EDS guidance was "Exceed expects to generate net revenues in the range of RMB2,639.0 million (USD394.4 million) to RMB2,680.6 million (USD400.7 million) in the fiscal year 2010,
an increase of 27% to 29% compared with RMB2,078.0 million (USD310.6 million) in 2009". Revenues exceeded the high end of the guidance by 2% as they delivered RMB 2,699 ($408.9MM).2010 Earnings of $53.3MM exceeded the earnout target of $49.5MM comfortably, even after almost doubling R&D spending and spending more for accounting/financial staff and nasdaq listing. Fourth qtr growth was light primarily because orders were shifted earlier in the year.
However, the Company has not lost momentum as evidenced by the following statements:
"2011 Autumn sales fair was held at the Company's headquarters in Jinjiang in mid-January 2011. The total value of the wholesale orders placed at the sales fair grew by approximately 23% over the same sales fair last year. Exceed expects to generate net revenues in the range of RMB718.0 million to RMB729.4 million in the first quarter of 2011, representing an approximately year-over-year increase of 26% to 28%, as compared with RMB569.8 million in the same period of 2010."
ASP's are rising and apparel is now a bigger portion of sales than footwear. Company's done a great job on A/R, cash rose to over $115MM from $99MM last qtr.
This company is trading at less than 2X p/e net of cash, and less than tangible book value (half of which is cash), which is quite a value imo.
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