Asia Carbon Industries, Inc. Reports Consolidated Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2012; Reports Production Guidance for the Third Quarter of 2012
November 19, 2012 at 02:11 pm EST
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Asia Carbon Industries, Inc. reported consolidated unaudited earnings results for the third quarter and nine months ended September 30, 2012. For the quarter, the company reported net sales of $12,699,296 compared with $10,997,216 for the same period last year. Income from operations was $2,360,282 compared with $2,177,801 for the same period last year. Interest income was $4,881 compared with $9,855 for the same period last year. Income before provision for tax was $2,315,274 compared with $2,141,966 for the same period last year. Net income was $1,697,915 or $0.03 diluted per share compared with $1,527,662 or $0.03 diluted per share for the same period last year.
For the nine months, the company reported net sales of $38,475,522 compared with $37,939,604 for the same period last year. Income from operations was $7,480,129 compared with $7,781,545 for the same period last year. Interest income was $22,985 compared with $18,803 for the same period last year. Income before provision for tax was $7,358,344 compared with $7,696,598 for the same period last year. Net income was $5,376,473 or $0.10 diluted per share compared with $5,614,575 or $0.11 diluted per share for the same period last year. The increase in net income reflects increased sales and reduced operating expenses. The increase in sales was primarily the result of increased sales quantities which were offset by decreased unit selling prices. The increase in net income reflects increased sales and reduced operating expenses.
For the quarter, the company reported 14,393 tons compared with 11,498 toms for the same period last year. Tonnage sales of carbon black increased to 13,343 tons in the quarter ended September 30, 2012, up 21% from 10,988 tons in the same period in 2011.
Asia Carbon Industries, Inc. (Asia Carbon) is a holding Company. The Company operates through its wholly-owned subsidiary Liteweisi and its variable interest entity Hongxing, manufactures in the PRC a series of high quality carbon black products under the brand name Great Double Star. The Company manufactures two hard and one soft carbon black products, called N220, N330 and N660, respectively. N220 hard carbon black, which has good strength and elongation properties, is mainly used in the manufacturing of automobile tires. The N330 hard carbon black has a lower production cost and is mainly used in manufacturing sides of automobile tires. The Companyâs soft product N660, is a soft carbon black which has the flexibility necessary for the production of automobile tire inner tubes and hoses.
Asia Carbon Industries, Inc. Reports Consolidated Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2012; Reports Production Guidance for the Third Quarter of 2012