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Montag, 28.11.2016 22:05 von PR Newswire | Aufrufe: 134

Fuwei Films Announces Its Unaudited Financial Results for the Third Quarter of 2016

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PR Newswire

BEIJING, Nov. 28, 2016

BEIJING, Nov. 28, 2016 /PRNewswire/ --

-Teleconference to be Held on Tuesday, November 29, 2016 at 8:00 am EST-

Fuwei Films (Holdings) Co., Ltd. (Nasdaq: FFHL) ("Fuwei Films" or the "Company"), a manufacturer and distributor of high-quality BOPET plastic films in China, today announced its unaudited financial results for the three and nine months ended September 30, 2016.

Highlights

Net sales during the third quarter ended September 30, 2016 were RMB61.6 million or US$9.2 million.
In the third quarter of 2016, sales of specialty films were RMB22.7 million or US$3.4 million or 36.8% of our total revenues as compared to RMB18.7 million or28.5% in the same period of 2015, which was an increase of RMB4.0 million.
Our gross profit was RMB1.1 million or US$0.2 million for the third quarter ended September 30, 2016, representing a gross profit rate of 1.7%.
Basic and diluted net loss per share was RMB1.03 or US$0.15 and RMB0.94 for the three-month period ended September 30, 2016 and 2015, respectively.

On November 22, 2016, a majority of the shareholders of the Company approve, in principal, a 1-for-4 reverse stock split of the Company's authorized ordinary shares, accompanied by a corresponding decrease in the Company's issued and outstanding ordinary shares and an increase of the par value of each ordinary share from $0.129752 to $US$0.519008, subject to an extraordinary meeting of shareholders to be held on December 5, 2016.

Third Quarter 2016 Results

Net sales during the third quarter ended September 30, 2016 were RMB61.6 million or US$9.2 million, compared to RMB65.7 million during the same period in 2015, representing a decrease of RMB4.1 million or 6.2%, mainly due to the reduction of average sales price by 5.9% arising from stronger competition in China and large reduction in prices of main raw materials. The reduction of average sales price caused a decrease of RMB3.8 million and the sales volume decrease caused a decrease of RMB0.3 million.

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In the third quarter of 2016, sales of specialty films were RMB22.7 million or US$3.4 million or 36.8% of our total revenues as compared to RMB18.7 million or 28.5% in the same period of 2015, which was an increase of RMB4.0 million, or 21.4% as compared to the same period in 2015. The reduction in average sales price caused a decrease of RMB0.2 million and the increase in the sales volume caused an increase of RMB4.2 million.

The following is a breakdown of commodity and specialty film sales (amounts in thousands):

	Three-Month Period Ended September 30, 2016		% of Total	Three-Month Period Ended September 30, 2015	% of Total
	RMB	US$		RMB
Stamping and transfer film	23,715	3,555	38.4%	26,156	39.8%
Printing film	7,173	1,076	11.7%	8,196	12.5%
Metallization film	1,634	245	2.7%	3,624	5.5%
Specialty film	22,666	3,399	36.8%	18,710	28.5%
Base film for other application	6,373	956	10.4%	8,984	13.7%

	61,560	9,231	100.0%	65,670	100.0%

Overseas sales were RMB11.4 million or US$1.7 million, or 18.4% of total revenues, compared with RMB16.1 million or 24.5% of total revenues in the third quarter of 2015. This is a decrease of RMB4.7 million. The decrease in average sales price caused a decrease of RMB1.4 million and the decrease in sales volume resulted in a decrease of RMB3.3 million.

The following is a breakdown of PRC domestic and overseas sales (amounts in thousands):

	Three-Month Period Ended September 30, 2016		% of Total	Three-Month Period Ended September 30, 2015	% of Total
	RMB	US$		RMB
Sales in China	50,205	7,528	81.6%	49,568	75.5%
Sales in other countries	11,355	1,703	18.4%	16,102	24.5%

	61,560	9,231	100.0%	65,670	100.0%

Our gross profit was RMB1.1 million or US$0.2 million for the third quarter ended September 30, 2016, representing a gross profit rate of 1.7%, as compared to a gross profit rate of 5.8% for the same period in 2015. Correspondingly, gross profit rate decreased by 4.1 percent compared to the same period in 2015 mainly due to the reduction of average sales price.

Operating expenses for the third quarter ended September 30, 2016 were RMB12.7 million or US$1.9 million, which was RMB1.8 million, or 12.4% lower than the same period in 2015. This decrease was mainly due to decreased expenses on research and development.

Net loss attributable to the Company during the third quarter ended September 30, 2016 was RMB13.4 million or US$2.0 million compared to net loss attributable to the Company of RMB12.3 million during the same period in 2015, representing an increase in loss of RMB1.1 million compared with the same period in 2015.

Basic and diluted net loss per share was RMB1.03 or US$0.15and RMB0.94 for the three-month period ended September 30, 2016and 2015, respectively.

Total shareholders' equity was RMB283.9million or US$42.6million as of September 30, 2016, compared with RMB319.7million as of December 31, 2015.

As of September 30, 2016, the Company had 13,062,500 basic and diluted total ordinary shares outstanding.

Nine Months 2016 Results

Net sales during the nine-month period ended September 30, 2016 were RMB183.0 million or US$27.4 million, compared to RMB185.2 million, during the same period in 2015, representing a decrease of RMB2.2 million or 1.2%, mainly due to the reduction of average sales price by 4.8% arising from stronger competition in China together with a reduction in prices of main raw materials.

In the nine-month period ended September 30, 2016, sales of specialty films were RMB68.0 million or US$10.2 million or 37.1% of our total revenues as compared to RMB55.0 million or 29.7% in the same period of 2015, which was an increase of RMB13.0 million, or 23.6%as compared to the same period in 2015. The reduction of average sales price caused a decrease of RMB2.3 million and the increase in the sales volume caused an increase of RMB15.3 million.

Overseas sales during the nine months ended September 30, 2016 were RMB35.1 million or US$5.3 million, or 19.2% of total revenues, compared with RMB44.3 million or 23.9% of total revenues in the same period in 2015. This was RMB9.2 million lower than the same period in 2015. The reduction in sales volume resulted in a decrease of RMB5.7 million and the decrease of average sales price caused a decrease of RMB3.5 million.

The following is a breakdown of PRC domestic and overseas sales (amounts in thousands):

Nine-Month Period Ended
September 30, 2016

% of
Total

Nine-Month Period Ended
September 30, 2015

% of
Total

RMB

US$

RMB

Sales in China

147,944

22,185

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