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I believe that it is trading, but nobody is buying and selling, so no bid and ask price.
The company is doing well. The 2nd phase expansion is expected to be completed by the year end, which will double their capacity.
I only bought 100 shares at .11 plus commission, and cashed out $65. No big deal, enough for a bottle of scotch.
I would like to see the stock start trading again on the pink sheets. It seems to be a profitable company. Do you know if/ when they will begin trading again ?
How many shares did you sell? I went to Beijing last month and was arranged to meet BFTI CEO at St. Regis hotel. Their CEO could not come due to schedule conflict. But they did verify my share number. Good luck to you.
Finally got my cash-out from Scot.
Securities . As of February 24, 2012 there were 29,715,640 shares of the Common Stock outstanding.
Small shareholders less than 150 shares to be reverse split out and paid $.65 cash per share. Company to downgrade to pinks to save on filing costs. Review latest filing.
http://ih.advfn.com/p.php?pid=nmona&article=51379337
New BFTI Presentation:http://ir.stockpr.com/befut/presentations
BEFUT Announces 77.9% Increase in Revenue and 113.9% Increase in Net Income for Fiscal 2011
tweet0EmailPrint..Companies:BEFUT INTL LTD.Related Quotes
Symbol Price Change
BFTI.OB 0.15 0.00
{"s" : "bfti.ob","k" : "a00,a50,b00,b60,c10,g00,h00,l10,p20,t10,v00","o" : "","j" : ""} Press Release Source: BEFUT International Co., Ltd. On Wednesday September 28, 2011, 7:00 am EDT
DALIAN CITY, China, Sept. 28, 2011 /PRNewswire-Asia-FirstCall/ -- BEFUT International Co., Ltd. (the "Company" or "BEFUT") (OTCBB:BFTI.ob - News), a developer, manufacturer and distributor of wire and cable products in China, today announced its financial results for the fiscal year ended June 30, 2011.
Financial Highlights
•Revenue increased 77.9% to $55.6 million for fiscal 2011 compared to $31.3 million for 2010
•Gross profit increased 79.7% to $14.9 million for fiscal 2011 compared to $8.3 million for fiscal 2010
•Net income increased 113.9% to $9.4 million, or $0.33 per share, for fiscal 2011 compared to $4.4 million, or $0.15 per share, for fiscal 2010
Mr. Hongbo Cao, Chairman and CEO, commented, "We are pleased to report strong growth in revenue and net income for fiscal 2011. Our product strategy, marketing strategy and strong R&D have been key drivers to our success. We continue to grow our traditional cable business, but are particularly focused on increasing sales of our higher margin products such as carbon fiber composite cable, submarine cable and certain "new energy" cables, including cable for wind and solar energy. We have been awarded a number of new patents and now have 17 approved patents and 45 pending, which provide us an important competitive advantage."
Mr. Cao continued, "We have established a first class customer base encompassing many of the largest conglomerates in China—spanning ship building, nuclear power, mining, petrochemical and other industries. Given our proven track record, established brand and premier customer base, we look forward to expanding our sales by aggressively adding new sales reps and new sales offices across China, in addition to new initiatives underway to grow our international sales."
Mr. Cao concluded, "In April 2011, we began construction on the second phase of our new Changxing Island facility, which we expect to complete in 2012. We plan to add nearly 90,000 square meters of additional floor space with production capacity of approximately 6,700 km of cable per year, which would allow a maximum output of approximately $235 million upon completion. We look forward to leveraging this capacity to satisfy the growing demand from our customers. We believe we have the customer base, technological, manufacturing and research and development capabilities to take advantage of the growing domestic and international cable and wire markets in the coming years."
Revenue for the fourth quarter ended June 30, 2011 was $15.4 million, compared to $11.9 million for the fourth quarter ended June 30, 2010. The increased revenue reflects growing demand across all product lines from new and existing customers and increased capacity to accommodate the demand. Gross profit was $4.2 million for the three months ended June 30, 2011, as compared to $3.1 million for the three months ended June 30, 2010. Operating income was $1.7 million for the three months ended June 30, 2011, as compared to $0.9 million for the three months ended June 30, 2010. Net income for the three months ended December 31, 2010 was $4.5 million, or $0.07 per diluted share, compared to net income of $2.1 million, or $0.03 per diluted share, for the same period last year.
