to, among other things: (1) expected revenue and earnings growth; (2) estimates regarding the size of target markets; and (3) regulation of the Company's industries and markets by the Chinese government Ever since Republic of China founded in January 1st, 1912, China has had several regional and national governments. List
Table to follow: ALL OF OUR SALES AND EXPENSES ARE DENOMINATED IN RENMINBI ("RMB RMB Right Mouse Button RMB Regional Management Board (USACE) RMB Rolf Maier Bode (musician, band) RMB Ren Min Bi (currency of People's Republic of China) "), THE NATIONAL CURRENCY OF THE PEOPLE'S REPUBLIC OF CHINA. SOLELY FOR THE CONVENIENCE OF THE READER, THE FINANCIAL INFORMATION AS OF DECEMBER 31, 2002 AND MARCH 31, 2003 HAVE BEEN CONVERTED INTO UNITED STATES United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. DOLLARS AT THE NOON BUYING RATE IN NEW YORK CITY New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. ON SUCH DATES AS CERTIFIED FOR CUSTOMS PURPOSES BY THE FEDERAL RESERVE BANK OF NEW YORK The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. OF (US$1.00 = RMB 8.2773 AS OF DECEMBER 31, 2002 AND = RMB 8.3388 AS OF MARCH 31, 2003). NO REPRESENTATION IS MADE THAT THE RMB AMOUNTS COULD HAVE BEEN, OR COULD BE, CONVERTED INTO UNITED STATES DOLLARS AT THAT RATE OR AT ANY OTHER CERTAIN RATE AS OF THE RESPECTIVE DATES OR AT ANY OTHER DATE. Financial Statements
AP Henderson Group
Consolidated Statements of Operation
($000's, except per share information)
(unaudited)
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For the three months ended
March 31
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2002 2003
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Operating Revenues 13,896 32,245
Operating Expenses 13,812 31,381
Operating Income 84 864
Nonoperating Income (Loss), net 9 (613)
Income before income taxes and
minority interests 93 251
Income tax expense 45 122
Net Income 48 129
Net Income per share - basic &
diluted 0.00 0.00
AP Henderson Group
Consolidated balance sheet
($000's, except per share information)
(unaudited)
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As of
March 31,
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2002 2003
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Assets
Current assets
Cash and cash equivalents 14,647 37,544
Accounts receivable, net 751 860
Other current assets 24,623 42,077
Net property and equipment 20,760 22,522
Non-current assets
Intangible and other assets 545 470
Deferred tax assets 358 356
Total assets 61,684 103,829
Liabilities and shareholders' equity
Current liabilities 27,254 70,108
Long-term liabilities 20,353 20,013
Shareholders' equity 14,077 13,708
Total liabilities and shareholders'
equity 61,684 103,829
All assets and operations of the Company are located in China, which
is considered as one geographic location in an economic environment
with similar risks and returns.
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