China Precision Steel

In den USA läuft die Aktie richtig schön an und die Aussichten sind auch ok. China Precision Steel is both a short term and long term must own a company that has clearly been overlooked by analysts. Several years ago, the stock had a major sell off dropping from the USD 14 level after it made the strategic decision in 2006 to switch its product mix from lower quality steel products with lower margins to high-precision products with much higher margins. The company has completely turned around after incurring the associated capital expenditures including R&D which caused the stock to drift lower over several years. But now the company is spending only 1% of revenue on R&D has returned to handsome profitability and is on track to reward investors with rapid and sustained earnings growth. None of these developments have been factored into the stock price. The stock is extremely undervalued as I will discuss further in this article. I expect the stock to easily break through the USD 2 mark prior to its upcoming earnings release, and to make a new 52 week high above USD 2.67 shortly thereafter and reach the USD 4 to USD 5 range by 2012. China Precision Steel is a steel processing company engaged in the manufacturing and selling of precision cold-rolled steel products and in the provision of heat treatment and cutting of medium and high carbon hot-rolled steel strips. Its specialty precision products are used in the manufacture of automobile parts and components, steel roofing, plane friction discs, appliances, food packaging materials, saw blades, textile needles and microelectronics. Quelle : finanznachrichten.de steelguru.com

_  15.10.2007 15:09  

General Steel Holdings, Inc. Retains HC International

  

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BEIJING, Oct. 15 /Xinhua-PRNewswire-FirstCall/ -- General Steel Holdings, (Nachrichten) Inc. ("General Steel"), one of China's leading non-state owned steel products producer, announced today that it has retained HC International (Nachrichten) to design and execute its investor relations campaign.

"As an emerging and rapidly growing steel provider, our company has established a solid production platform," said Mr. Henry Yu, CEO of General Steel Holdings, Inc. "We look forward to collaborating with HC International, Inc. to raise our visibility in both the investment community and with the financial media as we embark on the next phase of our growth strategy."

China is the largest producer and consumer of domestic steel and it is estimated nearly 500 million tons will be consumed during 2007. The domestic steel industry is highly fragmented with an estimated 1100 companies while the Central Government is driving industry consolidation through forced mergers and heightened operating restrictions.

General Steel is currently capitalizing on these industry trends. Through acquisitions, joint venture partnerships, and organic growth, General Steel plans to grow its annual production exponentially from 3 million tons.

"General Steel is a leading non-state owned steel provider in China with a strong management team and is positioned to take advantage of a large and growing market," said Matthew Hayden, President of HC International. "General Steel's management has significant industry experience and relationships and provides an ideal conduit for U.S. investors to participate in the long-term secular growth of China's infrastructure, energy and heavy equipment sectors. Management maintains a significant ownership in the enterprise, thus aligning its interests with that of the shareholders to create long-term value."

About General Steel Holdings, Inc.

General Steel Holdings, Inc., headquartered in Beijing, operates a diverse portfolio of Chinese steel companies. With 3 million tons aggregate production capacity, its companies serve various industries and produce a variety of steel products including reinforced bar (rebar), hot-rolled carbon and silicon sheet and spiral-weld pipe. General Steel has steel operations in Shaanxi province (central China), Inner Mongolia autonomous region (northwest China) and Tianjin municipality (northeast China).

Information Regarding Forward-Looking Statements

This press release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs about future events and financial, political and social trends and assumptions it has made based on information currently available to it. General Steel cannot assure that any expectations, forecasts or assumptions made by management in preparing these forward-looking statements will prove accurate, or that any projections will be realized. Such forward-looking statements may be affected by inaccurate assumptions or by known or unknown risks or uncertainties. Actual results may vary materially from those expressed or implied by the statements herein. For factors that could cause actual results to vary, perhaps materially, from these forward-looking statements, please refer to General Steel's Form 10-K, filed with the Securities and Exchange Commission, and other subsequent filings. Forward-looking statements contained herein speak only as of the date of this release. General Steel does not undertake any obligation to update or revise publicly any forward-looking statements, whether to reflect new information, future events or otherwise.

