Recent Price: $3.09
China Armco Metals, Inc. (OTCBB: CNAM) announced that the company's financial results for the third quarter and first nine months of 2009. Here the financial highlights:
Third quarter revenue increases to $27.3 million versus $20.4 million in the third quarter of 2008.
Third quarter loss of $824K after one time tax accrual adjustment and one time sale at a reduced gross margin.
Revenue for first nine months of 2009 increases to a record $55.2 million, a 28% increase from the same period in 2008.
$0.26 per share EPS for first nine months of 2009 compared to $0.48 for the first nine months of 2008.
For complete financial details, investors are
urged to read the entire press release here.
The press release states that management is witnessing strong sales momentum in the fourth quarter, traditionally the strongest quarter of its distribution business, and now anticipates full year 2009 revenue ranging between $90 million and $95 million, with net income ranging between $4.5 million and $5 million. Management also anticipates that its metal recycling operation will be completed and tested sometimes in December of 2009 and ramp production starting in the first quarter fueling substantial growth in 2010..
Commenting on the company’s financial performance, Kexuan Yao, CEO and Chairman of Armco Metals stated, “We are pleased with the top line performance we achieved in the first nine months of 2009. Our bottom line was adversely affected by two items which we do not anticipate will recur in the future. More importantly we see strong momentum in the fourth quarter coupling with the launch of our metal recycling business setting the stage for what we believe will be a very prosperous 2010. We are excited to enter this new business line and look forward to providing more information about these operations after they are launched in the near future.”
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