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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, Friday, 27
th of April, 2012.
I would now like to hand the conference over to your speaker today, Mr. Wilson Kwong, President of Gushan Environmental Energy. Sir, please go ahead.
Good morning ladies and gentlemen and welcome to Gushan’s fourth 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 the 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 fourth quarter and full year 2011 results.
Gushan reported total revenues of $63.5 million for the fourth quarter of 2011, an increase of 70.4% year-to-year and a decrease of 15.9% quarter-on-quarter. Virtually all of the company’s revenue for the quarter was provided by our recycled copper product business. The two consolidated subsidiaries comprising our recycled copper product business, Mianyang Jin Xin Copper and Hunan Yinlian Xiangbei Copper provided for the $1.8 million and $21.1 million in revenue respectively. The company holds a 75% beneficial ownership interest in each of these two subsidiaries.