Fuling Global Inc. Reports First Half-Year and Second Quarter 2016 Financial Results

ALLENTOWN, Pa., Aug. 15, 2016

Mr. Xinfu Hu, Chief Executive Officer of Fuling Global, commented, "We continued to execute well with sales volume crossing the 10,000-ton mark for the first time in company history to 10,709 tons for the second quarter, highlighting strong demand for our products across all major product categories. Gross margin of 29.8% improved significantly from the prior quarter and was essentially unchanged from a year ago. Despite a slight dip in revenues driven by decrease in average selling price ("ASP") in connection with drop in oil prices, net income attributable to our stockholders increased by 56.3% to $4.67 million for the second quarter, benefitting from $1.82 million in local government subsidy income." 

Ms. Guilan Jiang, Chairwoman of Fuling Global, added, "With all of our factories running near full capacity, we are facing increasing challenges to expand our production capacity promptly to meet the increasing demand for our products. Following the $10.24 million purchase of a 32.86-acre land parcel in April, we broke ground for the construction of a new factory in Wenling City in the second quarter. Phase I construction is expected to complete by the end of this year with commercial production to commence in the first quarter of 2017. Our Allentown factory continues to ramp, now with 12 straw machines up and running. With increasing orders from existing customers and orders from new customers, our Allentown factory is on track to reach $5.5 million annual revenue run rate in the third quarter this year."

Second Quarter of 2016 Financial Highlights

		For the Three Months Ended June 30,
($ millions, except per share data)		2016 ARIVA.DE Börsen-Geflüster Kurse FULING GLOBAL INC COM USD0.001 -   0,00%		2015		% Change
Revenues		$24.59		$25.11		-2.0%
Gross profit		$7.33		$7.47		-1.9%
Gross margin		29.8%		29.8%		0.0%
Operating income		$3.72		$3.97		-6.4%
Operating margin		15.1%		15.8%		-0.7%
Net income attributable to Fuling Global		$4.67		$2.99		56.3%
Diluted earnings per share		$0.30		$0.26		15.9%

• Net income attributable to Fuling Global increased by 56.3% to $4.67 million, or $0.30 per basic and diluted share, for the three months ended June 30, 2016 from $2.99 million, or $0.26 per basic and diluted share, for the same period of last year. The increases in net income and earnings per share were primarily due to a $1.82 million subsidy income received from local government which included a one-time government incentive of approximately $1.5 million for breaking ground on our new factory in Wenling City.
• Revenues decreased by 2.0% to $24.59 million for the three months ended June 30, 2016 with increase in sales volume offset by decrease in blended average selling price ("ASP").
• Total sales volume increased by 21.2% to 10,709 tons for the three months ended June 30, 2016 from 8,834 tons for the same period of last year. The increase in total sales volume was across all product categories.
• Blended ASP decreased by 19.2% to $2.30 per kilogram for the three months ended June 30, 2016 from $2.84 per kilogram for the same period of last year. The decrease in ASP was across all product categories and in line with the decrease in crude oil prices.
• Gross profit decreased by 1.9% to $7.33 million for the three months ended June 30, 2016 from $7.47 million for the same period of last year. Gross margin was essentially unchanged at 29.8%.

Second Quarter 2016 Financial Results

Revenues

For the three months ended June 30, 2016, total revenues decreased by $0.51 million, or 2.0%, to $24.59 million from $25.11 million for the same period of last year. Overall sales volume increased by 1,875 tons, or 21.2%, to 10,709 tons for the three months ended June 30, 2016 from 8,834 tons for the same period of last year. The increase in overall sales volume was across all product categories. Blended ASP decreased by $0.54 per kilogram, or 19.2%, to $2.30 per kilogram for the three months ended June 30, 2016 from $2.84 per kilogram for the same period of last year. The decrease in ASP was across all product categories and in line with year-over-year change trend in crude oil prices. Cutlery, straws, cups and plates, and other products accounted for 59.8%, 9.9%, 23.7%, and 6.7% of total revenues for the three months ended June 30, 2016, compared to 59.5%, 11.6%, 24.8%, and 4.1% for the same period of last year, respectively.

On a geographical basis, sales in Fuling Global's largest market, the U.S., decreased by $1.43 million, or 6.0%, to $22.53 million for the three months ended June 30, 2016 from $23.96 million for the same period of last year. Sales in Europe increased by $0.49 million, or 92.2%, to $1.02 million. Sales in China increased by $0.36 million, or 516.9%, to $0.43 million for the three months ended June 30, 2016. Sales in Canada was $0.29 million for the three months ended June 30, 2016, down 2.7% from the same period of last year.

		For the Three Months Ended June 30,
		2016					2015					Y/Y Change
		Revenues ($'000)		% of Total			Revenues ($'000)		% of Total			Amount ($'000)		%
U.S.	$	22,529		91.6%		$	23,962		95.4%		$	(1,433)		-6.0%
Europe		1,015		4.1%			528		2.1%			487		92.2%
Canada		289		1.2%			297		1.2%			(8)		-2.7%
China		433		1.8%			70		0.3%			363		516.9%
Others		328		1.3%			250		1.0%			78		31.0%
Total	$	24,594		100.0%		$	25,107		100.0%		$	(514) Werbung Mehr Nachrichten zur FULING GLOBAL INC COM USD0.001 Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 26.04.24 - PR Newswire Balanced Commercial Property Trust Ltd - Results in Respect of the Year Ended 31 December 2023 (audited) 26.04.24 - PR Newswire Samson Rock Capital LLP - Form 8.3 - Spirent Communications PLC 26.04.24 - PR Newswire Samson Rock Capital LLP - Form 8.3 - Mattioli Woods plc Sehen Sie sich dieses Unternehmen an:    Foto: andreas160578 - Pixabay Rasanter Aufstieg, Branchenrevolution und Jahresumsatz von 50 Mio. $ weiterlesen» Anzeige wo-site-teaser-box-16764_site-teaser-box_2024-04-26_09%253A00%253A00_2024-04-27_09%253A00%253A59