BEFUT International Co. Ltd., a developer, manufacturer and distributor of wire and cable products in China, today 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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