Fushi International, Inc. (FSIN)

[scoobey-do]

Fushi International, Inc. Reports Third Quarter 2006 Results

For the quarter ended September 30, 2006, the Company reported revenue of $13.0 million as compared to $8.5 million during the third quarter last year, representing an increase of 52.0 percent. Reported revenues are net of the VAT or (Value Added Tax) of approximately 17.0 percent. The increase in sales was primarily attributable to increases in average selling prices and sales volume growth, which improved 24.2 percent and 22.4 percent respectively versus the comparable quarter last year. Additionally, end user applications have increased significantly year-over-year from new markets such as electromagnet wire, winding wire, shielding wire, as well as distribution and coils. Total capacity utilization at the end of the third quarter was approximately seventy five percent. The Company sold a total of 2,227 tons of bimetallic products during the quarter, an increase of 22.4 percent from the third quarter of last year.

During the third quarter, the Company continued to diversify its revenue stream as its top five customers accounted for 30 percent of total sales with the largest representing approximately 7.0 percent as compared to the third quarter of last year where five customers accounted for 55.0 percent of sales and three accounted for more than 10.0 percent.

http://www.fushiinternational.com/InvestorRelations.aspx?p=PressReleases&Item=38