Deer Consumer Products, Inc. Reports Solid Growth In Business, On Schedule To Pay Q4 Cash Dividend, Unaware Of Any Negative Corporate Development
NEW YORK, Dec. 16, 2011 /PRNewswire/ -- Deer Consumer Products, Inc. (Nasdaq: DEER) (website: http://www.deerinc.com/), a leading provider of "DEER" branded household consumer products to Chinese consumers and a vertically integrated manufacturer of small household and kitchen appliances for global customers, announced today that it has received calls from concerned shareholders regarding the sudden drop in the price of its common stock during the last 30 minutes of trading before market close on December 15, 2011.
Deer believes yesterday's events relate to and it is aware of the spreading of false market rumors by a distressed online blogger with a recent history of falsifying facts and records against public companies in which he and his network of relationships had short interests. Deer will not hesitate to take immediate action against individuals involved in the manipulation of Deer's share price and hurting the general public in a classic "short and distort" scheme.
Deer affirms that it is conducting its normal course of business and is not aware of any negative developments within the company or in its operations.
Deer remains on schedule to pay a quarterly cash dividend of $0.05 per share to shareholders of record at the close of business on December 31, 2011. Deer has announced a total cash dividend payment of $0.20 per share for the year 2011.Deer reported a solid balance sheet for the third quarter ended September 30, 2011, as follows: $5.12 PER SHARE IN NET ASSETS, STRONG BALANCE SHEET, NO LONG-TERM DEBTS As of Q3/2011, Deer's shareholders' equity increased to approximately $172 million, or $5.12 per share in net assets. Deer had more than $26 million in cash and cash equivalents at the end of the third quarter without any long-term debts. Deer has sufficient cash on hand to meet its liquidity requirements and has no plan to dilute its shareholders. AFFIRMS 2011 FINANCIAL GUIDANCE
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