Top-News

Breaking News: InnoCan startet in eine neue Ära – FDA Zulassung!(Anzeige)

Ein Arzt berät einen Patienten (Symbolbild).

Mittwoch, 15.03.2017 21:35 von PR Newswire | Aufrufe: 42

Fuling Global Inc. Reports Fourth Quarter and Fiscal Year 2016 Financial Results

Ein Arzt berät einen Patienten (Symbolbild). © TommL / Vetta / Getty Images https://www.gettyimages.de/

PR Newswire

ALLENTOWN, Pa., March 15, 2017

ALLENTOWN, Pa., March 15, 2017 /PRNewswire/ -- Fuling Global Inc. (NASDAQ: FORK) ("Fuling Global" or the "Company"), an environmentally-friendly specialized producer and distributor of plastic serviceware, with precision manufacturing facilities in both the U.S. and China, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2016.

Mr. Xinfu Hu, Chief Executive Officer of Fuling Global, commented, "We are pleased to report strong financial results for the fourth quarter of 2016. With overall sales volume increasing by 40.6% year-over-year that more than offset the decrease in average selling prices ("ASP"), our revenues grew by 37.5% to another record high of $31.8 million in the fourth quarter, capping a historical year in both sales volume and revenues for the Company".

"As we couldn't produce enough to meet growing demand for our products in recent months due to capacity constraint, our new fourth factory in China is well underway with its construction to be completed by end of this month and production to commence in April. This new factory will more than double Fuling Global's capacity in the next three years. Our U.S. factory in Pennsylvania will add injection molding plastic manufacturing in the third quarter of 2017. With continuing strong demand from our existing and new customers and the imminent launch of our fourth factory in China, Fuling Global is poised to extend its strong run of growth in 2017 and beyond," added Ms. Guilan Jiang, Chairwoman of Fuling Global.

Fourth Quarter 2016 Financial Highlights

For the Three Months Ended December 31,

($ millions, except per share data)

2016

ARIVA.DE Börsen-Geflüster

Kurse

FULING GLOBAL INC COM USD0.001

0,00%

2015

% Change

Revenues

$31.8

$23.1

37.5%

Gross profit

$5.8

$5.3

8.3%

Gross margin

18.2%

23.1%

-4.9 pp

Operating income

$1.3

$0.9

39.2%

Operating margin

4.1%

4.0%

0.1 pp

Net income attributable to Fuling Global

$0.4

$1.1

-58.4%

Diluted earnings per share

$0.03

$0.08

-62.2%

*Note: pp represents percentage points

Revenues increased by 37.5% to $31.8 million for the three months ended December 31, 2016 from $23.1 million for the same period of last year, mainly due to increase in overall sales volume and partially offset by decrease in blended ASP.
Gross profit increased by 8.3% to $5.8 million for the three months ended December 31, 2016 from $5.3 million for the same period of last year. Gross margin decreased by 4.9 percentage points to 18.2% from 23.1% for the same period of last year. The decrease in gross margin was due primarily to a rebound in oil prices that led to rising raw material prices. It usually takes at the minimum one quarter and sometimes two to implement product price increases, depending on market conditions.
Net income attributable to Fuling Global decreased by 58.4% to $0.4 million, or $0.03 per basic and diluted share, for the three months ended December 31, 2016 from $1.1 million, or $0.08 per basic and diluted share, for the same period of last year. The decreases in net income and earnings per share were primarily due to decrease in subsidy income and higher provision for income taxes for the three months ended December 31, 2016.
Total sales volume increased by 40.6% to 12,932 tons for the three months ended December 31, 2016 from 9,197 tons for the same period of last year. The increase in sales volume was across the board in all product categories. Blended ASP decreased by 2.2% to $2.46 per kilogram for the three months ended December 31, 2016 from $2.52 per kilogram for the same period of last year.

Fourth Quarter 2016 Financial Results

Revenues

For the three months ended December 31, 2016, total revenues increased by $8.7 million, or 37.5%, to $31.8 million, the highest level in the Company's history, from $23.1 million for the same period of last year. Overall sales volume increased by 3,734 tons, or 40.6%, to 12,932 tons for the three months ended December 31, 2016 from 9,197 tons for the same period of last year. Blended ASP decreased by $0.06 per kilogram, or 2.2%, to $2.46 per kilogram for the three months ended December 31, 2016 from $2.52 per kilogram for the same period of last year.

On a geographical basis, sales in the U.S., Fuling Global's largest market, increased by $7.1 million, or 31.9%, to $29.3 million for the three months ended December 31, 2016 from $22.2 million for the same period of last year. Sales in Europe decreased by $1.0 million, or 59.0%, to $0.7 million. Sales in China increased by $0.6 million, or 57.0%, to $1.6 million for the three months ended December 31, 2016 from $1.0 million for the same period of last year.

