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TOPIC: SSIE - SunSi Energies Inc.

6 years 11 months ago #1646

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SunSi Reports Fiscal First-Quarter 2012 Results
NEW YORK, Oct. 17, 2011 (GLOBE NEWSWIRE) -- SunSi Energies Inc. ("SunSi") (OTCQB:SSIE), a provider of the specialty chemical trichlorosilane ("TCS") to the solar industry, announces its operating results for the first quarter ended August 31, 2011.

Revenue totaled approximately $10.3 million for the first quarter ended August 31, 2011. SunSi did not record any revenue for the first quarter ended August 31, 2010. EBITDA (Non-GAAP) was $641,794 in the current period versus a negative EBITDA of ($158,396) in the corresponding period last year, or an improvement of $800,190. Results for the first quarter ended August 31, 2011 include approximately $75,000 in non-recurring expenses directly related to the acquisition of Wendeng. Income from operations before income taxes and non-controlling interest was $344,238 for the first quarter ended August 31, 2011, compared to a loss of ($158,396) for the same period ended August 31, 2010.

2012 and Recent Highlights

Filed an application to list its common stock on the NASDAQ Capital Market

Named a new Chief Financial Officer and appointed two new independent members to its Board of Directors

Substantially completed the construction of the first expansion phase of our Wendeng trichlorosilane (TCS) production facility, increasing the size of the facility's total production from 20,000 MT to 30,000 MT

Announced that Russia-based Nitol Solar, one of Russia's largest polysilicon producers, had purchased 117 metric tons of trichlorosilane (TCS) from our Wendeng facility
David Natan, SunSi Energies' Chief Executive Officer, said, "Despite a difficult period in the solar industry and a significant reduction in polysilicon pricing worldwide, we continue to execute our business plan and position ourselves for future growth. We believe our low cost structure in China, lean corporate overhead in the U.S., the diversification of our business outside of China and our future expansion plans, will give us a competitive advantage in the segment of the solar industry in which we operate."

Richard St-Julien, SunSi Energies' Chairman of the Board, stated, "We are starting to gain traction in the TCS industry as more and more polysilicon makers become aware of our capability to deliver a high quality product anywhere in the world at a competitive price. We remain solidly focused on growing SunSi's business and delivering shareholder value."

Financial Results and Non-GAAP Measures

SUNSI ENERGIES INC.
Consolidated Statements of Operations and Comprehensive Income (Loss)

Three Months Ended August 31, Year Ended August 31,
2011 2010 2011 2010

Sales $ 10,266,791 $ -- $ 10,266,791 $ --
Cost of goods sold 8,230,394 -- 8,230,394 --
Gross margin 2,036,397 -- 2,036,397 --
Operating expenses:
Professional fees 227,067 117,237 227,067 117,237
General and administrative 1,465,092 41,159 1,465,092 41,159
Total operating expenses 1,692,159 158,396 1,692,159 158,396
Income (loss) from operations before income taxes 344,238 (158,396) 344,238 (158,396)
Provision for income taxes 146,748 -- 146,748 --
Net income (loss) 197,490 (158,396) 197,490 (158,396)
Less: Net income attributable to noncontrolling interests 232,290 -- 232,290 --
Net income (loss) attributable to SunSi Energies Inc. common stockholders $ (34,800) $ (158,396) $ (34,800) $ (158,396)

Basic and diluted earnings (loss) per share $ -- $ (0.01) $ -- $ (0.01)

Weighted-average number of common shares outstanding:
Basic and diluted 29,665,127 27,428,995 29,665,127 27,428,995



SUNSI ENERGIES INC.
Consolidated Balance Sheets


August 31,
2011 May 31,
2011
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 1,213,642 $ 640,880
Accounts receivable, net 3,780,964 4,669,490
Notes receivable 1,586,522 941,314
Inventory 1,006,432 563,579
Prepaid expenses and other current assets 72,191 399,086
Total current assets 7,659,751 7,214,349
Fixed assets 7,741,571 7,559,369
Goodwill 3,411,073 3,357,277
Intangible assets, net 3,290,229 3,025,489
Related party receivables 1,529,985 1,177,204
Other assets 21,448 248,879
Total assets $ 23,654,057 $ 22,582,567

