- Financial Tables Follow -
UNR HOLDINGS, INC. AND SUBSIDIARYCONSOLIDATED BALANCE SHEETS(IN US DOLLARS) September 30, December 31, 2012 2011 ------------- ------------- (Unaudited)ASSETSRESIDENTIAL AND COMMERCIAL CONSTRUCTION ASSETS Cash and cash equivalents 10,023,217 42,795,147 Marketable Securities 17,898,587 29,144,114 Inventories 637,982,386 465,525,786 Trade and other receivables, net 21,333,387 9,438,081 Property, plant and equipment, net 2,068,354 1,757,392 Other assets 2,508,758 1,417,115 ------------- -------------Total Residential and Commercial Construction Assets 691,814,959 550,077,635ROAD BASE MATERIALS ASSETS: Inventories 113,806 430,171 ------------- ------------- Trade and other receivables, net 2,457,109 752,741 ------------- -------------Total Road Base Material Assets 2,570,915 1,182,912 ------------- -------------TOTAL ASSETS 694,385,874 551,260,547 ------------- -------------LIABILITIES AND EQUITY:RESIDENTIAL AND COMMERCIAL CONSTRUCTION LIABILITIES: Short-term debt 3,305,281 6,262,437 Accounts payable and accrued expenses 441,179,935 351,080,551 Advances from customers 71,463,194 63,975,004 Deferred income tax liabilities 32,444,485 24,557,523 ------------- -------------Total Residential and Commercial Construction Liabilities 548,392,895 445,875,515 ------------- -------------ROAD BASE MATERIALS LIABILITIES Accounts payable and accrued expenses 15,194,397 7,898,548 Advances from customers - - ------------- -------------Total Road Base Materials Liabilities 15,194,397 7,898,548 ------------- -------------Total Liabilities 563,587,292 453,774,063 ------------- ------------- Commitments and Contingencies - -UNR Holdings, Inc. and Subsidiary Stockholders' Equity: Common stock, $0.001 par value; authorized 500,000,000 shares; issued and outstanding 24,464,799 and 24,464,799 shares at September 30, 2012 and December 31, 2011, respectively 24,465 24,465 Additional paid-in capital 99,579 99,579 Retained earnings 95,563,643 71,636,550 Accumulated other comprehensive loss (7,351,186) (6,658,061) ------------- ------------- Total UNR Holdings, Inc. and Subsidiary Stockholders' Equity 88,336,501 65,102,533 ------------- ------------- Noncontrolling interest 42,462,081 32,383,951 ------------- ------------- Total Equity 130,798,582 97,486,484 ------------- -------------TOTAL LIABILITIES AND EQUITY 694,385,874 551,260,547 ------------- -------------UNR HOLDINGS, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)(IN US DOLLARS) For the Three Months For the Nine Months Ended Ended September 30, September 30, ------------------------- ------------------------- 2012 2011 2012 2011 ($) ($) ($) ($)Revenues: Sales and other operating revenues 69,445,911 138,024,063 18,546,199 62,544,293Costs and expenses: Cost of sales 29,984,956 93,849,218 7,745,631 44,934,122 Selling, general and administrative expenses: 2,825,679 6,074,159 757,201 1,145,548 ------------ ------------ ------------ ------------ 32,810,635 99,923,377 8,502,832 46,079,670 ------------ ------------ ------------ ------------Income from operations 36,635,276 38,100,686 10,043,367 16,464,623Other income (expense):Foreign currency transaction loss - (64,693) - 192,011Other income (loss) 6,319,069 1,674,860 5,502,919 731,827 ------------ ------------ ------------ ------------ 6,319,069 1,610,167 5,502,919 923,838 ------------ ------------ ------------ ------------Earnings before income taxes 42,954,345 39,710,853 15,546,286 17,388,461Provision for income taxes 8,605,102 7,896,431 3,112,795 3,477,790 ------------ ------------ ------------ ------------Net earnings 34,349,243 31,814,422 12,433,491 13,910,671 ------------ ------------ ------------ ------------Less: Net earnings attributable to the noncontrolling interest 10,422,150 10,476,985 3,134,959 4,614,332 ------------ ------------ ------------ ------------Net earnings attributable to UNR Holdings, Inc. and Subsidiary 23,927,093 21,337,437 9,298,532 9,296,339 ------------ ------------ ------------ ------------Earnings per share - basic and diluted:Earnings per common share attributable to UNR Holdings, Inc. and Subsidiary common shareholders $ 0.97 $ 0.87 $ 0.38 $ 0.38 ------------ ------------ ------------ ------------Weighted average common shares outstanding - basic and diluted 24,464,799 24,464,799 24,464,799 24,464,799 ------------ ------------ ------------ ------------UNR HOLDINGS, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)(IN US DOLLARS) For The Nine Months Ended September 30, 2012 2011 -------------- -------------- ($) ($)Cash flows from operating activities:Net earnings 34,349,243 31,814,422Adjustments to reconcile net income to net cash provided by operating activities:Depreciation 115,741 73,117Gain on sale of property, plant and equipment (53,578) -Deferred income taxes 7,886,962 4,056,178Change in operating assets and liabilities (83,073,707) (9,940,932) -------------- -------------- Net cash provided by operating activities (40,775,339) 26,002,785 -------------- --------------Cash flows from investing activities: Purchase of property, plant and equipment (422,840) (866,700) Proceeds from sale of equipment 263,332 - Purchase of marketable securities (37,920,942) (9,711,735) Purchase from sale of marketable securities 49,166,199 10,000,000 -------------- -------------- Net cash used in investing activities 11,085,749 (578,435) -------------- --------------Cash flows from financing activities: Proceeds from loans 14,832,467 - Repayment of loans (17,789,623) - -------------- -------------- Net cash used in financing activities (2,957,156) - -------------- --------------Effect of exchange rate changes on cash (125,184) (306,226) -------------- --------------Net increase (decrease) in cash (32,771,930) 25,118,124Cash - beginning of period 42,795,147 11,234,193 -------------- --------------Cash - end of period 10,023,217 36,352,317 -------------- --------------Changes in operating assets and liabilities consist of: Decrease (increase) in accounts receivable (13,599,674) 17,450,616 (Increase) decrease in inventories (172,848,893) (43,360,974) (Increase) in other assets (1,091,643) (15,604,700) Increase (decrease) in customer advances 7,488,190 30,005,812 Increase in accounts payable and other liabilities 96,978,313 1,568,314 -------------- -------------- (83,073,707) (9,940,932) -------------- --------------Supplementary Information Cash paid during the period for Interest $ 551,550 $ -------------- -------------- Income taxes $ 59,853 $ 45,638 -------------- --------------
Company Contact:
UNR Holdings, Inc.
Serguei Melnik
VP
Phone: 407-210-6541
info@unrholdings.com
Investor Relations Contact:
CCG Investor Relations
David Rudnick
Account Manager
Phone: 1-646-626-4172
Email: david.rudnick@ccgir.com
