Deer Consumer Products, Inc. Announces Record 2008 Financial Results
Posted on: Tuesday, 31 March 2009, 04:47 CDT
NEW YORK, March 31 /PRNewswire-Asia/ -- - Revenues of $43.8 million, EPS of $0.17, Anticipates Significant Earnings Growth in 2009 from Expanding Sales in the Chinese Domestic Markets - Revenue increased 31% to $43.8 million, strong sales growth in core products - Net income of $3.4 million - Anticipates significant earnings growth from domestic sales in 2009 Deer Consumer Products, Inc. (OTC Bulletin Board: DCPI)
(Website: http://www.deerinc.com ), a market leader in the design, manufacture
and sale of home and kitchen electronic appliances targeting both
international and Chinese domestic markets today announced audited 2008
financial results for the fiscal year ended
Management Comments on 2008 Financial Performance and 2009 Outlook:
In 2008, Deer achieved a 30.8% growth in revenues due to increased international and domestic orders. Increased sales attest to the high quality of our products, our marketing strength and highly cooperative relationships that we have maintained with our new and returning customers. In addition to expanding our international sales under various global brands as a key supplier to global chain stores, we have started marketing household kitchen appliances domestically under our own registered "Deer" brand. Sales growth from our own brand has been promising.
About Deer Consumer Products, Inc.
Deer Consumer Products, Inc. is a U.S. public company headquartered in
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. Deer's actual results may differ from its projections. Further, preliminary results are subject to normal year-end adjustments. 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.
DEER CONSUMER PRODUCTS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2008 AND 2007 2008 2007 ASSETS CURRENT ASSETS: Cash and cash equivalents $2,782,026 $1,511,545 Restricted cash 200,099 450,385 Accounts receivable, net 8,560,465 3,491,235 Advances to suppliers 5,015,479 2,817,333 Other receivables 489,286 395,180 Short-term investments 29,340 136,647 Due from shareholder -- 1,383,124 Due from related party 331,267 -- Inventories 7,680,851 4,153,304 Other current assets 13,342 628,718 Total current assets 25,102,155 14,967,471 PROPERTY AND EQUIPMENT, net 11,291,202 8,576,102 CONSTRUCTION IN PROGRESS 892,897 302,160 INTANGIBLE ASSETS, net 404,125 387,541 OTHER ASSETS 39,689 42,008 TOTAL ASSETS 37,730,068 24,275,282 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable 8,968,088 2,479,056 Other payables 760,632 564,820 Unearned revenue 3,305,966 69,591 Accrued payroll 168,282 134,301 Short-term loans 3,552,841 1,691,431 Due to shareholder -- 756,458 Advances to shareholder -- 509,139 Advances to related party 274,805 -- Notes payable 3,155,348 3,160,059 Tax and welfare payable 1,533,013 896,605 Total current liabilities 21,718,975 10,261,460 LONG-TERM LOAN 733,500 -- TOTAL LIABILITIES 22,452,475 10,261,460 STOCKHOLDERS' EQUITY: Common Stock, $0.001 par value; 75,000,000 shares authorized; 22,600,000 and 18,050,000 shares issued and outstanding as of December 31, 2008 and 2007, respectively 22,600 18,050 Additional paid-in capital 9,326,423 9,330,973 Development funds 542,701 343,232 Statutory reserve 1,085,403 686,464 Other comprehensive income 2,345,698 1,303,732 Retained earnings 1,954,768 2,331,371 Total stockholders' equity 15,277,593 14,013,822 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 37,730,068 24,275,282 DEER CONSUMER PRODUCTS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007 2008 2007 Net Revenue $43,784,935 $33,476,259 Cost of Revenue 34,125,019 26,249,009 Gross profit 9,659,916 7,227,250 Operating expenses Selling expenses 2,854,946 1,518,482 General and administrative expenses 2,566,634 1,788,025 Total operating expenses 5,421,580 3,306,507 Income from operations 4,238,336 3,920,743 Non-operating income (expense): Financing costs (247,901) (194) Interest income 13,870 18,524 Interest expense (310,762) (114,361) Other income (expense) 