For more information, please contact: Ross Warner General Steel Holdings, Inc. Tel: +86-10-5879-7346 (Beijing) Email: ross@gshi-steel.com Skype: ross.warner.generalsteel Matthew Hayden HC International, Inc. Tel: +1-858-704-5065 (USA) Email: matt.hayden@hcinternational.net Web: http://www.hcinternational.net/

 Klicken Sie hier, um weitere aktuelle Nachrichten zum Unternehmen zu finden:

   GENERAL STEEL HOLDINGS
   HC INTERNATIONAL_______

http://www.finanznachrichten.de/nachrichten-2007-10/artikel-9224228.asp

dieser WErt wird vorerst auch nur in USA und in Deutschland gehandelt

 

Nun China Precision läuft doch recht gut. Merci

 

______________________________________________ "Malo mori quam foederari - Lieber sterben als sich entehren"

China Precision Steel Announces Fiscal 2007 Year End Results Tuesday October 16, 9:56 am ET Fiscal 2007 Revenue Climbs 55% Year-over-year SHANGHAI, China, Oct. 16 /Xinhua-PRNewswire/ -- China Precision Steel (Nasdaq: CPSL - News), a niche precision steel processing company principally engaged in producing and selling high precision cold-rolled steel products, announced its financial results for the year ended June 30, 2007. Full Year 2007 Highlights -- Revenue increased 55% to $54.0 million -- Volume of precision steel sold increased 59% to 67,021 metric tons -- Gross profit increased 50% to $15.0 million from 2006 -- Newly launched export program accounted for 8.6% of revenues in fiscal 2007 -- New cold-rolled mill currently operating at 40% capacity "We are happy to report strong growth in sales and gross profit during our 2007 fiscal year, which was the result of increased production capacity supported by strong demand for our precision steel products," commented Dr. Wo Hing Li, Chairman and CEO of China Precision Steel. "Our new mill is currently operating at a 40% utilization rate and we intend to begin construction of our third mill in early 2008. We were also successful in expanding our market share, as our products are highly competitive with an average cost that is lower than our international competitors." Full Year 2007 Results Revenue for fiscal 2007 increased 54.7% to $54.0 million from $34.9 million in fiscal 2006. Revenue growth was driven by increased volume of precision steel products to 67,021 tons in fiscal 2007, up 59.0% from 42,160 tons in fiscal 2006. High carbon and low carbon products accounted for 54% and 42%, respectively, compared to 62% and 38%, respectively, in fiscal 2006. Export sales to the Philippines and Thailand totaled $4.7 million, accounting for 8.6% of total sales. Gross profit was $15.0 million, up 50.5% from $10.0 million a year ago. Gross margin was 27.9% in 2007 compared to 28.6% in 2006. Gross margin was impacted by higher raw materials costs and amortization costs associated with the addition of a second mill in August 2006. Operating expenses were $5.9 million, up 788% from $667,989 in fiscal 2006 primarily due to a $3.8 million provision for doubtful accounts recorded as a partial reserve against advances to suppliers where the goods ordered were not received within ninety days. The Company did not record a provision for bad debts in fiscal 2006. Selling expenses were $245,695 or 0.5% of revenue, up from $122,220 or 0.4% of revenue, in fiscal 2006. The increase in selling expenses was primarily due to higher transportation expenses resulting from a broader customer base, including exports, as well as an increase in order frequency. General and administrative ("G&A") expenses were $1.9 million, or 3.5% of revenue, up 269% from $505,764, or 1.4% of revenue, in fiscal 2006. The increase in G&A was chiefly due to increases in the amortization of intangible assets, listing fees relating to the Company's admission to the NASDAQ Capital Market and associated expenses. Operating income for 2007 was $9.1 million down slightly from $9.3 million in 2006. Net income for fiscal 2007 was $8.3 million, down 1.3% from $8.4 million in fiscal 2006. Fully diluted earnings per share in fiscal year 2007 were $0.29 compared to fully diluted earnings per share of $0.35 in fiscal year 2006. Financial Condition As of June 30, 2007, China Precision Steel had $5.5 million in cash, $22.9 million in long-term debt and notes payable and $14.6 million in working capital. Cash flow from operating activities was $2.9 million for fiscal year 2007. Total stockholders' equity stood at $51.1 million compared to $11.7 million as of June 30, 2006. Business Outlook China Precision Steel has two mills in production with current annual capacity as of June 30, 2007 of 115,000 metric tons. The Company's second mill began production at the end of 2006 and has total annual production capacity is 150,000 metric tons. The mill is currently operating at 40% capacity and is expected to reach 50% capacity by the end of 2007 and full capacity by the end of 2009. In 2008, China Precision Steel intends to commence construction of a third reversing mill with capacity