Gushan Environmental Energy Limited (GU)
Q1 2011 Earnings Call
May 26, 2011 8:30 am ET
Wilson Kwong – President
Frank Chan – Principal Financial Officer
JinMing Liu – Ardour Capital
Dale Lio – Sage Press
Good morning. And thank you for participating in the First Quarter 2011 Earnings Conference Call of Gushan Environmental Energy. At this time, all participants are in a listen-only mode. After the call, we will conduct the question-and-answer session. Today's conference is being recorded.
I would now like to turn the call over to Wilson Kwong, President of Gushan Environmental Energy. Please proceed.
Good morning, ladies and gentlemen. And welcome to Gushan's first quarter 2011 earnings call. Joining me on the call is Frank Chan, Principal Financial Officer of Gushan.
Please note that today's discussion may contain forward-looking statements made under Safe Harbor provisions of U.S. Federal Securities laws. Please see today's press release under the section Safe Harbor Statement for a discussion of risks and uncertainties that may affect our results.
Before opening the call to questions, I would like to briefly review our results for the first quarter of 2011. Gushan reported its second consecutive quarter of revenue growth in the first quarter of 2011. Revenue growth was contributed by the company’s recycled copper product business, Mianyang Jin Xin Copper Limited, which was acquired in November 2011 – 2010 as part of Gushan’s ongoing diversification strategy.
As a result, total revenues for the quarter rose 241.7% year-to-year and 5.5% quarter-on-quarter to $37.7 million. Jin Xin Copper contributed $33.8 million in revenue, up 8.2% quarter-to-quarter from the fourth quarter of 2010, an accounted for the entire growth of in revenue in the first quarter of this year.