40,216 64,698 Realized loss on trading securities (34,873) -- Unrealized gain on trading securities -- 57,043 Foreign exchange gain 959,943 90,707 Total non-operating income (expense) 420,493 116,417 Income before income tax 4,658,829 4,037,160 Income tax 1,302,045 615,568 Net income 3,356,784 3,421,592 Other comprehensive income Foreign currency translation gain 1,041,966 822,146 Comprehensive Income $4,398,750 $4,243,738 Weighted average shares outstanding: Basic 19,533,425 18,050,000 Diluted 19,533,425 18,050,000 Earnings per share: Basic $0.17 $0.19 Diluted $0.17 $0.19 CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007 2008 2007 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $3,356,784 $3,421,592 Adjustments to reconcile net income to net cash used in operating activities: Depreciation 1,199,578 795,531 Amortization 18,723 18,509 Loss on disposal of fixed assets 351,257 -- Realized loss on short term investments 34,873 -- Unrealized loss on short term investments -- (57,043) (Increase) / decrease in assets: Accounts receivable (7,821,066) (2,423,876) Other receivable 210,696 435,100 Inventories (3,180,080) (549,092) Due from shareholder 1,454,375 (1,328,793) Due from related party (325,509) -- Advances to suppliers (1,965,833) (251,437) Tax rebate receivable 158,989 51,484 Other assets 215,234 (40,357) Increase / (decrease) in current liabilities: Accounts payable 6,205,438 (556,796) Unearned revenue 3,175,324 (849,077) Other payables 156,499 499,020 Due to related party (795,427) 726,744 Accrued payroll 24,138 61,536 Tax and welfare payable 563,573 479,845 Net cash provided by operating activities 3,037,566 432,890 CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of property and equipment (3,627,873) (2,191,640) Acquisition of intangible assets (8,319) (162,263) Construction in process (559,651) 111,835 Changes in restricted cash 276,966 (307,229) Purchases of short-term investments -- (131,280) Proceeds from short-term investments 79,984 -- Net cash used in investing activities (3,838,893) (2,680,577) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of notes payable 2,969,781 1,795,227 Proceeds from issuance of short-term loans 4,176,723 885,108 Payment on notes payable (3,192,128) -- Payment on notes short term loans (2,464,203) -- Change in advance to shareholder, net (535,367) 424,397 Change in advance to related party, net 270,028 -- Proceeds from issuance of long-term note 720,750 -- Net cash provided by financing activities 1,945,584 3,104,732 Effect of exchange rate changes on cash and cash equivalents 126,224 75,476 NET INCREASE IN CASH & CASH EQUIVALENTS 1,270,481 932,521 CASH & CASH EQUIVALENTS, BEGINNING BALANCE 1,511,545 579,024 CASH & CASH EQUIVALENTS, ENDING BALANCE $2,782,026 $1,511,545 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Interest paid $310,762 $113,356 Income taxes paid $725,125 $112,743 Settlement of receivable as a deemed dividend $3,314,979 --SOURCE Deer Consumer Products, Inc.
Source: PR Newswire
Related Articles
- Deer Consumer Products, Inc. Announces 3rd Quarter Financial Results - Net Income Up 168% to $4.12 Million, Affirms 2009 Earnings Guidance
- Deer Consumer Products, Inc. Reaches an Initial Agreement of $3 Million for Product Sales to Global Retailer Tesco Stores
- Deer Consumer Products, Inc. Announces $7.7 Million Initial Contract with Product Sales to the Target Stores in the U.S.
- Deer Consumer Products, Inc. Announces $3 Million Sales Contracts Under the Black & Decker Brand
- National Coal Corp. Closes Three New Sales Contracts Committing Nearly All of Its Anticipated 2008 Production
- EnCana 2008 Capital Investment Targets U.S. Natural Gas Growth, Integrated Oilsands Expansion and Free Cash Flow
- The Natural Foods Merchandiser Reports U.S. Natural Products Sales Top $56.7 Billion With 9.7 Percent Growth
- Advancis Pharmaceutical Announces Preliminary 2006 Product Sales and Year-End Cash Position
- NaturalNano Outlook Anticipates First-Time Revenues in 2007 and Positive Cash Flow in 2008
 |
 |
User Comments (0)
RSS Feeds