Archive for May 16th, 2013
USmart Mobile Device Inc. Reports First Quarter 2013 Financial Results
HONG KONG, May 16, 2013 /PRNewswire/ — USmart Mobile Device Inc. (OTCBB: ACLO), an integrated China-based designer, manufacturer and distributor of advanced technologies spanning smartphone and semiconductor components, reported unaudited financial results for the first quarter ended March 31, 2013.
Mr. Ben Wong, Chief Executive Officer of USmart Mobile Device Inc., commented, “We ended the first quarter of 2013 with a net income of $888.3 thousand thanks to a one-off profit from the disposal of fixed assets in the amount of $1.9 million. The majority of our sales came from selling memory products. With the acquisition of Jussey on September 28, 2012, we have diversified our business interests from a memory components distributor to an IDH (Industrial Design House) focusing on smartphone products. We foresee that our primary business will shift to selling smart phone products.”
Mr. Wong continued, “Although the global economic conditions continue to be weak and volatile, there are signs of market recovery for DRAM starting with the second quarter of 2013. Smartphones and tablets are also expected to drive DRAM and NAND flash demands throughout the year which in turn should have a positive impact on our future revenue growth.”
Net revenue for the quarter ended March 31, 2013 was $14.5 million, compared to $42.4 million in the same period last year.
Gross loss for the first quarter of 2013 was $98.5 thousand, compared to a gross profit of $364.7 thousand in the same period last year.
Net income for the quarter ended March 31, 2013 was $888.3 thousand compared to a net loss of $865.7 thousand in the same period last year. Earnings per diluted share were $0.02 for the quarter ended March 31, 2013, as compared to $(0.03) in the same period last year.
Recent Developments
- In February 2013, the Board of Directors of the Company appointed Mr. Ben Wong as the Company’s Chief Executive Officer to replace Mr. Chung-Lun Yang. Mr. Yang continues to act as the Chairman of the Board of Directors.
- In November 2012, the Company’s stockholders approved the proposed amendment to the certificate of incorporation to change the Company’s corporate name from ACL Semiconductors Inc. to USmart Mobile Device Inc. This name change was effective as of April 17, 2013.
- In September 2012, the Company acquired Jussey, a company incorporated in British Virgin Islands, which owns 100% equity interest in eVision Telecom Limited (“eVision”), a Hong Kong incorporated company, and 80% equity interest in USmart Electronic Products Limited (“USmart”), a Hong Kong incorporated company, which wholly owns Dongguan Kezheng Electronics Limited (“Kezheng”), a wholly foreign-owned enterprise (“WFOE”) organized under the laws of the PRC. Through this acquisition, the Company has diversified its product portfolio and customers’ network, obtained design and manufacturing capabilities, and tapped into the expanding telecommunication industry with access to the 3G baseband licenses.
About USmart Mobile Device Inc.
USmart Mobile Device Inc., is an integrated China-based designer, manufacturer and distributor of advanced technologies spanning smartphone and semiconductor components. Through the September 2012 acquisition of Jussey Investments, USmart Mobile Device Inc., has become a one-stop solution provider of smartphone components serving OEM customers spanning local China mobile phone companies and established telecom carriers. Following the formation of the ATMD joint venture with Tomen Devices in April 2012, USmart Mobile Device Inc. has retained a 30% stake in the business focused on supplying Samsung semiconductors and LCD products in Greater China.
Forward-Looking Statements
This information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, when used in the preceding discussion, the words “plan,” “confident that,” “believe,” “scheduled,” “expect,” or “intend to,” and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, the availability of components and successful production of the company’s products, general acceptance of the company’s products and technologies, competitive factors, timing, and other risks described in the company’s SEC reports and filings.
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Investor Contacts: |
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Kun Lin Lee |
Stephanie Carrington |
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Chief Financial Officer |
The Ruth Group |
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USmart Mobile Device Inc. |
+1-646-536-7017 |
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+1-408-981-9363 |
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+852-3666-9939 |
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View in PR Newswire Asia website: USmart Mobile Device Inc. Reports First Quarter 2013 Financial Results
Frost & Sullivan New Product Innovation Award Conferred on HMS Industrial Networks for Anybus(R) NP40
– Highly innovative, flexible, easy-to-use and energy-efficient network processor has the ability to support virtually all available industrial networks
LONDON, May 16, 2013 /PRNewswire/ — Based on its recent analysis of the industrial communications processors market, Frost & Sullivan recognises HMS Industrial Networks with the 2013 Europe New Product Innovation Award. The company is commended for its highly innovative, flexible, easy-to-use and energy-efficient network processor – Anybus NP40 – which has the ability to support virtually all available industrial networks.
“Features such as an innovative design and high functionality, combined with the ability to support various industrial networks in a user-friendly and cost-effective manner, make these chips very attractive to diverse end users, such as equipment manufacturers who will have the possibility to offer universal communication interfaces to their customers,” noted Frost & Sullivan Research Analyst Emil Lazarski.
High performance and flexibility
As this novel solution is capable of providing almost zero delay between the networks and the host API, it brings numerous benefits for industrial customers, especially in the most demanding, high-end fieldbus and industrial Ethernet applications. This yields high performance and significant flexibility and consequently translates to faster ROI.
To meet HMS Industrial Network’s goal of designing an interchangeable and highly flexible solution that would be used to facilitate customers’ work and reduce development efforts, the Anybus NP40 incorporates the industrially proven ARM® Cortex™-M3.
“Apart from the high-performance processor, researchers have included a field-programmable gate array (FPGA) fabric,” added Lazarski. “It is built in the chip in order to enable real-time interfaces when the ARM Cortex is used for running the protocol and application stacks.”