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 4,600,572 $ 5,320,381
Accrued liabilities 775,548 256,444
Related party payables 5,615,675 5,535,149
Income taxes payable 1,449,070 1,561,112
Total current liabilities 12,440,865 12,673,086
Total liabilities 12,440,865 12,673,086

Commitments and contingencies -- --
Redeemable common stock and capital in excess of $0.001 par value.
1,349,628 shares, included in issued and outstanding below -- 2,707,488

Equity:
SunSi Energies Inc. stockholders' equity:
Preferred stock, $0.001 par value. 25,000,000 shares authorized;
zero shares issued and outstanding -- --
Common stock, $0.001 par value. 75,000,000 shares authorized;
29,947,128 and 29,436,928 shares issued and outstanding as
of August 31, 2011 and May 31, 2011, respectively 29,947 29,437
Additional paid-in capital 8,700,812 5,057,252
Retained earnings (accumulated deficit) (1,288,144) (1,253,344)
Accumulated other comprehensive income 215,743 100,896
Total SunSi Energies Inc. stockholders' equity 7,658,358 3,934,241
Noncontrolling interests 3,554,834 3,267,752
Total equity 11,213,192 7,201,993
Total liabilities and equity $ 23,654,057 $ 22,582,567



SUNSI ENERGIES INC.
Non-GAAP Measure - Consolidated Earnings Before Depreciation, Amortization, Interest and Taxes ("EBITDA")

Three Months Ended August 31, 2011 Year Ended August 31, 2011
2011 2010 2011 2010

Net income (loss) 197,490 (158,396) 197,490 (158,396)

Depreciation 157,259 -- 157,259 --
Amortization 140,297 -- 140,297 --
Interest -- -- -- --
Taxes 146,748 -- 146,748 --

EBITDA 641,794 (158,396) 641,794 (158,396)
Less: EBITDA attributable to noncontrolling interests 342,043 -- 342,043 --
EBITDA attributable to SunSi Energies Inc. stockholders 299,751 (158,396) 299,751 (158,396)



SUNSI ENERGIES INC.
Reconciliation of GAAP Earnings to Non-GAAP Earnings

Three Months Ended August 31, Year Ended August 31,
2011 2010 2011 2010

Net income (loss) attributable to SunSi Energies Inc. common stockholders $ (34,800) $ (158,396) $ (34,800) $ (158,396)

Earnings (loss) per share, basic and diluted $ -- $ (0.01) $ -- $ (0.01)


Add: Amortization of intangibles assets identified in Wendeng acquisition 130,344 -- 130,344 --
Less: Effect of income taxes (32,586) -- (32,586) --
Less: Effect of noncontrolling interests (39,103) -- (39,103) --

Non-GAAP earnings attributable to SunSi Energies Inc. common stockholders $ 23,855 $ (158,396) $ 23,855 $ (158,396)

Non-GAAP earnings (loss) per share, basic and diluted $ -- $ (0.01) $ -- $ (0.01)

Weighted-average number of common shares outstanding:
Basic and diluted 29,665,127 27,428,995 29,665,127 27,428,995

About SunSi Energies Inc.

SunSi Energies' goal is to become one of the world's largest producers of trichlorosilane ("TCS"). The Company plans to achieve this objective by acquiring and developing a portfolio of high-quality, scalable, strategically located TCS production facilities that possess a potential for future growth and expansion. U.S. based SunSi controls approximately 55,000 metric tons of TCS production in China. TCS is a chemical primarily used in the production of polysilicon, which is an essential raw material in the production of solar cells for PV panels that convert sunlight to electricity. TCS is considered to be the first product in the solar PV value chain before polysilicon, and is also the principal source of ultrapure silicon in the semiconductor industry. For further information, please visit the company's website at http://www.sunsienergies.com.

