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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Shengkai Innovations, Inc. Reports FY2013 Second Quarter Results

Stocks in this article: VALV

TIANJIN, China, Feb. 7, 2013 (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 fiscal year 2013 ("FY2013") second quarter ended December 31, 2012.

FY2013 Second Quarter Highlights

  • Revenues were approximately $3.9 million compared with approximately $10.3 million in the second quarter of fiscal year 2012 ("FY2012");
  • Revenues from the electric power segment were approximately $0.3 million compared with approximately $2.6 million in the second quarter of FY2012;
  • Revenues from the petrochemical and chemical segment were approximately $3.2 million compared with approximately $7.1 million in the second quarter of FY2012; and
  • Gross profit was approximately $1.4 million with a gross margin of 35.9%, compared with approximately $4.3 million and 42.0% in the second quarter of FY2012.

FY2013 First Six Months Highlights

  • Revenues were approximately $8.6 million compared with $21.3 million in the first six months of FY2012;
  • Revenues from the electric power segment were approximately $1.1 million compared with approximately $6.1 million in the first six months of FY2012;
  • Revenues from the petrochemical and chemical segment were approximately $6.6 million compared with approximately $13.8 million in the first six months of FY2012;
  • Gross profit was approximately $3.2 million with a 37.0% gross margin, compared with approximately $9.1 million and 42.9% in the first six months of FY2012;
  • Net loss was approximately $1.7 million, or loss of $0.10 per diluted share;
  • Non-GAAP net loss was approximately $1.3 million, or non-GAAP loss of $0.08 per share, after adjusting for non-cash items of share-based compensation and loss resulting from changes in the fair value of instruments; and
  • First six months ceramic valves output was 1,682 sets compared with 3,762 sets during the same period a year ago.

Note : The earnings per share data for the second quarter and first six months of FY2012 have been retroactively restated to reflect the 1-for-2 reverse stock split effected on March 9, 2012.

FY2013 Second Quarter Results

Revenues in the second quarter were approximately $3.9 million as compared to approximately $10.3 million in the second quarter of FY2012. Quarterly ceramic valves output was 730 sets as compared to 1,784 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 industries.

1 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!

Markets

DOW 17,672.60 -141.38 -0.79%
S&P 500 2,051.82 -11.33 -0.55%
NASDAQ 4,757.8790 +7.4820 0.16%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs