Shengkai Innovations, Inc. (Nasdaq:VALV) today announced financial results for its fourth quarter and fiscal year 2011.
Highlights:
Fourth Quarter
- Revenues increased 70.9% yoy to approximately $27.3 million;
- Revenues from the electric power segment increased 48.8% yoy to approximately $15.0 million;
- Revenues from the petrochemical and chemical segment increased 68.8% yoy to approximately $8.4 million;
- Revenues from other industries, including aluminum and metallurgy, increased 315.7% to approximately $3.9 million;
- Gross profit increased 56.1% yoy to approximately $14.7 million with a 54.0% gross margin.
Fiscal year 2011
- Revenues increased 72.6% yoy to approximately $93.5 million;
- Revenues from the electric power segment increased 63.4% yoy to approximately $57.7 million;
- Revenues from the petrochemical and chemical segment increased 73.1% yoy to approximately $27.5 million;
- Revenues from other industries, including aluminum and metallurgy, increased 178.6% yoy to approximately $8.3 million;
- Gross profit increased 64.8% yoy to approximately $53.1 million with a 56.8% gross margin;
- GAAP net income was approximately $93.5 million, or $2.67 earnings per diluted share, compared to a net loss of approximately $56.4 million, or $2.48 loss per share in FY2010;
- Non-GAAP net income was approximately $33.5 million, or $0.95 non-GAAP earnings per diluted share after adjusting for non-cash share-based compensation and changes in the fair value of instruments;
- Annual ceramic valves output achieved 23,298 sets compared with 14,376 sets a year ago.
Wait a minute, VALV stock closed at $.94… Have you seen NASDAQ stock that trades below EPS? Well, here is the ONE – Shengkai Innovations, Inc. (VALV).
What we could expect for tomorrow’s trading session? Gap-up in the morning, slight share price correction and run-up to over $2. Who wants 20% in profits for 20 minutes? You do? Join us tomorrow on this trade!
Shengkai Innovations, Inc.
No 27 Wang Gang Road
Jin Nan (Shuang Gang) Economic and Technology Development Ar
Tianjin, 300350
China
Investor Relations:
Tel: +86-22-5883-8509
ir@shengkai.com
http://www.shengkaiinnovations.com
Shengkai Innovations, Inc. is primarily engaged in the design, manufacture and sale of ceramic valves, high-tech ceramic materials and the provision of technical consultation and related services. The Company’s industrial valve products are used by companies in the electric power, petrochemical and chemical, metallurgy and other industries as high-performance, more durable alternatives to traditional metal valves.