HRBN: 2 Cusomters 81% of Revenues
G&A expenses seem just absurdly low, even for a Chinese company. $9.4M in rev and under $400K in G&A expenses for the six months?
Could find no mention of the number of employees in the 10-Q or their website.
Baldor makes no mention of Harbin on their website, nor could I find any mention in their SEC filings. Baldor has a sales office in China, but makes no mention of a JV or any manufacturing in China from what I could find.
From Baldor's website:
"Baldor products are available from 40 sales offices/warehouses in North America and 25 offices
serving international markets. These products are produced at 15 USA plants, and one in Bristol, England."
No press releases mentioning the JV either.
All of these things could have legitimate explanations. But some of the numbers seem almost a little too good.
Harbin's website greets you with:
"Harbin Electric, Inc.
A US Public Company. Stock Symbol: HRBN"
That doesn't have to mean anything negative, but just seems a little cheesy to be pimping your stock immediately like that.
I've written to Baldor to get their side of the story.
