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China Precision Steel, Inc. (CPSL) Reports Strong Increase in Sales

|Includes: China Precision Steel, Inc. (CPSL)
China Precision Steel, Inc. reported higher year over year sales in the fourth quarter of fiscal 2011, as the company benefited from strong demand for many of its product lines.
China Precision Steel reported sales of $46 million in the quarter ending June 30, 2011. This was a 27% year over year increase from the corresponding quarter of 2010, and a 46% sequential increase from the third quarter of fiscal 2011.
China Precision Steel volume also showed a sharp year over year increase, with sales of 49,104 tons in the most recent quarter. This was a 26% increase over the 39,112 tons sold in the fourth quarter of fiscal 2010.
China Precision Steel attributed the better results to strong demand for the company’s cold-rolled steel products. The company manufactures and sells low carbon cold-rolled steel for applications in the home appliance and packaging industries, and high carbon cold-rolled steel for use in the automotive industry.
China Precision Steel said that sales of these two types of products now account for 93% of company sales, down from 98% in the same quarter in fiscal 2010. The company ended the quarter with a $25.6 million backlog of orders.
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