UNR Holdings, Inc. Announces Year End Financial Results for 2011
Dec 31, 2011 Revenues Increased 115.2% YoY to $230.9 Million; Dec 31, 2011 Net Income Increased 64.6% YoY to $26.5 Million; Dec 31, 2011 EPS Increased 63.5% YoY to $1.08
(firmenpresse) - ORLANDO, FL -- (Marketwire) -- 04/10/12 -- UNR Holdings, Inc. (OTCBB: UNRH) ("UNR" or the "Company"), a diverse construction company specializing in multi-functional residential and commercial development projects, and also a provider of infrastructure construction services for government oil and gas projects in the Russian Federation, today announced its financial results for the year ended December 31, 2011.
UNR Holdings CEO Alexey Kim stated, "2011 was a record-breaking year for UNR. We continue to experience solid demand for our residential housing projects, and have also seen an upturn in our infrastructure business. Our plan is to continue leveraging our experience and reputation as one of the most respected construction firms in the Moscow metropolitan region. I believe that UNR is positioned to sustain its strong financial momentum throughout 2012."
-- Revenues for the year ended December 31, 2011 totaled $230,978,646, an increase of 115.2% from $61,616,324 compared with the year ended December 31 2009.
-- Net income attributable to UNR for the fiscal year end 2010 totaled $26,496,966, an increase of 64.6% from $16,107,720 for the year ended December 31, 2009.
-- Basic and diluted earnings per share for the year ended December 31, 2010 was $1.08 per share, an increase of 63.5% from $0.66 per share for the same period a year ago.
-- Gross profit (sales minus cost of sales) for the year ended December 31, 2010 increased to $447.6 million from $27.7 million in the prior year's period, representing an increase of 71.8%.
-- Cash and cash equivalents and marketable securities totaled $71.9 million as of December 31, 2011, up 32.9% from $54 million as of December 31, 2010
Total revenues for the year ended December 31, 2011 increased to approximately $230.9 million, or 115.2%, as compared to approximately $107.3 million for the year ended December 31, 2010. The increase was a result of a significant increase in road base product revenues, from approximately $19.4 million to $30.7 million, as well as an increase in home building revenues, from approximately $87.9 million to $200.2 million. This was a result of a general pickup in demand for the apartments we construct, which the company experienced mainly in the construction and development business in 2011. There was also an improvement in demand for our proprietary road base and slopes stabilization material Prudon, which UNR Holdings Inc. supply to infrastructure projects in various parts of Russia.
Cost of sales increased by approximately $103.2 million, or 137.7%, to approximately $178.2 million for the year ended December 31, 2011, from approximately $74.9 million for the year ended December 31, 2010. We attribute this increase primarily to the overall increase in revenues we experienced during 2011. Cost of sales as a percentage of sales increased from 69.8% for the year ended December 31, 2010 to 77.1% for the year ended December 31, 2011.
Selling, general and administrative expenses increased by approximately $.5 million to $5.1 million for the year ended December 31, 2011, as compared to approximately $4.6 million for the year ended December 31, 2010. During 2011, we continued to make efforts to control our costs of transportation, communications, security, and office space.
Income from operations increased by approximately $19.8 million, from approximately $27.8 million for the year ended December 31, 2010 compared to approximately $47.7 million for the year ended December 31, 2011. We attribute this increase primarily to the slow and gradual improvement in the economic environment in which we operate and the corresponding improvement in our residential real estate customers' ability to pay for, and/or partly finance, the apartments we construct. Revenue from construction sales has increased 127.8% from 2010 to 2011, contributing an increase of approximately $16.7 million of additional gross profit in 2011.
Other income decreased from approximately $2.9 million for the year ended December 31, 2010 to approximately $1.7 million for the year ended December 31, 2011. We attribute this decrease primarily to the reduction in interest earned on excess funds on U.S. Dollar deposits in 2011.
Provision for income taxes increased from approximately $6.3 million for the year ended December 31, 2010, to approximately $9.8 million for the year ended December 31, 2011 primarily due to an increase in net earnings in 2011.
Net earnings increased by approximately $15.1 million, to approximately $39.5 million for the year ended December 31, 2011, from approximately $24.3 million for the comparable period in 2010. This increase was due to all of the reasons enumerated above.
We had a working capital surplus of approximately $117.6 million and stockholders' equity of approximately $65.1 million as of December 31, 2011. Cash and cash equivalents increased by approximately $31.5 million for the year ended December 31, 2011. The increase is primarily attributable to cash provided from operations of $29.6 million and $6.2 million from the proceeds of short-term loans offset by approximately $3.8 million of the purchase of marketable securities.
More detailed information on the housing projects is available at the UNR Holdings corporate website:
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as "anticipate," "appear," "believe," "could," "estimate," "expect," "hope," "indicate," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "will," "would," and other variations or negative expressions of these terms, including statements related to expected market trends and the Company's performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.
UNR Holdings, Inc.
407-377-6813
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Datum: 10.04.2012 - 05:02 Uhr
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