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 Third Quarter Results

Stocks in this article: VALV

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.

1 of 8

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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