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China Jiangsu Golden Horse Steel Ball, Inc. (Pink Sheets: CJGH ) (February 4, 2008) a leading Chinese manufacturer and supplier of ball bearings has announced unaudited operating results for the year ended December 31, 2007 ("FY2007").
"We had a very solid year, and we were happy to see the continued growth in our business," commented Mr. Qiang Ma, President of China Jiangsu Golden Horse Steel Ball, Inc. "We expect to continue the year-on-year net revenue growth at a rate of approximately 20% for 2008."
For the year ended December 31, 2007, the Company recorded revenue of $12.9 million, an increase of $1.4 million or 12.0% from the $11.5 million recorded in fiscal 2006 ("FY2006"). The increase in revenue is attributable to growing global demand for steel bearings as the Company had positive growth in sales from its existing customer base and was able to obtain new contracts.
The cost of production materials, labor and other indirect manufacturing costs increased by $1.6 million or 16.3% to $11.2 million for FY2007 when compared to last year. The increase is mainly due to higher direct material costs as the price for raw material steel products continue to increase as a result of higher global demand. In addition, the Company has made capital investments to improve its offering of bearing products and modernization of equipment and machinery, including the opening on the new plant in Xuyi, which will result in efficient production processes.
Gross margin for the year was $1.7 million, a decrease of 10.3% from the $1.9 million recorded in 2006. The decrease in gross margin was a result of the aforementioned higher raw materials and the costs associated with upgrading manufacturing equipment and machinery.
Selling expenses were $84,000, a decrease of $58,000 or 41.0%, general and administrative expenses were $537,000, an increase of 64.2% from $327,000, and interest expense were $236,000, higher by $74,000 or 45.6%. The increase in general and administrative -- and financial -- expenses is primarily a result of the increased business activity and the opening of the new plant during the course of the year.
FY2007, the Company recorded net income of $1.1 million, an increase of $0.3 million or 36.5% from the $0.80 million recorded in FY2006.
Golden Horse along with its affiliates and controlled entities is one of the top five manufacturers of steel ball bearings in China. The Company produces over three billion ball bearings annually of various specifications along with its development of over 15 new products, such as stainless steel balls, aluminum balls, and ceramics balls. In addition, the Company continues to export its products to over twenty countries worldwide including the USA, Japan, Brazil, India, and Germany.
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Actuate Corporation (NASDAQ: ACTU) (February 1, 2008), the leader in delivering Rich Internet Applications Without Limits, today announced its financial results for the quarter and year ended December 31, 2007.
Revenues for the fourth quarter of 2007 were a record $39.2 million, a 12% increase from the fourth quarter of 2006 and a sequential increase of 13% compared with the third quarter of 2007. License revenues for the fourth quarter of 2007 were $13.7 million, a decrease of 3% from the year-ago quarter. Services revenues for the fourth quarter of 2007 totaled a record $25.5 million, an increase of 22% compared with the fourth quarter of 2006. Total revenues for the fiscal year of 2007 were a record $140.6 million, a 9% increase over total revenues in fiscal year 2006. 2007 annual license revenues were $53.2 million, a 13% increase from 2006 license revenues of $46.9 million.
Net income for the fourth quarter of 2007, as reported in accordance with U.S. generally accepted accounting principles (GAAP), was a record $10.8 million, or $0.16 per diluted share, compared with net income of $10.2 million or $0.15 per diluted share in the fourth quarter of 2006. GAAP net income for the fiscal year 2007 was a record $20.2 million, or $0.29 per diluted share, compared with GAAP net income of $13.8 million, or $0.21 per diluted share for fiscal year of 2006. Because of our solid operating performance over the past several years and expectations for generating future taxable income, we recorded a non-cash benefit in the provision for income taxes of approximately $6.8 million in the fourth quarter of 2007 associated with the partial reversal of our valuation allowance against deferred tax assets.