One chip, many networks
The NP40 chip is Flash-based and, therefore, has the ability to adapt to various industrial Ethernet networks with the use of special firmware. In order to support a specific type of network, the only requirement is to download firmware.
Therefore, the entire process is simple and intuitive. Moreover, in order to ensure unrivaled functionality, the hardware network controllers, as well as protocol stacks, have been optimised.
Another key advantage of the Anybus NP40, compared to competing solutions, is its very low-energy consumption. This is extremely important for modern companies that want to become greener and meet increasingly demanding environmental regulations.
“In addition, compared to competing alternatives, all solutions based on the NP40 can gain from having a highly integrated design and being more compact,” remarked Lazarski. “This is beneficial for customers because they can easily integrate HMS Industrial Networks’ solution into their final product with a minimal physical footprint.”
Several formats
As customers have different needs in terms of level of integration of their solutions, HMS Industrial Networks offers products in three formats within the Anybus CompatCom™product family: a single chip option for customers who want to build their own solutions, a “brick” option for customers who want to use the network card, but want to use own network connections, and a complete and interchangeable module with all functionalities. All of these are fully compatible with each other.
“From the customer’s perspective, this means faster ROI because instead of adapting a developed solution to the commercially available product, it is possible to use one of the options that are adjusted to specific client needs, reducing expenses,” stated Lazarski. “This, in turn, translates into a competitive gain for the customer.”
Ready for the future
‘Future included’ is another significant benefit offered to customers. Through this, HMS Industrial Networks assumes responsibility for maintenance, updates, and adding new network capabilities as they are developed and included in different network specifications. Hence, the technology is further developed by HMS Industrial Networks, offering considerable advantages for the customer.
This award is presented to the company that has excelled in developing an innovative product that leverages leading edge technologies and offers significant value added features/benefits. The product is also acknowledged for its potential for increased customer ROI and customer acquisition/penetration.
Frost & Sullivan Best Practices awards recognise companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.
About HMS Industrial Networks AB
HMS Industrial Networks is the leading independent supplier of products for industrial communication including remote management. HMS develops and manufactures solutions for connecting automation devices and systems to industrial networks under the Netbiter, Anybus and IXXAT brands.
Development and manufacturing take place at the headquarters in Halmstad, Sweden and in Weingarten, Germany. Local sales and support are handled by branch offices in China, Denmark, France, Germany, India, Italy, Japan, UK, and USA. HMS employs over 350 people and reported sales of 58 million EUR in 2012. HMS is listed on the NASDAQ OMX in Stockholm.
Contact:
Christan Bergdahl, Product Marketing Manager
chb@hms.se
+46-35-710-69-14
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today’s market participants.
Our “Growth Partnership” supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
- The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
- The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organisation prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Contact Us: Start the discussion
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Contact:
Emily Bailey
Best Practices
Frost & Sullivan
emily.bailey@frost.com
P: +44-(0)20-7915-7869
www.frost.com
View in PR Newswire Asia website: Frost & Sullivan New Product Innovation Award Conferred on HMS Industrial Networks for Anybus(R) NP40
Frost & Sullivan’s GIL 2013: Europe Set the Stage for a More Positive Economic Outlook
– Over 100 business leaders in London for the Growth, Innovation and Leadership congress
LONDON, May 16, 2013 /PRNewswire/ — Over 100 industry leaders gathered in London for Frost & Sullivan’s GIL 2013: Europe – The Global Community of Growth, Innovation and Leadership annual congress (http://gil-events.gilcommunity.com/events/europe/agenda/). This year’s event set the stage for a new and more positive economic outlook which was confirmed yesterday by the encouraging predictions from the Bank of England. The Bank’s Governor, Sir Mervyn King has upgraded its economic growth forecast and said that inflation should fall faster than previously predicted.
Frost & Sullivan Growth Thought Leaders, Gary Jeffery, Partner and Director, and Dorman Followwill, Partner and Director, introduced the event and talked about why innovation is critical to success and growth.
Mr Followwill captured the undivided attention of senior level business executives with his presentation on Mega Trends of Mind, Body and Soul. “Business is driven by human needs,” said Mr Followwill. “These needs stem from each individual and emerge from what Frost & Sullivan calls its three cornerstones: Mind, Body and Soul. These three cornerstones are what generate the needs that businesses must identify and fulfill if they want to be successful. If we understand the Mega Trends of the Mind, Body and Soul, we identify not just million pound opportunities, but billion pound opportunities.”
Highlights of the congress included: Growth Strategies for UK Plc by Partner Sarwant Singh, Techvision 2020, Interactive CEO panel and the 2013 Frost & Sullivan Growth Excellence Awards Banquet.
Superlative achievements amongst over 20 companies delivering excellence in best practices across a broad spectrum of industries were also celebrated. Award recipients were honoured for showcasing growth, innovation and leadership across a variety of sectors including healthcare, energy and power supplies, environment and building technologies, telecommunications, chemicals and security technologies.
Mr Jeffery noted: “Our long-established awards programme recognises companies that have demonstrated a unique approach to doing business in their markets. Frost & Sullivan applauds these ideas and strategies that drive corporate growth.”
At the end of a day of intense discussion and interesting ideas, the atmosphere was definitely of a renewed optimism, with better prospects to come and a higher level of confidence.
Enthusiastic and very positive comments came from many industry leaders who spoke highly about the quality of the content offered and the tools received that will allow them to pursue growth and success.