Revenue for the twelve months ended June 30, 2011 was $55.6 million, compared to $31.3 million for the twelve months ended June 30, 2010. Gross profit was $14.9 million for the twelve months ended June 30, 2011, as compared to $8.3 million for the twelve months ended June 30, 2010. Operating income was $9.0 million for the twelve months ended June 30, 2011, as compared to $4.3 million for the twelve months ended June 30, 2010. Net income for the twelve months ended June 30, 2011 was $9.4 million, or $0.33 per diluted share, compared to net income of $4.4 million, or $0.15 per diluted share, for the same period last year.
About BEFUT International Co., Ltd.
BEFUT is a manufacturer of specialty cables in northeastern China for sale to industries, including, ship building, nuclear power plants, mining and petrochemical. The Company's cable products consist of (i) traditional electric power system cable and (ii) an assortment of specialty cable, including marine cable, mining specialty cable and petrochemical cable. BEFUT has recently begun to develop carbon fiber composite cable products. The Company has also developed the capability to produce other types of special cables such as submarine cable and certain "new energy" cable, including cable for wind and solar energy. BEFUT's switch application business mainly includes high and low voltage distribution cabinet switches and crane electronic control switches, which complement the cable product offerings.
Safe Harbor Statement
This press release contains forward-looking statements concerning the Company's business, products and financial results. The Company's actual results may differ materially from those anticipated in the forward-looking statements depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology, and various other factors beyond the Company's control. All forward-looking statements are expressly qualified in their entirety by this Safe Harbor Statement and the risk factors detailed in the Company's reports filed with the SEC. BEFUT undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release, except as required by applicable law or regulation.
Contact:
Crescendo Communications, LLC
David Waldman, Vivian Huo or Klea Theoharis
Tel: (212) 671-1020
E-mail: bfti@crescendo-ir.com
(tables follow)
Consolidated Balance Sheets
Assets
June 30, 2011
June 30, 2010
Current assets:
Cash and cash equivalents
$2,724,146
$1,319,173
Restricted cash
3,565,859
1,181,095
Accounts receivable, net of allowance for doubtful accounts of $87,480
18,166,580
9,292,310
and $83,295 at June 30, 2011 and 2010, respectively
Due from factor
108,545
-
Inventory
4,607,431
2,543,789
Trade notes receivable
1,343,309
-
Loans to unrelated parties
4,495,767
1,054,090
Bank loan security deposits
1,226,771
1,031,100
Advance payments for inventory
2,024,943
399,868
Due from related party
-
472,838
Prepaid VAT taxes
200,006
-
Other current assets
1,729,758
521,739
Total current assets
40,193,115
17,816,002
Property and equipment, net
36,449,318
31,618,074
Other assets:
Advance payments for property and equipment
771,414
293,605
Advance payments – Research & Development
1,048,866
2,088,714
Intangibles, net
15,119,699
15,669,375
Total other assets
16,939,979
18,051,694
Total assets
$93,582,412
$67,485,770
Liabilities
Current liabilities:
Accounts payable and accrued expenses
$4,617,422
$3,119,646
Short-term bank loans
11,587,030
6,039,300
Current portion of long-term bank loan
1,082,900
294,600
Loans from unrelated party
3,364,992
370,000
Advances from customers
3,273,647
533,806
Income taxes payable
322,299
1,655,747
Trade notes payable
3,094,000
-
Other current liabilities
1,039,231
969,787
Total current liabilities
28,381,521
12,982,886
Long-term bank loan
13,768,300
14,435,400
Total liabilities
42,149,821
27,418,286
Equity
Stockholders' equity:
Preferred stock, $0.001 par value, 10,000,000 shares authorized,
-
-
no shares issued or outstanding
Common stock, $0.001 par value, 200,000,000 shares authorized,
29,716
29,716
29,715,640 and 29,715,666 shares issued and outstanding at
June 30, 2011 and 2010, respectively
Additional paid-in capital
21,838,047
21,838,047
Statutory reserves
1,215,273
1,181,189
Retained earnings
23,378,099
13,810,157
Accumulated other comprehensive income
4,390,669
2,166,533
Total stockholders' equity
50,851,804
39,025,642
Noncontrolling interest
580,787
1,041,842
Total equity
51,432,591
