Sutor Technology (SUTR) Reports FY11 Results with 23.9% EPS Growth and $5M Buyback Plan
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Sutor Technology Group Limited (Nasdaq: SUTR) today announced its audited financial results for the fiscal year ended June 30, 2011.
Commenting on Sutor's operations, Ms. Lifang Chen, Chairwoman and CEO, said, "We ended fiscal year 2011 with improved gross margin, net income and earnings per share despite challenging economic condition. The fiscal year 2011 is a year of both challenges and achievements with the following highlights:
Net income and EPS grew 23.9% and 17.2%, respectively, and gross margin improved to approximately 9.4% from approximately 6.9%, in fiscal year 2011 as compared with fiscal year 2010. We believe the results validate our integrated one-stop service model and our strategies of pursuing sustainable growth;
Our export sales grew 15.8% from $53.7 million to $62.2 million from fiscal year 2010 to 2011 despite global economic uncertainties, which we believe demonstrates the growing brand recognition and competitive strengths of our products;
Changshu Huaye Steel Strip Company Ltd., one of our three directly owned operating subsidiaries, was certified as a high-tech enterprise by Jiangsu provincial government, which allows the subsidiary to enjoy a lower income tax rate than the statutory income tax rate;
We announced and started a share repurchase program to repurchase up to $5 million of the Company's common stock which reflects our confidence in the long-term prospects for Sutor, and underscores our continuous commitment to maximize value for our shareholders.
Commenting on Sutor's operations, Ms. Lifang Chen, Chairwoman and CEO, said, "We ended fiscal year 2011 with improved gross margin, net income and earnings per share despite challenging economic condition. The fiscal year 2011 is a year of both challenges and achievements with the following highlights:
Net income and EPS grew 23.9% and 17.2%, respectively, and gross margin improved to approximately 9.4% from approximately 6.9%, in fiscal year 2011 as compared with fiscal year 2010. We believe the results validate our integrated one-stop service model and our strategies of pursuing sustainable growth;
Our export sales grew 15.8% from $53.7 million to $62.2 million from fiscal year 2010 to 2011 despite global economic uncertainties, which we believe demonstrates the growing brand recognition and competitive strengths of our products;
Changshu Huaye Steel Strip Company Ltd., one of our three directly owned operating subsidiaries, was certified as a high-tech enterprise by Jiangsu provincial government, which allows the subsidiary to enjoy a lower income tax rate than the statutory income tax rate;
We announced and started a share repurchase program to repurchase up to $5 million of the Company's common stock which reflects our confidence in the long-term prospects for Sutor, and underscores our continuous commitment to maximize value for our shareholders.
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