Frost & Sullivan’s Global GIL Community continues to be the industry’s only resource that supports CEOs and their management teams in critical decision-making, offering tools that help industry leaders in achieving the three essential objectives of Growth, Innovation and Leadership.
For more information about Frost & Sullivan’s Growth, Innovation and Leadership programme, please send an e-mail to Chiara Carella, Corporate Communications, at chiara.carella@frost.com
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today’s market participants.
Our “Growth Partnership” supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
- The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
- The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organisation prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Contact Us: Start the discussion
Subscribe: Newsletter on “the next big thing”
Register: Gain access to visionary innovation
Contact:
Chiara Carella
Corporate Communications – Europe
P: +44 (0) 20 7343 8314
M: +44 (0) 753 3017689
E: chiara.carella@frost.com
View in PR Newswire Asia website: Frost & Sullivan’s GIL 2013: Europe Set the Stage for a More Positive Economic Outlook
The Asian Cleaning Industry Joint Meeting held in Shanghai
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SHANGHAI, May 16, 2013 /PRNewswire/ — The Asia Cleaning Industry Joint Meeting was held at the Shanghai World Expo Exhibition & Convention Center on April 1, 2013. The meeting was organised by UBM Sinoexpo, the organiser of the 14th China Clean Expo, with the aim of discussing the development of Asia’s cleaning industry and exchange industry experience, as well as establishing the interconnection between matters of mutual interest and possible exchange mechanisms. The Joint Meeting promoted the common development of a healthy and orderly cleaning industry for Asia.
The Asian Cleaning Industry Joint Meeting held in Shanghai
Attendees included leaders and members from the China Clean Alliance, the Beijing Cleaning Association, the Tianjin Cleaning Association, the Nanjing City Management Association of Cleaning, the Environment Management Association of Singapore, the National Environment Agency of Singapore, and the Malaysian Cleaning Association, a total of more than 40 people.
The Joint Meeting was held at Asia’s leading Cleaning Industry Exhibition – the fourteenth China Clean Expo, and successfully convened distinguished guests from cleaning associations across Asia. The meeting’s participants discussed the current development of the cleaning industry in Asia, and gave analysis and prediction for its future.
The China Clean Expo (CCE), launched in 2002, became the largest meeting venue for the Asian Cleaning Industry and provided the most valuable access to Chinese cleaning manufacturers, suppliers, distributors and buyers. The event showcases a wide range of products from commercial cleaning, industry cleaning, public cleaning, municipal cleaning and personal and home care. Most leading cleaning brands choose CCE as their only regular market platform for approaching China’s cleaning industry.
The China Clean Expo 2014 will be held from 31 March to 2 April 2014 at The Shanghai World Expo Exhibition & Convention Center, Shanghai, China.
For more information, please visit http://www.chinacleanexpo.com/
About China Clean Expo
China Clean Expo, launched in 2002, is the only professional cleaning exhibition in China and the biggest of its kind in Asia. The event focuses on the latest information in the cleaning industry, showcases a wide range of products from commercial cleaning, industry cleaning, public cleaning and municipal cleaning and personal and home care. It gathers elites from the international cleaning community and facilitates world class trading, networking and educational activities in the world’s booming cleaning industry market.
Exhibition Contact: Steven Lee, Tel: + 86 21 3339 2070, Email: steven.lee@ubmsinoexpo.com
Media Contact:Crystal Huo, Tel: +86 21 3339 2072,Email: crystal.huo@ubmsinoexpo.com
View in PR Newswire Asia website: The Asian Cleaning Industry Joint Meeting held in Shanghai
China Industrial Steel, Inc. Reports First Quarter Financial Results
NEW YORK, May 16, 2013 /PRNewswire/ — China Industrial Steel, Inc. (the “Company”) today announced its earnings for the three months ended March 31, 2013. The Company, whose shares trade in the U.S. OTC market under the stock symbol “CDNN”, filed its Form 10-Q with the Securities and Exchange Commission on May 15, 2013.
Commenting on the results, Liu Shenghong, Chief Executive Officer and Chairman of the Company stated, “I am pleased to report China Industrial Steel’s financial results for the first quarter of 2013. Company revenues were up as a result of the rebound in China‘s demand for steel, and we remain profitable despite the industry wide decline in selling prices resulting from inventory stockpiles over the past year.”
Chairman Liu went on to say, “Demand for our steel plate and wire increased during the quarter reflecting China‘s continued economic growth and the government’s investment in infrastructure projects, such as roads, railways and bridges. We anticipate market prices will return to prior levels as steel manufacturers work through their backlog to supply these large scale projects and the forecast growth in other steel dependent industries, including the automotive and construction sectors.”
Financial Discussion
China Industrial Steel reported revenue of $188,363,697 for the three months ended March 31, 2013 an increase of $11,335,049, or 6% compared to $177,028,648 in the same period of 2012. The increase in sales was mainly due to the increase in sales of steel plates and steel wires, offset by the decrease in sales of steel billets and the decrease in unit sales price in the three months ended March 31, 2013. The average unit sales price was $501 per ton, a decrease of $70, or 12%, compared to $571 per ton in the comparable period of 2012.
Revenue from steel plates was $94,496,510 in the three months ended March 31, 2013, an increase of $30,199,775, or 47% compared to $64,296,735 in the three months ended March 31, 2012. The increase in the sales of steel plates resulted from the rebound of steel market in the first quarter of 2013 which was somewhat offset by a decline in the selling price as compared to the same period in 2012.
In January of this year the Company commenced production on a new 600,000 ton steel wire production line. In the three months ended March 31, 2013, revenue from steel wires was $90,938,130, an increase of $27,991,309, or 44%, compared to $62,946,821 for the first three months of 2012. The Company did not sell any steel billet during the first quarter of 2013 and the sale of byproducts remained relatively flat as compared to the same period in 2012.
