QualityStocks would like to highlight BEFUT International Co., Ltd. (OTCBB: BFTI). BEFUT is a manufacturer of specialty cables in northeastern China for sale to industries, including, ship building, nuclear power plants, mining and petrochemical. The Company's cable products consist of (i) traditional electric power system cable and (ii) an assortment of specialty cable, including marine cable, mining specialty cable and petrochemical cable.
In the company’s news yesterday,
BEFUT International Co. Ltd. announced its financial results for the fiscal year ended June 30, 2011. The company’s positive fourth quarter and full-year 2011 were fueled by several variables, including increased demand for the company’s current product offerings, as well as several patent pending products.
“We are pleased to report strong growth in revenue and net income for fiscal 2011. Our product strategy, marketing strategy and strong R&D have been key drivers to our success. We continue to grow our traditional cable business, but are particularly focused on increasing sales of our higher margin products such as carbon fiber composite cable, submarine cable and certain ‘new energy’ cables, including cable for wind and solar energy,” Hongbo Cao, chairman and CEO, BEFUT stated in the press release. “We have been awarded a number of new patents and now have 17 approved patents and 45 pending, which provide us an important competitive advantage.”
The company reported fourth-quarter revenue for the three months ended June 30, 2011, at $15.4 million compared to $11.9 million for the fourth quarter ended June 30, 2010. BEFUT attributes the increase to growing demand across all product lines. Gross profit was $4.2 million for the fourth quarter of 2011 compared to $3.1 million for the fourth quarter of 2010. Fourth quarter 2011 operating income was $1.7 million compared to $0.9 million for the three months ended June 30, 2010. Net income for the three months ended December 31, 2010, was $4.5 million, or $0.07 per diluted share, compared to net income of $2.1 million, or $0.03 per diluted share, for the same period last year.
Revenue for the 12 months ended June 30, 2011, was $55.6 million compared to $31.3 million for the comparable 12 months of 2010. Gross profit was $14.9 million for fiscal year 2011 compared to $8.3 million for the comparable 12 months of 2010. Operating income was $9.0 million for the 12 months of 2011 compared to $4.3 million for the 12 months ended June 30, 2010. Net income for the full fiscal year ended June 30, 2011, was $9.4 million, or $0.33 per diluted share, compared to net income of $4.4 million, or $0.15 per diluted share, for the same period last year.
“We have established a first class customer base encompassing many of the largest conglomerates in China—spanning ship building, nuclear power, mining, petrochemical and other industries,” Cao continued. “Given our proven track record, established brand and premier customer base, we look forward to expanding our sales by aggressively adding new sales reps and new sales offices across China, in addition to new initiatives underway to grow our international sales.”
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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.
