BEIJING, July 26 /Xinhua-PRNewswire-FirstCall/ -- Fuwei Films
(Holdings) Co. Limited (NASDAQ:FFHL), China's leading manufacturer
and distributor of high quality BOPET plastic film, today announced
financial results for the second quarter and six months ended June
30, 2007. Second Quarter 2007 Financial Highlights(1) -- Net Sales
of $15.8 million -- Gross Profit of $4.3 million, an increase of
15% year-over-year -- Operating Income of $3.1 million, up 18%
year-over-year -- Net Income of $2.6 million, up 23% year-over-year
-- Basic and Diluted EPS of $0.20 (1) All results are prepared in
accordance with Generally Accepted Accounting Principles (GAAP) in
the United States. Net sales for the second quarter of 2007 were
RMB 120.9 million (US$ 15.8 million), a decrease of 1.6 percent
over the same period last year. The decrease in net sales was
primarily due to a reduction in sales volumes, which were mostly
offset by higher selling prices during the quarter. Net sales for
the first six months of 2007 were RMB 220.2 million (US$ 28.5
million), a slight increase from the RMB 219.9 million recorded in
the first half of 2006. Net income for the second quarter of 2007
was RMB 20.1 million (US$ 2.6 million), an increase of 23 percent
over second quarter 2006 net income of RMB 16.3 million. The
increase is mainly due to higher gross margins flowing through to
the bottom line. Net income for the first six months of 2007
increased to RMB 33.4 million from RMB 32.3 million in the same
period of 2006. Xiaoan He, Chairman and CEO of Fuwei Films
commented, "Fuwei Films delivered a solid quarter. We continued to
focus on our strategic goal of increasing the proportion of higher
margin specialty film in our sales mix. We achieved a record high
of over 40 percent of total sales coming from specialty film in
this quarter. "In addition, we recently completed external
construction for the factory that will house our thick film
production line and our research and development trial production
line. This is an important step toward further increasing our
capacity in the specialty segment of the film market. With no
existing domestic producer of thick film used for electronic film
(TFT-LCD) screens, we believe there is a significant opportunity
for us to gain market share in this segment of the industry. "Entry
into the thick film market, along with expansion into overseas
markets, production expansion, and R&D enhancement are the core
elements of our growth strategy. We also see a further opportunity
to build the required capacity that will support this growth
through carefully targeted strategic acquisitions (M&A) and
this will be a key focus for us going forward." Financial Review
Sales by Product: Sales of specialty films in the second quarter
2007 were RMB 49.2 million (US$ 6.4 million), an increase of 6.2
percent over the second quarter last year. Specialty film accounted
for 40.7 percent of Fuwei Films' total net sales compared with 37.7
percent in the same period of 2006. The increase was largely
attributable to stronger sales volume following increased trial and
acceptance by Fuwei Films' customers as well as overall market
growth. The following is a breakdown of commodity and specialty
film sales (amounts in thousands): Q2, 2007 % of Total Q2, 2006 %
of Total RMB US$ RMB Printing film 7,552 984 6.2 8,737 7.1 Stamping
film 15,039 1,959 12.4 15,061 12.3 Metallization film 27,486 3,580
22.7 26,379 21.4 Base film for other applications 21,681 2,823 18.0
26,414 21.5 Specialty film 49,171 6,404 40.7 46,295 37.7 120,929
15,750 100 122,886 100 ======== ======== ======== ======== ========
Sales of specialty film during the six months ended June 30, 2007
were RMB 86.5 million (US$ 11.2 million), an increase of 10.7
percent over the same period last year. Sales of specialty film in
the first half 2007 accounted for 39.3 percent of Fuwei Films'
total net sales, up from 35.5 percent in the same period of 2006.
