Annec Green Refractories Corporation Reports Financial Results for the Second Quarter of 2011

^{Published on 2011-08-16 22:21:39 - Market Wire}
 

Annec Green Refractories Corporation Reports Financial Results for the Second Quarter of... -- ZHENGZHOU, China, Aug. 17, 2011 /PRNewswire-Asia/ --

Achieves 53.2% Increase in Revenues to $24 Million and 19.3% Increase in Net Income to $1.39 Million for the Second Quarter of 2011 compared to the same period of 2010

ZHENGZHOU, China, Aug. 17, 2011 /PRNewswire-Asia/ -- ANNEC GREEN REFRACTORIES CORPORATION (OTCBB: ANNC), one of leading refractory enterprises in China, today announced financial results for the second quarter of 2011:

Second Quarter 2011 Highlights

• Revenue increased 53.2% to $24.3 million compared to $15.8 million for Q2 2010
• Gross profit increased 59.3% to $8.5 million versus $5.3 million for Q2 2010
• Net income for increased 19.3% to $1.39 million versus $1.16 million for Q2 2010

Mr. Fuchao Li, Chairman, commented, "We are very pleased to report a 53.2 percent increase in revenues and a 19.3 percent increase in net income for the second quarter of 2011 compared to the same period of 2010. Our strategy is to increase our presence in overseas markets while consolidating market share based on established distribution channels in China in 2011."

In the second quarter of 2011, one of the Company's R&D programs was awarded the first prize of Zhengzhou progress prize in scientific and collective technology, another R&D program was honored with a scientific achievement second prize by Henan industry and information technology.

ABOUTANNEC GREEN REFRACTORIES CORPORATION

We indirectly control through subsidiaries, Zhengzhou Annec Industrial Co., Ltd. ("Annec"), a PRC wholly-Foreign Owned Enterprise, which is engaged in the business of design, manufacturing and selling of medium and high level refractory materials for top combustion type, internal combustion type, and external combustion type hot blast stoves, and through our variable interest entity ("VIE"), Annec (Beijing) Engineering Technology Co., Ltd. ("Beijing Annec"), a PRC limited company, we provide turnkey service for large hot blast stove projects, integrating the structural design, equipment purchase, construction, refractory production/sale and after-sale service of hot blast stoves.

This release contains certain "forward-looking statements" relating to the business of the Company. These forward looking statements are often identified by the use of forward-looking terminology such as "believes,""expects" or similar expressions. Such forward looking statements include, but are not limited to, that our brand will continue to have strong brand recognition, that our operations are efficient and scalable, that we be able to enter into new regional markets in China and high-end overseas markets, that we will be able to find and consummate strategic and accretive acquisitions and that our net income will increase by 200% this year.  Further the forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website ([ www.sec.gov ]). All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors. [Not sure what that statement means] The Company does not assume a duty to update these forward-looking statements.

– Financial tables follow –

SOURCE Annec Green Refractories Corporation