NEW YORK, April 16, 2008 (PRIME NEWSWIRE) -- China Carbon Graphite Group, Inc. (OTCBB:CHGI), the largest wholesale supplier of fine grain and high purity graphite in China and one of the nation's top overall producers of carbon and graphite products, announced its financial results for fiscal year ended December 31, 2007.
Fiscal Year 2007 Highlights
-- Net revenues increased 47.43% to a record $25.36 million -- Gross profit increased 23.84% to a record $4.91 million -- Comprehensive income increased 54.85% to a record $5.39 million -- Net income increased 34.05% to a record $3.59 million -- Per share earnings were $0.34 per fully diluted share
2007 results include a one-time going public expense of $400,000.
"This was a record year for our Company driven by strong revenue growth and increased demand from both new and existing customers. The company is receiving more purchase orders than what it can produce. We expect to double our production capacity in the coming 12 months," commented Mr. Dengyong Jin, CEO of China Carbon Graphite Group.
In September 2007, the Company was approved and designated by Ministry of Science & Technology as a "National Hi-tech Enterprise". Of the 400 plus carbon graphite producers in China, China Carbon is the only non-state-owned company to receive this honor.
About China Carbon Graphite Group, Inc.
China Carbon Graphite Group, through its affiliate, Xingyong Carbon Co., Ltd., manufactures carbon and graphite based products in China. The company is the largest wholesale supplier of fine grain and high purity graphite in China and one of the nation's top overall producers of carbon and graphite products. Fine grain graphite is widely used in smelting for colored metals and rare-earth metal smelting as well as the manufacture of molds. High purity graphite is used in metallurgy, mechanical industry, aviation, electronic, atomic energy, chemical industry, food industry and a variety of other fields.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary companies. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website. The Company does not assume a duty to update these forward-looking statements.