The following is a breakdown of commodity and specialty film sales
(amounts in thousands): Six months period ended June 30, 2007 % of
Total June 30, 2006 % of Total RMB US$ RMB Printing film 13,605
1,763 6.2 19,177 8.7 Stamping film 27,407 3,551 12.4 26,621 12.1
Metallization film 51,072 6,617 23.2 48,547 22.1 Base film for
other applications 41,654 5,397 18.9 47,526 21.6 Specialty film
86,456 11,201 39.3 78,068 35.5 220,194 28,529 100 219,939 100
======= ====== ===== ======= ===== Sales by Geography: Overseas
sales in the second quarter of 2007 were RMB 38.7 million (US$ 5.0
million), up 41.9 percent from RMB 27.3 million recorded in the
second quarter last year. Overseas sales accounted for 32.0 percent
of total net sales in the second quarter compared with 22.2 percent
in the same period of 2006. The increase was mainly due to the
Company's strategy of diversifying its customer portfolio and
targeting more overseas clients. The following is a breakdown of
PRC domestic and overseas sales (amounts in thousands): Q2, 2007 %
of Total Q2, 2006 % of Total RMB US$ RMB Sales in China 82,220
10,708 68.0 95,602 77.8 Sales in other countries 38,709 5,042 32.0
27,284 22.2 120,929 15,750 100 122,886 100 ========= =========
========= ========= ========= Overseas sales during the six months
ended June 30, 2007 were RMB 71.7 million (US$ 9.3 million), an
increase of 54.6 percent from the RMB 46.4 million recorded in the
same period last year. Overseas sales accounted for 32.6 percent of
total net sales compared with 21.1 percent in the same period of
2006. The following is a breakdown of PRC domestic and overseas
sales (amounts in thousands): Six months period ended June 30, 2007
% of Total June 30,2006 % of Total RMB US$ RMB Sales in China
148,467 19,236 67.4 173,551 78.9 Sales in other countries 71,727
9,293 32.6 46,388 21.1 220,194 28,529 100 219,939 100 =========
======== ======== ========= ======== Gross Profit increased 15
percent to RMB 32.7 million (US$ 4.3 million) in the second quarter
2007 from RMB 28.4 million in the same quarter last year. Fuwei
Films generated a gross margin of 27.0 percent in the second
quarter 2007 compared with 23.1 percent in the year ago quarter.
The improvement in gross margin is primarily due to higher selling
prices and an increased volume of specialty film sold during the
quarter. Gross profit for the first six months of 2007 was RMB 56.9
million (US$ 7.4 million). Gross margin was 25.9 percent compared
with 23.8 percent in the first half year of 2006, mainly due to
increases in the sales price and higher specialty film sales in the
second quarter of 2007. Operating Expenses in the second quarter of
2007 increased 8.6 percent to RMB 9.0 million (US$ 1.2 million)
from RMB 8.3 million in the same quarter last year. Selling
expenses were largely unchanged from second quarter 2006, while
administrative expenses increased almost 20 percent to RMB 3.5
million. This increase was mainly due to the higher costs
associated with becoming a U.S. listed public reporting Company in
the year 2007. Operating expenses during the first six months of
2007 were RMB 15.2 million (US$ 2.0 million), or 20.8 percent
higher than the RMB 12.6 million recorded in the same period of
2006. This was also mainly due to the higher costs associated with
being a U.S. listed public reporting Company in the year 2007.
Earnings Conference Call The Company will hold a teleconference
today, July 26th, at 9:00 a.m. EDT to discuss the quarterly
results. To participate in the call, please dial +1 877-407-9205 in
North America, or +1 201-689-8054 internationally, approximately
five minutes prior to the scheduled call start time. The call is
being simultaneously Web cast and can be accessed on the Fuwei
Films Web site at http://www.fuweiholdings.com/ . Please visit the
Web site at least 15 minutes prior to the scheduled call time to
register for the Web cast and download any necessary audio
software. A replay of the call can also be accessed via telephone
from 12:00 p.m. EDT on July 26th through 11:59 p.m. EDT on August
8th by calling +1-877-660- 6853 in North America, or
+1-201-612-7415 internationally, and entering the following access
codes: Account #: 286 and Conference ID: 247849. A Web cast replay
of the call will also be made and can be accessed on the Fuwei
Films site at http://www.fuweiholdings.com/ . About Fuwei Films
Fuwei Films conducts its business through its wholly owned
subsidiary Shandong Fuwei Films Co., Ltd. Shandong Fuwei develops,
manufactures and distributes high quality plastic films using the
biaxial oriented stretch technique, otherwise known as BOPET film
(biaxially oriented polyethylene terephthalate). Fuwei's BOPET film
is widely used to package food, medicine, cosmetics, tobacco and
alcohol, as well as in the imaging, electronics, and magnetic
products industries. For more information about the Company, please
visit the Company's website at http://www.fuweiholdings.com/ . Safe
Harbor This press release contains information that constitutes
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Any such forward-looking statements involve risk and uncertainties
that could cause actual results to differ materially from any
future results described by the forward-looking statements. Risk
factors that could contribute to such differences include those
matters more fully disclosed in the Company's reports filed with
the Securities and Exchange Commission. The forward-looking
information provided herein represents the Company's estimates as
of the date of the press release, and subsequent events and
developments may cause the Company's estimates to change. The
Company specifically disclaims any obligation to update the
forward- looking information in the future. Therefore, this
forward-looking information should not be relied upon as
representing the Company's estimates of its future financial
performance as of any date subsequent to the date of this press
release. The forward-looking statements included in this press
release are subject to risks, uncertainties and assumptions about
our businesses and business environments. These statements reflect
our current views with respect to future events and are not a
guarantee of future performance. Actual results of our operations
may differ materially from information contained in the
forward-looking statements as a result of risk factors some of
which are include, among other things, competition in the BOPET
film industry; growth of, and risks inherent in, the BOPET film
industry in China; uncertainty as to future profitability and our
ability to obtain adequate financing for our planned capital
expenditure requirements; uncertainty as to our ability to
continuously develop new BOPET film products and keep up with
changes in BOPET film technology; risks associated with possible
defects and errors in our products; uncertainty as to our ability
to protect and enforce our intellectual property rights;
uncertainty as to our ability to attract and retain qualified
executives and personnel; and uncertainty in acquiring raw
materials on time and on acceptable terms, particularly in view of
the volatility in the prices of petroleum products in recent years.
