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Shengkai Innovations, Inc. Reports FY2013 Third Quarter Results

TIANJIN, China, May 15, 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") third quarter ended March 31, 2013.

FY2013 Third Quarter Highlights

  • Revenues were approximately $3.0 million compared with approximately $5.7 million in the third quarter of fiscal year 2012 ("FY2012");
  • Revenues from the electric power segment were approximately $0.5 million compared with approximately $1.3 million in the third quarter of FY2012;
  • Revenues from the petrochemical and chemical segment were approximately $2.4 million compared with approximately $4.0 million in the third quarter of FY2012; and
  • Gross profit was approximately $0.8 million with a gross margin of 27.1%, compared with approximately $2.6 million and 46.2% in the third quarter of FY2012.

FY2013 First Nine Months Highlights

  • Revenues were approximately $11.6 million compared with $27.0 million in the first nine months of FY2012;
  • Revenues from the electric power segment were approximately $1.6 million compared with approximately $7.5 million in the first nine months of FY2012;
  • Revenues from the petrochemical and chemical segment were approximately $8.9 million compared with approximately $17.8 million in the first nine months of FY2012;
  • Gross profit was approximately $4.0 million with a 34.5% gross margin, compared with approximately $11.8 million and 43.6% in the first nine months of FY2012;
  • Net loss was approximately $3.1 million, or loss of $0.18 per diluted share;
  • Non-GAAP net loss was approximately $2.5 million, or non-GAAP loss of $0.14 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 nine months ceramic valves output was 2,282 sets compared with 4,667 sets during the same period a year ago.

Note : The earnings per share data for the third quarter and first nine months of FY2013 have been retroactively restated to reflect the 1-for-2 reverse stock split effected on March 9, 2012.

FY2013 Third Quarter Results

Revenues in the third quarter were approximately $2.9 million as compared to approximately $5.7 million in the third quarter of FY2012. Quarterly ceramic valves output was 600 sets as compared to 905 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.

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