40,067,484
Total liabilities and equity
$93,582,412
$67,485,770
Consolidated Statements of Operations
For the Years Ended June 30,
2011
2010
Sales
$55,597,912
$31,258,662
Cost of sales
40,680,706
22,956,708
Gross profit
14,917,206
8,301,954
Operating expenses
Selling expenses
439,750
80,090
General and administrative expenses
5,481,562
3,881,655
Total operating expenses
5,921,312
3,961,745
Income from operations
8,995,894
4,340,209
Other income (expenses):
Government subsidy income
2,076,750
705,602
Interest income
15,233
110,608
Interest expense
(2,028,033)
(397,700)
Other income (expenses), net
749,134
545,008
Total other income
813,084
963,518
Income before provision for income taxes
9,808,978
5,303,727
Provision for income taxes
672,337
907,083
Income from continuing operations, net of taxes
9,136,641
4,396,644
Discontinued operations:
Income from operations of discontinued subsidiary (Including gain on disposal of $99,989 in 2011)
292,146
-
Provision for income taxes
24,787
-
Income from discontinued operations, net of taxes
267,359
-
Net income
9,404,000
4,396,644
Less: net loss attributable to noncontrolling interest
(198,026)
(115,532)
Net income attributable to BEFUT
$9,602,026
$4,512,176
Amounts attributable to BEFUT common shareholders:
Income from continuing operations, net of taxes
$9,334,667
$4,512,176
Discontinued operations:
Income from operations of discontinued subsidiary (including gain on disposal of $99,989 in 2011)
292,146
-
Provision for income tax
24,787
-
Income from discontinued operations, net of taxes
267,359
-
Net income
$9,602,026
$4,512,176
Earnings per share—Basic:
Income from continuing operations
$0.32
$0.15
Discontinued operations
$0.01
$0.00
Net income
$0.33
$0.15
Earnings per share—Diluted:
Income from continuing operations
$0.32
$0.15
Discontinued operations
$0.01
$0.00
Net income
$0.33
$0.15
Weighted average number of common shares
outstanding:
Basic
29,715,640
29,545,797
Diluted
29,761,290
30,110,241
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The 2nd phase of construction of new facility at Changxin island starts and it is expected to be completed by the end of next year:
http://www.befut.com/NewsShow.asp?id=732
By then, specilality cable capacity will be increased by 4,000 km and total revenue of $300 million USD with gross nargibn of 30%.
Hi Minding,
I am not sure whether you still follow the message board. I have sent you a private message regarding CSGJ.
Best regards.
Northern
$1.5 billion USD for this new production facility for carbon composite cable when in full production:
"BEFUT Announces Plans to Build New Manufacturing Plant for the Production of Carbon Fiber Composite Materials
Receives Free Land Use Rights and Considered as One of Ten Key Projects within Puwan New Area Development Zone
tweet0EmailPrint..Companies:BEFUT International Co., Ltd..Related Quotes
Symbol Price Change
BFTI.OB 0.26 0.00
{"s" : "bfti.ob","k" : "a00,a50,b00,b60,c10,g00,h00,l10,p20,t10,v00","o" : "","j" : ""} Press Release Source: BEFUT International Co., Ltd. On Friday June 10, 2011, 4:22 pm EDT
DALIAN CITY, China, June 10, 2011 – BEFUT International Co., Ltd. (the "Company" or "BEFUT") (OTCBB:BFTI.ob - News), a developer, manufacturer and distributor of wire and cable products in China, today announced it has been selected as an anchor client in the Puwan New Area development zone, where it will build a new facility to develop carbon fiber composite materials. Puwan New Area, a 1045.6-kilometer economic zone, was created for the purpose of fostering research and development projects and to serve as a headquarters for technology innovation within China. The economic zone is located near the major port of Dalian. In a highly competitive process, the government selected BEFUT as one of its anchor tenants and is considered one of the ten key projects within the area.
Mr. Hongbao Cao, Chairman and CEO, commented, "We are pleased to enter this agreement with the Puwan New Area government and to situate development of our carbon fiber composite material project within this economic zone. The carbon fiber project will occupy a 300,000 square meter facility and ultimately we believe this facility will be able to produce 100,000 kilometers per year of high-pressure carbon fiber composite wire. This would equate to over $1.5 billion US (10.3 billion RMB) per year, once this facility is operating at full capacity."
