DEER the Black & Decker products manufacturer Profits soaring nearly 200%.
reported last qtr, more the same high growth profits for this qtr. Stock at $9.86/shr
Deer Consumer Products, Inc. Announces Record 2nd Quarter Earnings - Net Income Up 197% to EPS $0.16, Raises 2009 Earnings Guidance to EPS $0.93
- Record revenues of $15.3 million, an increase of 34.3% from Q2 in 2008
- Record net income of $1.7 million, an increase of 197% from Q2 in 2008, EPS of $0.16
- Anticipates earnings growth momentum to continue for the rest of 2009 Press Release
Source: Deer Consumer Products, Inc. On Thursday August 13, 2009, 6:55 am EDT Companies: Deer Consumer Products, Inc.
NEW YORK, Aug 13 /PRNewswire-FirstCall/ -- Deer Consumer Products, Inc. (Nasdaq: DEER; Website: www.deerinc.com), one of the world's largest manufacturers of home and kitchen electronics marketing to both global and Chinese domestic consumers, is pleased to announce record financial results for the 2nd quarter ended June 30, 2009.
Record 2nd Quarter Revenues
Revenues of $15.3 million, up 34.3%, compared to $11.4 million in Q2 2008 Significant revenue increase was attributed to the Company's marketing success in both domestic and international markets
Record 2nd Quarter Net Income
Net income of $1.7 million, up 197%, compared to $0.58 million in Q2 2008The significant increase in net income was primarily due to greater economies of scale in production costs combined with rapid growth in revenues and significantly improved operating efficiency.
Anticipates Earnings Growth to Continue in 2009
Based on customer orders received and anticipated product delivery schedule for the remainder of 2009, DEER has raised 2009 earnings guidance to approximately $0.93 per share, or approximately $10.5 million in net income on 2009 revenue guidance of approximately $81 million. In 2008, DEER reported US GAAP audited revenue of $43.8 million, net income of $3.4 million and earnings per share of $0.39 on a post share split basis. DEER currently has 11.28 million shares issued and outstanding.
Management Comments & Strategies - Organic Growth and Strategic Acquisitions
Bill He, Deer's Founder, Chairman & CEO commented, "We are experiencing record sales and growth both in the domestic and international markets as businesses and consumers respond to the results of improving economic environment in the consumer marketplace. In addition, I am delighted with our ability to focus on cost efficiency in all market efforts and the resulting improvements in our bottom line. Deer will continue to expand our market penetration organically while seek out potential synergistic acquisition targets that may be immediately accretive to our earnings growth. As a market leader in China's consumer based home electronics, Deer is well positioned to further benefit from the global economic recovery."
About Deer Consumer Products, Inc.
Deer Consumer Products, Inc. (www.deerinc.com) is a NASDAQ listed U.S. public company headquartered in China. Supported by more than 103 patents and approximately 1,500 full time and part time employees, Deer is a market leader in the design, manufacture and sale of home and kitchen electric appliances marketing to the vast Chinese domestic consumer markets as well as customers in more than 40 countries worldwide. Deer's product lines include blenders, juicers, pressure cookers and other home appliances designed to improve home lifestyles in today's fast-paced society. With more than 100 global and domestic clients/branded products including Black & Decker, Ariete, Disney, Toastmaster, Magic Bullet, Back to Basics, and Wal-Mart, Deer has enjoyed rapid sales and earnings growth in the recent years.