Huaxing Machinery Corp. Reports First Quarter 2011 Consolidated Financial Results
05 7월 2011 - 8:39AM
Marketwired
Huaxing Machinery Corp. (TSX VENTURE: HUA) ("Huaxing" or the
"Company") (formerly Samurai Capital Corp. ("Samurai")), reports
its unaudited consolidated financial results as at and for the
three months ended March 31, 2011. All dollar amounts are expressed
in Canadian dollars.
For the three months ended March 31, 2011, income from
operations and net income are $456,846 and $320,911, respectively.
Comparative results are as follows:
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Three Three
Months Months $ Change
Ended Ended from % Change
March 31, March 31, Q1 2010 from
2011 2010 to Q1 2011 Q1 2010
$ $ $ to Q1 2011
(unaudited) (unaudited) (unaudited) (unaudited)
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Sales 5,844,524 4,211,343 1,633,181 38.78%
Gross Profit 1,091,045 813,979 277,066 34.04%
Net Earnings 320,911 258,404 62,507 24.19%
Net Earnings attributable to
equity holders of the
Company 235,217 215,811 19,406 8.99%
Earnings per share - basic,
based on weighted average
number of shares issued and
outstanding 0.02 0.02 0.00 0.00%
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On January 21, 2011, Samurai, formerly a capital pool company,
acquired all of the issued and outstanding shares in Gold Rhino
Limited ("Gold Rhino"), a private Hong Kong company, which holds an
80% equity interest in its operating subsidiary Shandong Gold
Rhino-Huaxing Machinery Co. Ltd. ("SGRHM"), a private PRC company.
The acquisition served as Samurai's qualifying transaction (the
"QT") in accordance with the policies of the TSX Venture
Exchange.
During the first quarter of 2011, Huaxing's domestic sales of
its main products amounted to $4,574,482 (2010 - $3,315,585) at
cost of goods sold of $3,700,191 (2010 - $2,617,727) excluding
amortization of fair value adjustment to the production equipment
and patent upon Gold Rhino's acquisition of SGRHM.
During the first quarter of 2011, export sales amounted to
$599,358 (2010 - $676,051) at cost of goods sold of $400,056 (2010
- $436,730) excluding amortization of fair value adjustment to the
production equipment and patent upon Gold Rhino's acquisition of
SGRHM.
During the first quarter of 2011, miscellaneous and other
income, including sales of raw and processed material as well as
commissioned processing services were $677,570 (2010 - $226,993) at
cost of goods sold of $616,288 (2010 - $99,284).
The Board of Directors did not declare a dividend for the first
quarter of 2011.
Huaxing's unaudited interim consolidated financial statements as
at and for the three months ended March 31, 2011 are available on
the System for Electronic Document Analysis and Retrieval ("SEDAR")
at www.sedar.com under the Company's profile.
The Company's unaudited interim consolidated financial
statements as at and for the three months ended March 31, 2011 also
reflect the first-time adoption of International Financial
Reporting Standards by the Company. The financial results as at and
for the three months ended March 31, 2010 represents the financial
results of Gold Rhino as a private company for such period prior to
the completion of the QT. The foregoing reflects a selected extract
of the Company's financial performance only, and must be viewed
with the Company's full financial statements and management's
discussion and analysis on SEDAR for further details.
About Huaxing Machinery Corp.
Huaxing is engaged in the business of machinery manufacturing.
Through its wholly owned subsidiary, Gold Rhino, Huaxing holds an
80% controlling equity interest in SGRHM, which in turns holds the
interests in the operating entity's main manufacturing facilities
located in Boxing County, Shandong province, China. Its main
products are stone cutting, polishing and processing machinery and
equipment for the building and construction industry. Its six
product series and 80 product models are sold in Chinese domestic
and international markets.
Forward-Looking Statements
Certain information regarding Huaxing Machinery Corp. contains
herein may constitute forward-looking statements within the meaning
of applicable securities laws. Forward-looking statements may
include estimates, plans, expectations, opinions, forecasts,
projections, guidance or other statements that are not statements
of fact. Although the Company believes that the expectations
reflected in such forward-looking statements are reasonable, it can
give no assurance that such expectations will prove to have been
correct. The Company cautions that actual performance will be
affected by a number of factors, many of which are beyond the
Company's control, and that future events and results may vary
substantially from what the Company currently foresees. The Company
assumes no obligation to update such forward-looking statements,
except as required by applicable securities laws or exchange
regulations. The Company's forward-looking statements are expressly
qualified in their entirety by this cautionary statement. The
Company seeks safe harbour.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Huaxing Machinery Corp. Ming (Barry) Sheng Investor
Relations Manager 778-882-9677 mingbarrysheng@gmail.com
(TSXV:HUA)
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