BEIJING, July 15 /PRNewswire-Asia/ -- Fuwei Films (Holdings) Co., Ltd. (Nasdaq: FFHL) ("Fuwei Films" or the "Company"), a manufacturer and distributor of high-quality BOPET plastic films located in China, today announced that it has seen a significant increase in demand from customers outside of China in the second quarter of 2010.
Overseas sales in April, May and June increased over 200% compared to the same period of last year. The unit sales price for commodity and specialty films have increased 19.07% and 18.52% separately. Currently, Fuwei Films' overseas customers are mainly in Europe, Japan and Korea.
The Company believes that the increase in overseas sales revenue is due to the continued recovery of the global economy which has caused increased demand for BOPET films. In addition, due to Fuwei Films' focus on quality control, and a lower anti-dumping rate in the export of products to South Korea and the US, the company has experienced a growing position in the export market.
"While sales in the domestic market are booming, we have also actively pursued new customers overseas. These efforts have resulted in a significant increase of overseas sales," said Mr. Xiaoan He, Chairman and CEO of Fuwei Films, "Based on current overseas sales, we believe revenue will be significantly higher compared to the same period of last year."
About Fuwei Films
Fuwei Films conducts its business through its wholly owned subsidiary Shandong Fuwei Films Co., Ltd. ("Shandong Fuwei") Shandong Fuwei develops, manufactures and distributes high-quality plastic films using the biaxial oriented stretch technique, otherwise known as BOPET film (biaxially oriented polyethylene terephthalate). Fuwei films' BOPET film is widely used to package food, medicine, cosmetics, tobacco and alcohol, as well as in the imaging, electronics, and magnetic products industries.
Safe Harbor
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are subject to risks. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the Securities and Exchange Commission some of which are among other things, competition in the BOPET film industry; growth of, and risks inherent in, the BOPET film industry in China; uncertainty as to future profitability and our ability to obtain adequate financing for our planned capital expenditure requirements; uncertainty as to our ability to continuously develop new BOPET film products and keep up with changes in BOPET film technology; risks associated with possible defects and errors in our products; uncertainty as to our ability to protect and enforce our intellectual property rights; uncertainty as to our ability to attract and retain qualified executives and personnel; and uncertainty in acquiring raw materials on time and on acceptable terms, particularly in view of the volatility in the prices of petroleum products in recent years. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release. Actual results of our operations may differ materially from information contained in the forward-looking statements as a result of the risk factors.
