2007 Third Quarter Revenues Increase 43%; Net Income Increases 36%
2007 Nine Months Revenues Increase 46%; Net Income Increases 90%
HARBIN, China, Nov. 27 /Xinhua-PRNewswire/ -- Xinyinhai Technology, Ltd. (OTC Bulletin Board: XNYH) today announced financial results for the Company’s third quarter and for the nine months ended September 30, 2007. Xinyinhai is the market leader in China’s fast-growing financial documents printing industry.
Revenues for the third quarter increased 43% to $3.0 million, compared with $2.1 million for the third quarter of 2006. Net income for the third quarter increased 36% to $982,069, compared with $722,053 for the same period in 2006. Revenues for the nine-month period ended September 30, 2007 increased 46% to $8.0 million, compared with $5.5 million for the same period in 2006. Net income for the first nine months of 2007 increased by 90% to $1.9 million, compared with $1.0 million for the same period in 2006.
"We are extremely pleased with our continued growth in revenues and net income, and are confident of our ability to continue our growth through the end of 2007 and beyond, as the Chinese market for printed financial documents continues to expand rapidly," stated Tian Ling, CEO of Xinyinhai. "We also look forward to continuing to expand our client base, both in China and overseas, as export quotas are eliminated enabling us to be competitive with overseas producers. Our commitment to building long-term shareholder value has never been stronger, and we remain very excited about the possibilities for our company," Mrs. Tian concluded.
About Xinyinhai Technology Ltd.
Established in 1998, Xinyinhai specializes in printing high-end financial documents using ISO-certified state-of-the-art technology and systems employing the latest anti-falsification encryption methods. Its clients include many of China’s premier financial institutions, including the largest state-owned banks (Bank of China, China Construction Bank, Agricultural Bank of China, Postal Savings Bank of China), the China Rural Credit Union, and China Domestic City Commercial Bank. Additional information about Xinyinhai is available at http://www.xnyhonline.com .
Safe Harbor for Forward-looking Statements
Certain statements in this news release may constitute "forward-looking" statements within the meaning of section 21E of the Securities and Exchange Act of 1934. The Company believes that its expectations, as expressed in these statements are based on reasonable assumptions regarding the risks and uncertainties inherent in achieving those expectations. These statements are not, however, guarantees of future performance and actual results may differ materially. Risk factors are listed in the most recent Annual Report on Form 10-KSB and Quarterly Report on Form 10-QSB filed with the Securities and Exchange Commission. Such forward-looking statements involve risks and uncertainties, which may cause the actual results, performance, or achievement expressed or implied to differ.