Mr. Hongbao Cao continued, "We have a very strong research and development team in place to support our new project. With increased demand in China for carbon fiber, and with its inherent benefits as a lighter material that offers better electrical conductivity, we believe this project will significantly expand our operations."
"We appreciate the strong, ongoing support from the local government in conjunction with this process. We believe that the government's selection of us as an anchor tenant is based on both our reputation for high-quality products, our leading position within China's high-technology industry, and the strength of our strategic plan. Our new carbon fiber products will be a step forward for the industry and especially for Puwan New Area."
Click the links below to view a photo of the signing ceremony and a photo of Mr. Cao along with Mr. Dongsheng Lv, a member of the CCP Affairs Work Committee and vice director of the Administrative Committee of Puwan New Area:
Signing Ceremony Photo
Mr Cao and Mr Lv Photo
About BEFUT International Co., Ltd.
BEFUT is a manufacturer of specialty cables in northeastern China for sale to industries, including, ship building, nuclear power plants, mining and petrochemical. The Company's cable products consist of (i) traditional electric power system cable and (ii) an assortment of specialty cable, including marine cable, mining specialty cable and petrochemical cable. BEFUT has recently begun to develop carbon fiber composite cable products. The Company has also developed the capability to produce other types of special cables such as submarine cable and certain "new energy" cable, including cable for wind and solar energy. BEFUT's switch application business mainly includes high and low voltage distribution cabinet switches and crane electronic control switches, which complement the cable product offerings.
Safe Harbor Statement
This press release contains forward-looking statements concerning the Company's business, products and financial results. The Company's actual results may differ materially from those anticipated in the forward-looking statements depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology, and various other factors beyond the Company's control. All forward-looking statements are expressly qualified in their entirety by this Safe Harbor Statement and the risk factors detailed in the Company's reports filed with the SEC. BEFUT undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release, except as required by applicable law or regulation.
Contact:
Crescendo Communications, LLC
David Waldman, Vivian Huo or Klea Theoharis
Tel: (212) 671-1020
E-mail: bfti@crescendo-ir.com
"
Same here. AR is something to watch for. I talked to the company about AR. They said that it should not be problem to collect their AR.
AR is growing which could be problem. I lost a lot this year in Chinese companies.
Hopefully CSGJ reports tomorrow.
BFTI just post earning report:
http://finance.yahoo.com/news/BEFUT-Announces-408-Increase-prnews-652372942.html?x=0&.v=1
Earning press release:
http://finance.yahoo.com/news/BEFUT-Announces-109-Increase-prnews-77608012.html?x=0&.v=1
Quarter earning (fiscal Q2) just out, revenue of $14.87 million and net earning of $2.534 or 7 cents per share. Another strong Q.
Thanks NL. My misunderstanding.
Kind regards,
George
Hi Minding,
I saw your post on IV regarding CNOA. I have never liked CNOA. I don't trust the management and their business.
NL
Earning Estimates:
The fiscal 2011 will end by the end of June 2011. My earning estimate will be aound 35 cents per share. The fiscal year 2012 will end by the end of June 2012. My earning estimate for the fiscal year 2012 will be around 80 cents. It will 100% growth in both the top line and bottom line in next few years.
Over 10K shares with 6% up - another good volume day.
Difficult to know, but seems like a good guess. Let's see if the increase gets sustained.
9631 shares so far for today. That is a good volume for BFTI. I wonder that someone heard a good presentation by BFTI yesterday and was willing to this morning.
I'm here, but I will unavoidably be with a client.
BFTI is going to do a presentation in Newn York tomorrow:
http://www.maximgrp.com/growthconf/pcompanies.php
Hi George,
I just sent you a PM post on IV.
Northern
Hi George,
Yes, BFTI needs to release more shares into the market. The trading volume is too small.
Nelson
It seems the low float is a problem, no? What are the odds of BFTI wanting more shares available?
George
Earning per share is about 8 cents if excluding foreign exchange gain. It would be 10 cents if including the foreign exchange gain.
Perhaps 1.30 will have looked cheap in the morning!
Fiscal Q1/11 earning report just out. Revenue $15.93 million USD, up 191% over Q1/10; earning $2.932 million USD, up 324% over Q1/10. Huge jump in both earning and revenue.
