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Financial Results for the Third Quarter of 2011

Writer:外联部Number of visits: Date:2011年11月16日 15:42

Abstract:

ANNEC GREEN REFRACTORIES CORPORATION REPORTS RESULTS FOR THE THIRD QUARTER OF 2011

 

ZHENGZHOU, China, November 15, 2011 (PRNewswire-Asia) - ANNEC GREEN REFRACTORIES CORPORATION (OTCBB: ANNC), one of leading refractory enterprises in China, today announced financial results for the third quarter of 2011:

 

Third Quarter 2011 Highlights

• Revenue increased 39.2% to $21.3 million compared to $15.3 million for Q3 2011

• Gross profit increased 42% to $9.8 million compared to $6.9 million for Q3 2011

• Net income decreased 5.8% to $3.2 million versus $3.4 million for Q3 2011 due to the increased selling expenses in this quarter.

 

Mr. Fuchao Li, Chairman, commented, "We are very pleased to report a 39.2% increase in revenues for the third quarter of 2011 compared to the same period of 2010. Our strategy is to increase our presence in overseas markets while consolidating market share based on established distribution channels in China in 2011." Mr. Li continued to comment: “In efforts to increase our revenues, we continue to explore opportunities and continue negotiations with prospective M&A targets. Meanwhile we will take measures to decrease our selling expenses so as to increase our net income.”

 

About Annec Green Refractories Corporation

We indirectly control through subsidiaries, Zhengzhou Annec Industrial Co., Ltd. ("Annec"), a PRC wholly-Foreign Owned Enterprise, which is engaged in the business of design, manufacturing and selling of medium and high level refractory materials for top combustion type, internal combustion type, and external combustion type hot blast stoves, and through our variable interest entity ("VIE"), Annec (Beijing) Engineering Technology Co., Ltd. ("Beijing Annec"), a PRC limited company, we provide turnkey service for large hot blast stove projects, integrating the structural design, equipment purchase, construction, refractory production/sale and after-sale service of hot blast stoves.

 

Forward-Looking Statements

This release contains certain "forward-looking statements" relating to the business of the Company. These forward looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. Further the forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). The Company does not assume a duty to update these forward-looking statements.

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