China Armco Metals Inc. (CNAM)

[mojopuppy]

Its in the 10k under "our metal recycling operations"

In February 2010, we entered into a contract for the sale of scrap metal, crushed aggregates, charging materials and heavy scrap to a PRC steel producer. Under the terms of the agreement, the purchaser agreed to purchase up to 23,000 MT per month of a mixture of these materials for 10 months beginning in March 2010. However, as a result the electricity reduction policies implemented by the PRC in the third and fourth quarters of 2010, and delay in the delivery of certain machinery, we delivered approximately 10,000 MT under this contract to the customer, and the contract expired at the end of 2010.


In Q4 we saw two press releases stated certain delivers had "values" totalling 29MM, but they reported rev of 24.5MM

I speculate that there is disconnect between "value" and revenue. I have no idea what this disconnect is.

So If they have PR's totalling $47MM, then $35-$40mm would be my guess, unless they can reconcile how they missed in Q4.