Fushi International, Inc. Reports 2007 First Quarter ResultsLast update: 5/16/2007 9:55:00 AMDALIAN, China, May 16, 2007 /Xinhua-PRNewswire via COMTEX/ -- Fushi International, Inc., (FSIN), a low-cost, emerging Chinese manufacturer of bimetallic wire used in a variety of communication, transmission and other electrical products, today announced financial results for the first quarter of 2007.
First quarter financial highlights:
-- For the quarter ended March 31, 2007, total net revenues increased by 44.9% year-over-year to $21.1 million from $14.6 million.
-- Gross profit increased by 45.9% year-over-year to $7.7 million.
-- Operating profit increased by 38.1% year-over-year to $6.1 million.
-- Net income increased by 32.1%% year-over-year to $5.0 million from $3.8 million.
-- Basic and diluted earnings per share increased 20.0% and 10.5% respectively to $0.24 and $0.21.
-- Investment was made in the first quarter 2007 to double production capacity.
-- Orders in new business lines could significantly expand both sales and profitability.
In the three months ended March 31, 2007, we have experienced broadly based, robust revenue growth due to higher average selling prices and higher sales volume driven by numerous factors including volatile copper price, strong market demand, new and expanded application of our products, government and industry initiatives, and as a result, accelerated substitution for solid copper in telecom cable, magnet wires, and power cable. In addition, during the quarter, we were able to substantially pass along higher raw material costs to our customers therefore maintaining our gross and net margins.
