Xinde Technology Company (WTFS) Based in China's Shandong Province in the city of Weifang, Xinde Technology Company, with fiscal 2010 revenues of $123 million, competes in three primary product segments.
Namely (1) fuel injection system products, (2) diesel engine products and (3) generator products. The Company has a broad range of products including non-vehicle diesel engines, diesel generators, injection pumps, injectors and three-coupling components, agricultural machinery and construction machinery which greatly reduces its comprehensive costs which, in turn, increases its competitiveness.
The Company's focus is on the domestic market in China, where its customers include several of China's largest companies in the country's most rapidly growing industries. As a consequence, the Company's production volume has been growing approximately 30% annually.
WTFS Investor Highlights
Announced that following successful tests and market studies, and the granting of technical patent certification and exclusive manufacturing and distribution rights for its breakthrough diesel engine FIRCRI common rail electrically-controlled fuel injection system, the Company is confident the new system -- jointly developed with engineers at Tianjin University -- will end the technical monopoly currently enjoyed in China by foreign manufacturers in this key product category.
Mr. Dianjun Liu, President and Chief Executive Officer of the Company stated, "Our confidence in this very significant 'home grown' product is supported by the supply letter of intent we have concluded with Weichai Power Co., Ltd, one of the main diesel engine manufacturers in the PRC. They are prepared to purchase 200,000 sets of products yearly whenever our new diesel fuel injection system comes to market, which we currently estimate could be in approximately 18 to 24 months.
Mr. Liu said that, "We see the new patented fuel injection system as a major addition to our already technically strong, widely recognized product line that will broaden our participation in several rapidly growing areas and open the door to new product applications and markets domestically as well as abroad."
Announced that 3rd quarter net income ended March 31, 2011 increased 11% year over year with a 3% increase in revenues in the same period. Revenues in the quarter were $27,596,387 compared to $26,836,259 in the prior year. Net income in the period of $3,631,034, compared with $3,277,715 in the prior year.
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