China Resources Development reports year-end results.HONG KONG--(BUSINESS WIRE)--April 23, 1996--China Resources Development Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CHRB CHRB California Horse Racing Board CHRB Community Housing Resource Board (Montana) CHRB Commonwealth Health Research Board ) Tuesday announced its results for the year ended Dec. 31, 1995. The company reported net income of $2,305,000, or $0.19 per share, on net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $235,246,000 for the year ended Dec. 31, 1995, compared to pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net income of $2,471,000, or $0.21 per share, on pro forma net sales of $207,608,000 for the year ended Dec. 31, 1994. "Our business is on very sound footing. We experienced a 13% rise in net sales during 1995, indicating that demand for rubber is continuing on an upward trend," stated Yang Jiangang, chairman of China Resources China Resources (Chinese: 華潤; HKSE: 0291 ) is a group of companies in wide variety of business in Hong Kong and mainland China. Some of its companies use the name the acronym CRC. Development Inc. "Our margins, however, were impacted by higher administrative expenses in 1995 over 1994 levels. In addition, they were effected by interest expenses associated with short term financing arranged on behalf of our operating subsidiaries in order to ensure a steady flow of product to customers, and to accommodate the working capital needs of the subsidiaries. Such financing also enabled our operating subsidiaries to take steps to take action; to move in a matter. See also: Step that would position them to meet the increasing demand for rubber in the Peoples' Republic of China over the next several years. Anticipating the heavy demand for consumer products and infrastructure-related materials made from rubber, our operating subsidiaries determined that 1995 was an opportune op·por·tune adj. 1. Suited or right for a particular purpose: an opportune place to make camp. 2. Occurring at a fitting or advantageous time: an opportune arrival. time to invest in the future." Yang continued: "The current and future demand for a wide variety of consumer goods consumer goods Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and in China is at its highest rate ever. With rubber as a primary material in many consumer products, the demand for natural rubber has never been stronger. In addition, China Resources Development is seeking to diversify its operations through involvement in other raw material businesses. A thriving consumer market, plus the redevelopment of the infrastructure within China, is creating tremendous demand for other raw materials, such as wood, cement and aluminum. Our strong rubber base will be bolstered by interests in businesses that supply and process a wide variety of raw materials." The company, through its majority owned operating subsidiaries in the PRC, markets and distributes dry, natural rubber and liquid latex, and procures production materials and supplies for major customers. China Resources Development Inc. has offices in Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. and Hainan, China. The company, through a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , owns a 56% interest in the Hainan Agricultural Resources Co. Ltd. (HARC). The Farming Bureau, a division of the PRC Ministry of Agriculture, is a 44% partner and controls 92 farms on the island of Hainan. -0-
CHINA RESOURCES DEVELOPMENT
COMPARATIVE OPERATING HIGHLIGHTS
(In thousands, except per share data)
For The Year Ended
Dec. 31, 1994 (a) Dec. 31, 1995 (b)
Net Sales $ 207,608 $ 235,246 Income Before Taxes 5,182 5,317 Income Taxes (777) (830) Net Income $ 2,471 $ 2,305 Earnings Per Share $0.21 $0.19 Weighted Average Number of Shares Outstanding 12,000,000 12,326,203
(a) Pro forma unaudited results, converted on the basis of 8.45
Renminbi to each U.S. dollar.
(b) Actual audited results Converted on the basis of 8.32 Renminbi
to each U.S. dollar.
CONTACT: Market Management International Robert Bleckman, 407/660-1488 or Brokers: Corporate Relations Group Jim Spratt, 407/628-5700 |
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