Kingold Jewelry, Inc. Announces Unaudited Consolidated Earnings and Operating Results for the Third Quarter and Nine Months Ended September 30, 2017; Raises Operating Guidance for the Full Year of Fiscal 2017
November 09, 2017 at 04:06 pm EST
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Kingold Jewelry, Inc. announced unaudited consolidated earnings and operating results for the third quarter and nine months ended September 30, 2017. For the quarter, the company announced net sales of $584,511,639 compared to $390,547,042 for the same period a year ago. Income from operations was $74,679,152 compared to $48,337,874 for the same period a year ago. Income from operations before taxes was $7,778,520 compared to $25,230,923 for the same period a year ago. Net income was $28,987,050 compared to $15,861,238 for the same period a year ago. Net income attributable to common stockholders was $28,987,050 or $0.44 per basic and diluted share compared to $15,861,683 or $0.24 per basic and diluted share for the same period a year ago. The increase in Net Sales were mainly due to the higher sales volume for branded production sales and customized production sales.
For the first nine months, the company announced net sales of $1,352,666,916 compared to $1,062,995,744 for the same period a year ago. Income from operations was $132,535,507 compared to $116,816,163 for the same period a year ago. Income from operations before taxes was $21,271,146 compared to $68,190,328 for the same period a year ago. Net income was $15,714,849 compared to $50,952,127 for the same period a year ago. Net income attributable to common stockholders was $15,714,849 or $0.24 per diluted share compared to $50,954,037 or $0.77 per basic and diluted share for the same period a year ago. Net cash used in operating activities was $145,550,007 compared to net cash provided by operating activities of $218,944,369 for the same period a year ago. Purchase of property and equipment was $1,551,847 compared to $306,652 for the same period a year ago.
In the third quarter of 2016, the company processed a total of 30.1 metric tons of gold, of which branded production was 14.6 metric tons, representing 48.6% of total gold processed, and customized production was 15.5 metric tons, representing 51.4% of total gold processed. In the third quarter of 2016, the company sold a total of 20.6 metric tons, of which branded production was 10 metric tons, or 48.3% of the total gold sold, and customized production was 10.6 metric tons, or 51.7% of total gold sold.
For the first nine months, the company processed a total of 72.2 metric tons of gold, of which branded production was 34.7 metric tons, representing 48.1% of total gold processed, and customized production was 37.5 metric tons, representing 51.9% of total gold processed. In the nine months ended September 30, 2016, the company sold a total of 55.7 metric tons, of which branded production was 28.6 metric tons, or 51.4% of the total gold sold, and customized production was 27.1 metric tons, or 48.6% of total gold sold.
Based on 2017 first nine months results, its existing resources and capacity along with strong demand for 24-karat gold products in China, the company raised its guidance for gold processed during 2017 from between 70 metric tons and 80 metric tons to between 80 metric tons and 90 metric tons.
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 Third Quarter and Nine Months Ended September 30, 2017; Raises Operating Guidance for the Full Year of Fiscal 2017