Fuwei Films Announces Expectations for the First Quarter of 2009
30 Abril 2009 - 9:57AM
PR Newswire (US)
BEIJING, April 30 /PRNewswire-Asia/ -- Fuwei Films (Holdings) Co.,
Ltd. (NASDAQ:FFHL) ("Fuwei Films" or "the Company"), a manufacturer
and distributor of high-quality BOPET plastic films located in
China, today announced its expectations regarding preliminary
financial results of its first quarter of 2009 ended March 31,
2009. Revenues for the first quarter of 2009 are expected to be
approximately $11 million, compared with $15.2 million in the first
quarter of 2008. Net loss for the first quarter of 2009 is expected
to be around $2.6 million, compared with a net income of $1.2
million in the first quarter 2008. The loss was primarily due to
the continuous decline in the sales of its high value-added
specialty films caused by a decrease in demand, as well as a
decrease in the price of its products due to the weak economy.
"Given the decline in demand for our products in this weak economy,
we took immediate action to control costs in the first quarter,
such as reducing the number of employees, reducing management's
compensation and closing the Company's leased production line,"
said Mr. Xiaoan He, Chairman and CEO of Fuwei Films. "Since the
middle to late March of 2009, we have seen some initial signs of
economic recovery in China as a result of the relatively fast
implementation of the Chinese government's stimulus package. In
addition, the increase of the export tax rebate for BOPET films
from 5% to 11% could help us raise the competitiveness of our
products in foreign markets. We believe that the economic situation
will improve in the near future and the demand for our products,
both in domestic and international markets, will increase as a
result." About Fuwei Films Fuwei Films conducts its business
through its wholly owned subsidiary Shandong Fuwei Films Co., Ltd.
("Shandong Fuwei"). 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 Films' 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. Risk factors include,
among other things, both the short and long term effects of the
global financial crisis on the Company and the BOPET film industry,
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 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 ; In the U.S.: Leslie Wolf-Creutzfeldt, Investor Relations,
Grayling at +1-646-284-9472 or
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
Notícias em tempo-real sobre Fuwei Films Holdings Company Ltd da NASDAQ bolsa de valores: 0 artigos recentes
Mais Notícias de Fuwei Films (Holdings) CO., Ltd. (MM)