China Tracker - Details for China Intelligent Lighting (CILE)

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 China Intelligent Lighting
Shares Outstanding (MRQ): 13.68 mill
New Shares / Dilution (TTM): 6.59 mill92.79%
Cash (MRQ): 11.05 mill0.00%
Account Receivables (MRQ): 20.61 mill0.00%
Account Receivables (Q/Q): + 5.08 mill  
Long-Term Debt (MRQ): NO DEBT
Revenue Growth (Q/Q): 9.29% 
Revenue Growth (Y/Y): 36.48%
Net Income Growth (Q/Q): 21.97% 
Net Income Growth (Y/Y): 19.89% 
EPS Growth (Y/Y): -37.81%
Net Margin (Q/Q): 11.6% (10.4%)1.20% 
Net Margin (Y/Y): 11.6% (13.2%)-1.60% 
EPS | P/E (2 MRQ Projection): $0.630.00 
CFPS | P/CF (2 MRQ Projection): -$0.040.00 
Price/Sales (2 MRQ Projection): 0.00
Price/Book (MRQ): 0.00 
Auditor: Friedman 
 Forward Projections (Fiscal Year)
EPS | P/E (Estimates updated 2010-10-31): $0.600.00 
 Basic Facts and History (show more)
Reporting Type: U.S. Company (10-K Filings) 
Going Public: IPO on 2010-06-18 
IPO Price: $3.00 (-100.00% since IPO)

 Business Outlook

Recent Chain of Events:
2011-12-28 -- Last SEC Filing
2011-12-21 -- CFO Resignation
2011-06-14 -- Delisting from NYSE Amex
2011-04-01 -- Auditor Engagement
2011-03-24 -- Trading halted by NYSE Amex
2011-03-23 -- Auditor Resignation
2010-11-08 -- Last Quarterly/Annual Report: Q3/FY2010 ended September 30, 2010

(Source: Trading China, 2012-09-30)

On June 13, 2011, the Exchange notified the Company that suspension of its securities from the Exchange will occur on June 14, 2011, prior to the opening of the market. In addition, the Exchange will file an application with the Securities and Exchange Commission to strike the Company's common stock from listing and registration on the Exchange when and if authorized.

The Company does not believe that its common stock is currently eligible to be quoted on the OTC Markets Group after delisting from the Exchange. When, and if, the Company is able to file its delinquent reports and become current in its periodic filing obligations, the Company's common stock may become eligible for quotation. However, there can be no assurance that the Company's common stock will ever be, or be eligible to be, quoted.

(Source: PR Newswire, 2011-06-14)

On April 5, 2011, the Company received a notification from NYSE Amex of its intention to delist the Company's common stock pursuant to Section 1009(d) of the Amex Company Guide based on a determination that it is necessary and appropriate for the protection of investors to initiate immediate delisting proceedings. Based on Amex's review of the resignation letter from MaloneBailey, it determined that the Company is not in compliance with Amex listing standards and is therefore subject to immediate delisting. Specifically, the Company is subject to delisting pursuant to Section 1003(f)(iii) in that the Company's actions and inactions led to MaloneBailey's resignation and withdrawal of its audit opinions casting material doubt on the integrity of the Company's financial statements, which were relied upon by Amex. The Company has until April 12, 2011 a limited right to request an appeal. If the Company does not request an appeal by then, then the decision will become final and Amex will submit an application to the SEC to strike the Company's common stock from listing. If the Company requests an appeal, then such request will stay a delisting action. The Company intends to appeal the delisting determination. There can be no assurance that the Company's request for continued listing will be granted, or even if it is granted, the Company will be able to execute upon such request in a timely manner or to the satisfaction of Amex.

(Source: PR Newswire, 2011-04-07)

    see all Business Outlook notes

 Analyst Coverage (show less)
2011-03-30Red ChipDowngradeSuspendedn/a
2011-03-25Rodman & RenshawDowngradeUnder Reviewn/a

Trading was halted on China Intelligent Lighting (CIL) on Thursday. It is our belief that the SEC has opened a formal investigation. We believe the basis of this inquiry rests on the Company not providing adequate supporting documentation for its bank transactions to its auditors Malone Bailey LLP. The bank transactions were related to Company's operational accounts, accounts receivable, payables and bank deposits, etc. We are revising our rating on CIL from Market Outperform to Under Review. We are removing our financial projections pending resolution of the outstanding issues.

Related Party Transactions: We also note that there is also a trading halt on NIVS IntelliMedia Technology Group Inc (NIV, Market Outperform) which is controlled by CIL's Chairman and CEO Li Xuemei. We note that CIL has a facility leasing arrangement with NIV's controlling subsidiary, NIVS (HZ) Audio & Video Tech Co. Ltd.

Fundamentals: Our checks indicate that a realistic revenue growth outlook for the Company over the next 2 years is in the mid 20s or below our prior forecast of mid-to-low 30s. Gross margins are also likely to be negatively impacted, 100-200 bps, by wage inflation. Due to higher support cost for more expansive distribution, operating income growth will likely be about half of revenue growth or in the mid-to-low teens. As such we do not expect positive operating cash flow until 2013.

2010-09-14Red ChipInitiationBuy$6.00
2010-07-29Rodman & RenshawInitiationOutperform$3.50

In order to tap the growing opportunity in the LED market, CIL has planned to increase its current annual production capacity from 30 million units to 42 million units. We believe CIL is well positioned to take advantage of the outsourcing trend, since it has demonstrated leadership by catering to major players in the lighting industry. We expect revenue growth of ~20% in 2010 to $70.5 million from $59.2 million in 2009. We believe China Intelligent Lighting (CIL) will immensely benefit from the strong demand trends in the LED market, which is currently driven by the LED lighting and backlighting applications. With potential financing from the IPO, the company is strongly positioned to take advantage of this growing LED market. We also anticipate uplift in company revenues and margins benefiting from the OEM and branded businesses.

 Investor Presentations
2010-11-06 (Powerpoint)   DOWNLOAD (right click, save as)

READ: Score Cards Explained
DETAILS: Safety/Risk Model for CILE
Current Price:  n/a
Market Capitalization: n/a
Total Shares: 13.68 mill
Float: n/a
Avg Volume: n/a
Last Quarter: 2010-09-30
Revenue (MRQ): 20.25 mill
Net Income (MRQ): 2.35 mill
Op. Cash Flow (MRQ): 0.15 mill
all financial data provided without warranty