RINO International Corp. (RINO) Announces Record Third Quarter 2009 Financial Results
DALIAN, China, Nov. 13 /PRNewswire-Asia-FirstCall/ -- - Q3 2009 net sales increased 41.0% to $63.3 million vs. Q3 2008; net income increased 73.3% to $17.1 million; EPS of $0.68 vs. $0.39 - First nine months of 2009 net contract sales increased 41.7% to $139.6 million YOY; net income increased 94.5% to $39.4 million; EPS was $1.57 vs. $0.81 - Cash flow from operations was $9.5 million for the first nine months of 2009 - Backlog on September 30, 2009 was approximately $52.7 Million - Management to host earnings conference call November 13th at 8:30 a.m. ET
RINO International Corp. (OTC Bulletin Board: RINO), which through its subsidiaries and controlled affiliates in the People’s Republic of China (collectively, the “Company” or “RINO”), designs, manufactures, installs and services proprietary and patented wastewater treatment, desulphurization equipment, and high temperature anti-oxidation systems for iron and steel manufacturers in the People’s Republic of China (“PRC”), today announced the Company’s financial results for the third quarter of 2009.
SUMMARY FINANCIALS First Quarter 2009 Results Q3 2009* Q3 2008** CHANGE Sales $63.3 million $44.9 million +41.0% Gross Profit $26.1 million $20.6 million +27.1% Adjusted Net Income $19.7 million $15.7 million +25.5% GAAP Net Income $17.1 million $9.9 million +73.3% Adjusted EPS (Diluted) $0.78 $0.62 +25.8% GAAP EPS (Diluted) $0.68 $0.39 +74.4%
*Q3 2009 included a $2.6 million non-cash charge related to the changes in the value of warrants.
**Q3 2008 included $5.8 million in non-cash equity compensation charges not present in 2009.
Adjusted Net Income and EPS are non-GAAP and utilized to illustrate operating numbers.
First Nine Months of 2009 Results 2009 2008* CHANGE Sales $139.6 million $98.5 million +41.7% Gross Profit $56.3 million $43.6 million +29.1% Adjusted Net Income $43.8 million $31.9 million +37.2% GAAP Net Income $39.4 million $20.3 million +94.5% Adjusted EPS (Diluted) $1.74 $1.27 +37.0% GAAP EPS (Diluted) $1.57 $0.81 +93.8%
* The first nine months of 2009 included a $4.4 million non-cash charge related to changes in values of warrants.
**The first nine months of 2008 included $11.7 million in non-cash equity compensation expenses not present in 2009.
Adjusted Net Income and EPS are non-GAAP and utilized to show operating numbers.
2009 Third Quarter Financial Results
Net revenues for the third quarter ended September 30, 2009 increased 41.0% to $63.3 million as compared to $44.9 million for the third quarter in 2008. Revenue growth was driven by demand across its product lines, including a significant increase in both wastewater treatment and anti-oxidation systems and coatings sales. Specifically, the Company recorded $33.3 million in desulphurization revenues, a decrease of 11.8% from the third quarter of 2008, $15.1 million in wastewater treatment system sales, an increase of 241.9% from the third quarter of 2008, and $13.8 million in anti-oxidation equipment and coatings, an over 8-fold increase compared to the same year ago period. The Company recorded $1.1 million in machining service revenues.
Cost of sales for the third quarter of 2009 was $37.2 million as compared to $24.3 million in the same period of 2008, an increase of 52.9%. Gross profit was $26.1 million in the third quarter of 2009, a 27.1% increase from $20.6 million for the same period in 2008, representing gross margins of approximately 41.3% and 45.8%, respectively. The 4.5% variance in gross margins was mainly attributable to outsourcing, which has enabled the Company to continue growing its revenue base without significantly expanding its facility.
