China Tracker - Details for Fushi Copperweld (FSIN)

 Fushi Copperweld
 Business Outlook

Based on current business trends, the Company reiterates its previously announced annual guidance of fully diluted earnings per share between $1.15 and $1.25 based on an estimated weighted average diluted share count of 38.2 million shares, and an effective income tax rate of 25.0%. The Company expects profitability in subsequent quarters to improve over the first quarter due to higher revenues with the absence of the Chinese New Year, continued higher raw material prices, increased global demand and the increased capability to meet that demand.

(Source: PR Newswire, 2011-05-04)

Fushi Copperweld today announced that its Board of Directors has received a proposal letter from its Chairman and Chief Executive Officer, Mr. Li Fu and Abax Global Capital (Hong Kong) Limited on behalf of funds managed by it and its affiliates for Mr. Fu and Abax to acquire all of the outstanding shares of Common Stock of Fushi not currently owned by Mr. Fu and his affiliates in a going private transaction for $11.50 per share in cash, subject to certain conditions. Mr. Fu and his affiliates own approximately 29.2% of Fushi's Common Stock. Fushi's Board of Directors has formed a special committee of independent directors consisting of John F. "Jack" Perkowski, Barry Raeburn and Feng Bai to consider this proposal. The Special Committee intends to retain independent advisors, including an independent financial advisor, to assist it in its work. No decisions have been made by the Special Committee with respect to Fushi's response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated.

(Source: PR Newswire, 2010-11-03)

Based on current business trends, the Company expects adjusted fully diluted earnings per share to be between $ 0.29 and $ 0.31 for the fourth quarter and to be between $ 1.25 and $ 1.29 for the 2010 full-year period, based on an estimated weighted average diluted share count of 38.3 million shares for the fourth quarter of 2010 and 37.4 million for full-year periods. This expectation is based on the assumption that the effective tax rate at the consolidated level will be 23.0% and 12.8% % for the fourth quarter and 2010 full-year period, respectively, and includes the one-time increase in tax expense of $0.03 per diluted share related to the Company's Yixing facility investment.

(Source: PR Newswire, 2010-11-02)

Based on current business trends, the Company expects adjusted fully diluted earnings per share to be between $0.33 and $0.35 for the third quarter of 2010 and to be between $1.25 and $1.29 for the 2010 full-year period, based on an estimated weighted average diluted share count of 38.3 million shares for the third quarter of 2010 and 37.4 million for full-year periods. This expectation is based on the assumption that the effective tax rate at the consolidated level will be 17.5%.

(Source: PR Newswire, 2010-08-04)

Fushi Copperweld [...] has entered into a definitive agreement to acquire 100% of Shanghai Hongtai Industrial Co., a leading manufacturer of bimetallic wire in Southeast China, for approximately $3.9 million, comprised of $1.3 million in cash and $2.6 million in restricted stock. The Company expects the transaction to be finalized during the course of the second quarter 2010, and the completion of the acquisition is subject to customary closing conditions, as well as the successful transfer and commissioning of equipment to Yixing, China.

The Company also announced a strategic investment in Yixing, an industrial center within the Shanghai economic zone, centrally located between Shanghai, Nanjing, and Hangzhou in Eastern China. The Company will relocate Shanghai Hongtai assets and key personnel to Yixing and establish Fushi International (Jiangsu) Bimetallic Cable Co., Ltd. By relocating to Yixing, Fushi International will be able to leverage the center's extensive transportation network to deliver its CCA and CCAM products to customers within the Shanghai economic zone more quickly and cost effectively. The Company expects the establishment of Fushi International to be mildly accretive to earnings in 2010.

(Source: PR Newswire, 2010-05-26)

Based on current business trends, the Company expects adjusted fully diluted earnings per share to be between $0.32 and $0.34 for the second quarter and to be between $1.23 and $1.28 for the 2010 full-year period, based on an estimated weighted average diluted share count of 35.3 million shares for both periods. This expectation is based on the assumption that the effective tax rate at the consolidated level will be 13% for the remainder of 2010. The Company expects profitability in subsequent quarters to improve due to higher seasonal revenue levels, continued increases in capacity utilization at the Fayetteville facility as a result of improving end market demand, and continued incentives from China's ongoing infrastructure buildout.

(Source: PR Newswire, 2010-05-04)

Based on current business trends and the visibility the Company has from fourth quarter performance, the Company expects adjusted first quarter fully diluted earnings per share between $0.22 and $0.24 and adjusted full year fully diluted earnings per share between $1.20 and $1.25, both based on an estimated weighted average diluted share count of 33.4 and 35.2 million shares, respectively. This expectation is based on the assumption that the effective tax rate at the consolidated level will be 8%. The 2010 first quarter is seasonally the Company's weakest quarter due to the timing of the Chinese New Year, during which the Company's operating facilities are closed for two weeks. The Company expects profitability in subsequent quarters to improve over the first quarter due to higher revenues with the absence of the Chinese New Year, increased profitability at the Fayetteville facility as a result of cost saving initiatives, and continued incentives from China's stimulus package.

(Source: PR Newswire, 2010-03-10)
FSIN
Infrastructure
SCORE
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Current Price:  n/a
F10k Day (2006-08-25): -100.00%$8.00
2009 Close: -100.00%$10.12
2010 Close: -100.00%$8.88
2011 Close: -100.00%$7.52
High (2012-10-19): -100.00%$9.30
Low (2012-04-09): -100.00%$5.72
Exchange: N/A
Market Capitalization: n/a
Total Shares: 38.20 mill
Float: n/a
Avg Volume: 519.80 k
Short Interest: 7.82 mill
Short Ratio: 34.33%15.0 d
Last Quarter: 2011-03-31
Revenue (MRQ): 65.93 mill
Net Income (MRQ): 6.83 mill
Op. Cash Flow (MRQ): 15.01 mill
all financial data provided without warranty