Kingold Jewelry, Inc., one of the leading manufacturers of 24-carat gold jewelry in China, has announced financial results for the first quarter of 2010, marked by significant gains in net sales, net income, and earnings per share. Net sales increased 58.9% to $60,512,328, compared to $38,060,670 for the three months ended March 31, 2009. Net income increased to $3,948,892, or $0.05 per diluted share, compared to $1,745,789, or $0.03 per diluted share, for the first quarter of 2009
First Quarter Ended March 31, 2010 Highlights
Revenues for the fiscal year 2010 first quarter increase to $60.5 million, up from $38 million achieved in the first quarter of 2009, representing an increase of $22.5 million, or 58.9%.
Net Income for the first quarter increased 126% to $3.9 million as compared to $1.7 million in the same period a year ago with basic and diluted EPS of $0.05 versus EPS of $0.03 achieved in the same period a year ago, representing a 66.6% increase in earnings per share.
Cash and cash equivalents for the period ended March 31, 2010 was $15,324,203, recognizing a net increase of $7,360,083, or 92.4%, from $7,964,120 at December 31, 2009.
“Kingold performed very well in the first quarter, so we are pleased with our financial results, which we believe demonstrates that the execution of our business plan has been very effective and our brand and products have been well received by the market,” said Zhihong Jia, Chairman of the Board and Chief Executive Officer of Kingold.
ABOUT KINGOLD JEWELRY
Kingold Jewelry, Inc. centrally located in Wuhan City, China’s fourth largest city, was founded in 2002 and today is one of China’s leading designers and manufacturers of 24K gold jewelry sold by weight. The Company sells both directly to retailers and through major distributors across China. Kingold has received numerous industry awards and has been a member of the Shanghai Gold Exchange since 2003. Sales have grown from $29 million in FY 2006 to $250 million in FY 2009 with net income growing from $1.3 million to $8.7 million over the same period.
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