Deer Consumer Products, Inc. Announces $10 Million Sales Contracts, Sees Positive Impact to Earnings from China's Current Economic Environment
NEW YORK, April 26 /PRNewswire-FirstCall/ -- Deer Consumer Products, Inc. ("Deer") (Nasdaq: DEER) (website: http://www.deerinc.com/), one of the world's largest designers and OEM/ODM manufacturers of home and kitchen electronics marketing to both global and China domestic consumers, announced today that Deer has signed a total of approximately $10 million in new supply contracts with existing and new customers at China's Canton Fair, one of China's largest import & export trade events.
Deer noticed significantly increased customer interest from global buyers, primarily from the North American, European and emerging markets. Deer is able to continue to maintain healthy profit margins while expanding our customer base.
Customer demand for Deer products has been robust across all product lines since the beginning of the 2nd quarter.
Commenting on the current macroeconomic environment in China:
Bill He, Chairman & CEO of Deer commented: "Deer directly benefits from an expanding Chinese economy and appreciation in the Chinese currency. Wealthier consumers demand better lifestyles by purchasing not only cars but also more household kitchen electronics. An appreciating Chinese currency, if it happens, should translate into higher earnings for Deer as we report our financials in USD. Deer's rapid revenue growth booked in the Chinese currency from the Chinese domestic market sales should further enhance our earnings. We believe Deer's fully integrated "from production to market" model makes Deer one of the most cost efficient marketers of small kitchen electronics in the world. Our growth model is totally aligned with China's current economic environment. We are seeing positive impact to earnings from the current economic policy changes in China. We look forward to reporting our Q1 financials before May 15, 2010."
About Deer Consumer Products, Inc.
Deer Consumer Products, Inc. (http://www.deerinc.com) is a NASDAQ Global Select Market listed U.S. public company headquartered in China. Deer has a 15-year operating business as well as a strong balance sheet. Supported by more than 103 patents, trademarks, copyrights and approximately 2,000 company-trained seasonal and full-time staff, Deer is a leading designer, ODM/OEM manufacturer and global marketer of quality small home and kitchen electric appliances. Deer's product lines include blenders, juicers, soy milk makers and a large variety of other home appliances designed to make today's lifestyles simpler and healthier. With more than 100 global clients/branded products such as Black & Decker, Ariete, Disney, Toastmaster, Magic Bullet, Back to Basics and Wal-Mart, and rapidly expanding China domestic market footprint, Deer has enjoyed rapid sales and earnings growth in the recent years.
Safe Harbor Statement
All statements in this press release that are not historical are forward-looking statements made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. There can be no assurance that actual results will not differ from the company's expectations. You are cautioned not to place undue reliance on any forward-looking statements in this press release as they reflect Deer's current expectations with respect to future events and are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated. Potential risks and uncertainties include, but are not limited to, the risks described in Deer's filings with the Securities and Exchange Commission.
Contact Information: |
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Corporate Contact: |
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Ms. Helen Wang, Corporate Secretary |
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Deer Consumer Products, Inc. |
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Tel: 011-86-755-86028285 |
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Email: [email protected] |
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SOURCE Deer Consumer Products, Inc.
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