China Precision Steel Announces Fourth Quarter and Fiscal 2010 Year End Results

China Precision Steel, Inc.

, a niche precision steel processing company principally engaged in producing and selling high precision, cold-rolled steel products, announced today its financial results for the 2010 fourth quarter and fiscal year ended June 30, 2010. Fourth Quarter 2010 Highlights -- Revenue increased 41.5% to a record $36.4 million -- Sales volume was a record 39,112 tons -- Gross profit was $2.5 million with 7.0% gross margin -- Net income was $1.3 million -- Fully diluted earnings per share of $0.03 Full Year 2010 Highlights -- Revenue increased 44.8% to a record $110.5 million -- Sales volume increased 59.5% to a record 133,946 tons -- Gross profit was $10.3 million with 9.3% gross margin -- Net income increased to $5.6 million from a net loss of $0.4 million in fiscal 2009 -- Fully diluted earnings per share of $0.12 -- Exports generated 13% of total sales