Pearl River Holdings Ltd.

May 02, 2014 15:13 ET

Pearl River News Release

LONDON, ONTARIO--(Marketwired - May 2, 2014) - Mr. George Lunick, CEO of Pearl River Holdings Ltd. ("Pearl River") (TSX VENTURE:PRH), reports on its financial results for the year ended December 31, 2013.

The company changed the reporting currency on the financial statements to the Chinese Renminbi ("RMB") in the year 2013.

"The reporting currency change better reflects the financial results of the company and minimizes the effect of currency fluctuation," says Chief Executive Officer George Lunick.

Revenue for the year -ended December 31, 2013 was $250,966,940 RMB up 11.1% from the comparative prior period with earnings before income tax and minority interest of $9,906,037 RMB an increase of 65.7% from $5,978,755 in the comparative prior period.

Gross profit for the year was 20.8% compared to 19.80 % in the prior 12 months. Expenses for the year were 16.6% down from 17 % in the comparative prior period.

The following table provides highlights for the year with prior year comparisons.

Financial Highlights

Operational 12 Months 12 Months 12 Months
ended ended ended
Dec. 31, 2013 Dec. 31, 2013 Dec.31, 2012
1. Revenue 43,916,031 250,966,940 225,728,275
2. Gross Profit 9,151,773 52,299,635 44,710,329
3. Net Income before Income Tax and Minority Interest 1,733,431 9,906,037 5,978,735

Key Balance sheet items per share are as follows:

4. Cash and cash equivalents per share 0.061 0.349 0.398
5. Equity attributable to common shareholders per share 0.304 1.736 1.57

Mr. Lunick said "this year highlights the results of increased sales effort and production efficiency from the new production facilities and Pearl River is now realizing the benefit."

About Pearl River

Pearl River Holding, through its subsidiary, the principal business is the manufacturing and distribution of plastic products in China, Australia and the United States of America.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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