China Carbon Graphite Group, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2012
May 16, 2012 at 02:45 pm
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China Carbon Graphite Group, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2012. For the quarter, sales were $10,061,210 compared to $11,463,335 for the same period a year ago. Operating income before other income was $1,962,403 compared to $929,547 for the same period a year ago. Net income was $253,117 compared to $333,049 for the same period a year ago. Net income available to common shareholders was $248,099 or $0.01 per basic and diluted share compared to $333,049 or $0.02 per basic share or $0.01 per diluted share for the same period a year ago. Net cash used in operating activities was $7,852,196 compared to $4,450,727 for the same period a year ago. Acquisition of property and equipment was $15,831 compared to $4,572 for the same period a year ago. Construction in progress was $651,528 compared to $1,554,319 for the same period a year ago. EBIDTA was $2.29 million compared to $2.52 million for the same period a year ago. Adjusted net income was $0.91 million compared to $0.63 million for the same period a year ago. Adjusted EPS was $0.04 compared to $0.03 for the same period a year ago. Decrease in sales was mainly attributable to a decrease of $654,030 in the sales of the company's low-end graphite electrodes products, as well as a $223,034 decrease in sales of the company's other products, during first quarter of 2012, which is a reflection of the company's decision to focus on the manufacturing and selling of its higher margin products.
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.