China Tracker - Details for China Ritar Power (CRTP)

 China Ritar Power
 Business Outlook

COVERAGE TERMINATED (Going Dark)
Recent Chain of Events:
2012-02-15 -- Last SEC Filing
2011-06-24 -- Delisting from NASDAQ
2011-04-18 -- Trading halted by NASDAQ
2010-11-15 -- Last Quarterly/Annual Report: Q3/FY2010 ended September 30, 2010

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

China Ritar Power today announced its intent to voluntarily delist the Company's common stock from the Nasdaq Global Stock Market. The Board determined that maintaining the listing has imposed difficult burdens and high costs on the Company. The Company has immediately proceeded with delisting by providing a written notice to Nasdaq on June 23, 2011 of its intention to delist and will file a Form 25 with the Securities Exchange Commission on or around July 5, 2011. The Company expects the delisting from Nasdaq to become effective July 15, 2011, ten days after filing its Form 25.

(Source: PR Newswire, 2011-06-23)

China Ritar Power received oral notice from The Nasdaq Stock Market advising that the Company is not in compliance with Nasdaq's continued listing requirements set forth in Nasdaq Marketplace Rule 5250(c), which requires timely filing of SEC periodic reports, because it failed to timely file its annual report on Form 10-K for the fiscal year ended December 31, 2010. As a result, Nasdaq is halting trading of the Company's stock indefinitely, effective Monday April 18, 2011. In addition, the Company anticipates receiving a letter from Nasdaq about possible delisting if the Company fails to comply with Nasdaq listing requirements within a certain period of time.

(Source: 8-K Filing, 2011-04-18)

For the first quarter of 2011, the Company expects to continue the net revenue growth year-on-year at a rate of approximately 20%.

(Source: PR Newswire, 2011-02-13)

The second phase of Hengyang Industrial Park will be completed during the forth quarter of 2010 and the Company expects to begin installing equipment in the forth quarter of the year. Total number of production lines will increase from 19 to 29. During the Third Quarter, the Company has announced the signing of Letter of Intent to acquire TDL Power Technology Co., a private-owned battery company in Zhuzhou, Hunan Province, China. The deal is expected to be accretive and to close by the end of 2010.

"We are not satisfied with our financial results for the quarter. Looking forward to 2011, we will implement measures to improve our operational efficiency, control our cost and improve the R&D efforts. The demand for stationary lead acid battery remains at a strong level, both in the developed and emerging markets. China Ritar is at a strong position to strengthen our market position in 2011 and beyond."

(Source: PR Newswire, 2010-11-15)

China Ritar Power Corporation has signed a Letter of Intent to acquire TDL Power Technology Co., a private-owned battery company in Zhuzhou, Hunan Province, China. TDL designs and manufactures a series of lead acid batteries based on its proprietary plate component formula. The batteries, mostly used in the electronic bicycle market, have the advantages of long duration, high output and low failure rate. It has an established sales network in Fujian and Shangdong province. The specific terms of the acquisition are not disclosed. Final purchase determination will be settled following the results and conclusions reached following the company's due diligence work. The deal is expected to be accretive and to close by the end of 2010.

"We are very excited to work together with the dedicated TDL team. The acquisition will greatly strengthen our R&D capability, expand our product portfolio, improve our competitive position in several key markets and enhance the overall product quality of China Ritar. The TDL acquisition will be the first in China Ritar's history. Selective acquisition will become a core component of our competitive strategy moving forward."

(Source: PR Newswire, 2010-11-05)

China Ritar Power today announced that for third quarter of 2010, it expects revenue to be in the range of $30.5 to $32.5 million and Income from Continuing Operations to be in the range of $1.65 to $1.80 million. This updated result is due to sharp increase in lead prices, delay of delivery in several large contracts and appreciation of RMB exchange rate, which resulted in higher cost for the company in dollar terms. For Q4 of 2010, China Ritar expects the revenue to be in the range of $29.0 to $34.0 million.

(Source: PR Newswire, 2010-11-04)

China Ritar Power Corporation today announced that the company was awarded a new contract to supply VRLA batteries to American Power Conversion Corporation (APC), a global leader in the UPS (Uninterruptible Power Supply) markets. As per supply agreement, China Ritar Power will supply VRLA batteries to be used in APC's UPS products. The management expects to receive more orders from APC in the future as the strategic relationship between the 2 companies develops.

(Source: PR Newswire, 2010-10-11)

China Ritar Power has been granted a new industrial park by the Hengyang government. The industrial park will be completed during the forth quarter of 2010 and the Company expects to begin installing equipment in the forth quarter of the year. Total number of production lines will increase from 19 to 29. "We are upbeat on the outlook for 2010 as opportunities in our target niche markets remain robust. We have been approved as a qualified supplier for China Unicom and China Mobile and expect to be approved by China Telecom this year."

(Source: PR Newswire, 2010-08-16)

We are upbeat on the outlook for 2010 as opportunities in our target niche markets remain robust. Specifically, the telecom industry is expected to spend approximately $10-12 million as they build out the 3G network in China. Over the past year, we have been working closely with the top three telecom providers in China and have been approved as a qualified supplier for China Unicom and China Mobile and expect to be approved by China Telecom this year.

(Source: PR Newswire, 2010-05-17)

The construction on China Ritar Power's new industrial park is expected to be completed by the end of April, at which time China Ritar will begin installing equipment. The Company is adding an additional 10 production lines, which are expected to begin test run by July 2010. Total number of production lines will increase from 19 to 29. China Ritar expects capital expenditures to be about $6-8 million for the purchase and instillation of the new equipment.

"Our position as a leading lead battery manufacture is supported by our high quality batteries with consistent performance at lower prices than our international competitors. Moreover, with the new capacity we have coming online in the second half of 2010, we are well positioned to ramp up our lead acid battery sales in line with new demand."

(Source: PR Newswire, 2010-04-01)
CRTP
Batteries
SCORE
-1
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SAFETY/RISK SCORE
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Current Price:  n/a
F10k Day (2007-09-27): -100.00%$10.35
2009 Close: -100.00%$4.80
2010 Close: -100.00%$2.60
2011 Close: -100.00%$0.77
High (2012-02-20): -100.00%$0.90
Low (2012-03-23): -100.00%$0.25
Exchange: N/A
Market Capitalization: n/a
Total Shares: 21.83 mill
Float: n/a
Avg Volume: 57.50 k
Short Interest: 32.30 k
Short Ratio: n/a0.6 d
Last Quarter: 2010-09-30
Revenue (MRQ): 31.55 mill
Net Income (MRQ): 1.69 mill
Op. Cash Flow (MRQ): 4.78 mill
all financial data provided without warranty