China Tracker - Details for RINO International (RINO)

 WARNING: Form 15 filed with the SEC!
 RINO International
Shares Outstanding (MRQ): 28.61 mill
New Shares / Dilution (TTM): 3.39 mill13.44% 
Cash (MRQ): 56.12 mill1,961,606.01%
Account Receivables (MRQ): 90.69 mill3,169,686.61%
Account Receivables (Q/Q): + 22.30 mill32.61%
Long-Term Debt (MRQ): 8.23 mill287,774.03%
Revenue Growth (Q/Q): -19.36% 
Revenue Growth (Y/Y): -16.71%
Net Income Growth (Q/Q): -43.77% 
Net Income Growth (Y/Y): -55.58%
EPS Growth (Y/Y): -60.84%
Net Margin (Q/Q): 16.6% (23.8%)-7.20% 
Net Margin (Y/Y): 16.6% (31.1%)-14.50% 
EPS | P/E (2 MRQ Projection): $1.700.00
CFPS | P/CF (2 MRQ Projection): -$2.06-0.00
Price/Sales (2 MRQ Projection): 0.00
Price/Book (MRQ): 0.00
Auditor: Frazer Frost
 
 Forward Projections (Fiscal Year)
EPS | P/E (Estimates updated 2010-11-02): $1.600.00
 Basic Facts and History (show more)
Reporting Type: U.S. Company (10-K Filings) 
Going Public: Reverse Merger on 2007-10-05 
Uplisting to Senior Exchange: on 2009-07-13 at $9.10 (-100.00% since Uplisting)

 Business Outlook

It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of RINO International Corporation, because the company has failed to disclose that: (i) the outside law firm and forensic accountants hired by the audit committee to investigate allegations of financial fraud at the company resigned on or about March 31, 2011, after reporting the results of their investigation to management and the board; (ii) the chairman of its audit committee resigned on March 31, 2011; and (iii) the company's remaining independent directors have also resigned. Further, questions have arisen regarding, among other things: (i) the size of the company's operations and number of employees; (ii) the existence of certain material customer contracts; and (iii) the existence of two separate and materially different sets of corporate books and accounts.

The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-listed company. Therefore, IT IS ORDERED, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the above-listed company is suspended for the period from 9:30 a.m. EDT, April 11, 2011, through 11:59 p.m. EDT, on April 25, 2011.

(Source: SEC, 2011-04-11)

Certification and notice of termination of registration under section 12(g) of the Securities Exchange Act of 1934 or suspension of duty to file reports.

(Source: 15-12G Filing, 2011-01-13)

RINO International announced today that it has received a letter from The NASDAQ Stock Market stating that based upon its review of the Company ... the staff of NASDAQ believes that the continued listing of the Company's securities on NASDAQ is no longer warranted. NASDAQ stated that its staff's determination was based upon the following: 1. The Company's announcement that its previously filed financial reports for fiscal 2008, 2009 and year-to-date 2010 could no longer be relied upon; 2. The Company's admission that it had not entered into certain previously disclosed contracts; and 3. The Company's failure to respond to the NASDAQ staff's request for additional information regarding allegations raised by the Muddy Waters, LLC report.

The NASDAQ Letter further notified the Company that unless the Company requests an appeal of the NASDAQ staff's determination, trading of the Company's common stock will be suspended at the opening of business on December 8, 2010 and a Form 25-NSE will be filed by NASDAQ with the SEC, which will remove the Company's securities from listing and registration on NASDAQ. The Company does not intend to appeal the NASDAQ staff's determination to delist the Company's common stock. Pending the delisting of the Company's common stock, which is expected to occur on December 8, 2010, the suspension of trading in the Company's common stock, which commenced on November 17, 2010, remains in effect.

The Company currently intends to re-apply for a listing of its common stock on NASDAQ at an appropriate time after the completion of an independent investigation to be conducted by the Audit Committee of the Company's Board of Directors of the allegations contained in a research report issued by Muddy Waters, LLC, the filing of restated financial statements of the Company for its fiscal years ended December 31, 2008 and 2009 and for the quarterly periods included in the Company's Quarterly Reports on Form 10-Q for the periods ended March 31, 2008 to September 30, 2010 and the Company's satisfaction of all other listing criteria.

(Source: PR Newswire, 2010-12-02)

    see all Business Outlook notes

 Analyst Coverage (show less)
2010-12-31Rodman & RenshawDowngradeTerminatedn/a
 

Effective immediately, we are discontinuing research coverage of RINO to better allocate resources within our coverage universe. Effective upon the termination of coverage any of our prior financial projections on this stock should not be relied upon. Our last rating on RINO was Under Review.

2010-11-17Global HunterDowngradeSuspendedn/a
 

Yesterday evening RINO has postponed its conference call at the last minute without providing any additional information to investors. This call was originally intended to be a forum in which the company could address the recent allegations in a short report and was then mediated to a review of its Q3 results, excluding Q&A. Management's decision for an 11th hour cancellation of the call with no explanation makes us question their ability to manage their capital markets responsibilities and will likely create a significant negative market response. Prior to our initiation and following the recent fraud allegations, we have conducted thorough diligence and have accumulated a number of data points allowing us to initially become comfortable in the operating entity. We are however now put in a position where we would like to see the company begin to defend itself before we extend ourselves any further. As a result, we are placing our rating under review and suspending our estimates and coverage until we feel the company has chosen the appropriate methodology to defend itself.

2010-11-17CanaccordReiterationSelln/a
2010-11-17Rodman & RenshawDowngradeUnder Reviewn/a
 

We are taking RINO's rating Under Review from Market Outperform. This change is primarily driven by recent developments surrounding a negative report published on the company last week. RINO's management, for unknown reasons, has not yet been able to formally or adequately respond to various allegations in that report. In line with these developments RINO's 3Q10 earnings conference call that was supposed to take place at 7pm EST on Nov. 16, 2010 was also postponed. We were looking forward to the call to have the opportunity to clarify various issues.

Management in its postponement related press release stated "The Company takes its responsibilities to investors very seriously and looks forward to discussing its recent business results and providing investors with a timely response to the recent allegations. " At this point we don't know when a response will be forthcoming. We will revisit our rating, price target and financial projections upon receiving further updates or clarity from Management.

2010-11-15CanaccordDowngradeSelln/a

RINO is currently followed by 2 analysts. 1 give the stock a positive rating, 0 rate it neutral and 1 give it a negative rating.


    see all Analyst Ratings

 Recent Financings
2009-12-09Priced$100.00 mill3.25 mill shares$30.75

 Investor Presentations
2010-05-17 (HTML)   VIEW
2010-03-09 (PDF)   DOWNLOAD (right click, save as)
RINO
Waste & Water Treatment

COVERAGE SUSPENDED OR TERMINATED
 
READ: Score Cards Explained
SAFETY/RISK SCORE
EXTREME RISK
DETAILS: Safety/Risk Model for RINO
Current Price:  $0.00
F10k Day (2008-10-30): -100.00%$2.50
2009 Close: -100.00%$27.65
2010 Close: -100.00%$4.04
2011 Close: -99.67%$0.03
High (2011-09-26): -99.99%$0.64
Low (2011-12-16): -99.00%$0.01
Exchange: PNK
Market Capitalization: 0.00 mill
Total Shares: 28.61 mill
Float: n/a
Avg Volume: n/a
Last Quarter: 2010-09-30
Revenue (MRQ): 52.72 mill
Net Income (MRQ): 8.74 mill
Op. Cash Flow (MRQ): -19.39 mill
all financial data provided without warranty