Total operating expenses for the third quarter of 2009 were $6.6 million, a 38.7% decrease from $10.7 million reported during the same period in 2008. The third quarter of 2008 included a non-cash stock compensation expense of $5.8 million related to a “Make Good Provision” relating to a private placement of the Company’s Common Stock in 2007. Eliminating this expense, operating expenses would have increased by 35.1%, which was primarily the result of $2.4 million in commission expenses for new contracts. Operating income for the third quarter of 2009 and 2008 was $19.6 million and $9.9 million, respectively, representing operating margins of 30.9% for the third quarter of 2009 compared to the third quarter 2008 operating margin of 22.0%, or 35.0% when adjusted to eliminate the non-cash expense.
GAAP net income for the third quarter was $17.1 million, representing an increase of 73.3% as compared to $9.9 million reported in the same period in the prior year. Earnings per diluted share were $0.68 for the third quarter in 2009 as compared to $0.39 for the third quarter in 2008, which was based on 25.2 million shares outstanding. The Company did not incur any taxes during either period.
During the third quarter of 2009 the Company incurred a non-cash charge of $2.6 million for the change in the value of warrants. Adjusting for non-cash charges in each respective period, net income for the third quarter of 2009 and 2008 was $19.7 million and $15.7 million, with $0.78 and $0.62 in earnings per diluted share.
“The third quarter continued our momentum as we executed on our growth plan while making further improvements in all of our key financial metrics,” stated Mr. Zou Dejun, President and CEO of RINO International. “This was the first quarter we saw meaningful uptake by customers for our anti-oxidation systems. During the quarter we performed work on a total of 12 FGD desulphurization systems, 5 wastewater treatment systems and installed 7 anti-oxidation systems for a total of 23 customers. We are excited about our DXT desulphurization system which we believe will enable us to cement our position as the leader in this particular FGD application, while providing a strong conduit for growth during the next few years as adoption accelerates. In addition, our backlog as of September 30, 2009 was approximately $52.7 million, which represents 6 desulphurization, 4 wastewater treatment and 6 anti-oxidation projects. We believe our collective growth initiatives will continue to provide incremental and robust top-line and bottom line growth and we currently expect to surpass our previous revenue estimate of $176.5 million for 2009”.
2009 Nine Month Financial Results
For the first nine months of 2009 revenues increased 41.7% to $139.6 million from $98.5 million in the year ago period. FGD sales increased 18.5% to $89.1 million and represented 63.8% of total sales. Wastewater treatment equipment increased 150.1% to $31.6 million and represented 22.6% of sales. Anti-oxidation equipment and coatings increased 308.9% to $17.4 million, representing 12.5% of total sales while machining services were $1.6 million.
Cost of sales increased 51.7% to $83.4 million yielding gross profit of $56.3 million, an increase of 29.1% from $43.6 million reported in 2008. Gross margins were 40.3% compared to 44.2% during the first nine months of 2009 and 2008, respectively.
Operating expenses decreased 39.1% to $14.1 million during the first nine months of 2009 from $23.1 million in 2008, which included an $11.7 million non-cash equity compensation charge. Income from operations increased 106.2% to $42.2 million from $20.5 million with operating margins of 30.2% compared to 20.8%, or 32.6% excluding the charge.
GAAP Net income for the first nine months of 2009 increased 94.5% to $39.4 million from $20.3 million with corresponding diluted earnings per share of $1.57 compared to $0.81 in 2008 based on 25.1 million and 25.2 million diluted shares in each respective period. The Company incurred no income taxes in either period. During the first nine months of 2009 the Company incurred a non-cash charge of $4.4 million for the change in the value of warrants, with no associated charge in 2008. Adjusting for non-cash charges during each respective period, net income was $43.8 million and $31.9 million, yielding $1.74 and $1.27 in earnings per diluted share.
“Our business continues to be driven by a number of factors centered around government mandates stipulating that iron and steel manufacturers be equipped with desulphurization systems. The Chinese Ministry of Industry and Information Technology showed its commitment to support this initiative by publishing a formal plan on July 31, 2009 which prioritizes steel FGD installations, sets specific desulphurization guidelines and targets, while offering priority funding by both the central and local governments and further support for domestic based technology. This is the single most important regulatory event since our Company was formed and clears a path toward doubling the number of sinters to be equipped with FGD systems annually through 2011. We expect that growth from our FGD system installations, in addition to the large Sludge Treatment System for the Dalian Government, will drive further growth during 2010.”