Cash flow from operations was $5.0 million for the fourth quarter of 2007 and a record $22.9 million for fiscal year 2007. Cash, cash equivalents and short-term investments was $68.4 million at December 31, 2007 compared with $60.1 million on December 31, 2006.
Non-GAAP net income for the fourth quarter of 2007 was a record $7.7 million, or $0.11 per diluted share, an increase of 38% compared with non-GAAP net income of $5.6 million, or $0.08 per diluted share in the fourth quarter of 2006. Non-GAAP net income for fiscal 2007 was a record $22.5 million, an increase of 47% compared with non-GAAP net income of $15.3 million for fiscal 2006. Non-GAAP diluted earnings per share aggregated $0.33 for fiscal 2007, an increase of 43% compared with non-GAAP diluted earnings per share for fiscal 2006. Non-GAAP operating margin for the fourth quarter of 2007 was a record 26%, a 600 basis point increase compared with non-GAAP operating margin of 20% in the fourth quarter of 2006. Non-GAAP operating margin for fiscal year 2007 was a record 21% compared with non-GAAP operating margin of 15% in fiscal 2006.
Non-GAAP financial measures discussed in this release exclude the following items: a) amortization charges for purchased technology and other intangible assets resulting from the company's acquisition transactions; b) stock-based compensation expense; c) restructuring charges; d) in-process R&D charges resulting from the company's acquisition charges; e) duplicate rent expense related to the move of our headquarters from South San Francisco to San Mateo and f) an adjustment to the income tax provision. All of these expenses are included in Actuate's GAAP results. The income tax rate used to compute non-GAAP net income was 30%.
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Winning Brands Corporation (Pink Sheets: WNBD) (February 1, 2008) reports that all 3 of its leading eco-oriented product groups will be distributed to the marine sector in Canada by Hutchings Marine Products Ltd.. Hutchings Marine is one of the best known distributors to this sector in the country and will add their industry experience for the 2008 roll-out of the Winning Brands products to marinas in 2008. Hutchings Marine will feature the Winning Brands products at their March 2008 annual industry show and will add the products to their 2008 catalogue. The development is significant for Winning Brands because boaters, cottagers, campers and other outdoor enthusiasts will gain access to all three products closer to where the outdoor activities take place, not only in city stores prior to departure. Production of the Winning Brands products will take place at the Grand Rapids, Michigan facilities of Surefil, LLC.
Tracy Mulhall, Account Manager with Winning Brands Corporation, points out that this market sector is important for several reasons. "Most cottagers and boaters today aware of the environmental impact of their choices. We have the opportunity to become the first choice in cleaning by a new generation of recreational lifestyle consumers. If we're trusted for use in the outdoors where people are in touch with nature, then this trust will return back home into the cities too," says Mulhall. "It also goes to show that even one of the oldest distributors in this sector can have the newest ideas!" she concludes.
CLEAN1(TM) is targeted to become the 1st choice in outdoor cleaning, Winning Colours to become North America's favourite stain removing product and KIND(TM) Laundry Products to become a special new friend for laundry tasks everywhere. Winning Brands' mission is to replace hazardous chemicals in widespread use with safer alternatives.
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DNAPrint Genomics, Inc. (OTCBB: DNAG) (February 1, 2008) is pleased to announce a jointly signed letter of intent for the acquisition of DNAPrint Genomics, Inc. ("DNAPrint" or DNAP). With the acquisition, which is subject to DNAPrint Genomics shareholder approval, Nanobac becomes one of a select group of next-generation drug and diagnostics developers, applying advanced computational methods and systematic genome-based approaches to streamline clinical product development. Nanobac adds advanced drug and diagnostics development programs, key patents and patent applications, and a proprietary product modeling platform to its existing initiatives, and expands its focus into multiple disease sites for both Diagnostics and Therapeutics.
The combined company would have annualized revenue of approximately $5,000,000, developing drug pipeline and product development collaborations with Harvard/Beth Israel Deaconess Medical Center, Mayo Clinic, Cleveland Clinic and Emory University.
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