of 150,000 metric tons and production width of 1700 mm. The primary focus of the two new mills will be on higher margin high carbon, cold-rolled steel products and more complex precision steel products. The Company intends to purchase a new hydrogen annealing furnace and a new 1700 mm cold roll mill for a total investment of $18 million. "We are creating a dominant position in China for ultra-thin precision steel. Currently we produce over 40 high precision steel products with over 100 specifications and we remain focused on broadening the number of precision steel products," concluded Dr. Li. "We are also looking to increase our penetration into Guangdong Province where there is a concentration of light industries, and in the Northeastern region of China where there are a number of automotive manufacturing companies." Annual Shareholders Meeting China Precision Steel will hold its Annual Meeting of Shareholders on Monday, November 12, 2007 at 10:30 am, Eastern Time, at the offices of Kirkpatrick & Lockhart Preston Gates Ellis LLP, 599 Lexington Avenue, New York, New York 10022. The record date for the Annual Meeting is September 28, 2007 and all shareholders of record at the close of business on that day will be entitled to vote at the Annual Meeting. About China Precision Steel China Precision Steel is a niche precision steel processing company principally engaged in the production and sale of high precision cold-rolled steel products and provides value added services such as heat treatment, and cutting medium and high carbon hot-rolled steel strips. China Precision Steel produces high precision ultra-thin and high-strength (0.03 mm to 7.5 mm) cold- rolled steel products primarily for automotive components, food packaging materials, saw blades and textile needle manufacturing companies in the People's Republic of China. The Company's operations are primarily located in China, with sales to Southeast Asia and Africa. For more information please visit http://www.chinaprecisionsteelinc.com . Conference Call China Precision Steel will host a conference call on Wednesday, October 17, 2007 at 9:00 a.m. ET to discuss 2007 year end results. To participate in the live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: 866-800-8648. International callers should dial 617-614-2702. When prompted by the operator, mention conference passcode 35045639. If you are unable to participate in the call at this time, a replay will be available for seven days starting on Wednesday, October 17, 2007 at 11:00 a.m. ET. To access the replay, dial 888-286-8010 and enter the passcode 93096615. International callers should dial 617-801- 6888 and enter the same passcode 93096615. This conference call will be broadcast live over the Internet and can be accessed by all interested parties at the Company's website http://www.chinaprecisionsteelinc.com . Please access the link at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software. For those unable to participate during the live broadcast, a 90 day replay will be available shortly after the call by accessing the same link. Forward-Looking Statements Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Certain statements in this press release and oral statements made by China Precision Steel on its conference call in relation to this release, constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements include, without limitation, statements regarding our ability to prepare the company for growth, the Company's planned manufacturing capacity expansion and predictions and guidance relating to the Company's future financial performance. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs but they involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, business conditions in China, weather and natural disasters, changing interpretations of generally accepted accounting principles; outcomes of government reviews; inquiries and investigations and related litigation; continued compliance with government regulations; legislation or regulatory environments, requirements or changes adversely affecting the businesses in which China Precision Steel is engaged; cyclicality of steel consumption including overcapacity and decline in steel prices, limited availability of raw material and energy may constrain operating levels and reduce profit margins, environmental compliance and remediation could result in increased cost of capital as well as other relevant risks not included herein. The information set forth herein should be read in light of such risks. You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations. -- Financial Tables Follow -- China Precision Steel, Inc. and Subsidiaries Consolidated Balance Sheets June 30, June 30, 2007 2006 Assets Current assets Cash and equivalents $5,504,862 $186,955 Accounts receivable, Trade, net of allowances of $273,461 and $138,837 at June 30, 2007 and 2006, respectively 8,242,044 13,399,003 Other 85,708 69,913 Inventory 15,723,704 