Qiao Xing Universal Resources, Inc. (XING) Reports Fiscal 2010 Financial Review

QualityStocks would like to highlight Qiao Xing Universal Resources, Inc. (NASDAQ: XING), a leading player in the molybdenum mining industry with substantial assets in the resources industry. XING focuses on mining and processing rare metal ores and several strategically important base-metal ores, including molybdenum, copper lead and zinc.

In the company’s news yesterday,

Qiao Xing Universal Resources announced its unaudited consolidated financial results for the fiscal year ended December 31, 2010. All figures were converted from RMB into U.S. dollar amounts.

In fiscal 2010, the company reported solid results driven by its mining business with revenues of $45.5 million, compared to approximately $29.7 million reported for fiscal 2009, and net income in fiscal 2010 of $13.7 million compared to approximately $9.7 million in fiscal 2009.

The company’s 56 percent owned subsidiary, Qiao Xing Mobile Communication Co. Ltd. (QXM), responded to unfavorable competition by strategically contracting its mobile phone business, thereby limiting its operating losses. These operating losses contributed to Qiao Xing’s net loss of $8.7 million compared to a consolidated net loss of approximately $40 million in 2009.

As of December 31, 2010, Qiao Xing reported cash and equivalents of $481.5 million.

Ruilin Wu, the company’s chairman and CEO, said the company’s mining operations had a positive impact on its financial position, as evidenced through its net income for the fiscal year.

“Our mining operations grew significantly in 2010 as our mining operations began to contribute significantly to our financial results. Furthermore, we completed two additional mine acquisitions at the end of 2010 and these two operational and producing mines will contribute substantially in 2011,” Wu stated in the press release. “As seen by the impressive rise in revenue and net income in 2010, we are continuing to implement our strategy of becoming a pure-play resources company even as we work to finalize our options as relates to our remaining telecommunications business.”

In fiscal 2010, the company completed the acquisition of a 100 percent equity interest in Balinzuo Banner Xinyuan Mining Co. Ltd., which owns a mine with estimated ore reserves of 9.7 million tons which primarily contains lead, zinc and copper; and the acquisition of a 34.53 percent equity interest in Chifeng Aolunhua Mining Co. Ltd.

Moving forward, the company’s stated strategic plan is to optimize its mining assets, acquire future high potential mining assets, and to become a pure resources company.

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Forward-Looking Statement:

This release may contain 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 forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.