Release time : 2015-06-15 13:06:39
China Jiangsu Golden Horse Steel Ball, Inc., a leading Chinese manufacturer and supplier of ball bearings, has announced unaudited consolidated operating results for the three month period ended March 31, 2008 ("Q1 2008"). Highlights for Q1 2008:
-- the Company recorded revenues of $6.30 million in Q1 2008 or approximately 48.79% of the revenues recorded in the year ended December 31, 2007 ("FY 2007").
-- the Company recorded a gross profit of $1.15 million in Q1 2008 and the Gross Profit Margin increased by 39.72% from 13.04% during FY 2007 to 18.22% in Q1 2008.
-- the Company recorded an operating profit of $0.894 million in Q1 2008 and the Operating Profit Margin increased by 121.53% from 6.41% during FY 2007 to 14.20% in Q1 2008.
-- the Company recorded net income after taxes of $0.609 million in Q1 2008 and the Return on Assets increased by of 13.10 % from 8.55% during FY 2007 to 9.67% in Q1 2008.
-- during FY 2007, the Company recorded revenues of $12.91 million, gross margin of $1.68 million, operating income of $0.827 million and net income after taxes of $1.1 million.
The increase in revenue is attributable to growing global demand for steel bearings as the Company had positive growth in sales from its existing customer base and was able to obtain new contracts. The Company increased prices of the steel bearings to offset the higher direct material costs of steel as the price for raw material steel products continues to increase as a result of higher global demand. In addition, the Company has started to realize the dramatic increase in gross profit margin as the result of the capital investments made in 2007 to improve its offering of bearing products and modernization of equipment and machinery, including the opening on the new plant in Xuyi.
The Company will be uploading the financial statements onto the website, and we encourage the public to visit our website at www.goldenhorsesteel.com.