Huaxing Machinery Corp. (TSX VENTURE: HUA) ("Huaxing" or the
"Company") (formerly Samurai Capital Corp., TSXV - SMU.P) reports
its audited consolidated financial results for the year ended
December 31, 2010.
For the fiscal year ended December 31, 2010, income from
operations and net income are $2,131,962 and $1,462,285,
respectively. Comparative results are as follows:
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Fiscal 2010 Fiscal 2009
$ $
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Sales 22,993,251 16,658,638
Gross Profit 5,530,935 4,584,202
EBITDA 2,544,903 2,297,285
Net Earnings 1,462,285 1,424,026
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The Company through its wholly owned subsidiary Gold Rhino
Limited ("Gold Rhino") acquired 80% interest in its operating
subsidiary Shandong Gold Rhino-Huaxing Machinery Corp. ("SGRHM") on
February 12, 2009. Sales, gross profit, EBITDA and net earnings
represent the fiscal results before allocation to the 20%
non-controlling interest of SGRHM.
During fiscal year ended December 31, 2010, Huaxing's domestic
sales of its main products amounted to $18,729,755 (2009 -
$13,571,799) with cost of goods sold of $14,725,424 (2009 -
$10,364,670) excluding amortization of production equipment and
related patent, resulting in gross profit of $4,004,331 (2009 -
$3,207,128).
During fiscal year ended December 31, 2010 export sales amounted
to $3,211,632 (2009 - $2,420,190) with cost of goods sold of
$1,990,864 (2009 - $1,223,370) excluding amortization of production
equipment and related patent, resulting in gross profit of
$1,220,769 (2009 - $1,196,820).
During fiscal year ended December 31, 2010 other income,
including sales of raw and processed material as well as
commissioned processing services were $1,046,756 (2009 - $534,363)
with cost of goods sold of $596,256 (2009 - $384,954), resulting in
gross profit of $450,500 (2009 - $149,409).
The Board of Directors did not declare a dividend for the fiscal
year ended December 31, 2010.
Huaxing's consolidated financial statements for the year ended
December 31, 2010 are available on the System for Electronic
Document Analysis and Retrieval ("SEDAR") at www.sedar.com under
the Company's profile.
About Huaxing Machinery Corp.
On January 21, 2011 Samurai Capital Corp. completed its
Qualifying Transaction by acquiring all the issued and outstanding
shares of Gold Rhino, a private company incorporated under the laws
of Hong Kong. Gold Rhino holds an 80% equity interest in SGRHM, a
company based in Boxing County, Shandong Province, China. SGRHM is
a manufacturer of stone cutting, polishing and processing machinery
and equipment for the building and construction industry. Upon
completion of the Qualified Transaction, Samurai Capital Corp.
changed its name to Huaxing Machinery Corp.
Forward-Looking Statements
Certain information regarding Huaxing Machinery Corp. contains
herein may constitute forward-looking statements within the meaning
of applicable securities laws. Forward-looking statements may
include estimates, plans, expectations, opinions, forecasts,
projections, guidance or other statements that are not statements
of fact. Although the Company believes that the expectations
reflected in such forward-looking statements are reasonable, it can
give no assurance that such expectations will prove to have been
correct. The Company cautions that actual performance will be
affected by a number of factors, many of which are beyond the
Company's control, and that future events and results may vary
substantially from what the Company currently foresees. The Company
assumes no obligation to update such forward-looking statements,
except as required by applicable securities laws. The Company's
forward-looking statements are expressly qualified in their
entirety by this cautionary statement.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Huaxing Machinery Corp. Ming (Barry) Sheng Investor
Relations Manager 778-882-9677 mingbarrysheng@gmail.com
(TSXV:HUA)
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