The following table illustrates the breakdown of the Company’s revenue for the year ended March 31, 2013 and 2012.
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2013 |
2012 |
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Products |
Revenue |
Quantity (Ton) |
Revenue |
Quantity (Ton) |
||||||||||
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Steel plates |
$ |
94,496,510 |
190,230 |
$ |
64,296,735 |
113,822 |
||||||||
|
Steel wires |
90,938,130 |
185,788 |
62,946,821 |
110,635 |
||||||||||
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Steel billets |
– |
– |
47,067,680 |
85,602 |
||||||||||
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Byproducts |
2,929,057 |
– |
2,717,412 |
– |
||||||||||
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Products Total |
$ |
188,363,697 |
376,018 |
$ |
177,028,648 |
310,059 |
||||||||
The Company reported net income of $1,353,839 in the three months ended March 31, 2013, a decrease of $3,352,205, or 71%, compared to the net income of $4,706,044 for the same period of 2012. The decrease in net income is primarily the result of the decrease in steel product prices (12%) being sharper than the decrease in the prices of raw materials (10%).
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CHINA INDUSTRIAL STEEL INC. AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED BALANCE SHEETS (IN US DOLLARS) |
|||||||
|
(UNAUDITED) |
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March 31, |
December 31, |
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2013 |
2012 |
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ASSETS |
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Current Assets: |
|||||||
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Cash |
$ |
2,622,083 |
$ |
1,710,887 |
|||
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Bank notes receivable |
1,835,514 |
979,111 |
|||||
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Accounts receivables, net |
15,758,620 |
9,639,396 |
|||||
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Inventories, net |
18,767,325 |
11,585,277 |
|||||
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Advances to suppliers, net |
479,990 |
2,372,693 |
|||||
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VAT recoverable |
31,222,127 |
32,208,807 |
|||||
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Advances to related parties |
138,465,397 |
183,797,203 |
|||||
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Other current assets |
5,597,242 |
3,884,342 |
|||||
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Total Current Assets |
214,748,298 |
246,177,716 |
|||||
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Machinery and Equipment, Net |
101,873,890 |
101,450,993 |
|||||
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Machinery and Equipment – acquired from related parties, Net |
82,772,390 |
85,471,360 |
|||||
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Total Machinery and Equipment, Net |
184,646,280 |
186,922,353 |
|||||
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Other Assets: |
|||||||
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Restricted cash |
5,796,360 |
5,778,360 |
|||||
|
Land use rights and buildings under capital leases |
4,829,669 |
4,985,732 |
|||||
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Total Other Assets |
10,626,029 |
10,764,092 |
|||||
|
TOTAL ASSETS |
$ |
410,020,607 |
$ |
443,864,161 |
|||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|||||||
|
Current Liabilities: |
|||||||
|
Accounts payable |
$ |
64,811,203 |
$ |
92,228,161 |
|||
|
Accounts payable – related parties |
2,536,796 |
1,833,558 |
|||||
|
Accrued liabilities |
3,209,088 |
3,123,315 |
|||||
|
Taxes payables |
872,968 |
2,427 |
|||||
|
Bank loans payable |
27,661,518 |
26,034,722 |
|||||
|
Bank notes payable |
5,313,330 |
5,296,830 |
|||||
|
Equipment loan payable – related parties – current |
2,893,906 |
2,884,919 |
|||||
|
Current obligations under capital leases – related parties – current |
663,216 |
648,893 |
|||||
|
Short term loan payable – related party |
805,050 |
802,550 |
|||||
|
Customer financing |
31,718,970 |
31,620,470 |
|||||
|
Advances from customers |
65,608,300 |
77,275,327 |
|||||
|
Total Current Liabilities |
206,094,345 |
241,751,172 |
|||||
|
Long Term Liabilities: |
|||||||
|
Equipment loan payables – related parties – non current |
1,091,341 |
1,087,952 |
|||||
|
Obligation under capital leases – related parties – non current |
5,512,068 |
5,669,438 |
|||||
|
Total Long Term Liabilities |
6,603,409 |
6,757,390 |
|||||
|
TOTAL LIABILITIES |
212,697,754 |
248,508,562 |
|||||
|
Commitments and Contingencies |
|||||||
|
Stockholders’ Equity: |
|||||||
|
Series A Convertible Preferred Stock, $0.0001 par value, 10,000,000 shares authorized, none issued and outstanding |
– |
– |
|||||
|
Blank Check Preferred Stock, $0.0001 par value, 10,000,000 |
– |
– |
|||||
|
Common stock, $0.0001 par value, 980,000,000 authorized, |
7,362 |
7,362 |
|||||
|
Paid-in capital |
16,417,235 |
16,417,235 |
|||||
|
Statutory reserves |
6,530,869 |
6,530,869 |
|||||
|
Retained earnings |
157,478,346 |
156,124,507 |
|||||
|
Accumulated other comprehensive income |
16,889,041 |
16,275,626 |
|||||
|
Total Stockholders’ Equity |
197,322,853 |
195,355,599 |
|||||
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ |
410,020,607 |
$ |
443,864,161 |
|||
|
CHINA INDUSTRIAL STEEL INC. AND SUBSIDIARIES |
||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (IN US DOLLARS) |
||||||
|
(UNAUDITED) |
||||||
|
Three Months Ended March 31, |
||||||
|
2013 |
2012 |
|||||
|
Revenues |
||||||
|
Sales to customers |
$ |
178,171,390 |
$ |
172,444,448 |
||
|
Sales to related parties |
10,192,307 |
4,584,200 |
||||