Gross profit

Total cost of goods sold increased by $8.2 million, or 46.2%, to $26.0 million for the three months ended December 31, 2016 from $17.8 million for the same period of last year. Gross profit increased by $0.4 million, or 8.3%, to $5.8 million for the three months ended December 31, 2016 from $5.3 million for the same period of last year. Gross margin was 18.2% for the three months ended December 31, 2016, compared to 23.1% for the same period of last year. The decrease in gross margin was primarily due to a rebound in oil prices that led to rising raw material prices. It usually takes at the minimum one quarter and sometimes two to implement product price increases, depending on market conditions.

Operating income

Selling expenses increased by $0.5 million, or 32.3%, to $2.0 million for the three months ended December 31, 2016 from $1.5 million for the same period of last year. The increase in selling expenses was consistent with the increase in revenues. As a percentage of sales, selling expenses were 6.4% for the three months ended December 31, 2016 compared to 6.7% for the same period of last year. General and administrative expenses decreased by $0.5 million, or 22.6%, to $1.8 million for the three months ended December 31, 2016 from $2.4 million for the same period of last year. As a percentage of sales, general and administrative expenses were 5.7% for the three months ended December 31, 2016 compared to 10.2% for the same period of last year. Research and development expenses increased by $0.1 million, or 21.8%, to $0.6 million for the three months ended December 31, 2016 from $0.5 million for the same period of last year. As a result, total operating expenses increased by $0.1 million, or 1.8%, to $4.5 million for the three months ended December 31, 2016 from $4.4 million for the same period of last year.

Operating income increased by $0.4 million, or 39.2%, to $1.3 million for the three months ended December 31, 2016 from $0.9 million for the same period of last year. The increase in operating income was mainly due to increase in gross income and partially offset by increase in operating expenses. Operating margin was 4.1% for the three months ended December 31, 2016, compared to 4.0% for the same period of last year.

Income before income taxes

After adjustment for interest income and expenses, subsidy income and other non-operating income and expenses, income before income taxes decreased slightly to $1.18 million for the three months ended December 31, 2016 from $1.24 million for the same period of last year.

Provision for income taxes was $0.8 million for the three months ended December 31, 2016, compared to $0.3 million for the same period of last year.

Net income

Net income decreased by $0.6 million, or 59.5%, to $0.4 million for the three months ended December 31, 2016 from $0.9 million for the same period of last year. After deduction of non-controlling interest, net income attributable to Fuling Global was $0.4 million, or $0.03 per basic and diluted share, for the three months ended December 31, 2016, compared to $1.1 million, or $0.08 per basic and diluted share, for the same period of last year.

Fiscal Year 2016 Financial Results

	For the Twelve Months Ended December 31,
($ millions, except per share data)	2016	2015	% Change
Revenues	$104.9	$91.3	14.9%
Gross profit	$25.2	$23.6	6.7%
Gross margin	24.1%	25.9%	-1.8 pp
Operating income	$8.5	$9.0	-5.0%
Operating margin	8.1%	9.8%	-1.7 pp
Net income attributable to Fuling Global	$7.9	$8.0	-1.2%
Diluted earnings per share	$0.50	$0.65	-22.6%

*Note: pp represents percentage points

Revenues

For the twelve months ended December 31, 2016, total revenues increased by $13.6 million, or 14.9%, to $104.9 million from $91.3 million for the same period of last year. The increase in total revenues was a result of strong growth in sales volume across all major product categories and partially offset by decrease in overall blended ASP.

Overall sales volume increased by 9,764 tons, or 29.6%, to 42,723 tons for the twelve months ended December 31, 2016 from 32,960 tons for the same period of last year. The increase in sales volume was across the board with cups and plates growing over 83%. In 2016, the Company put a lot of focus on growing this product category by investing in new equipment and technology. Food and beverage packaging or container is the fastest growing category in the disposable foodservice supplies industry. Our blended ASP decreased by $0.31 per kilogram, or 11.4%, to $2.45 per kilogram for the twelve months ended December 31, 2016 from $2.77 per kilogram for the same period of last year. The decrease in ASP was primarily related to cutlery and cups and plates.

Cutlery, straws, cups and plates, and other products accounted for 52.1%, 14.5%, 26.5%, and 6.9% of total revenues for the twelve months ended December 31, 2016, compared to 60.5%, 12.1%, 22.9%, and 4.4% for the same period of last year, respectively.

For the Twelve Months Ended December 31,

2016

2015

Y/Y Change

Revenues
($'000)

% of
Total

Revenues
($'000)

Mehr Nachrichten zur FULING GLOBAL INC COM USD0.001 Aktie kostenlos abonnieren

E-Mail-Adresse

Benachrichtigungen von ARIVA.DE
(Mit der Bestellung akzeptierst du die Datenschutzhinweise)

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.