Fuwei Films (Holdings) Co. Ltd and Subsidiaries Condensed
Consolidated Statements of Income and Other Comprehensive Income
(amounts in thousands - except share and per-share value) Three
months period ended Six months period ended June 30, June 30, 2007
2007 2006 2007 2007 2006 RMB US$ RMB RMB US$ RMB Net Sales 120,929
15,750 122,886 220,194 28,529 219,939 Cost of Sales 88,264 11,496
94,470 163,257 21,152 167,594 Gross Profit 32,665 4,254 28,416
56,937 7,377 52,345 Selling 5,090 663 5,111 8,754 1,134 8,858
Administration 3,528 459 2,943 5,718 741 3,194 Depreciation &
amortization 416 54 266 737 96 540 Total operating expenses 9,034
1,176 8,320 15,209 1,971 12,592 Operating income 23,631 3,078
20,096 41,728 5,406 39,753 Interest income (expense), net (1,597)
(208) (3,645) (4,558) (590) (6,933) Other income (expenses) (178)
(23) (153) (562) (73) (299) Income before taxes 21,856 2,847 16,297
36,608 4,743 32,521 Income tax / (benefit) 1,770 231 (44) 3,258 422
233 Net Income 20,086 2,616 16,341 33,350 4,321 32,288 Basic
earnings per share 1.54 0.20 21.19 2.55 0.33 41.88 Diluted earnings
per share 1.54 0.20 21.19 2.55 0.33 41.88 Weighted average number
of shares outstanding for Basic earnings per share 13,062,500
13,062,500 771 13,062,500 13,062,500 771 Weighted average number of
shares outstanding for Diluted earnings per share 13,062,500
13,062,500 771 13,062,500 13,062,500 771 Fuwei Films (Holdings) Co.
Ltd and Subsidiaries Condensed Consolidated Balance Sheet (amounts
in thousands - except share and per-share value) As of Jun. 30,2007
As of Dec. 31,2006 ASSETS RMB US$ RMB Current assets Cash and cash
equivalents 128,344 16,861 253,250 Accounts receivable, net 58,196
7,645 75,530 Inventory 36,923 4,851 23,783 Prepayments and other
receivables 47,800 6,279 19,440 Total current assets 271,263 35,636
372,003 Plant and equipment, net 239,434 31,455 250,937
Construction in progress 163,778 21,516 66,752 Lease prepayments,
net 22,682 2,980 23,059 Deposits for purchase of property, plant
and 13,900 equipment Intangible assets 72 9 109 Goodwill 10,276
1,350 10,276 Deferred tax assets 1,047 138 1,047 Total assets
708,552 93,084 738,083 LIABILITIES AND SHAREHOLDERS' EQUITY Current
liabilities Short-term borrowings 169,090 22,214 239,678 Accounts
payables 17,066 2,242 12,809 Accrued expenses and other payables
22,854 3,002 19,497 Deferred tax liabilities 856 112 192 Total
liabilities 209,866 27,570 272,176 Shareholders' equity Registered
capital 13,323 1,707 13,323 Additional paid-in capital 311,908
39,967 311,908 Retained earnings 172,241 22,119 138,891 Cumulative
translation adjustment 1,214 1,721 1,785 Total shareholders' equity
498,686 65,514 465,907 Total liabilities and shareholders' equity
708,552 93,084 738,083 For more information, please contact: In
China: Christina He Investor Relations Phone: +86-10-8518-5620
Email: In the US: Mark Jones Global Consulting Group Phone:
+1-646-284-9414 Email: DATASOURCE: Fuwei Films (Holdings) Co.
Limited CONTACT: Christina He of Investor Relations in China,
+86-10-8518-5620, or ; or Mark Jones of Global Consulting Group in
the US, +1-646-284-9414, or Web Site: http://www.fuweiholdings.com/
Copyright
Fuwei Films (NASDAQ:FFHL)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Fuwei Films (NASDAQ:FFHL)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024