|
Total Revenues |
188,363,697 |
177,028,648 |
||||
|
Cost of Revenue |
||||||
|
Cost of Revenue – non-related parties |
75,010,369 |
49,889,474 |
||||
|
Cost of Revenue – related parties |
108,478,792 |
118,315,091 |
||||
|
Total Cost of Revenue |
183,489,161 |
168,204,565 |
||||
|
Gross Profit |
4,874,536 |
8,824,083 |
||||
|
Selling and General and Administrative Expenses |
||||||
|
Selling and General and Administrative Expenses – non-related parties |
969,701 |
1,065,079 |
||||
|
Selling and General and Administrative Expenses – related parties |
260,674 |
177,083 |
||||
|
Total Selling and General and Administrative Expenses |
1,230,375 |
1,242,162 |
||||
|
Income From Operations |
3,644,161 |
7,581,921 |
||||
|
Other Income (Expenses) |
||||||
|
Interest income |
3,783 |
52,489 |
||||
|
Interest expense |
(1,390,082) |
(944,908) |
||||
|
Interest expense – related parties |
(169,858) |
(963,068) |
||||
|
Total Other Income (Expenses) |
(1,556,157) |
(1,855,487) |
||||
|
Income from operation before income tax |
2,088,004 |
5,726,434 |
||||
|
Provision for income tax |
734,165 |
1,020,390 |
||||
|
Net Income |
1,353,839 |
4,706,044 |
||||
|
Earnings Per Share – Basic and Diluted |
$ |
0.02 |
$ |
0.06 |
||
|
Weighted Average Shares Outstanding – Basic and Diluted |
73,620,391 |
73,542,058 |
||||
|
Other Comprehensive Income: |
||||||
|
Foreign currency translation gain |
613,415 |
(120,054) |
||||
|
Comprehensive Income |
$ |
1,967,254 |
$ |
4,585,990 |
||
About China Industrial Steel, Inc.
China Industrial Steel, Inc., (“CIS” or the “Company”) through its wholly owned subsidiary, Handan Hongri Metallurgy Co., Ltd., produces and sells steel plate and steel bar for domestic and export customers. The Company currently operates three production lines from its headquarters on approximately 1,000 acres in Handan City in the Hebei Province, China, where steel production is a significant component of the regional economy.
Forward-looking statements:
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as “anticipate,” “appear,” “believe,” “could,” “estimate,” “expect,” “hope,” “indicate,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “project,” “seek,” “should,” “will,” “would,” and other variations or negative expressions of these terms, including statements related to expected market trends and the Company’s performance, are all “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company’s expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.
Company contact:
Delong Zhou, CFO
China Industrial Steel, Inc.
Phone: (917) 825-2997
Email: ir@chinaindustrialsteel.com
Frank Pena – Director
Phone: (732) 292-0322
View in PR Newswire Asia website: China Industrial Steel, Inc. Reports First Quarter Financial Results
Impression Melaka Launched as Part of the Overseas Expansion Plan of the “Impression” Series
BEIJING, May 16, 2013 /PRNewswire/ — Impression Melaka was launched at the Beijing Hotel on the afternoon of May 15. Present at the press conference were the Ambassador of Malaysia to China Datuk Iskandar Sarudin, Ambassador of China to Malaysia Datuk Chai Xi, Chief Director of the “Impression” Series Ms. Wang Chaoge, and PTS Impression SDN BHD CEO Mr. Boo Kuang Loon. The event marked the official launch of Impression Melaka, the first foreign leg of the large-scale live-action show of the “Impression” Series, which is a new cultural and creative brand of China.
The signing ceremony was held in a typical Chinese way. PTS CEO Mr. Boo Kuang Loon and Chief Director Ms. Wang Chaoge stamped the scroll of Impression Melaka with a Chinese seal together, which marked the launch of the program.
The Ambassador of Malaysia to China Datuk Iskandar Sarudin observed that Melaka had a long history with China. Over 600 years ago, the Chinese navigator Zheng He visited Melaka several times during his voyages, and built a bridge between the two nations. He pointed out that Malaysia needed a unique, world-class cultural program like the Impression Series to help with the development of its local tourism, and increase the international reputation of the city. The federal, state, and municipal government will provide full support for Impression Melaka. The Ambassador of China to Malaysia Datuk Chai Xi said that the year 2014 marks the 40th anniversary of the establishment of the diplomatic relations between China and Malaysia and Impression Melaka is sure to be an important part of the celebration.
Chief Director Ms. Wang Chaoge said that Impression Melaka, as her 10th “Impression” event, will make new breakthroughs while continuing the tradition of the Impression Series to introduce to the world a real Melaka. Mr. Boo Kuang Loon explained that he grew up in the ancient city of Melaka, and had always dreamed of introducing the beautiful and magnificent city to the world. After years of investigation and research, he decided that the Impression Series was the one that could help him realize his dream. That was why he invited the team of the Impression Series to Melaka. He stressed that Impression Melaka would become a beautiful pearl of Melaka, and a new mark of the city’s culture and tourism.
Malaysian investment development authority director Datuk Ng Peng Hay described the situation of Melaka, Malaysia as having the best economic record in Asia, becoming the third largest economy in Southeast Asia and playing an important role in Malaysia‘s economic development. Besides, Melaka is also a historic city with a rich cultural heritage. The Impression Melaka will show Melaka’s rich unique history and cultural heritage through artistic creation, and become the new cultural tourism project of Melaka, which will play an important role for Melaka’s sustainable economic development and inheritance of history and culture.
