Lizhan Environmental Corp. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended March 31, 2012
October 05, 2012 at 04:35 pm EDT
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Lizhan Environmental Corp. reported unaudited consolidated earnings results for the second quarter and six months ended March 31, 2012. For the quarter, the company reported net loss attributable to the stockholders was $1,097,397 or $0.08 per basic and diluted share on net sales of $5,272,067 compared to net loss attributable to the stockholders was $348,662 or $0.03 per basic and diluted share on net sales of $5,909,781 a year ago. Operating loss was $679,093 compared to $394,955 a year ago. Loss before income taxes was $1,158,600 compared to $387,915 a year ago. Lizhan incurred a $1,100,000 loss attributable to common shareholders due to lower sales and higher expenses.
For the six months, the company reported net loss attributable to the stockholders was $2,491,723 or $0.18 per basic and diluted share on net sales of $12,826,312 compared to net income attributable to the stockholders was $1,889,624 or $0.15 per basic and diluted share on net sales of $16,718,332 a year ago. Operating loss was $1,921,028 compared to operating income was $1,717,729 a year ago. Loss before income taxes was $1,158,600 compared to $387,915 a year ago. Loss before income taxes was $2,652,835 compared to income before income taxes was $2,142,830 a year ago. Net cash used in operating activities was $778,420 compared to $5,699,765 a year ago. Payment for purchase of plant and equipment was $1,301,409 compared to $6,631,702 a year ago.
Lizhan Environmental Corporation (Lizhan Environmental), formerly Illigate Environment Resources Technology Company Limited, is a holding company. The Company through its subsidiaries, primarily engages in the manufacture, distribution and marketing of synthetic leather and other fabrics, which are used in the production of residential and office furniture, garments and automotive upholstery products. Its products are used in various consumer applications, as the Company sells its products to furniture, automotive upholstery and garment manufacturers, as well as fabric distributors. The Company manufactures and sells Synthetic leather fabrics, which consist of ultrasuede and recycled leather flocked fabric and Other fabrics, which consist of microfiber towel and tufted fabrics. The Companyâs operating subsidiary, Hongzhan (Zhejiang) New Material Co. Ltd. (Hongzhan), was formed in the Peopleâs Republic of China, as a wholly foreign owned enterprise on December 8, 2009.