Non-GAAP Financial Measures

From time to time, SunSi management may publicly disclose certain "non-GAAP financial measures" in the course of its financial presentations, earnings releases, earnings conference calls, and otherwise. For these purposes, the SEC defines a "non-GAAP financial measure" as a numerical measure of historical or future financial performance, financial positions, or cash flows that excludes amounts, or is subject to adjustments that effectively exclude amounts, included in the most directly comparable

measure calculated and presented in accordance with GAAP in financial statements, and vice versa for measures that include amounts, or is subject to adjustments that effectively include amounts, that are excluded from the most directly comparable measure so calculated and presented. For these purposes, "GAAP" refers to generally accepted accounting principles in the United States. Non-GAAP financial measures disclosed by management are provided as additional information to investors in order to provide them with an alternative method for assessing our financial condition and operating results. These measures are not in accordance with, or a substitute for, GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Pursuant to the requirements of Regulation G, whenever the Company refers to a non-GAAP financial measure, the Company will also generally present, the most directly comparable financial measure calculated and presented in accordance with GAAP, along with a reconciliation of the differences between the non-GAAP financial measure it references with such comparable GAAP financial measure.

http://www.globenewswire.com/newsroom/news.html?d=235098

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6 years 11 months ago #1645

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SunSi Strengthens Management Team and Board of Directors
NEW YORK, Oct. 13, 2011 (GLOBE NEWSWIRE) -- SunSi Energies Inc. ("SunSi") (OTCQB:SSIE), a leading provider of the specialty chemical trichlorosilane ("TCS") to the solar industry, today announced that it has named a new Chief Financial Officer and appointed two new independent members to its Board of Directors.

After serving as a financial consultant to SunSi, Jason A. Williams has joined the Company's management team as Chief Financial Officer ("CFO"). Prior to joining SunSi, Mr. Williams was President of WM Consulting LLC, a business advisory firm. Mr. Williams has significant financial and operational experience with publicly traded companies, most recently Protective Products of America, Inc., where he served as Vice President and Chief Financial Officer. As Corporate Controller and Director of Reporting & Analysis at PharmaNet Development Group, Inc., a NASDAQ–listed company he was an integral part of the management team that facilitated a tenfold increase in revenue and a market capitalization rise from $150 million to $800 million during a three year period. His early career experience includes positions of increasing responsibility at Patagon.com, Inc., vFinance, Inc. and BISYS Regulatory Services. He holds a Bachelor of Science from Florida Atlantic University. Mr. Williams replaces David Natan as CFO who previously served the dual role of both CFO and Chief Executive Officer.

Additionally, SunSi has appointed David Vanderhorst and Adrian Auman as independent members of its Board of Directors. With these appointments, SunSi's Board has been expanded to five directors, three of whom are independent. Richard St-Julien, SunSi's Vice President and Chief Legal Officer, assumes the role of Chairman of the Board and will continue to play an active role in the day to day operations of the Company.

With the appointment of Mr. Vanderhorst and Mr. Auman, SunSi's Board now consists of:

Kébir Ratnani (Independent) - Mr. Ratnani has 30 years of experience in the natural gas, electricity, windmill, wastewater and water sectors. In 2000, he was appointed Senior VP of SNC-Lavalin International, one of the leading engineering and construction groups in the world and a major player in the ownership of infrastructure and in the provision of operations and maintenance services. He is responsible for Water, Energy and Infrastructure Projects in Africa, the Middle East and Latin America. Mr. Ratnani has served as an independent director of SunSi since March 2009.

David Vanderhorst (Independent and Audit Committee Chair) - Mr. Vanderhorst is a seasoned financial executive with 24 years of extensive experience in accounting, finance, corporate operations and executive-level management. Since 2002, he has served as Chief Financial Officer and Secretary of Taitron Components, Inc., a NASDAQ-listed semiconductor distribution and engineering services company with offices and operations in the U.S., Mexico, and China.

