LJ International Raises Second-quarter Guidance, Projects 37% Rise in Sales, Doubling of EPS
July 12 2006 - 10:00AM
PR Newswire (US)
Company Also Expects to Increase Fiscal Year 2006 Guidance as
Additional Data from Newly Opened ENZO Stores Begin to Emerge HONG
KONG and LOS ANGELES, July 12 /Xinhua-PRNewswire-FirstCall/ -- LJ
International, Inc. ("LJI") (NASDAQ:JADE), one of the
fastest-growing jewelry companies in the world, today raised its
previously announced guidance for the second quarter ended June 30,
2006. It now forecasts revenues for the quarter of approximately
$26 million, with net income of approximately $620,000, or $0.04
per diluted share, for its second quarter. The projected revenues
for the second quarter of 2006 would represent a 37% increase over
the $19.1 million reported in the second quarter of 2005. The
expected net income would be up 105% from $303,000 in the second
quarter of 2005. Earnings per fully diluted share, forecast at
$0.04 for the second quarter of 2006, would double both the $0.02
reported in the year-earlier quarter as well as current
expectations for the second quarter of 2006. In addition to raising
its second-quarter forecast, LJI indicated that it will likely also
increase both revenues and earnings for all of fiscal 2006 as soon
as additional data begins to emerge from its ENZO Division. LJI
Chairman and CEO Yu Chuan Yih commented: "As I indicated in detail
in a recent letter to our shareholders (
http://www.ljintl.com/ljii/admin/upload/upload_files/pdf-PressRelease-169.pdf
), we are well on-track to once again exceed both our revenue and
earnings targets for not only the current fiscal year both for the
foreseeable future as well. Our increased second quarter guidance
as well as our soon-to-be announced full-year 2006 projections, for
instance, places us much closer to our 2008 revenue target range of
$155 million to $165 million. And with ENZO expected to come close
to profitability by the end of 2007 -- 13 of the 30 stores are now
operating in the black -- LJI's overall EPS growth should resume a
sharper upward curve beginning this year. In short, the Company's
near-term performance suggests that the earlier announced
three-year targets are quite achievable, even conservative." The
Company cited growth in both its ENZO retail division and its core
wholesale business as leading factors in its revised second-quarter
guidance. The Company's latest guidance calls for second-quarter
2006 ENZO revenues of at least $2.68 million, a sequential increase
of 53% from $1.75 million in the first quarter of 2006. As of June
30, 2006, ENZO had 30 stores in operation, well ahead of schedule
to meet its earlier-announced target of 40 stores by the end of
2006. Thirteen of these locations had already achieved
profitability at the store level. In a sign of continued robust
growth in its core business, the Company recently announced that it
expects to book approximately $22 million in orders due to its
appearance at the JCK Las Vegas show in June. This is an increase
of about 10% from its JCK-based orders in 2005, and gain of 29%
from 2004. To be added to LJI's investor lists, please contact
Haris Tajyar at or at 818-382-9700. About LJ International Inc. LJ
International Inc. ("LJI") (NASDAQ:JADE), based in Hong Kong and
the U.S., is engaged in the designing, branding, marketing and
distribution of a full range of jewelry. It has built its global
business, currently one of the fastest-growing in the jewelry
industry, on a vertical integration strategy and an unwavering
commitment to quality and service. LJI distributes to fine
jewelers, department stores, national jewelry chains and electronic
and specialty retailers throughout North America and Western
Europe, with a growing retail presence in China through its ENZO
stores. Its product lines incorporate all major categories sought
by major retailers, including earrings, necklaces, pendants, rings
and bracelets. For more information on LJI, please visit
http://www.ljintl.com/ . Forward looking statement: Except for the
historical information, the matters discussed in this news release
may contain forward-looking statements, including, but not limited
to, factors relating to future revenues. These forward-looking
statements may involve a number of risks and uncertainties. Actual
results may vary significantly based on a number of factors,
including, but not limited to, uncertainties in product demand, the
impact of competitive products and pricing, changing economic
conditions around the world, release and revenues of new products
and other risk factors detailed in the company's most recent annual
report and other filings with the Securities and Exchange
Commission. For further information: AT LJI: AT INVESTOR RELATIONS
INTL: Betty Ho Haris Tajyar Vice President, Corporate Development
Managing Partner Ph: 011-852-2170-0001 Ph: 818-382-9702 Email:
Email: DATASOURCE: LJ International, Inc. CONTACT: Betty Ho of LJ
International, +852-2170-001, or ; Haris Tajyar of Investor
Relations Intl for LJ International, +1-818-382-9702 or Web site:
http://www.ljintl.com/
Copyright
LJ International, Inc. (MM) (NASDAQ:JADE)
Historical Stock Chart
From Sep 2024 to Oct 2024
LJ International, Inc. (MM) (NASDAQ:JADE)
Historical Stock Chart
From Oct 2023 to Oct 2024