China Carbon Graphite Group, Inc. Announces Consolidated Financial Results for the Year Ended December 31, 2012; Provides Earnings Guidance for the Year of 2013
April 17, 2013 at 04:31 pm
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China Carbon Graphite Group, Inc. announced consolidated financial results for the year ended December 31, 2012. For the year, the company reported sales of $31,482,852 against $49,846,744 a year ago. Net loss available to common shareholders was $3,580,232 or $0.15 per diluted share against net income available to common shareholders of $2,944,152 or $0.13 per diluted share a year ago. Net cash used in operating activities was $4,934,906 against $8,256,429 a year ago. Acquisition of property and equipment was $65,945 against $5,789,966 a year ago. Sales decrease was mainly attributable to a significant decrease in the demand for products during the year ended December 31, 2012, resulting from the struggle of steel companies.
The company believes, in 2013, it will improve profits by adding more market share in these high end industries.
China Carbon Graphite Group, Inc., formerly Achievers Magazine Inc., is engaged in the manufacturing of graphene, graphene oxide and graphite bipolar plates products. The Company also operates a business-to-business and business-to-consumers Internet portal, www.roycarbon.com, for graphite related products. Vendors can sell raw materials, industrial commodities and consumer (household) commodities to both business and consumers through the Website by paying a fee for each transaction conducted through the Website. Its business scope includes manufacturing and selling primarily the graphite products. The Company's customers primarily include international customers, which generally purchase products pursuant to purchase orders. The Company does not enter into long-term contracts with its customers. Its subsidiaries include Talent International Investment Limited, XingheYongle Carbon Co., Ltd., Golden Ivy Limited and Royal Elite International Limited.
China Carbon Graphite Group, Inc. Announces Consolidated Financial Results for the Year Ended December 31, 2012; Provides Earnings Guidance for the Year of 2013
CHINA CARBON GRAPHITE GROUP, INC. 