The Impression Series launched its first live-action show, Impression Liu Sanjie, in 1998, which turned out to be one of the greatest initiatives of the performance market of the world as well as China, with artistic and technical breakthroughs, real landscape as the scene, modern artistic designs, and splendid visual effects. The Impression Series has now grown into the No. 1 live-action show brand of China after the following eight events, including Impression Lijiang and Impression West Lake.
The “Impression” team chose Melaka as the first stop of its overseas expansion because it’s one of the few historic cities in Southeast Asia, and one of earliest ports of the world that bridges the western and the eastern part of the world. It embraces immigrants from both the West and the East, and generates a unique culture demonstrating characteristics of different countries, including languages, religions, and customs. Still preserving the ancient look, the city was included in the UNESCO “World Heritage List.”
Impression Melaka, as the 10th event of the Impression Series, will open in Melaka at the end of 2014.
View in PR Newswire Asia website: Impression Melaka Launched as Part of the Overseas Expansion Plan of the “Impression” Series
Earning Forecast for Industry Giants: Apple, Citigroup, Microsoft, Ford Motor, Facebook, and SunPower
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HONG KONG, May 16, 2013 /PRNewswire/ — EarningForecast.com has issued earnings forecast reports for the following industry giants: Apple (NASDAQ:AAPL), Citigroup (NYSE:C), Microsoft (NASDAQ:MSFT), Ford Motor (NYSE:F), Facebook (NASDAQ:FB), and SunPower (NASDAQ:SPWR).
(Read full report by clicking the link below, you may need to copy and paste the full link to your browser.)
Report Highlights:
Apple Inc. (NASDAQ:AAPL): By the end of trading session, Apple (NASDAQ:AAPL) shares lost 3.38% to US$428.85 with more than 26.49 million shares traded, compared to its average volume of 17.01 million shares. When Google announcing new record of 900 million Android activations and its share reaching a new 52-week high, the shareholders of Apple experienced a loss for about 20% in this year. Observing comprehensive analysis of Apple could help investors avoid big loss in investment. Check AAPL earnings forecast report below.
Read Full Report: http://www.earningforecast.com/PR/051613A/AAPL/Apple.pdf
Citigroup Inc (NYSE:C): Citigroup (NYSE:C) shares began the trading session with a price of US$49.96. When day-trade ended, the stock finally earned US$1.25 (or 2.50%) to US$51.34. The stock traded 40.83 million shares in the last trading session, compared to its daily average of 27.82 million shares. The share reached a new 52-week high of US$51.45 through the last trading session. Although the global economy is still running weakly, the shareholders of Citigroup were glad to see about 75% return in the past 52 weeks. Investors may want to find out where Citigroup will go from here. Observe comprehensive C earnings forecast report here.
Read Full Report: http://www.earningforecast.com/PR/051613A/C/Citigroup.pdf
Microsoft Corporation (NASDAQ:MSFT): The shares of Microsoft (NASDAQ:MSFT) began the trading session with a price of US$33.45. When day-trade ended, the stock price rose 0.94% to US$33.85. The stock traded 46.31 million shares in the last trading session, lower than its daily average of 62.22 million shares. Through the last trading session, the shares almost reached the 52-week high. The shares rose about 18% in the past 30 days. Do you think Microsoft will go on? Do you think now is a good time to buy the stock? Investors could check MSFT earnings forecast report here.
Read Full Report: http://www.earningforecast.com/PR/051613A/MSFT/Microsoft.pdf
Today EarningForecast.com also observed abnormal trade volume for the following companies; Check out the consensus earnings forecast reports below:
Ford Motor Company (NYSE:F):
Read Full Report: http://www.earningforecast.com/PR/051613A/F/FordMotor.pdf
Facebook Inc (NASDAQ:FB):
Read Full Report: http://www.earningforecast.com/PR/051613A/FB/Facebook.pdf
SunPower Corporation (NASDAQ:SPWR):
Read Full Report: http://www.earningforecast.com/PR/051613A/SPWR/SunPower.pdf
About EarningForecast.com:
EarningForecast.com focuses on tracking and monitoring company Earnings Data for top market movers in US stocks market. EarningForecast.com features a team of experienced data analysts striving to provide the investment community with the tools, software, and data necessary to carry out more effective investment research.
Important Disclaimer:
Please visit: EarningForecast.com/disclaimers/index.php for details.
View in PR Newswire Asia website: Earning Forecast for Industry Giants: Apple, Citigroup, Microsoft, Ford Motor, Facebook, and SunPower
SignForms is Launched
BRISBANE, Australia, May 16, 2013 /PRNewswire/ — The NGU Group (NGU Group Pty Ltd) is proud to launch its new online document distribution and execution service – SignForms.
SignForms has the potential to revolutionise the way businesses deliver and sign contracts and forms all the while reducing paper waste significantly.
Whether a user is sending a purchase order, quote, contract, business report, agreement or any other documentation that requires a signature, SignForms provides a simple and legally binding solution that takes a matter of seconds to complete. The platform is compatible with almost all modern devices, phones, tablets, laptops and desktop computers alike.
In commenting on SignForms’ potential, Mark Smith, a spokesperson for SignForms said:
“In a world where paper consumption is at an all time high, we are excited to provide consumers with the tools they need to save both time and money, while also bringing sustainability to their day-to-day operations.”
In commenting on SignForms’ development, Mark Cracknell, an NGU Group Spokesperson said:
“We have been proud to work in the development and launch of SignForms and are very pleased with the product that has been produced. We are excited the see what the future holds.”
