China Carbon Graphite Group, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2012
November 15, 2012 at 02:30 am IST
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China Carbon Graphite Group, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2012. For the quarter, the company reported sales of $6,491,133 compared to $13,591,978 a year ago. Operating income before other income expense was $592,014 compared to $1,610,942 a year ago. Net loss was $798,649 compared to profit of $668,134 a year ago. Net loss available to common shareholders was $803,186 or $0.03 per share diluted compared to profit of $654,609 or $0.03 per share diluted a year ago. Sales decrease was mainly attributable to decreased market demand during the three months ended September 30, 2012 from the slowing down of China's construction industry. The decrease in tonnage sold is due to fewer orders from certain customers due to price increases and a slight drop in the Chinese construction industry.
For the nine months, the company reported sales of $28,429,886 compared to $37,200,337 a year ago. Operating income before other income expense was $4,200,395 compared to $4,074,621 a year ago. Net income was $325,779 compared to $1,883,485 a year ago. Net income available to common shareholders was $311,599 or $0.01 per share basic and diluted compared to $1,861,831 or $0.08 per share basic and diluted a year ago. Net cash provided by operating activities was $538,078 compared to net cash used in operating activities was $9,916,027 a year ago. Acquisition of property and equipment was $65,156 compared to $27,265 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.