This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

1 of 10

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,698.18 -77.94 -0.44%
S&P 500 2,059.69 -8.20 -0.40%
NASDAQ 4,880.2280 -20.6570 -0.42%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs