Gushan Environmental Energy Limited (GU)
Q3 2011 Earnings Call
December 21, 2011 08:30 am ET
Wilson Kwong - President
Thank you for standing by and welcome to the Gushan Environmental Energy third quarter 2011 earnings conference call.
At this time all participants are in a listen-only mode. There will be a presentation followed by question-and-answer session. (Operator Instructions). I must advise you that this conference is being recorded today, December 21, 2011. I would now like to hand the conference over to your speaker today, Mr. Wilson Kwong, President of Gushan Environmental Energy. Please go ahead.
Good morning ladies and gentlemen and welcome to Gushan’s third quarter 2011 earnings call. Joining me on the call is Frank Chan, Principle Financial Officer of Gushan. Please note that today’s discussion may contain forward-looking statements made under the Safe Harbor provisions of US 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 third quarter of 2011. Gushan reported its fourth consecutive quarter of revenue growth in the third quarter of this year, reflecting the contribution of the company’s recycled copper products business operated through the company subsidiaries Mianyang Jin Xin Copper Limited, which was acquired in November 2010 and Hunan Yinlian Xiangbei Copper Company Limited which was acquired in August 2011.
Total revenues for the quarter rose 1044.7% year-to-year and 45.3% quarter-on-quarter to $74.5 million. Jin Xin Copper contributed $66.1 million in revenue for the third quarter, up 38.4% quarter-to-quarter from the second quarter of 2011. Xiangbei contributed $10 million in revenue for the quarter including $1.9 million in the company sales from Xiangbei to Jin Xin. Combined revenue from the company’s recycled copper product business net of in the company sales total $74.2 million, an increased of 55.3% quarter-to-quarter from the second quarter of 2011.