CJGH might be worth watching Bill, earnings out in AH look pretty good imho: Press Release Source: China Jiangsu Golden Horse
China Jiangsu Golden Horse Steel Ball Reports Record Q1 Revenues
Wednesday June 11, 4:01 pm ET
XUYI, JIANGSU, CHINA--(MARKET WIRE)--Jun 11, 2008 -- China Jiangsu Golden Horse Steel Ball, Inc. (Other OTC:CJGH.PK - News) ("Golden Horse" or "the Company") a leading Chinese manufacturer and supplier of ball bearings, has announced unaudited consolidated operating results for the three month period ended March 31, 2008 ("Q1 2008"). Highlights for Q1 2008:
-- the Company recorded revenues of $6.30 million in Q1 2008 or
approximately 48.79% of the revenues recorded in the year ended December
31, 2007 ("FY 2007").
-- the Company recorded a gross profit of $1.15 million in Q1 2008 and
the Gross Profit Margin increased by 39.72% from 13.04% during FY 2007 to
18.22% in Q1 2008.
-- the Company recorded an operating profit of $0.894 million in Q1 2008
and the Operating Profit Margin increased by 121.53% from 6.41% during FY
2007 to 14.20% in Q1 2008.
-- the Company recorded net income after taxes of $0.609 million in Q1
2008 and the Return on Assets increased by of 13.10 % from 8.55% during FY
2007 to 9.67% in Q1 2008.
-- during FY 2007, the Company recorded revenues of $12.91 million, gross
margin of $1.68 million, operating income of $0.827 million and net income
after taxes of $1.1 million.
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The increase in revenue is attributable to growing global demand for steel bearings as the Company had positive growth in sales from its existing customer base and was able to obtain new contracts. The Company increased prices of the steel bearings to offset the higher direct material costs of steel as the price for raw material steel products continues to increase as a result of higher global demand. In addition, the Company has started to realize the dramatic increase in gross profit margin as the result of the capital investments made in 2007 to improve its offering of bearing products and modernization of equipment and machinery, including the opening on the new plant in Xuyi.
The Company will be uploading the financial statements onto the website, and we encourage the public to visit our website at www.goldenhorsesteel.com.
About Us:
Golden Horse along with its affiliates and controlled entities is one of the top five manufacturers of steel ball bearings in China. The Company produces over three billion ball bearings annually of various specifications along with its development of over 15 new products, such as stainless steel balls, aluminum balls, and ceramics balls. In addition, the Company continues to export its products to over twenty countries worldwide including the USA, Japan, Brazil, India, and Germany.
Forward-looking Statements:
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.
Contact:
For more information, please contact:
Investor Relations Contact:
Tel: 1-866-365-4724
Website: goldenhorsesteel.com
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Source: China Jiangsu Golden Horse
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