Pacrim International Capital Inc. Refiles Last Annual and Interim MD&As

HONG KONG, Jan. 18, 2012 /CNW/ - PACRIM INTERNATIONAL CAPITAL INC. (PCN:TSX) ("Pacrim") advises that at the request of the Ontario Securities Commission Pacrim has today refiled its annual MD&A for the 15 months ended September 30, 2010 and its quarterly interim MD&As for the periods ended December 31, 2010, March 31, 2011, and June 30, 2011. Additional financial information has been included with respect to Pacrim's investment in Pacrim International Capital Holdings Inc. ("PICH").

The following table summarizes financial information with respect to PICH that has now been included in the refiled MD&As.  The acquisition of the interest in PICH was made on November 14, 2008.  Reference is made to the refiled MD&As which can be accessed electronically at www.sedar.com.

in 000's of CDN $ (unaudited)

 


9 months
period
ended
6/30/11
  9 months
period
ended
6/30/10
  6 months
period
ended
3/30/11
  6 months
period
ended
3/31/10
  3 months
period
ended
12/31/10
  3 months
period
ended
12/31/09
  15 months
period
ended
9/30/10
  Nov 14,
2008 to
Jun 30,
2009
                                 
Total assets   91,081   95,664   93,655   82,280   87,827   83,038   133,012   93,646
                                 
Total liabilities   (48,821)   (54,629)   (51,595)   (42,034)   (44,798)   (44,463)   (96,521)   (55,100)
                                 
Net assets   42,260   41,035   42,060   40,246   43,029   38,575   36,491   38,546
                                 
Pacrim's share of net assets of PICH   19,440   18,876   19,348   18,513   19,793   17,745   16,786   17,731
                                 
Revenue for the period   30,659   41,521   21,942   25,290   11,839   13,798   71,238   33,258
                                 
Less: Cost of sales   (22,136)   (30,353)   (15,441)   (18,054)   (8,686)   (9,126)   (52,585)   (24,626)
                                 
Gross profit   8,523   11,168   6,501   7,236   3,153   4,672   18,653   8,632
                                 
Other revenue   255   466   392   248   256   138   723   2,068
                                 
Expenses   (5,746)   (5,423)   (3,706)   (3,130)   (1,427)   (1,215)   (13,398)   (4,607)
                                 
Taxation   (372)   (956)   (356)   (633)   (145)   (514)   (1,601)   (979)
                                 
Net income for the period   2,660   5,255   2,831   3,721   1,837   3,081   4,377   5,114
                                 
Minority interest   (600)   (2,273)   (632)   (1,840)   (387)   (1,670)   (1,287)   (776)
                                 
Net income attributable to shareholders   2,060   2,982   2,199   1,881   1,450   1,411   3,090   4,338
                                 
FV adjustment on purchase consideration   (600)   (600)   (400)   (400)   (200)   (200)   (769)   (452)
                                 
Adjusted net income attributable to shareholders   1,460   2,382   1,799   1,481   1,250   1,211   2,321   3,886
                                 
Pacrim's equity income from PICH   672   1,095   828   681   575   557   1,068   1,787
                             

Caution concerning forward-looking statements

Statements made in this news release, other than those concerning historical financial information, should be considered forward-looking and subject to various risks and uncertainties.  Some forward-looking statements may be identified by words like "may", "will", "anticipate", "estimate", "expect", "intend" or "continue" or the negative thereof or similar variations.  Readers are cautioned not to place undue reliance on such statements, as actual results may differ materially from those expressed or implied in such statements.  Factors that could cause results to vary include, but are not limited to: risks associated with China including state ownership, government sector intervention, foreign investment, repatriation of profit and currency conversion, tax, the developing legal system, protection of intellectual property rights, shareholder rights and enforcement of judgments, permits and business licenses, appropriation, political stability considerations, the central planned economy, fluctuations in foreign exchange rates and Chinese accounting and auditing standards; risks in business and operations including risks associated with expansion, future capital requirements, dependence on key personnel, environmental regulation, competition, risk in purchasing abroad, risk of change in the price of raw materials, product price volatility, insurance and operating plant risk; customer risk including risk of a single market and risk depending on major customers; technical risk including risk in the advance of technology and risk of relying on technology abroad; financial risk including foreign exchange risk, credit risk, liquidity risk, cash flow and fair value interest rate risk; investment strategy risk; and short term management transition risk.

We caution that the foregoing list of factors is not exhaustive and that when reviewing our forward-looking statements, investors and others should refer to the "Risk Factors" section of Pacrim's Annual Information Form, the "Risks and Uncertainties" and other sections of our Management's Discussion and Analysis and our other periodic filings with Canadian securities regulatory authorities.  All forward-looking statements presented herein should be considered in conjunction with such filings. Except as required by Canadian securities law, we do not undertake to update any forward-looking statements, whether written or oral, that may be made from time-to-time by us or on our behalf; such statements speak only as of the date made.

 

SOURCE Pacrim International Capital Inc.

For further information:

Guy Lam
Chief Executive Officer
Pacrim International Capital Inc.
Tel. 852.2526.1554

Profil de l'entreprise

Pacrim International Capital Inc.

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