China Carbon Graphite Group, Inc. Announces Unaudited Consolidated Financial Results for the Second Quarter Ended June 30, 2013
August 15, 2013 at 08:30 am
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China Carbon Graphite Group, Inc. announced unaudited consolidated financial results for the second quarter ended June 30, 2013. For the quarter, the company reported sales of $2,714,252 against $11,877,543 a year ago. The decrease in sales was mainly due to industry-wide demand weakness for its products as a result of continued struggles of steel manufacturers. Operating loss before other expenses was $8,507,575 against operating income before other expenses of $1,645,978 a year ago. Loss before income tax expenses was $9,444,003 against income before income tax expenses of $871,311 a year ago. Net loss was $9,444,003 against net income of $871,311 a year ago. Net loss available to common shareholders was $9,448,491 against net income available to common shareholders of $866,686 a year ago. Diluted loss per share was $0.37 against diluted earnings per share of $0.04 a year ago.
For the six months, the company reported sales of $5,775,170 against $21,938,753 a year ago. The decrease in sales was mainly due to industry-wide demand weakness for its products as a result of continued struggles of steel manufacturers. Operating loss before other expenses was $9,237,388 against operating income before other expenses of $3,608,381 a year ago. Loss before income tax expenses was $10,946,271 against income before income tax expenses of $1,124,428 a year ago. Net loss was $10,946,271 against net income of $1,124,428 a year ago. Net loss available to common shareholders was $10,955,296 against net income available to common shareholders of $1,114,785 a year ago. Diluted loss per share was $0.43 against diluted earnings per share of $0.05 a year ago. Net cash used in operating activities was $5,226,786 against net cash from operating activities of $1,827,804 a year ago. Acquisition of property, plant and equipment was $2,434 against $37,756 a year ago. Increase of land use rights was $116,227 against $1,109,403 a year ago. Addition of construction in progress was $16,860,357 against $1,109,403 a year ago.
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.