China LianDi Clean Technology Engineering Ltd. reported net income of $11.3 million for the first nine months of fiscal 2010. The company earned only $0.8 million in the same period in fiscal 2009. Revenues were also up strongly on a year over year basis, to $45.6 million, from $8.2 million in fiscal 2009.
China LianDi Clean Technology Engineering Ltd. gave revenue guidance of $70.2 million and $116.7 million for fiscal year 2010 and 2011, respectively. The company also guided the street to expect net income of $15.1 million for fiscal 2010 and $25.0 million for fiscal 2011.
China LianDi Clean Technology Engineering Ltd. recently completed a reverse merger with Remediation Services, Inc. In this transaction, Remediation Services, Inc. received 100% of the issued and outstanding ordinary shares of China LianDi, which then became a wholly-owned subsidiary of China LianDi Clean Technology Engineering Ltd.
China LianDi Clean Technology Engineering Ltd. was founded in 2006 and consists of four operating subsidiaries: HuaShen Trading (International) Ltd., Petrochemical Engineering Ltd., Bright Flow Control Ltd. and Beijing JianXin Petrochemical Engineering Ltd. The company manufactures and sells customized valves and equipment to oil refiners and chemical companies.