Thanks George.
To you and your family as well.
I expect. I'll keep watching for opportunity down here.
I hope you and your family are well and happy.
The float is about 1.786 million shares. At some price, possibly much higher than the current price, we shall see some decent volume of selling and buying.
there are buyers at 1.02-1.05, but not sellers. At the same time, buyers do not want to pay at 1.30. So, no volume. That is not important. Fundamentally, the company is doing very good. It is fast grower and looks to me that they are going to double their revenue evey year or the next 4 years or so together with expansion in gross margin. It takes some to have a big winner. I can wait. I am not interested in fast profit here. Quarter report will be out next week. It should be a big jump in revenue and earning.
No sign of volume coming in for this company.
Thanks Nelson. I should have qualified my question. I read your post some time ago ... it solidified my interest in your approach. Now I'm looking to deepen my skillset with more comprehensive studying.
I don't have a finance background. Though I've learned plentiful in the past few years, I'm a sponge for learning more.
Regards,
George
Hi George,
Please find the link below for my approach for trading/investing. My approach is concentration and low valuation. If I find a stock with very low valuation and a high margin of safety, I usually make a big bet on it. When I find an interesting stock, the first step is to assess the risk. There is no certainty in the stock market, but I want the risk that can be controlled and at a level I can affrod.
http://investorshub.advfn.com/boards/board.aspx?board_id=4067
Nelson
Thanks Nelson.
I've been meaning to ask you a question and finally thought, fingers, and computer are meeting!
For your approach to investing, have you written anything or do you have a book list you would forward to me (george@gwfowler.com)?
Kind regards,
George
Hi George,
I agree that SAIC filings are very important data points. Unfortunatelly, they are not available for us. It needs quite a bit of effort to get those data. It may not be applicable to some US listed Chinese stocks since they only went public for some parts of the whole group. SEC filings are for the public companies listed in US, but SAIC filings are for the whole business group.
Thanks.
Nelson
Hi Nelson,
A question has been raised about analyzing companies when there's a difference between SEC vs SAIC filings. There's an article at http://seekingalpha.com/article/223068-china-biotics-vs-spreadtrum-communications-why-aic-filings-matter in which the author discusses the issue and uses two companies as examples.
I'm having difficulty finding resources that a) give the SAIC numbers for different companies and b) explain why there would ever be a discrepancy (assuming the SEC and SAIF numbers are in the same currency.)
Do you have any information on this?
Kind regards,
George
Hi George,
Thanks. KnowledgeIsKing is very active on VMC board as listed below. You will see his new posts over there
http://investorshub.advfn.com/boards/board.aspx?board_id=3251
I will follow BFTI for the next 2 - 3 years. So we can communciate with each other here on this board.
Best Regards.
Nelson
I suspect you are aware that Alan started quite a stir on ValueForum about your departure. To me, his posts sound like you left because you were unhappy with VF. I had thought you stopped simply because you weren't receiving any value at VF and not because you were poorly received.
I had hoped you would continue at VF, perhaps posting in your own Private Group (PG) )since so many VF members are older/retired and aren't interested in China or deep value stocks because they consider them risky.)
I had hoped you'd bring in some fresh blood from IV and Ihub like KnowledgeIsKing and others. VF would be the better if this happened.
I'd still love to see that happen, particularly because IV and Ihub tend to be pretty slow and IV seems to have technical problems pretty often.
However whether or not any of that happens, I continue to be delighted to follow your posts at IV and IHub and hope one day to offer as much in return.
Kind regards,
George
Thank you.
I think the same of you.
Hi Minding,
You are a good man.
Exactly. I used to rule out all oil and NG. Today I invest selectively in them. I used to rule out all military-related stocks, but have since backed down some. NO HAL for me still! Then there's food. I haven't eaten meat since 1986 and wouldn't consider slaughter houses. If ENHD wasn't parented by a holding company that holds a slaughter house, I might possibly consider them. Afterall I would invest in supermarkets that sell meat.
Occasionally I wonder if my ethics are flexible, compromised, or simply opportunistic. It's difficult to draw that line.
Got you. Good point. How about Canadian oil sand? Enviromental damage? Or the companies involved in weapon export?
