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Keyuan Petrochemicals (Nasdaq: KEYP) $5.36. Today announced preliminary financial results for the quarter ended September 30, 2010. The Company's sales were $151.3 million for the third quarter of 2010, up 14.7% from the second quarter of 2010.
Management is reaffirming its full year 2010 guidance of approximately $550 million of revenues and approximately $36.3 million of net income, excluding public company expenses. This guidance assumes average annual sales volume of 660,000 MT of petrochemical product sales in 2010. Keyuan will release third quarter 2010 financial results by mid-November. Additional information regarding the earnings conference call will be announced prior to earnings release date.
What They Do: Keyuan Petrochemicals, Inc., established in 2007 and operating through its wholly-owned subsidiary, Keyuan Plastics, Co. Ltd., is located in Ningbo, China and is a leading independent manufacturer and supplier of various petrochemical products.
Pinnacle Financial Partners (Nasdaq: PNFP) $9.96. Today announced its third quarter results. Net income per fully diluted common share available to common stockholders was $0.02 for the quarter ended Sept. 30, 2010, compared to net loss per fully diluted common share available to common stockholders for the quarter ended Sept. 30, 2009, of $0.15. Pinnacle also reported a net loss per fully diluted common share available to common stockholders of $1.00 for the nine months ended Sept. 30, 2010, compared to a net loss per fully diluted common share available to common stockholders of $1.39 for the nine months ended Sept. 30, 2009.
What They Do: Pinnacle Financial Partners provides a full range of banking, investment, mortgage and insurance products and services designed for small- to mid-sized businesses and their owners, real estate professionals and individuals interested in a comprehensive relationship with their financial institution.
China Marine Food Group Limited (AMEX: CMFO) $6.13/ Today announced $2.0 million of Hi-Power beverage sales for the month ended September 30, 2010. Hi-Power sales in September were driven primarily by re-orders from distributors and retail expansion. In each 'restocking order in September, the Company also provided a promotional 246ml or 960ml can of Hi-Power for every three cans purchased. Currently, China Marine does not have cooperative marketing agreements or rebates with Hi-Power distributors or their respective retail customers. Marketing and advertising costs have been borne almost entirely by the each individual Hi-Power beverage distributor. To continue expanding sales into new locations and demonstrate manufacturer support, China Marine offered distributors promotional cans of Hi-Power for "taste testing" in stores, direct marketing efforts to consumers 'and other brand-building activities like sporting event sponsorships. The costs of the promotional products were recorded as a sales and marketing expense for the month.
Including the $2.0 million September sales, year-to-date sales of Hi-Power beverages were $17.3 million as of September 30, 2010. Based on projections for the fourth quarter of 2010, China Marine has increased its revenue guidance on Hi-Power beverage sales to $23.0 to $25.0 million for the 2010 year. Hi-Power retail locations now total 12,000 retail points throughout Fujian province, an increase of 20% since the Company last reported retail end-point count.
What They Do: China Marine Food Group Ltd. is a food and beverage manufacturer of Mingxiang seafood-based snack foods and "Hi-Power" marine algae-based health drinks, and a wholesaler of frozen marine catch in seven provinces in the PRC.
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