Sutor Technology Group Limited Announces Preliminary Financial Results for Fiscal 2011 Fourth Quarter

'

CHANGSHU, China, Sept. 6, 2011 /PRNewswire-Asia-FirstCall/ -- Sutor Technology Group Limited (the "Company", "Sutor") (Nasdaq: SUTR), a leading China-based private manufacturer and distributor of high-end fine finished steel products and welded steel pipes used by a variety of downstream applications, today announced preliminary financial results for the fourth fiscal quarter ended June 30, 2011.

Based on preliminary estimates, the company anticipates that its revenues, gross profits, gross margin, net income and earnings per share will be as follows:

(All amounts, other than EPS, in millions of U.S. dollars)



Q4 FY2011
(Estimated)

Q4 FY2010
(Actual)

Change (%)

Revenue

129.0

125.3

3.0%

Gross Profits                        

13.9

10.5

32.4%

Gross Margin

10.8%

8.3%

30.1%

Net income

5.4

3.4

58.8%

EPS (diluted)

$0.13

$0.09

44.4%




Lifang Chen, Chairwoman and CEO of Sutor Technology Group, commented "We believe that our strong financial performance for the fourth fiscal quarter 2011 reflects the benefits and advantages of our diversified product mix, vertically integrated business model, strong brand name recognition, and our ability to continue market expansion, which distinguishes Sutor from its competitors. Despite the uncertainty in the global economy and high volatility in the capital market, we remain focused on seeking operating excellence and delivering outstanding customer services. We encourage investors to tour around our manufacturing facilities and visit our website for the latest developments of our company. We will provide more details on our fourth fiscal quarter and full fiscal year performance when we submit our annual report on Form 10-K at the end of September."

The management will not hold a conference call after the release. The preliminary financial results were announced in anticipation of the Company's expected participation in Rodman & Renshaw's Annual Global Investment Conference to be held from September 11 to September 13 in New York City. The management expects to present the preliminary fourth fiscal quarter financial results at the conference.

Because the Company has not finalized its financial closing procedures for the fiscal year ended on June 30, 2011, this unaudited financial information is, by necessity, preliminary in nature, based only upon preliminary information available to the Company as of the date of this press release and has not been reviewed by the Company's independent registered public accounting firm.  The Company's actual results of operations for the fourth fiscal quarter ended June 30, 2011, as reported in such earnings release, could differ materially from its estimates due to completion of the Company's financial close procedures, final adjustments and other developments that may arise before such financial results are finalized. Accordingly, readers should not place undue reliance on the foregoing unaudited financial information.

About Sutor Technology Group Limited

Sutor (Nasdaq: SUTR) is a leading private China-based manufacturer and distributor of high end fine finished steel products and welded steel pipes used by a variety of downstream applications. The Company utilizes a variety of in-house developed processes and technologies to convert steel manufactured by third parties into fine finished steel products, including hot-dip galvanized steel, pre-painted galvanized steel, acid-pickled steel, cold-rolled steel and welded steel pipe products. These products are used for household appliances, solar waters heaters, automobiles, IT, construction, etc. To learn more about the Company, please visit http://www.sutorcn.com/en/index.php

Forward-Looking Statements

This press release includes certain statements that are not descriptions of historical facts, but are forward-looking statements. Such statements include, among others, our expected financial performance in the fourth fiscal quarter, liquidity and strategic and operational plans, our future growth and operating results, our expectations regarding the market for our products, our expectations regarding the inflation, Chinese economy and steel market, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. You are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause our actual results to differ materially from those anticipated, expressed or implied in the forward-looking statements. These risks and uncertainties include, but not limited to, the factors mentioned in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended June 30, 2010, and other risks mentioned in our other reports filed with the Securities Exchange Commission, or SEC. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system (EDGAR) at http://www.sec.gov. The words "believe," "expect," "anticipate," "project," "targets," "optimistic," "intend," "aim," "will" or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. The Company assumes no obligation and does not intend to update any forward-looking statements, except as required by law.

For more information, please contact:


Mr. Jason Wang, Director of IR

Sutor Technology Group Limited

Tel: +86-512-5268-0988    

Email: investor_relations@sutorcn.com



SOURCE Sutor Technology Group Limited



RELATED LINKS
http://www.sutorcn.com/en/index.php

More by this Source


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.