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.

 

Guy Lam
Chief Executive Officer
Pacrim International Capital Inc.
Tel. [phone]