About SignForms
An online document distribution and execution platform — SignForms enables users to upload a form and send it to a person for them to sign and return, all electronically. The platform saves paper and reduces the time involved with getting documents signed, all the while providing users with a dedicated, permanent, cloud storage solution for their signed documents.
About The NGU Group
Founded in Brisbane, the NGU Group is a technology investment and development company. After founding the social live video platform Kondoot.com and several other technology companies, the NGU Group has been well equipped to work with entrepreneurs who wish to turn an interesting idea into a reality.
For more information please visit: signforms.com
For further information please contact:
Sign Forms Pty Ltd
T: +61-7-3012-6430
E: media@signforms.com
View in PR Newswire Asia website: SignForms is Launched
Syneron Introduces Enhancements to its Innovative Body Shaping Products
Expands treatment capabilities, reduces treatment time, and improves overall experience with UltraShape and VelaShape systems
YOKNEAM, Israel, May 16, 2013 /PRNewswire/ — Syneron Medical Ltd. (NASDAQ:ELOS), the leading global aesthetic device company, announced today the introduction of new enhancements to its innovative body shaping products, including the UltraShape® V3 system, which is currently available in Canada, Europe, Latin America, and Asia, and the VelaShape® II system, which has a market leading installed base and is available globally. The enhancements, which are based on physician and patient feedback, are designed to significantly increase the return on investment for physicians, reduce number of treatments, and improve patient experience and comfort.
The UltraShape V3 system is a clinically proven non-invasive solution for fat reduction and body contouring using “non-thermal” focused ultrasound technology. This unique fat selective technology gives physicians a comprehensive body sculpting solution that enables targeted, non-invasive fat destruction. The enhancements to the UltraShape V3 system include:
- U-Sculpt transducer (delivers focused ultrasound treatment) – the new U-Sculpt transducer is smaller and 50% lighter than the current full-size transducer. The U-Sculpt is ergonomically designed, includes more treatment pulses, and is easily interchangeable with the full-size transducer during treatment sessions.
- Re-usable strap sets (used to gather skin and fat tissue at the treatment area) –designed to quickly and effectively lift and gather tissue in the target area to increase treatment efficiency.
- Ultrasonic treatment gel (allows focused ultrasound energy to be delivered through the skin) – designed to reduce treatment preparation time and provide patients with a cleaner, more streamlined procedure compared to the previous option.
The UltraShape V3 enhancements will be available to current UltraShape customers beginning in May 2013 and will also be included in all new UltraShape V3 system purchases.
“As a long time and satisfied UltraShape user, I find the new U-Sculpt transducer a great enhancement,” commented Mr. Christopher Inglefield BSc, MBBS, FRCS. “U-Sculpt is light and easy to move around and enables me to treat small areas which were not reachable with the larger transducer. In addition, the new treatment set up using the gel and straps, minimizes the preparation time significantly, a fact that is well appreciated by both my patients and my staff.”
The VelaShape system, featuring Syneron’s proprietary elos technology, was the first FDA cleared device for noninvasive Circumferential Reduction. VelaShape has an installed base of more than 7,000 systems worldwide, has been clinically proven in over a dozen studies, and there have been more than 5 million independent VelaShape treatments globally. The enhancements to the VelaShape II system include:
- New treatment protocol and disposable cover for circumferential reduction – offers patients the same efficacy with 50% fewer treatment sessions.
The new VelaShape II disposable treatment cover will be available in May 2013 and will be featured in product demonstrations at the Company’s booth #709 at THE Aesthetics Show multidisciplinary medical education meeting, May 17-19, 2013 in Las Vegas, NV.
Dr. Shimon Eckhouse, Chief Executive Officer of Syneron, said, “VelaShape is the best-selling product in the history of Syneron. We believe we have made the system even more attractive to our customers and their patients by enabling faster, more effective circumferential reduction treatment capabilities. Combined with UltraShape, we have the most innovative and broadly used body shaping product portfolio on the market and are well positioned to lead the global market of non-invasive body contouring.”
To learn more about the UltraShape and VelaShape Systems, visit www.Syneron-Candela.com.
About Syneron Medical Ltd.
Syneron Medical Ltd. (NASDAQ: ELOS) is the leading global aesthetic device company with a comprehensive product portfolio and a global distribution footprint. The Company’s technology enables physicians to provide advanced solutions for a broad range of medical-aesthetic applications including body contouring, hair removal, wrinkle reduction, rejuvenation of the skin’s appearance through the treatment of superficial benign vascular and pigmented lesions, and the treatment of acne, leg veins and cellulite. The Company sells its products under two distinct brands, Syneron and Candela. Founded in 2000, the corporate, R&D, and manufacturing headquarters for Syneron Medical Ltd. are located in Israel. Syneron also has R&D and manufacturing operations in the US. The Company markets, services and supports its products in 90 countries. It has offices in North America, France, Germany, Italy, Portugal, Spain, UK, Australia, Mainland China, Japan, and Hong Kong and distributors worldwide.
SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS
Any statements contained in this document regarding future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Further, any statements that are not statements of historical fact (including statements containing “believes,” “anticipates,” “plans,” “expects,” “may,” “will,” “would,” “intends,” “estimates” and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, such as the company’s ability to effectively market the new enhancements, as well as the risks set forth in Syneron Medical Ltd.’s most recent Annual Report on Form 20-F, and the other factors described in the filings that Syneron Medical Ltd. makes with the SEC from time to time. If one or more of these factors materialize, or if any underlying assumptions prove incorrect, Syneron Medical Ltd.’s actual results, performance or achievements may vary materially from any future results, performance or achievements expressed or implied by these forward-looking statements.