Balance Sheet and Cash Flow Discussion
Cash and cash equivalents as of September 30, 2009 were $29.0 million, representing an increase of 47.0% as compared to $19.7 million as of December 31, 2008. Working capital on September 30, 2009 was $115.4 million for the third quarter of 2009, an increase of 62.8% from $70.9 million on December 31, 2008. Accounts receivable stood at $44.6 million, a 13.5% decrease from $51.5 million reported as of December 31, 2008. The Company reported $8.8 million in short term loans payable, maintained a current ratio of 4.7 to 1 and saw stockholder’s equity increase 65.2% to $110.5 million as of September 30, 2009 as compared to $66.9 million as of December 31, 2008.
For the nine months ended September 30, 2009, the Company generated $9.5 million in cash flow from operations, as compared to $10.0 million cash used in operation for the first nine months in 2008. The variance between cash flow and net income was mainly related to $34.7 million in advances for inventory purchases as the company prepares for several large project installations and $13.2 million in costs and estimated earnings surpassing billings for projects still underway.
Conference Call
The Company will host a conference call on November 13, 2009, at 8:30 a.m. ET. To attend the call, please use the dial information below. When prompted, ask for the “RINO International Call” and/or be prepared to provide the conference ID.
Date: November 13, 2009 Time: 8:30am ET Conference Line Dial-In (U.S.): +1-877-941-8416 International Dial-In: +1-480-629-9808 Conference ID: 4182665 Webcast link: http://viavid.net/dce.aspx?sid=00006CFF
Please dial in at least 10 minutes before the call to ensure timely participation. A playback will be available through November 20, 2009. To listen, please call +1-800-406-7325 within the United States or +1-303-590-3030 when calling internationally. Utilize the pass code 4182665 for the replay.
About RINO International Corporation
RINO International Corporation, through its direct and indirect subsidiaries, including Innomind Group Limited and Dalian Innomind Environment Engineering Co., Ltd., its contractually-controlled affiliate, Dalian RINO Environmental Engineering Science and Technology Co., Ltd. (“Dalian Rino”) and Dalian Rino’s wholly-owned subsidiaries, Dalian Rino Environmental Engineering Project Design Co., Ltd. and Dalian Rino Environmental Construction & Installation Project Co., Ltd., is a leading provider of environmental protection equipment for the iron and steel industry in China. Specifically, RINO designs, manufactures, installs and services proprietary and patented wastewater treatment, flue gas desulphurization equipment, and high temperature anti-oxidation systems, which are all designed to reduce either industrial pollution and/or improve energy utilization. RINO’s manufacturing facility maintains the ISO 9001 Quality Management System and ISO 14001 Environment Management System certifications, in addition to receiving numerous government and industry awards.
Additional information about the Company is available at the Company’s website: http://www.rinogroup.com .
Cautionary Statement Regarding Forward-Looking Information
Certain statement in this press release may contain forward-looking information about the Company. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as “believe,” “expect,” “may,” “will,” “should,” “project,” “plan,” “seek,” “intend,” or “anticipate” or the negative thereof or comparable terminology, and statements which may include discussions of strategy, and statements about industry trends future performance, operations and products of each of the entities referred to above. Actual performance results may vary significantly from expectations and projections as a result of various factors, including, without limitation, the risks set forth “Risk Factors” contained in the Company’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. In addition, this press release contains certain Non-GAAP financial results. Management believes, given the nature of certain non-cash charges, the adjusted net income and EPS enables investors to understand the correct operating metrics of its business. Management does not intend, nor suggest that investors utilize, non-GAAP financial results to make investment decisions.