Adrian Auman (Independent) - Mr. Auman is Corporate Vice President Investor Relations and Special Projects at Orbotech, Ltd a NASDAQ company that manufactures yield-enhancing and production solutions for the supply chain of the electronics industry. Orbotech is a leader in its industry, generating more than $500 million annually in revenue, with offices in the U.S., Europe, the Middle East, and Asia, including multiple offices in China. Prior to this position he served in various roles at Orbotech including Vice President of Finance and Investor Relations. He is a certified public accountant in Israel and the US.

David Natan (Chief Executive Officer and Director) - Mr. Natan was a Big Four CPA with Deloitte Touche and has more than 35 years of experience in accounting, treasury, finance, corporate operations, and executive level management. He has served as CFO/Treasurer of four public companies prior to joining SunSi, and as CFO of three private companies. During his career he has participated in 18 merger and acquisition transactions and has helped raise in excess of $500 million of debt and equity capital on favorable terms, from a variety of funding sources. He joined SunSi as CFO in 2010 and was appointed to the dual role of CEO in December, 2010.

Richard St-Julien (Chairman of the Board, Vice President and Chief Legal Officer) - Mr. St-Julien the founder of SunSi, has been a practicing attorney specializing in international business law and securities law in collaboration with strategic partners in Canada, the U.S. and China. He possesses numerous years of experience structuring transactions and providing strategic assistance to both public and private companies in their business ventures, including international financing.
Mr. St-Julien commented: "David and Adrian bring a tremendous amount of experience to SunSi Energies and we are very fortunate to have them serve on our Board. Both of them have experience at NASDAQ-listed companies that have conducted business within China as well as other countries outside of the U.S., This experience is an especially important asset for us as we seek to significantly expand the market for TCS in the China and to the solar industry around the world. At the same time, we are truly fortunate to have Jason come on board as our new CFO. His professional experience will benefit us significantly as we seek new avenues to grow our business. With our Board and management team strengthened in this fashion, SunSi is well prepared for our next stage of growth."


http://www.globenewswire.com/newsroom/news.html?d=234886
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SSIE - SunSi Energies Inc. 6 years 11 months ago #1644

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SunSi Files for NASDAQ Capital Market Listing
NEW YORK, Sept. 28, 2011 (GLOBE NEWSWIRE) -- SunSi Energies Inc. ("SunSi") (OTCQB:SSIE), a provider of the specialty chemical trichlorosilane ("TCS") to the solar industry, announced today that it has filed an application to list its common stock on the NASDAQ Capital Market. The NASDAQ listing application is subject to review and approval by NASDAQ's Listing Qualifications Department for compliance with all NASDAQ Capital Market Standards.

David Natan, SunSi's Chief Executive Officer, commented: "SunSi is ready to list on a larger, high profile exchange and believes that the NASDAQ is the right marketplace for our shares to trade. Listing on the NASDAQ should enable us to broaden our investor reach, increase visibility to the investment community, and add liquidity to our shares. We continue to expand our TCS operations in China and last week announced revenue guidance for fiscal 2012 in the range of $49 to $52 million, which is a substantial increase over the $15.1 million in revenue reported in fiscal 2011."

About SunSi Energies Inc.

SunSi Energies' goal is to become one of the world's largest producers of trichlorosilane ("TCS"). The Company plans to achieve this objective by acquiring and developing a portfolio of high-quality, scalable, strategically located TCS production facilities that possess a potential for future growth and expansion. U.S. based SunSi controls approximately 55,000 metric tons of TCS production in China. TCS is a chemical primarily used in the production of polysilicon, which is an essential raw material in the production of solar cells for PV panels that convert sunlight to electricity. TCS is considered to be the first product in the solar PV value chain before polysilicon, and is also the principal source of ultrapure silicon in the semiconductor industry. For further information, please visit the company's website at http://www.sunsienergies.com.


http://www.globenewswire.com/newsroom/news.html?d=233472
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