China Carbon Graphite Group, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2012
August 15, 2012 at 06:02 am
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China Carbon Graphite Group, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2012. For the quarter, sales were $11,877,543 operating profit before other income (expense) was $1,645,978, income before income tax expense was $871,000 and net income available to common shareholders was $866,686 or $0.04 per basic and diluted share against sales of $12,145,024, operating profit before other income (expense) of $1,534,132, income before income tax expense was $882,000 and net income available to common shareholders of $875,318 or $0.04 per basic and diluted share for the same period a year ago. Net income attributable to common share holders $866,686 against $875,318 a year ago. Sales decrease was mainly attributable to a slight decrease of $424,116 in the sales for low end graphite electrodes products during the three months ended June 30, 2012, which resulted from the company's decision in focusing in manufacturing and selling higher margin products.
For the six months, sales were $21,938,753, operating profit before other income (expense) was $3,608,381 and income before income tax expense was $1,124,000 against sales of $23,608,359, operating profit before other income (expense) of $2,463,679 and income before income tax expense of $1,215,000 for the same period a year ago. Net income attributable to common share holders $1,114,785 or $0.05 per basic and diluted share against $1,233,233 or $0.05 per basic and diluted share a year ago. Net cash provided by operating activities was $1,827,804 against net cash used in operating activities of $3,167,845 a year ago. Acquisition of property and equipment was $37,756 against $27,088 a year ago. Sales decrease was mainly attributable to a significant decrease of $1,078,146 in the sales for low end graphite electrodes products during the six months ended June 30, 2012, which resulted from the company's decision in focusing in manufacturing and selling 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.