WEIFANG, China, February 15, 2012 /PRNewswire-Asia/ -- On February 14, 2012, Xinde (OTC BB: WTFS) released its financial report for the 3rd quarter of 2011-2012 fiscal year, in which it realized net profit of USD2,830,000, 19% up from the same period of last fiscal year.
Since the second half of 2011, as a result of the European debt crisis and China's internal structural adjustment, both international and domestic markets maintained continuous depression, our sales volume also declined greatly. In order to cope with the violently-changing market demand and in light of the actual situation, Xinde's board intensified efforts and exactly seized the opportunities and changes that the market variation brought to the Company, transformed the crisis to a turning point and ensured a stable growth of the Company's net profit. The measures taken included: (1) adjusting product structure on a large scale and improving product structure and quality; (2) adjusting production plan and production capacity according to customers' requests, and reducing and decreasing the stock balance; (3) intensifying efforts and profundity in the development of new product, and optimizing the serviceable range of product; (4) seeking domestic market demand, developing new customers with current customers maintained unchanged and maintaining a high market share; and (5) strengthening internal management, reducing and decreasing unnecessary expenditure and cutting down the fees and expenses in all respects.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations or beliefs, including, statements concerning the Company's operations, financial performance and condition. For this purpose, statements that are not statements of historical fact may be deemed to be forward-looking statements. The Company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety important factors, including, but not limited to, the impact of competitive conditions and effectiveness of marketing; changes in laws and regulations; fluctuations in costs of production, financing and other factors as discussed in the Company's reports filed with the Securities and Exchange Commission from time to time, In addition, the Company disclaims any obligation to update any forward-looking statement to reflect events or circumstances after the date hereof. No securities regulatory authority has either approved or disapproved the contents of this new release. This release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or selling security holder and that will contain detailed information about the company and management, as well as financial statements. The Company filings with the US Securities and Exchange Commission, including the quarterly report for the three months ended March 31, 2011 on Form 10-Q, can be viewed on EDGAR Online or www.sec.gov.
Contacts:
Dianjun Liu
President and CEO
ceo@chinaxinde.cn
Tel (Fax):+86-536-8322068
