SinoCoking Announces First Quarter 2011 EPS of $.12
SinoCoking Coal and Coke Chemical Industries, Inc. (Nasdaq: SCOK) announced financial results for the first quarter ended September 30, 2010.
First Quarter 2011 Highlights:
- Sale of coke products increased 52.63% to $9.12 million in three month period ended Sept. 30, 2010 from $5.98 million during the same period in 2009
- Total revenue decreased by 28.25% from fiscal first quarter. This revenue decrease is directly related to the Government mandated province-wide mining moratorium.
- The average selling price for three of the Company's four product categories increased over 2009 levels: coke was up 10.78%, coal tar by 25.26% and washed coal by 17.96%, while raw coal was down by 11.7%
- New coking facility construction remains on track for completion by second quarter of CY2011; This will expand current capacity from 250,000 metric tons (MT) to 1.1 million MT upon completion and is expected to enhance margins
- Company remains on schedule to complete 4 more mine acquisitions prior to March 31, 2011
Adjusted diluted EPS were $0.12 for the three months ended September 30, 2010, and $0.50 for the three months ended September 30, 2009.
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