For more information, please contact: For the Company: Jenny Liu Tel: +86-411-8766-2700 Email: jennyliu@rinogroup.com Investors: Matt Hayden HC International, Inc. Tel: +1-561-245-5155 Email: matt.hayden@hcinternational.net FINANCIAL STATEMENTS FOLLOW RINO INTERNATIONAL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2009 AND DECEMBER 31, 2008 ASSETS September 30, December 31, 2009 2008 (Unaudited) CURRENT ASSETS Cash and cash equivalents $29,020,242 $19,741,982 Restricted cash -- 1,030,317 Notes receivable 717,363 2,157,957 Accounts receivable, trade, net of allowance for doubtful accounts of $342,749 and $0 as of September 30, 2009 and December 31, 2008, respectively 44,559,387 51,503,245 Costs and estimated earnings in excess of billings on uncompleted contracts 13,202,094 -- Inventories 1,793,396 1,203,448 Advances for inventory purchases 56,754,792 21,981,669 Other current assets and prepaid expenses 678,271 517,847 Total current assets 146,725,545 98,136,465 PROPERTY, PLANT AND EQUIPMENT, NET 12,516,348 13,197,119 OTHER ASSETS Prepaid expenses (non-current) 64,576 73,350 Advances for equipment and construction material purchases 5,550,966 5,550,966 Prepayment for land use right 799,965 458,292 Intangible assets, net 1,161,499 1,211,608 Total other assets 7,577,006 7,294,216 Total assets $166,818,899 $118,627,800 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $5,471,857 $5,816,714 Short-term loan 8,802,000 8,802,000 Billings in excess of costs and estimated earnings on uncompleted contracts 1,484,554 -- Customer deposits 3,712,082 3,609,407 Liquidated damages payable 20,147 2,598,289 Other payables and accrued liabilities 427,043 746,267 Notes payable 73,790 -- Due to a stockholder 308,182 596,023 Tax Payable 11,013,805 5,062,901 Total current liabilities 31,313,460 27,231,601 Warrant Liabilities 512,498 -- REDEEMABLE COMMON STOCK ($0.0001 par value, 5,464,357 shares issued with conditions for redemption outside the control of the company) 24,480,319 24,480,319 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY Preferred Stock ($0.0001 par value, 50,000,000 shares authorized, none issued and outstanding) -- -- Common Stock ($0.0001 par value, 10,000,000,000 shares authorized, 25,330,769 shares and 25,040,000 shares issued and outstanding as of September 30, 2009 and December 31, 2008) 2,533 2,504 Additional paid-in capital 30,492,770 25,924,007 Retained earnings 63,271,930 28,570,948 Statutory reserves 10,491,526 6,196,478 Accumulated other comprehensive income 6,253,863 6,221,943 Total shareholders' equity 110,512,622 66,915,880 Total liabilities and shareholders' equity $166,818,899 $118,627,800 RINO INTERNATIONAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008 (UNAUDITED) Three Months Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 REVENUES: Contracts $62,194,946 $43,575,844 $138,030,264 $92,060,717 Services 1,107,257 1,305,292 1,602,308 6,482,958 63,302,203 44,881,136 139,632,572 98,543,675 COST OF SALES Contracts 36,452,495 23,298,573 81,701,500 51,144,465 Services 531,440 848,959 1,124,270 3,341,128 Depreciation 185,201 165,889 555,528 486,145 37,169,136 24,313,421 83,381,298 54,971,738 GROSS PROFIT 26,133,067 20,567,715 56,251,274 43,571,937 OPERATING EXPENSES Selling, general and administrative expenses 6,615,171 4,849,778 14,111,637 11,182,374 Research and development (61,564) -- (31,749) 267,817 Stock compensation expense-shares placed in escrow -- 5,832,960 -- 11,665,920 TOTAL OPERATING EXPENSES 6,553,607 