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Shengkai Innovations, Inc. Reports Fourth Quarter And FY2012 Results

TIANJIN, China, Sept. 20, 2012 (GLOBE NEWSWIRE) -- Shengkai Innovations, Inc. (Nasdaq:VALV) (the "Company", "Shengkai", "we", or "our"), a leading ceramic valve manufacturer in the People's Republic of China (the "PRC"), today announced results for its fourth quarter and fiscal year ended June 30, 2012 ("FY2012").

FY2012 Fourth Quarter Highlights

  • Revenues were approximately $5.3 million compared with approximately $27.3 million in the fourth quarter of fiscal year ended June 30, 2011 ("FY2011");
  • Revenues from the electric power segment were approximately $1.2 million compared with approximately $14.9 million in the fourth quarter of FY2011;
  • Revenues from the petrochemical and chemical segment were approximately $2.4 million compared with approximately $8.4 million in the fourth quarter of FY2011; and
  • Gross profit was approximately $2.2 million with a gross margin of 41.5%, compared with approximately $14.7 million and 54.0% in the fourth quarter of FY2011.

FY2012 Full Year Highlights

  • Revenues were approximately $32.3 million compared with approximately $93.5 million in FY2011;
  • Revenues from the electric power segment were approximately $8.6 million compared with approximately $57.7 million in FY2011;
  • Revenues from the petrochemical and chemical segment were approximately $20.1 million compared with approximately $27.5 million in FY2011;
  • Gross profit was approximately $14.0 million with a gross margin of 43.2%, compared with approximately $53.1 million and 56.8% in FY2011;
  • GAAP net income was approximately $2.4 million, or $0.13 earnings per diluted share, compared with approximately $93.5 million, or $5.34 earnings per diluted share in FY2011;
  • Non-GAAP net income was approximately $5.1 million, or $0.28 non-GAAP earnings per diluted share after adjusting for non-cash share-based compensation and changes in the fair value of instruments; and
  • Annual ceramic valves output achieved 5,461 sets compared with 23,298 sets a year ago.

Note : The earnings (loss) per share data for all periods in this press release have been retroactively restated to reflect the 1-for-2 reverse stock split effected on March 9, 2012.

Fourth Quarter FY2012 Results

Revenues in the fourth quarter were approximately $5.3 million as compared to approximately $27.3 million in the fourth quarter of FY2011. Quarterly ceramic valves output was 794 sets as compared to 6,741 sets a year ago. Facing the general economic slowdown in the PRC, Shengkai continues the transition of target market segment from the electric power industry to domestic and international petrochemical and chemical industry.

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