China XD Plastics (CXDC -17%) responds to a negative article by Bleecker Street Research, posted on Seeking Alpha, saying it "contains numerous errors of facts, misleading speculations and malicious interpretation of events" and that it is committed to providing full and accurate disclosure to investors.
The article says CXDC's overstatement of earnings means shares are worth ~$1.38 each; CXDC claims much higher margins than its main competitor even though it spends far less on R&D, and it reported higher revenues and net income in SEC filings than in SAIC filings from 2008 to 2010.
China XD Plastics (CXDC) +7.9% premarket after reporting Q4 EPS of $0.40 and revenue of $113.9M, easily beating analyst expectations. CXDC sees FY 2012 non-GAAP adjusted net income of $82M-$85M and revenue of $550M-$580M vs. consensus revenue of $453.7M.
$CXDC posts solid 4Q13 numbers and strong outlook, fascinating small cap supplier to the international auto parts business
Mar 26, 9:26 AM
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China XD Plastics Co. Ltd through its subsidiaries is engaged in the research, development, manufacture & marketing of modified plastics for fabrication of automobile parts & components, & for applications in railway, airplanes and ships.