10,682,738 14,079,888 23,116,111 INCOME FROM OPERATIONS 19,579,460 9,884,977 42,171,386 20,455,826 OTHER INCOME (EXPENSE), NET Other (expense) income, net (3,144) 44,947 (8,923) 50,651 Change in fair value of warrants (2,592,201) -- (4,402,335) -- Interest income (expense), net 101,785 (72,810) (90,148) (241,650) Gain on liquidated damage settlement -- -- 1,746,120 -- TOTAL OTHER EXPENSES, NET (2,493,560) (27,863) (2,755,286) (190,999) INCOME BEFORE PROVISION FOR INCOME TAXES 17,085,900 9,857,114 39,416,100 20,264,827 PROVISION FOR INCOME TAXES -- -- -- -- NET INCOME 17,085,900 9,857,114 39,416,100 20,264,827 OTHER COMPREHENSIVE INCOME: Foreign currency translation adjustment 169,559 335,796 31,920 4,051,389 COMPREHENSIVE INCOME $17,255,459 $10,192,910 $39,448,020 $24,316,216 WEIGHTED AVERAGE NUMBER OF SHARES: Basic 25,204,199 25,000,000 25,104,972 25,000,000 Diluted 25,220,159 25,153,941 25,112,087 25,152,127 EARNINGS PER SHARE: Basic $0.68 $0.39 $1.57 $0.81 Diluted $0.68 $0.39 $1.57 $0.81 RINO INTERNATIONAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008 (UNAUDITED) 2009 2008 CASH FLOWS FROM OPERATING ACTIVITIES Net income $39,416,100 $20,264,827 Adjusted to reconcile net income to cash used in operating activities: Depreciation 717,490 603,965 Amortization 50,072 48,972 Allowance for bad debt 342,495 -- Imputed interest 13,558 21,974 Amortization of long term prepaid expense 10,994 25,090 Stock compensation expense 28,324 11,665,920 Gain (expense) on liquidated damage settlement (1,746,120) 1,116,708 Change in fair value of warrants 4,402,335 -- Changes in operating assets and liabilities Notes receivable 1,439,514 (4,804,195) Accounts receivable 6,596,159 (29,979,156) Costs and estimated earnings in excess of billings on uncompleted contracts (13,192,194) 2,413,818 Inventories (589,505) (63,928) Advances for inventory purchase (34,747,048) (10,826,678) Other current assets and prepaid expenses (160,940) 39,658 Accounts payable (344,598) (851,537) Billings in excess of costs and estimated earnings on uncompleted contracts 1,483,440 110,250 Customer deposits 102,598 3,816,435 Other payables and accrued liabilities (318,983) 1,169,036 Tax payable 5,946,440 (4,739,308) Net cash provided by (used in) operating activities 9,450,131 (9,968,149) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property and equipment (37,232) (902,594) Advances for construction material and equipment purchases -- (3,231,748) Prepayment for land use right (341,417) -- Net cash used in investing activities (378,649) (4,134,342) CASH FLOWS FROM FINANCING ACTIVITIES Payment on due to shareholder (1,058,480) (1,785,305) Proceeds from shareholder advances 770,889 2,334,594 Decrease (increase) of restricted cash 1,030,317 (24,951) Increase in notes payable 73,735 -- Proceeds from short-term loan 29,360,000 7,168,500 Bank loan repaid (29,315,000) -- Payment to liquidated damage penalty (615,018) -- Net cash provided by financing activities 246,443 7,692,838 EFFECT OF EXCHANGE RATE ON CASH (39,665) 385,533 INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 9,278,260 (6,024,120) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 19,741,982 7,390,631 CASH AND CASH EQUIVALENTS AT END OF PERIOD $29,020,242 $1,366,511 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash paid during the period for: Interest $632,816 $352,529 Income taxes $229,880 $5,384,128 Shares issuance for liquidated damage penalty settlement $217,004 $--
SOURCE RINO International Corp.
