China Ceramics Announces Decline in Backlog that Is Expected to Result in Reduced Revenues in the Fourth Quarter
JINJIANG, China, Sept. 12, 2012 /PRNewswire/ — China Ceramics Co., Ltd. (NASDAQ Global Market: CCCL, CCCLW, CCCLU) (“China Ceramics” or the “Company”), a leading Chinese manufacturer of ceramic tiles used for exterior siding and for interior flooring and design in residential and commercial buildings, today announced that it was experiencing a reduction in its backlog that it anticipated would result in a decline in revenues in the fourth quarter of 2012 by approximately 20%-40% from the fourth quarter of the prior year.
The Company believes that the reduction in its backlog has to do with a general slowdown in the construction industry in China, as customers are deferring orders and/or are waiting to start new projects. Some of the Company’s customers may be delaying projects to see if the government will adopt new policies to aid the construction industry.
To mitigate the effects of slowing demand, the Company will maintain its currently wide range of product offerings and augment it with new products from its research and development program, which has the potential to result in products that realize higher margins.
In addition, the Company plans to expand its distribution network and heighten its direct sales efforts to large developers. The Company will continue to focus on Tier II and Tier III cities where it believes conditions are generally more stable relative to more volatile Tier I cities.
About China Ceramics Co., Ltd
China Ceramics Co., Ltd. is a leading manufacturer of ceramic tiles in China. The Company’s ceramic tiles are used for exterior siding, interior flooring, and design in residential and commercial buildings. China Ceramics’ products, sold under the “Hengda” or “HD”, “Hengdeli” or “HDL”, the “TOERTO” and “WULIQIAO” brands, and the “Pottery Capital of Tang Dynasty” brands, are available in over 2,000 style, color and size combinations and are distributed through a network of exclusive distributors as well as directly to large property developers. For more information, please visit http://www.cceramics.com.
Safe Harbor Statement
Certain of the statements made in this press release are “forward-looking statements” within the meaning and protections of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “point to,” “project,” “could,” “intend,” “target” and other similar words and expressions of the future.
Contact Information: China Ceramics Co., Ltd. CCG Investor Relations Inc. Edmund Hen, Chief Financial Officer David Rudnick, Account Manager Email: email@example.com Email: firstname.lastname@example.org Phone: +1-646-626-4172
SOURCE China Ceramics Co., Ltd.