excerpt from newsletter taken at greenbackers.com.
-- First Quarter 2011 revenue reaches $45.8 million up 105.7% from First Quarter of 2010 revenue of $22.3 million
-- First Quarter 2011 net income rises to $3.5 million up from a loss of ($985,000) in the First Quarter 2010
-- First Quarter 2011 basic and diluted EPS of $0.09 versus basic and diluted EPS of ($0.04) in the First Quarter of 2010
As overall trends in our end-markets continue to improve and our revenue base has strengthened across all of our business segments, the Company sees revenue for the full 2011 fiscal year of $180 million with net income of $12 million. We will further discuss our operating results as well as our outlook for fiscal 2011 during the conference call today, February 14, 2011 at 4:30 PM EST.
Commenting on our results for the first quarter of fiscal 2010, Dr. James Wang, Chairman and CEO of China Direct Industries, Inc., stated, "Our results have substantially improved in the first quarter as we build momentum for the remainder of fiscal 2011. We continue to ship more magnesium quarter over quarter as we work to add capacity on increasing demand and look to be opportunistic in our purchases of raw materials to improve performance. As our core operations in China have now stabilized and resumed a top line growth track, we will look to focus on expanding margins and operating efficiencies to achieve marked improvement in our operating margins. We have worked diligently to survive a prolonged downturn and now emerge with strengthening production and distribution businesses in China and a vastly improved environment for our consulting services as evidenced by the recent USChina Channel transaction. In addition, we believe our commodities trading business is poised for rapid growth as we look to begin shipments of iron ore from Mexico and parts of South America in the second quarter of fiscal 2011. We have strengthened our balance sheet
2 hours 59 minutes ago - Marketwire
|Trade Time:||11:52AM EST|
|Bid:||1.31 x 500|
|Ask:||1.44 x 500|
|1y Target Est:||4.40|
|Day's Range:||1.29 - 1.51|
|52wk Range:||0.61 - 2.18|
|Avg Vol (3m):||1,011,390|
Results of Operations
Three Months ended December 31, 2010 Compared to the Three Months ended December 31, 2009
Net sales from continuing operations for the three months ended December 31, 2010 increased $352,000 or 80 percent to $792,000 as compared to net sales of $440,000 for the three months ended December 31, 2009. The increase is primarily attributable to increased revenue associated with our dual fuel subsidiary
NEW YORK, Feb. 15, 2011 (GLOBE NEWSWIRE) -- China Carbon Graphite Group, Inc. (OTCBB:CHGI) ("China Carbon" or the "Company") plans to integrate natural graphite mining capacity in Inner Mongolia.
Natural graphite comes in several forms: Flake, amorphous and lump. Natural flake and synthetic graphite are currently used in renewable energy solutions such as lithium-ion batteries as well as in fuel cells, and in nuclear power stations. Very fine grades of natural flake graphite can also be transformed into synthetic diamonds.
To better protect the environment and to curb pollutants generated during the production of certain natural resources, in 2010, the Chinese government decided to implement a number of new restrictions on natural resource industry sectors, including certain export restrictions. As a result of these restrictions, numerous mines were limited in their operations, and the market prices of rare earth elements and certain natural resources that originate in these mines, such as graphite, were driven up.
Graphite is widely used in many different industries. It is used as a refractory material in the steel industry, and as a conductive material, a lubricating material and a metallurgical material in various other industries including aerospace, automotive, semiconductor, nuclear power, battery manufacturing, and generally as a high-tech composite material. For this reason, China has included graphite in its protective measures taken to assure domestic supply, much in the same way it has treated rare earth elements.
As a result, Graphite saw price appreciation in 2010 along with rising Chinese demand for all types of industrial minerals, including the increasingly popular rare earth elements. We believe this upward trend will continue in 2011.
In light of China's increasingly restrictive posture on rare earth and other important resources, as well as world dependency on China for graphite supply (it has been reported that China exports over 70% of world's graphite every year), graphite is on course to become a very important strategic resource. As one of the few listed companies in the graphite industry,the Company has the state-of-art technology in quality control and environment protection, and expects to enjoy sustained and rapid growth in the near future, since the new restrictions are expected to eliminate those less efficient competitors in this industry.
Since the beginning of 2011, aside from expanding production capacity, China Carbon is seeking to initiate an acquisition, with the objective of becoming a vertically integrated leader in the Chinese graphite industry.
China Carbon is located in Inner Mongolia, a region with very rich mineral resources. Beginning in 2011, the Company plans to gradually integrate upstream resources of natural graphite mines. With the Company's extensive management experience and relationships in the carbon and graphite industry, management is confident in the Company's ability to achieve current objectives.