Kingold Jewelry, Inc. Announces Unaudited Consolidated Earnings and Operating Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Operating Guidance for the Fiscal 2018
March 15, 2018 at 05:05 pm EDT
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Kingold Jewelry, Inc. announced unaudited consolidated earnings and operating results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net sales were USD 657,065,727 against USD 357,629,226 a year ago. Income from operations was USD 53,458,948 against USD 17,126,240 a year ago. Income from operations before taxes was USD 14,096,365 against USD 57,340,699 a year ago. Net income attributable to common stockholders was USD 10,477,803 against USD 41,955,775 a year ago. Diluted earnings per share were USD 0.16 against USD 0.63 a year ago.
For the year, the company reported net sales were USD 2,009,732,643 against USD 1,420,624,970 a year ago. The increase in Net Sales were primarily driven by increase in total sales volume in 2017, the increase in the average unit selling price for branded production, as well as the increase in average unit selling price for customized production. Income from operations was USD 185,994,455 against USD 133,942,403 a year ago. Income from operations before taxes was USD 35,367,511 against USD 125,531,027 a year ago. Net income attributable to common stockholders was USD 26,192,652 against USD 92,909,812 a year ago. Diluted earnings per share were USD 0.39 against USD 1.40 a year ago. Net cash used in operating activities was USD 25,749,914 against USD 74,007,221 a year ago. Purchase of property and equipment was USD 1,241,172 against USD 1,507,696 a year ago. Book value per diluted share was USD 5.87 at December 31, 2017 compared to USD 4.26 at December 31, 2016.
For the quarter, the company reported total volume of 31.2 metric tons of gold sales against 19.7 metric tons of gold sales a year ago.
For the year, the company reported total volume of 103.4 metric tons of gold sales against 75.4 metric tons of gold sales a year ago.
Based on its existing resources and capacity along with strong demand for 24-karat gold products in China, the company believes that its gold sales are expected to be between 100 metric tons and 110 metric tons during 2018. This guidance is based solely on current projected, organic growth. The company expects to make timely adjustments in investments and operation strategies in response to market changes to maintain position and stay competitive.
Kingold Jewelry Inc designs and manufactures 24-karat gold jewelry and Chinese ornaments. The Company develops, promotes and sells a range of products to the jewelry market across the People's Republic of China (PRC). The Company offers a range of in-house designed products, including, but not limited to, gold necklaces, rings, earrings, bracelets and pendants. The Company also sells investment gold products through banks in China. The Company sells its products directly to distributors, retailers and other wholesalers, who then sell its products to consumers through retail counters located in both department stores and other traditional stand-alone jewelry stores.
Kingold Jewelry, Inc. Announces Unaudited Consolidated Earnings and Operating Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Operating Guidance for the Fiscal 2018
KINGOLD JEWELRY, INC. 