6,283,910 Deposits 82,758 75,575 Advances to suppliers, net of allowance of $3,502,184 and $0 at June 30 11,699,918 3,138,759 Total current assets 41,338,994 23,154,115 Property and equipment Land use rights 1,124,583 -- Property and equipment, net 29,238,227 8,664,417 Construction-in-progress 10,355,763 13,752,954 40,718,573 22,417,371 Goodwill 99,999 -- Total assets $82,157,566 $45,571,486 Liabilities and Stockholders' Equity Current liabilities Accounts payable and accrued liabilities $4,855,932 $1,801,466 Advances from customers 1,720,812 1,859,773 Other taxes payables 816,553 862,914 Current income taxes payable 1,892,866 -- Deferred income taxes payable 1,064,028 1,535,204 Amounts due to directors 408,620 5,896,943 Current portion of long-term debt 6,163,445 8,918,939 Notes payable 9,842,520 9,862,672 Total current liabilities 26,764,776 30,737,911 Long-term debt, net of current portion shown above 6,878,714 3,152,415 Stockholders' equity: Preferred stock: $0.001 per value, 8,000,000 shares authorized, no shares outstanding at June 30, 2007 and 2006 Ordinary stock: $0.001 par value, 62,000,000 shares authorized, 37,378,143 and 24,283,725 issued and outstanding June 30, 2007 and 2006 37,378 24,284 Additional paid-in capital 31,867,063 1,375,716 Accumulated other comprehensive income 2,192,160 745,583 Retained earnings 17,008,238 9,535,577 Total stockholders' equity 51,104,839 11,681,160 Amounts due from directors (2,590,763) -- Total liabilities and stockholders' equity $82,157,566 $45,571,486 China Precision Steel, Inc. and Subsidiaries Consolidated Statements of Operations For the Years Ended June 30, 2007 and 2006 2007 2006 Revenues Sales revenues $53,960,243 $34,881,141 Cost of goods sold 38,925,987 24,892,154 Gross profit 15,034,256 9,988,987 Operating expenses Selling expenses 245,695 122,220 Administrative expenses 1,863,994 505,764 Provision for bad debts 3,775,645 -- Depreciation and amortization expense 44,375 40,005 Total operating expenses 5,929,709 667,989 Income from continuing operations 9,104,547 9,320,998 Other income (expense) Other revenues 103,388 -- Other expenses (1,362) -- Interest and finance costs (312,222) (271,693) Total other income (expense) (210,196) (271,693) Net income from continuing operations before income tax 8,894,351 9,049,305 Provision for (benefit from) income tax Current 1,892,866 -- Deferred (471,176) 1,535,204 Total income tax expense 1,421,690 1,535,204 Net income before discontinued operations 7,472,661 7,514,101 Net income from discontinued operations 831,448 900,469 Net income $8,304,109 $8,414,570 Basic earnings per share: From continuing operations $0.26 $0.31 From discontinued operations $0.03 $0.04 Total $0.29 $0.35 Basic weighted average shares outstanding 28,438,313 24,283,725 Diluted earnings per share: From continuing operations $0.26 $0.31 From discontinued operations $0.03 $0.04 Total $0.29 $0.35 Diluted weighted average shares outstanding 28,759,553 24,283,725 China Precision Steel, Inc. and Subsidiaries Consolidated Statements of Cash Flows For the Years ended June 30, 2007 and 2006 2007 2006 Cash flows from operating activities Net Income $8,304,109 $8,414,570 Adjustments to reconcile net income to net cash provided by (used in) operating activities Depreciation 1,527,211 823,862 Less income from discontinued operations - Oralabs, Inc (831,448) (900,469) Provision for doubtful accounts 3,775,645 -- Warrants issued for consulting 447,993 -- Net changes in assets and liabilities: Accounts receivable, net 5,523,369 (6,790,827) Inventories (9,133,893) (4,018,854) Advances to suppliers (10,677,692) (1,440,047) Deposits (3,504) (75,575) Accounts payable and accrued expenses 2,966,771 435,337 Advances from customers (229,495) 1,296,647 Deferred income taxes (471,176) 1,135,204 Current income taxes 1,892,866 -- Taxes payable (188,367) 670,313 Net cash provided by operating activities 2,902,389 (449,839) Cash flows from investing activities Purchase of goodwill (99,999) -- Purchases of fixed assets including construction in progress (9,896,145) (10,049,870) Net cash (used in) investing activities (9,996,144) (10,049,870) Cash flows from financing activities Advances to Directors, net (7,610,426) (1,763,994) Notes payable proceeds 10,040,633 13,245,762 Repayments of notes payable (10,157,728) (4,251,719) Proceeds from sale of common stock 19,326,878 -- Net cash provided by financing activities 11,599,357 7,230,049 Effect of exchange rate 812,305 323,289 Net increase (decrease) in cash 5,317,907 (2,946,371) Cash and cash equivalents, beginning of year 186,955 3,133,326 Cash and cash equivalents, end of year $5,504,862 $186,955 For more information, please contact: CCG Elite Crocker Coulson, President, or Leslie Richardson, Financial Writer Tel: +1-310-231-8600 Email: crocker.coulson@ccgir.com or leslie.richardson@ccgir.com China Precision Steel Leada Li, CFO Email: leadali@biznetvigator.com

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