Lihua CEO Comments on Recent Achievements and 2012 Strategy
Lihua International, Inc. (NASDAQ: LIWA) today announced that its Chairman and CEO, Mr. Jianhua Zhu, has provided the following statement regarding the Company's recent achievements and 2012 strategy:
To our Shareholders, Partners and Friends:
2011 was a year of positioning and progress, during which Lihua achieved tremendous growth financially, operationally and strategically. We achieved significant top and bottom line growth as our copper anode and wire products continued to gain momentum through robust customer demand. Although we faced certain obstacles that impeded our growth in the fourth quarter of the year, we took proactive steps to address these challenges and entered 2012 in what we believe is an ideal position for growth and success over the longer-term. I would like to take this opportunity to review some of our 2011 highlights and share with you the reasons for our enthusiasm in 2012.
Strong Top Line Growth Driven by Copper Anode:
During the first nine months of 2011, Lihua achieved record revenue of $459.5 million, an increase of 95.5% year-over-year, compared with revenue of $235.1 million in the first nine months of 2010. Copper anode continued to be our primary growth driver, with sales reaching $217.9 million or more than 47% of total revenue, compared with sales of $35.7 million in the first nine months of 2010. Since launching the product in the third quarter of 2010, we have built copper anode into a sizable business, and with our new copper recycling facility nearing volume production, we are poised to capture even greater share of this large and growing market.
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