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China Armco Metals, Inc. imports, sells, and distributes various metal ore and non-ferrous metals to the metal refinery industry in the Peoples Republic of China.
Hang on to your flathats,I may have found a multibagger... China Armco Metals, Inc. is a U.S. based company doing business in China. Armco & Metawise (H.K.) Ltd., a wholly owned subsidiary of China Armco founded in July 2001 ("Armco"), is engaged in the distribution of metal ores, steel scrap, and non-ferrous metals within China. Capitalizing on management's proven experience in the industry, the products of the company are extended to iron ore, nickel ore, chrome ore, copper ore and zinc ore. The sales network of the company covers all major provinces of China. The company has established stable partnerships with many metal manufacturing enterprises through long-term collaboration. Armco's competitive advantage lies in its excellent sourcing ability and strong vendor relation support. It has cultivated strong business relationships with over 100 companies in 10 countries such as the United States, Japan, India, South Korea, Brazil, Australia, and South Africa. Now here Is where It gets real Interesting. They have just completed a new re-cycling plant that will soon be on line to process MASSIVE amounts of metal. Six Months and Second Quarter 2010 Financial ResultsNet revenues for the first six months of 2010 were $25.6 million compared to the $27.9 million recorded in the first six months of 2009. The decrease in revenue is largely due to a sharp decline in customer demand midway through the second quarter of 2010 resulting from the Chinese government measures to restrain the real estate industry from overheating. As a result, net revenues for the second quarter of 2010 were $17.0 million compared to the $22.5 million recorded in the second quarter of 2009. In the second quarter we experienced a significant decline in metal ore sales as purchasers curtailed orders in light of these policies. Management sees these pressures easing in the coming quarters and has already seen a marked pickup in activity from customers........ Now lets look at their guidance for the last 6 MONTHS AND FULL YEAR...... Financial Forecast for Full Year of 2010While performance in the second quarter of 2010 suffered from a number of macroeconomic factors, we have made significant strides in the launch of our metal recycling facility. Installation of equipment along with government approvals was completed in the second quarter of 2010 with some minor delays during our testing phase. However, we were able to deliver approximately 10,500 metric tons of finished product to end customers in the second quarter. Production will accelerate substantially in the third quarter and we are seeing a strong pickup in ore trading activity as well. Based on our current production and delivery schedules in metal recycling, coupled with current quoting activity in our trading operations, we anticipate a very strong performance for the remainder of 2010. The longer than anticipated testing phase in our metal recycling operations and soft second quarter has caused management to revise its financial guidance for 2010. Management now expects revenues for the full year of 2010 to exceed $180 million, with net income exceeding $10 million. Management expects its metal recycling operations to become the largest contributor to revenues, progressively accelerating in the second half of 2010 TS
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