I consider that to be a raison fondamentale. I was thinking more about personal ethics. While I've loosened up more rigid standards, I won't buy tobacco, for instance.
For Chinese stocks, I try to avoid the businesses that rely on export markets. I have concern about the appreciation of Chinese RMB.
Thank you, NL.
As an aside, are there any types of businesses you avoid as an investor (for reasons other than fundamentals or technicals)?
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(1) BFTI Presentation: http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=7457672-13010-18158&type=sect&dcn=0001144204-10-048974
(2) BFTI English and Chinese Websites: http://www.befut.com/
From BFTI website:
"Dalian, the most famous city of north China, is stepping on the world stage with its beautiful environment and solid economic power. Dalian Befut Wire & Cable Manufacturing Co., Ltd. is headquartered in Dalian. The company has been investing hundreds of million yuan to construct Befut Industrial Estate covered an area of 150,000 m2 in ChangXing Island which is the third largest island of China. With shipbuilding, nuclear power plant construction, and other advantages in ChangXing Island, Befut is focusing on manufacturing marine cables, and other special cables. In the field of high-tech products, Befut has won competition unceasingly, standing on the forefront of the industry, and gradually have the overall strength entering into the global market. Befut takes full account of the market demands, understands the demands of the shipyard, steel, coal, nuclear power plants, offshore oil platforms in-depth, and has created well-designed cables for special purposes, and special occasions. This has met customers' demands, while improved the company’s product technology as well. In 2008, only half of the year, Befut has applied for 5 patents. Now, Befut has ascended among the domestic high-tech cable manufacturing enterprises. In early 2009, Befut Industrial Estate in ChangXing Island is going to put into operation. The company expects to reach the output value more than 5 billion yuan within 5 years. The market of Befut will expand to the whole nation, even to the whole world with the center of Bohai Rim."
(3) Quarterly Financial Reports - Revenue and Earning (all numbers in thousands except otherwise mentioned):
Quarter | Revenue | Cost of Good Sold | Gross Profit | SG & A | Net Income | Total Share Count (million) | Earning Per Share (cent) | Gross Profit Margin (%) |
June Q/09 | 6,126 | 4,101 | 2,025 | 458 | 370 | 29.511 | 1.25 | 33.05 |
September Q/09 | 5,484 | 3,863 | 1,621 | 610 | 690 | 29.511 | 2.34 | 29.56 |
December Q/09 | 7,126 | 5,235 | 1,891 | 457 | 994 | 29.512 | 3.37 | 26.54 |
March Q / 10 | 6,708 | 5,003 | 1,705 | 743 | 692 | 29.513 | 2.35 | 25.42 |
June Q/10 | 11,940 | 8,856 | 3,085 | 2,152 | 2,136 | 29.716 | 7.19 | 25.84 |
September Q/10 | 15,930 | 11,671 | 4,260 | 1,050 | 2,248 | 29,716 | 7.57 | 26.74 |
December Q/10 | 14,871 | 10,954 | 3.917 | 1.182 | 1,937 | 29.716 | 6.52 | 26.34 |
(5) BFTI Background Information of Reverse Merge: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=51222678
(6) September Q, 2009 Quarter Report Regrading the Completion of Phase 1 New Changxing Island Production Plant:
"Recent Developments
(7) March Q, 2010 Business Outlook:
Primarily for the reasons described below, we believe we will experience annual sales growth of more than 70% for our next fiscal year ending June 30, 2011.
Among our more than 200 customers, approximately 30 are considered "large" customers with average annual specialty cable order needs of more than $7 million. Due, in part, to our past limited production capacity, we were not able to accept large-volume orders from these customers. With the recent completion of our new factory, which started operations in early 2010, we now have the ability to produce specialty cables in large volumes. Thus, in the quarter ended March 31, 2010, we began to adjust our sales strategy to focus mainly on accepting large-volume orders. We estimate that in our fiscal year ending June 30, 2011, we will accept large-volume orders (more than $700,000 each) from more than 30 existing and new customers, including petrochemical companies, mining and metallurgical companies, nuclear power plants and shipbuilding companies. We expect these customers to generate sales of about $45 million, which we estimate will account for approximately 80% of our total sales for our fiscal year ended June 30, 2011. We plan to add "large" customers each year as there are currently more than 100 companies located in northern China with average annual specialty cable order needs of more than $7 million."
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