In addition, the statements in this document reflect the expectations and beliefs of Syneron Medical Ltd. as of the date of this document. Syneron Medical Ltd. anticipates that subsequent events and developments will cause its expectations and beliefs to change. However, while Syneron Medical Ltd. may elect to update these forward-looking statements publicly in the future, it specifically disclaims any obligation to do so. The forward-looking statements of Syneron Medical Ltd. do not reflect the potential impact of any future dispositions or strategic transactions that may be undertaken. These forward-looking statements should not be relied upon as representing Syneron Medical Ltd.’s views as of any date after the date of this document.
Contacts:
Syneron Public Relations
pr@syneron.com
Hugo Goldman, Chief Financial Officer
Email: hugo.goldman@syneron.com
Zack Kubow, The Ruth Group
646-536-7020
Email: zkubow@theruthgroup.com
View in PR Newswire Asia website: Syneron Introduces Enhancements to its Innovative Body Shaping Products
Insider Trading Recap for Bristol Myers Squibb, Delta Air Lines, QUALCOMM, Freeport-McMoRan Copper & Gold, Sirius XM Radio, and EMC
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HONG KONG, May 16, 2013 /PRNewswire/ — Insiderslab.com has issued insider trading reports for the active trading stocks in US market: Bristol Myers Squibb (NYSE:BMY), Delta Air Lines (NYSE:DAL), QUALCOMM (NASDAQ:QCOM), Freeport-McMoRan Copper & Gold (NYSE:FCX), Sirius XM Radio (NASDAQ:SIRI), and EMC (NYSE:EMC).
(Read full report by clicking the link below, you may need to copy and paste the full link to your browser.)
Report Highlights:
Bristol Myers Squibb Co. (NYSE:BMY): By the end of last trading session, the shares of Bristol Myers Squibb (NYSE:BMY) soared US$2.13 (or 5.05%) to US$44.34 with 33.36 million shares exchanged hands, compared to daily average volume of 8.82 million. The trading price ranged between US$42.16 and US$45.59. During the last trading session, the share reached a new 52-week high of US$45.59. Insiderslab.com found company SVP Global Dev & Med Affairs, Brian Daniels, sold his share at price of US$39.93 on May 8. Insiderslab.com also found company EVP, CSO & President R&D, Elliott Sigal, sold his share for about US$14.00 million on April 30. Why did the company insiders sell their shares when share climbed higher, even reached a 52-week high? Investors may want to find out how Bristol Myers Squibb insiders like CEOs, CFOs and Directors are thinking about the future of the company. Check this insider trade report for BMY here.
Read Full Report: http://www.insiderslab.com/PR3/051613A/BMY/BristolMyersSquibb.pdf
Delta Air Lines, Inc. (NYSE:DAL): By the end of last trading session, Delta Air Lines (NYSE:DAL) shares rose US$0.71 (or 3.89%) to US$18.96 with about 21.08 million shares exchanged hands for the session, compared to its average volume of 15.52 million shares. Through the last trading session, the share jumped to a new 52-week high of US$19.43. Insiderslab.com found company EVP & Chief Operating Officer, Stephen E. Gorman, sold his shares at price of US$18.61 for about US$2.33 million on May 9, decreasing about 26% of shares. Investors may want to find out how Delta Air Lines insiders like CEOs, CFOs and Directors are thinking about the future of the company.
Read Full Report: http://www.insiderslab.com/PR3/051613A/DAL/DeltaAirLines.pdf
QUALCOMM, Inc. (NASDAQ:QCOM): By the end of last trading session, QUALCOMM (NASDAQ:QCOM) earned US$0.22 (or 0.34%) to US$65.54 with about 10.59 million shares exchanged hands for the session, compared to its average volume of 13.97 million shares. Insiderslab.com found company EVP & Chief Technology Officer, Matthew S. Grob, sold his shares at price of US$64.38 on May 13. Insiderslab.com believes that it is a clever way to check if insiders like CEOs, CFOs, and Directors in QUALCOMM are starting to buy more company shares. See insider trade report for QCOM here.
Read Full Report: http://www.insiderslab.com/PR3/051613A/QCOM/QUALCOMM.pdf
Today Insiderslab.com also observed abnormal trade volume for the following companies; insiders may involve trading in these companies. It will take some time for insiders to report their trades. Read these reports and add these companies into your Insider Trade Radar.
Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX):
Read Full Report: http://www.insiderslab.com/PR3/051613A/FCX/FreeportMcMoRanCopperGold.pdf
Sirius XM Radio Inc (NASDAQ:SIRI):
Read Full Report: http://www.insiderslab.com/PR3/051613A/SIRI/SiriusXMRadio.pdf
EMC Corporation (NYSE:EMC):
Read Full Report: http://www.insiderslab.com/PR3/051613A/EMC/EMC.pdf
Insider Filing Source Reference: All observations, analyses and reports are based on public information released by the U.S. Securities and Exchange Commission.
About Insiderslab.com:
Insiderslab.com covers insider trade data in major stock markets in the U.S., Hong Kong, Mainland China, and Singapore. Insiderslab.com features a team of experienced data analysts striving to provide the investment community with the tools, software, and data necessary to carry out more effective investment research.
Important Disclaimer:
Please visit insiderslab.com/disclaimers/disclaimers.php for details.
View in PR Newswire Asia website: Insider Trading Recap for Bristol Myers Squibb, Delta Air Lines, QUALCOMM, Freeport-McMoRan Copper & Gold, Sirius XM Radio, and EMC
Asia Fresh News 