TraderPower Featured Companies
Top Small Cap Market News
- $SOBR InvestorNewsBreaks – SOBR Safe Inc. (NASDAQ: SOBR) Closes on $8.2M Private Placement
- $CLNN InvestorNewsBreaks – Clene Inc. (NASDAQ: CLNN) Announces Participation at Two Upcoming Investor Conferences
- $ATBHF Aston Bay Holdings Ltd. (TSX.V: BAY) (OTCQB: ATBHF) Releases Updated Report on Storm Copper Project Drilling Program
- $LGVN InvestorNewsBreaks – Longeveron Inc. (NASDAQ: LGVN) to Present at This Month’s Congenital Heart Surgeons’ Society Annual Meeting
- $LEXX InvestorNewsBreaks – Lexaria Bioscience Corp. (NASDAQ: LEXX) Begins Subject Dosing in Human Pilot Study #3 Evaluating Oral DehydraTECH-Processed Tirzepatide
- $FSTTF InvestorNewsBreaks – First Tellurium Corp. (CSE: FTEL) (OTC: FSTTF) Shares Additional Information on the PyroDelta Thermoelectric Generator, Relationship with Subsidiary
- $TMET.V Gold Stutters as Strong US Jobs Data Dampens Expectations of Large Rate Cuts
- $RFLXF JPMorgan Executive Says US Backlash Against ESG Is Exaggerated
- $SFWJ InvestorNewsBreaks – Software Effective Solutions Corp. (d/b/a MedCana) (SFWJ) Releases Report on Series of Acquisitions, Multiple Cannabis Licenses
- $EAWD IEA Hosts G20 Ministers, Influential Personalities to Discuss Clean and Affordable Energy Transition
Recent Posts
- $EAWD IEA Hosts G20 Ministers, Influential Personalities to Discuss Clean and Affordable Energy Transition
- $SFWJ InvestorNewsBreaks – Software Effective Solutions Corp. (d/b/a MedCana) (SFWJ) Releases Report on Series of Acquisitions, Multiple Cannabis Licenses
- $RFLXF JPMorgan Executive Says US Backlash Against ESG Is Exaggerated
- $TMET.V Gold Stutters as Strong US Jobs Data Dampens Expectations of Large Rate Cuts
- $FSTTF InvestorNewsBreaks – First Tellurium Corp. (CSE: FTEL) (OTC: FSTTF) Shares Additional Information on the PyroDelta Thermoelectric Generator, Relationship with Subsidiary
- $LEXX InvestorNewsBreaks – Lexaria Bioscience Corp. (NASDAQ: LEXX) Begins Subject Dosing in Human Pilot Study #3 Evaluating Oral DehydraTECH-Processed Tirzepatide
- $LGVN InvestorNewsBreaks – Longeveron Inc. (NASDAQ: LGVN) to Present at This Month’s Congenital Heart Surgeons’ Society Annual Meeting
- $ATBHF Aston Bay Holdings Ltd. (TSX.V: BAY) (OTCQB: ATBHF) Releases Updated Report on Storm Copper Project Drilling Program
Recent Comments
Archives
- October 2024
- January 2023
- June 2022
- December 2021
- September 2021
- August 2021
- July 2021
- June 2021
- May 2021
- April 2021
- March 2021
- February 2021
- January 2021
- December 2020
- November 2020
- October 2020
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
- February 2020
- January 2020
- December 2019
- November 2019
- October 2019
- September 2019
- August 2019
- July 2019
- June 2019
- May 2019
- April 2019
- March 2019
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
- September 2016
- August 2016
- July 2016
- June 2016
- May 2016
- April 2016
- March 2016
- February 2016
- January 2016
- December 2015
- November 2015
- October 2015
- September 2015
- August 2015
- July 2015
- June 2015
- May 2015
- April 2015
- March 2015
- February 2015
- January 2015
- December 2014
- November 2014
- October 2014
- September 2014
- August 2014
- July 2014
- June 2014
- May 2014
- April 2014
- March 2014
- February 2014
- January 2014
- December 2013
- November 2013
- October 2013
- September 2013
- August 2013
- July 2013
- June 2013
- May 2013
- April 2013
- March 2013
- February 2013
- January 2013
- December 2012
- November 2012
- October 2012
- September 2012
- August 2012
- July 2012
- June 2012
- May 2012
- April 2012
- March 2012
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009