Deer Consumer Products, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2012; Provides Earnings Guidance for the Year 2012
August 09, 2012 at 06:55 am EDT
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Deer Consumer Products, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2012. For the quarter, the company reported revenues of $45,006,010 against $45,127,684 a year ago. Income from operations was $7,532,632 against $9,202,424 a year ago. Income before income tax was $7,635,486 against $9,062,348 a year ago. Net income was $5,726,073 against $7,346,531 a year ago. Diluted earnings per share were $0.17 against $0.22 a year ago. The decrease in net income was primarily due to the increase in advertising expenses incurred to expand market share and increase brand awareness.
For the year to date, the company reported revenue of $94,875,113 against $79,803,830 a year ago. Income from operations was $17,686,181 against $15,301,306 a year ago. Income before income tax was $18,296,042 against $16,068,576 a year ago. Net income was $13,552,161 against $13,140,477 a year ago. Diluted earnings per share were $0.40 against $0.39 a year ago. Net cash used in operating activities was $2,404,632 against $8,281,158 a year ago. Acquisition of intangible assets was $10,570 against $4,270,594 a year ago. Acquisition of property and equipment was $52,299 against $889,945 a year ago.
The company provided earnings guidance for the year 2012. For the year, the company expects revenues from the high margin China domestic sales will continue to surpass export sales. The company provided 2012 revenue guidance of between $270 and $290 million, net income guidance of between $45 million and $47 million, and expected EPS between $1.37 and $1.42.
Deer Consumer Products, Inc. is a China-based designer, manufacturer and seller of small home and kitchen electric appliances. The Company develops, promotes, manufactures and sells a range of products, including blenders, juicers and soy milk makers. The Company's product lines include small household appliances and personal care products, such as blender, chopper, juicer, food processor, meat grinder, commercial blender, Ice shaver, chocolate fountain, ice maker, coffee maker, waste disposal, soy milk maker, egg boiler, dehumidifier, electric kettle, rice cooker, stove top and microwave oven. In China, the Companyâs products are sold primarily under the Deer brand name, as well as under one store brand for a retailerâs private-label programs. The Companyâs products for overseas consumer products companies are sold under various brand names, including Black & Decker and Betty Crocker Kitchens, as well as store brands for a retailerâs private-label programs.
Deer Consumer Products, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2012; Provides Earnings Guidance for the Year 2012