Deer Consumer Products, Inc. (NASDAQ:DEER) has released an updated guidance regarding its fourth quarter and full year 2009 earnings. The company reports a new expectation of net income of $5 million, 1100% higher than the $422,000 earned during the fiscal 2008 fourth quarter. The company also expects a full year net income of $11.5 million on revenues of $81 million, compared the previously estimated $10.5 million.
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Deer Consumer Products anticipates its Chinese domestic market sales in 2009 to increase by over 200% to 15% of total revenues, versus 5% of total revenues in fiscal 2008. The company believes that strong earnings growth will continue into 2010 with a significant increase in the Chinese domestic market sales. To read the full updated guidance, visit http://www.deerinc.com/.
Deer Consumer Products, Inc (Deer), formerly known as Tag Events Corp., incorporated on July 18, 2006, is engaged in manufacturing, marketing, distribution, and sale of household appliances (blenders, food processors, choppers, and juicers). The Company operates its corporate functions in Nanshan, Shenzhen, and China. Deer operates through its two wholly owned subsidiaries, Winder Electric Co. Ltd., which is a wholly-owned foreign enterprise (WOFE) and responsible for research, production and delivery of goods, and Delta International Limited, which is primarily responsible for sales. The Company manufactures its products out of YangJiang, China.
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