QualityStocks'  Instablog

Send Message
QualityStocks (www.qualitystocks.net) assists publicly traded companies by getting their story out to the investment community while helping investors discover emerging companies with plenty of growth potential. Our name, QualityStocks, emphasizes our commitment to connect subscribers with... More
My company:
My blog:
QualityStocks Micro-Cap and Small-Cap Blog
  • Guanwei Recycling Corp. (GPRC) Posts Record Financial Results For 2011 0 comments
    Mar 30, 2012 5:29 PM | about stocks: GPRC

    Guanwei Recycling, China's leading clean tech manufacturer of recycled low density polyethylene (LDPE), today reported financial results for fiscal 2011, reflecting record sales and profits.

    Net revenues for 2011 increased 34 percent to a record $63.6 million compared to $47.5 million reported a year earlier.

    Net income in 2011 grew 29 percent to a record $12.7 million, or $0.64 per diluted share, compared with $9.9 million, or $0.50 per diluted share, reported in 2010.

    Gross profit for 2011 increased approximately 27 percent to $19.48 million, while gross margins decreased to 30.64 percent from 32.20 percent a year earlier. The company attributes this decrease primarily to an approximately 22 percent increase in raw material costs.

    The company increased its annual combined raw material import quota to 99,000 tons in 2011 and 115,000 tons in 2012; production capacity expanded to 80,000 tons from 65,000 tons.

    As of December 31, 2011, Guanwei reported shareholders' equity of $45 million, an increase compared to $34.1 million a year earlier. Total assets of $45.08 million at year end included cash and cash equivalents of $12.43 million, and accounts receivable of $4.48 million. Inventories increased to $16.85 million from $10.72 million a year earlier, and pre-payments and other assets of $2.10 million as of year-end 2011 compared with $475,195 at the end of 2010.

    The company also paid off short-term debt and increased working capital at year end to $23.8 million from $13.4 million a year earlier.

    Chen Min, chairman and CEO of Guanwei, called 2012 a "banner year" for the company, and noted increased production capacity, the company's strong financial standing, and its obtaining of a substantial increase in its government quota for imported raw material.

    "With these accomplishments," Min stated in the press release, "we are confident of another year of record results in 2012. Even with an anticipated slowing in our domestic economy, we have a customer base that is well diversified, and the more than 40% price advantage our recycled plastic offers compared with virgin plastic continues to make it quite attractive."

    For more information visit guanweirecycling.com

    Please see disclaimer on the QualityStocks website: disclaimer.qualitystocks.net

    Stocks: GPRC
Back To QualityStocks' Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers


More »
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.