LJ International Reaffirms Second Quarter Guidance; Sales up 7-10% in Second Quarter on EPS of $0.02 - $0.03
17 June 2005 - 12:15AM
PR Newswire (US)
LJ International Reaffirms Second Quarter Guidance; Sales up 7-10%
in Second Quarter on EPS of $0.02 - $0.03 Company Sees Accelerated
Growth in Second Half 2005 HONG KONG and LOS ANGELES, June 16
/Xinhua-PRNewswire-FirstCall/ -- LJ International, Inc. (LJI)
(NASDAQ:JADE), one of the fastest-growing jewelry companies in the
world, today reiterated earlier guidance for revenue and earnings
in the second quarter, ending June 30, 2005. As before, it
projected sales between $17.5 and $18 million, with earnings per
fully diluted share between $0.02 and $0.03. The forecast revenue
range would be an increase of 7% to 10% from $16.3 million in sales
reported by LJI in the second quarter of 2004. As expected, the
projected EPS for the current quarter would be slightly down by
$0.04 from a year earlier due primarily to the start up costs of
its new expansion plans into China as well as an increase in newly
issued shares from the Company's private placement. The Company
said it expects sales and earnings to resume at higher rates in the
second half of the year spurred by increased orders from existing
customers as well as by sales in the Company's new platinum line,
which was introduced about 18 months ago. LJI Chairman and CEO Yu
Chuan Yih commented, "The second quarter so far has been very solid
thus far in revenue but also a great deal of foundation-building
for future sales expansion. During May, for instance, LJI's
wholly-owned Enzo subsidiary opened four new retail stores in
China, each of which is expected to add incremental revenue
contributions this year and profitability by 2007. Based on a
strong showing at the JCK show in Las Vegas, increased demand from
existing and new customers, as well as new revenue streams from our
China retail stores, we expect to accelerate our revenue and
earnings growth in the second half of 2005." The Company noted that
its recent orders from the JCK show in Las Vegas, which totaled
approximately $20 million, a new JCK record for LJI, are expected
to be recognized in the second half of 2005. If you would like to
be added to LJI's investor email lists please contact Haris Tajyar
with Investor Relations International at . About LJ International
LJ International, Inc. (LJI) is a publicly-owned company, based in
Hong Kong and the U.S., engaged in designing, branding, marketing
and distributing a full range of jewelry. It has built its global
business, currently one of the fastest-growing in the jewelry
industry, on a vertical integration strategy and an unwavering
commitment to quality and service. LJI distributes to fine
jewelers, department stores, national jewelry chains and electronic
and specialty retailers throughout North America and Western
Europe, with a growing retail presence in China through stores and
e-shopping sites. Its product lines incorporate all major
categories sought by major retailers, including earrings,
necklaces, pendants, rings and bracelets. It trades on the Nasdaq
National Market under the symbol JADE. For more information on LJI,
go to its Web Site at http://www.ljintl.com/ . Forward looking
statement: Except for the historical information, the matters
discussed in this news release may contain forward-looking
statements, including, but not limited to, factors relating to
future sales. These forward-looking statements may involve a number
of risks and uncertainties. Actual results may vary significantly
based on a number of factors, including, but not limited to,
uncertainties in product demand, the impact of competitive products
and pricing, changing economic conditions around the world, release
and sales of new products and other risk factors detailed in the
company's most recent annual report and other filings with the
Securities and Exchange Commission. For further information: AT
LJI: AT INVESTOR RELATIONS INTL: Betty Ho Haris Tajyar Vice
President, Corporate Development Managing Partner Tel:
011-852-2170-0001 Tel: 818-382-9702 Email: Email: DATASOURCE: LJ
International, Inc. CONTACT: Betty Ho of LJ International,
+011-852-2170-001, or ; Haris Tajyar of Investor Relations Intl for
LJ International, +818-382-9702 or Web site: http://www.ljintl.com/
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