Shengkai Innovations, Inc. Announces Unaudited Consolidated Financial Results for the Fourth Quarter and Year Ended June 30, 2012
September 20, 2012 at 04:05 pm EDT
Share
Shengkai Innovations, Inc. announced unaudited consolidated financial results for the fourth quarter and year ended June 30, 2012. For the quarter, the company reported revenues of $5.3 million compared with approximately of $27.3 million. GAAP net loss was approximately $0.2 million compared with net income of approximately $24.4 million in the fourth quarter of 2011. Diluted losses per share were $0.01 compared to diluted earnings per share of $1.42 in the fourth quarter of 2011. Non-GAAP earnings were $0.01 per diluted share compared with $0.51 per diluted share in the fourth quarter of 2011. Operating loss in the fourth quarter of 2012 was approximately $0.6 million compared with an operation income of approximately $6.9 million for the comparable period in 2011.
For the year, the company reported revenues of $32,317,525 against $93,451,373 a year ago. Income from operations was $731,801 against $29,586,263 a year ago. Income before income taxes was $4,019,614 against $99,857,613 a year ago. Net income was $2,421,921 or $0.13 per diluted share against $93,470,759 or $5.34 per diluted share a year ago. Net cash provided by operating activities was $3,911,220 against $28,581,816 a year ago. Purchase of property, plant and equipment was $51,927 against $63,816 a year ago. Non-GAAP net income was approximately $5.1 million, or $0.28 non-GAAP earnings per diluted share after adjusting for non-cash share-based compensation and changes in the fair value of instruments compared with $33.452 million or $1.91 per diluted share in 2011.
Shengkai Innovations, Inc. (SKII), through its subsidiaries and affiliates, is in the business of manufacturing and sale of industrial ceramic valves and components in the Peopleâs Republic of China (PRC). The Company is a holding company of Shen Kun International Limited (Shen Kun). Shen Kun holds 100% of the equity interests in Shengkai (Tianjin) Limited (SK WFOE), a wholly foreign owned enterprise organized under the laws of the PRC, which, in turn, through contractual relationships, controls the business of Tianjin Shengkai Industrial Technology Development Co., Ltd. (Tianjin Shengkai), a PRC company that designs, manufactures and sells ceramic valves. Shengkai (Tianjin) Trading Ltd. is primarily engaged in the international trading of non-valve products to serve the Companyâs international customers.