Lihua Reaffirms 2010 Financial Guidance
DANYANG, China, Sept. 15 /PRNewswire-Asia/ -- Lihua International, Inc. (Nasdaq: LIWA) ("Lihua" or the "Company"), a leading Chinese developer, designer, and manufacturer of low cost, high quality alternatives to pure copper products, including refined copper products and superfine and magnet wire, as well as copper clad aluminum ("CCA") wire, announced that earlier today senior management provided a Company update at the Rodman & Renshaw Global Investment Conference in New York City.
During the presentation, management provided a Company overview and discussed corporate updates, including progress with its newest copper anode product, strategic growth initiatives and the current market climate and outlook for China's large copper market.
Lihua also reiterated its full year 2010 financial guidance:
-- Gross profit of $52.9 million to $55.7 million, representing 46-53%
growth over 2009.
-- Non-GAAP net income of $38.1 million to $40.3 million, representing 48-
57% growth over 2009 (or $1.3 to $1.4 EPS based on 29.3 million fully
diluted shares a/o 6/30/10).
-- Based on its current growth initiatives, including investment in the
completion of a new smelter that will effectively double its production
capacity to 100,000 metric tons by YE 2011, Lihua expects its 2011 cash
balance as of December 31, 2011 to be between $75 million to $85
million.
An audio and slide webcast of the presentation is available at http://www.lihuaintl.com/Investor_Relations/Events_Presentations.html .
About Lihua International, Inc.
Lihua, through its two wholly-owned subsidiaries, Lihua Electron and Lihua Copper, is a leading value-added manufacturer of copper replacement products for China's rapidly growing copper wire and copper replacement product market. Lihua is one of the first vertically integrated companies in China to develop, design and manufacture lower cost, high quality alternatives to pure copper magnet wire and pure copper alternative products. Lihua's products include CCA and pure copper products. Current product offerings include CCA and copper wire, copper rod and copper anode. Except for CCA wire, all other products are produced from recycled scrap copper. Lihua's products are sold in China either directly to manufacturers or through distributors in the wire and cable industries and manufacturers in a wide variety of industries including the consumer electronics, white goods, automotive, utility, telecommunications and specialty cable industries. Lihua's corporate and manufacturing headquarters are located in the heart of China's copper industry in Danyang, Jiangsu Province. For more information, visit: http://www.lihuaintl.com .
To be added to the Company's email distribution for future news releases, please send your request to lihua@tpg-ir.com .
Safe Harbor Statement
This press release contains certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future, including, without limitation, statements about its business or growth strategy, general industry conditions including availability of copper or recycled scrap copper, future operating results of the Company, capital expenditures, expansion and growth opportunities, bank borrowings, financing activities and other such matters, are forward-looking statements. Although the Company believes that its expectations stated in this press release are based on reasonable assumptions, actual results may differ from those projected in the forward-looking statements.
Please note that information in this press release reflects management views as of the date of issuance.
