China Carbon Graphite Group, Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011
March 30, 2012 at 10:27 pm IST
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China Carbon Graphite Group, Inc. reported consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported sales of $12.6 million compared to sales of $13.0 million in fourth quarter of 2010, a decrease of $0.4 million. EBIDTA was $3.2 million against $1.3 million a year ago. Net income was $1.1 million or $0.05 per diluted share against net loss of $0.4 million or $0.02 per diluted share a year ago. Adjusted net income was $1.5 million or or $0.06 per share against $0.03 million or $0.001 per share a year ago.
For the year, the company reported sales of $49.8 against $31.0 million a year ago. Operating income before other income was $5.3 million against $2.4 million against a year ago. Net income available to common shareholders was $3.0 million or $0.13 per diluted share against $1.4 million or $0.06 per diluted share a year ago. Net cash used in operating activities was $8.2 million against $13.5 million a year ago. Acquisition of property and equipment was $5.7 million against $1 million a year ago. EBIDTA was $9.7 million against $5.0 million a year ago. Adjusted net income was $4.3 million or $0.19 per share against $2.3 million or $0.12 per share a year ago.
China Carbon Graphite Group, Inc., formerly Achievers Magazine Inc., is engaged in the manufacturing of graphene, graphene oxide and graphite bipolar plates products. The Company also operates a business-to-business and business-to-consumers Internet portal, www.roycarbon.com, for graphite related products. Vendors can sell raw materials, industrial commodities and consumer (household) commodities to both business and consumers through the Website by paying a fee for each transaction conducted through the Website. Its business scope includes manufacturing and selling primarily the graphite products. The Company's customers primarily include international customers, which generally purchase products pursuant to purchase orders. The Company does not enter into long-term contracts with its customers. Its subsidiaries include Talent International Investment Limited, XingheYongle Carbon Co., Ltd., Golden Ivy Limited and Royal Elite International Limited.