Stock Market Alert's performance stock list includes: China Armco
Metals, Inc. (OTCBB: CNAM), Titanium Metals Corp (NYSE: TIE),
Dynamic Materials Corporation (NASDAQ: BOOM) and Horsehead Holding
Corp. (NASDAQ: ZINC).
Breaking News: China Armco Metals, Inc. (OTCBB: CNAM) reports
record financial results for the Second Quarter and first six
months of 2009. The company, a distributor of imported metal ore
with plans to launch a new state of the art scrap metal recycling
facility in China, issued a press release this morning announcing
record second quarter financial results for the quarter ended June
30, 2009. According to the release, financial highlights
included:
Revenue for the second quarter ended June 30, 2009 increased by
71.2% to $22.5 million compared to revenue of $13.01 million in the
second quarter ended June 30, 2008. The increase in revenue was
mainly attributable to increased sales from its metals distribution
business in China as demand for metal ore rose significantly. Net
income for the second quarter of 2009 was $3.37 million compared to
$1.85 million in the second quarter of 2008. This increase was
attributable to an improving pricing environment in metal ore in
China coupled with the positive effects of China's November 2008
economic stimulus package. On a diluted basis, earnings per share
for the second quarter of 2009 were $0.33 on 10.1 million common
shares outstanding compared to $0.24 in the second quarter of 2008
on 2.5 million fewer shares.
The press release goes on to state, the strong overall
performance for the first six months of 2009 was largely driven by
significant growth in our metals distribution business leading to
record sales of $27.9 million for the first six months of 2009
compared to $22.79 million for the same period in 2008. Gross
Profit for the first six months of 2009 was $4.63 million compared
to $2.1 million for the first 6 months of 2008 period and net
income was $3.5 million compared to $2.5 million which included a
one-time gain of $1.2 million from a contract termination. On a
diluted basis, earnings per share for the first six months of 2008
were $0.34 on 10.1 million common shares outstanding as compared to
$0.38 in the same period in 2008 on 2.5 million fewer shares.
At June 30, 2009, total assets were $38.13 million, an increase
of over 30% from the $28.82 million at December 31, 2008. At June
30, 2009 total current assets reached $25.52 million and working
capital was approximately $6.15 million. Shareholder equity reached
$18.76 million with 10.1 million common shares outstanding up from
$15.29 million at December 31, 2009.
Commenting on the second quarter results, Mr. Kexuan Yao, CEO
and Chairman of China Armco Metals, Inc., stated, "We are extremely
pleased with the strong performance of our operations in the first
half of 2009. Our sales efforts in the second quarter benefited
from a strong rebound in several key metal markets. We believe this
momentum will continue in the coming quarters and we intend to make
every effort to improve our operating results further. We believe
our expanded credit lines, coupled with the anticipated launch of
our scrap metal recycling facility later this year places the
company in the strongest financial position in its history and
poised for an extended period of exceptional growth for the benefit
of our shareholders."
This week, China Armco Metals also reported that it received a
Back to Back secured Letter of Credit from DBS Bank Ltd. ("DBS") on
April 22, 2009 for up to $12 million to be used to finance
purchases of various metal ores. DBS is one of the largest
financial services groups in Asia, and its "AA-" and "Aa1" credit
ratings are among the highest in the Asia-Pacific region.
Kexuan Yao, Chairman and CEO of China Armco Metals, Inc.,
commented "We are extremely pleased to have secured this $12
million credit facility. We see continued evidence that the Chinese
economy is on the road to recovery and there has been an increasing
demand for commodities coupled with a rising price environment. We
believe this additional financial flexibility will enable us to
opportunistically grow our distribution business and significantly
improve our overall operating results."
The stock closed yesterday at $1.55 cents a share.
For an in-depth profile of China Armco Metals, visit
http://www.wallstreetenews.com/view-company-profiles.php?profile=CNAM_080909.
Titanium Metals Corp (NYSE: TIE) up 2.4% on 2.2 million shares
traded. TIMET, headquartered in Dallas, Texas, is a leading
worldwide producer of titanium metal products.
Dynamic Materials Corporation (NASDAQ: BOOM) up 0.7% on 172,000
shares traded. Dynamic Materials Corporation is a leading
international metalworking company.
Horsehead Holding Corp. (NASDAQ: ZINC) down 2.1% on 401,000
shares traded. Horsehead Holding Corp. is a leading U.S. producer
of specialty zinc and zinc-based products.
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