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China Precision Steel Announces Preliminary Results for Fiscal Year 2008
Thursday September 11, 4:30 pm ET
SHANGHAI, China, Sept. 11 /Xinhua-PRNewswire/ -- China Precision Steel, Inc. (Nasdaq: CPSL - News; China Precision Steel or the Company), a niche precision steel processing company principally engaged in producing and selling high precision cold-rolled steel products, today announced preliminary results for the fiscal year ended June 30, 2008.
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China Precision Steel expects to report record revenues for fiscal year 2008 of $87.7 million, an increase of 62.6% from $54.0 million in revenues in fiscal year 2007. The Company\'s strong revenue growth is attributable to increased sales of high-carbon, cold-rolled products, subcontracting income and exports of low-carbon, hard rolled products. Gross profit for the year is expected to be a record $22.5 million, an increase of 49.6% from $15.0 million in fiscal 2007. Gross margin is expected to be 25.6% in fiscal 2008, compared to 27.9% in fiscal 2007. The slight decline in gross margin for the year was primarily the result of an increase in the price of raw materials. The foregoing results are preliminary and subject to revision based upon review by the Company\'s independent auditor.
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