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Sutor Technology Group Limited Announces Preliminary Financial Results for Fiscal 2010 Fourth Quarter

2010-09-08 22:09 998

    CHANGSHU, China, Sept. 8 /PRNewswire-Asia/ -- Sutor Technology Group Limited (the "Company", "Sutor") (Nasdaq: SUTR), a leading China-based manufacturer and distributor of high-end fine finished steel products and welded steel pipes used by a variety of down-stream applications, today announced preliminary financial results for the fourth fiscal quarter ended June 30, 2010.

    Based on preliminary estimates, the Company anticipates that its revenues, net income and earnings per share will be as follows:

    (Unaudited)               Q4 2010           Q4 2009         Change (%)   
                            (Estimated)         (Actual)                 
    Revenues (million)       $120-$125           $109.9           9%-14%     
    Net income (million)     $3.2-$3.6             $1.9          68%-89%     
    EPS (diluted)          $0.080-$0.085          $0.05          60%-70%     
   

    Speaking about the preliminary results, Ms. Lifang Chen, Chairwoman and CEO of Sutor said, "For the fourth fiscal quarter of 2010, Sutor anticipates year-over-year increases in revenues, net income and earnings per share. The improved performance is primarily due to our diversified product offerings and exposure to the overall strength of the Chinese economy. Further, we also expect to see better gross margin for the fourth fiscal quarter than the same quarter last year attributable to higher production and more exports. Despite the uncertainties regarding the Chinese real estate market and global economic recovery, we are pleased with the fact that Sutor had another quarter of growth and profits. We will provide more details on our fourth fiscal quarter and full fiscal year performance when we submit our annual report on Form 10-K at the end of September."

    The preliminary financial results were announced in anticipation of the Company's expected participation in Rodman & Renshaw's Annual Global Investment Conference to be held from September 12 to September 15 in New York city, NY. The management expects to present the preliminary fourth fiscal quarter and annual financial results at the conference.

    Because the Company has not finalized its financial closing procedures for the fiscal year ended June 30, 2010, this unaudited financial information is, by necessity, preliminary in nature, based only upon preliminary information available to the Company as of the date of this press release and has not been reviewed by the Company's independent registered public accounting firm.  The Company's actual results of operations for the fourth fiscal quarter ended June 30, 2010 could differ materially from its estimates due to completion of the Company's financial close procedures, final adjustments and other developments that may arise before such financial results are finalized. Accordingly, readers should not place undue reliance on the foregoing unaudited financial information.

    About Sutor Technology Group Limited

    Sutor (Nasdaq: SUTR) is a leading private manufacturer of fine finished steel products and welded steel pipes used by a variety of down-stream applications in China.  Sutor utilizes a variety of processes and technologies to convert steel manufactured by third parties into fine finished steel products, including hot-dip galvanized steel, pre-painted galvanized steel, acid-pickled steel, cold-rolled steel and welded steel pipe products.  The company's diversified lines of products are extensively used for solar water heaters, household appliances, medical instruments, IT, building & construction, and automobiles. To learn more about the Company, please visit http://www.sutorcn.com/en/index.php .

    Forward-Looking Statements

    This press release includes certain statements that are not descriptions of historical facts, but are forward-looking statements.  Such statements include, among others, those concerning our expected financial results for the fourth fiscal quarter 2010, as well as all assumptions, expectations, predictions, intentions or beliefs about future events.  You are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause our actual results to differ materially from those anticipated, expressed or implied in the forward-looking statements.  These risks and uncertainties include, but not limited to, the factors mentioned in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended June 30, 2009, and other risks mentioned in our other reports filed with the Securities Exchange Commission, or SEC.  Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system (EDGAR) at http://www.sec.gov.  The words "believe," "expect," "anticipate," "project," "targets," "optimistic," "intend," "aim," "will" or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements.  The Company assumes no obligation and does not intend to update any forward-looking statements, except as required by law.

    For more information, please contact:

     Mr. Jason Wang, Director of IR

     Sutor Technology Group Limited

     Tel:      +86-512-5268-0988

     Web Site: http://www.sutorcn.com/en/index.php

Source: Sutor Technology Group Limited
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