Fuwei Films Announces Expectations for the Fourth Quarter of 2008
23 Janeiro 2009 - 12:37PM
PR Newswire (US)
BEIJING, Jan. 23 /PRNewswire-Asia-FirstCall/ -- Fuwei Films
(Holdings) Co., Ltd. (NASDAQ:FFHL) ("Fuwei" or the "Company"), a
manufacturer and distributor of high-quality BOPET plastic films
located in China, today announced its preliminary financial results
for its 2008 fourth quarter ended December 31, 2008. For the fourth
quarter of 2008, revenue is expected to be up to $15 million. The
fourth quarter net loss is expected to be up to $1.2 million. Since
October 2008, Fuwei has been impacted by the global recession.
Reduced demand, especially for high value-added specialty films,
has resulted in a significant increase in inventory and a decline
in sales prices. The leased production line has been suspended for
two months in the fourth quarter of 2008 which reflected current
market conditions. The Company has also temporarily closed its
marketing office in Japan. "Our expectations reflect a difficult
and challenging marketplace for BOPET films globally. We have
adopted measures that are expected to minimize the adverse affect
of the financial crisis, such as reducing costs, lowering
management expenses and marketing expenditures," Mr. Xiaoan He,
Chairman and CEO of Fuwei Films commented. "We hope that the
governments' stimulus plans around the world will start to take
effect sooner than expected. We are confident and expect to
maintain the Company's industry leadership. With the recovery of
the macro economic environment, we believe we will be one of the
first companies to regain continued growth, and we expect to
acquire new and more exciting opportunities in both domestic and
overseas markets." 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. 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
and are subject to risks. Risk factors that could contribute to
such differences include those matters more fully disclosed in the
Company's reports filed with the U. S. Securities and Exchange
Commission some of which, 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.
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. Actual results of our operations may differ
materially from information contained in the forward-looking
statements as a result of the risk factors. For further
information, please contact: In China: Maggie Huang Investor
Relations Manager Tel: +86-10-8518-5620 Email: In the U.S.: Leslie
Wolf-Creutzfeldt Investor Relations Grayling Global Tel:
+1-646-284-9472 Email: DATASOURCE: Fuwei Films (Holdings) Co., Ltd.
CONTACT: In China: Maggie Huang, Investor Relations Manager at
+86-10-8518-5620 or ; or in the U.S.: Leslie Wolf-Creutzfeldt,
Investor Relations, Grayling Global at +1-646-284-9472 or
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