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India Globalization Capital Inc. (IGC), Files 10-Q for the Quarter Ended June 30, 2009

Posted on: Wednesday, 12 August 2009, 09:26 CDT

BETHESDA, Md., Aug. 12 /PRNewswire-FirstCall/ -- India Globalization Capital, Inc. (NYSE Amex: IGC), a leading materials and construction company competing in the rapidly growing infrastructure build out in India, filed its financial results for the quarter ended June 30, 2009, on Form 10-Q.

For the quarter ended June 30, 2009, IGC reported revenue of approximately $2.7 million versus approximately $17.9 million for the three months ended June 30, 2008.

For the quarter ended June 30, 2009, non-GAAP income before taxes, and non-cash expenses associated with options and warrants was about $28 thousand.

For the quarter ended June 30, 2009, IGC reported a GAAP net loss of $535 thousand, compared to a GAAP profit of about $1.3 million for the Quarter Ended June 30, 2008. The Company reported a GAAP loss of $0.05 (five cents) per basic share for the June 30, 2009 quarter compared to a GAAP profit of $0.15 (fifteen cents) per basic share for the June 30, 2008 quarter. The losses reported in the June 30, 2009 quarter include around $490 thousand of non-cash and one-time expenses.

As of June 30, 2009, our consolidated total assets were about $53 million including cash, cash equivalents, and restricted cash used as deposits of around $2.9 million. IGC reported short-term debt of about $3.7 million, and long-term debt of about $1.5 million.

"We have a great deal of money in receivables, deposits and over $22 million in claims and have started a serious recovery effort, which we expect will pay off over the next 24 months," said Ram Mukunda, CEO of India Globalization Capital. "We have spent the last three quarters repositioning ourselves into a materials and construction company. We expect to see a meaningful turn around in our top line beginning this quarter. Our plans for the next 12 months are to focus on: production from two to five rock quarries; leveraging our shipping hub for the sale of iron ore and other materials to China; expanding the number of recurring contracts for infrastructure build out; and aggressively pursuing the collection of accounts receivables and claims."

Conference Call

IGC will hold a conference call to discuss its financial results for the quarter ended June 30, 2009 on Wednesday, August 12, 2009 at 1:30 pm. Eastern Time.

To participate, please call one of the following numbers ten minutes prior to the start time: 1-888-617-5714. Ask for the IGC first quarter conference call (conference ID # 7896459). An operator will confirm your name and the name of your organization. You will be asked to wait until the call begins.

For those of you unable to join the earnings call, a playback of the call will be available via telephone from 4:00 p.m., Wednesday, August 12, 2009 until August 19, 2009. The numbers for this replay service are 1-888-203-1112 or 1-719-457-0820 (from outside the U.S.). Please use replay Pin Number 7896459, followed by the pound sign (#).

About

India Globalization Capital is a materials and construction company operating in India, which builds roads, bridges and highways, and supplies materials to the infrastructure industry in India and China.

For more information about India Globalization Capital, please visit the company's web site at: www.indiaglobalcap.com. Our filings are also available at no charge on the SEC's website at www.sec.gov.

Forward-Looking Statements

This press release may contain forward-looking statements. These statements reflect management's current views and are subject to risks and uncertainties that could cause actual results to differ materially from those projected, expressed or implied in these statements. Factors that could cause actual results to differ, relate to: (i) ability of the parties to successfully execute on contracts and business plans, (ii) ability to raise capital and the structure of such capital including the exercise of warrants, and (iii) exchange rate changes between the U.S. dollar and the Indian Rupee. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise. Other factors and risks that could cause or contribute to actual results differing materially from such forward looking statements have been discussed in greater detail in the company's definitive proxy statement and supplement filed with the SEC and incorporated by reference into the Form S-3.

SOURCE India Globalization Capital, Inc.

Source: PR Newswire

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