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Fuwei Films Revenues for 2006 Top US$55.9 Million Reflecting a 26% Increase from 2005
Thursday April 5, 6:01 am ET
Highlights Growth - Receipt of Financing from Industrial Development Fund and New Production Facility Rental
WEIFANG SHANDONG, China--(BUSINESS WIRE)--Fuwei Films (Holdings) Co., Ltd. (NASDAQ: FFHL - News) announced that revenues for the year ended December 31, 2006 increased 26.2% from 2005 and highlighted progress since the close of the initial public offering in December 2006.
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Year-End Results
Revenues for full year 2006 were RMB 436.8 million (US$55.9 million) compared to RMB 346.2 million for 2005. The increase in revenues was largely attributable to an increase in the sales of heat-sealable films, high-gloss films, and other special films reflecting a shift in its customers' use of high-end special films for packaging, and continued growth in export sales to the United States, Canada and Korea.
Net Income for the 2006 Fiscal Year was RMB 67.7 million (US$8.7 million) or US$7.88 per share compared to RMB 57.1 million for the comparable period in 2005.
Progress in Construction of New Line
Mr. Xianoan He, Chairman and CEO, stated, "Since our initial public offering in December 2006, we have progressed in the construction of our new thick BOPET film (film that is between 50 to 200 microns thick) production line located in Weifang Hi & New Technology Development Zone. Progress continues in the construction of the facility that will house the new equipment. We expect this new BOPET film production line to begin commercial production approximately one year from now."
Rental of Production Facility
Mr. He also announced, "our subsidiary, Fuwei Films (Shandong) Co., Ltd ("Shandong Fuwei") entered into a rental agreement with Shandong Weifang Legang Food Co., Ltd ("Legang") for the use of a BOPET film production line. We estimate that this production facility could add up to 5,000 tons per year of new output for our business."