chinaman711
10-22-2007, 09:29 AM
Press Release Source: China Direct, Inc.
China Direct Raises Current Financial Guidance for the Full Year of 2007
Monday October 22, 8:00 am ET
Sees 2007 Revenue exceeding $175 Million up from Previous Guidance of $150 Million
Sees 2007 Net Income exceeding $9.5 Million up from Previous Guidance of 8.25 Million
BOCA RATON, Fla., Oct. 22 /PRNewswire-FirstCall/ -- China Direct, Inc. (Amex: CDS - News), a U.S. company that owns controlling stakes in a diversified portfolio of Chinese entities and assists Chinese businesses in accessing the U.S. capital markets, today announced that after initial review of its operating results for the 3rd quarter and internal forecasts for the remainder of the year, management sees operating results substantially ahead of its current guidance. As a result of strong performance in its Chinese subsidiaries as well as its consulting operations, management now sees revenues for the full year of 2007 exceeding $175 million with net income exceeding $9.5 million. This new guidance replaces management's previous revenue guidance of $150 million and $8.25 million in net income. The 3rd quarter and remainder of 2007 have been positively impacted by the overall prices for pure magnesium in the global marketplace as well as strong performance from its consulting division and chemical operations.
China Direct Raises Current Financial Guidance for the Full Year of 2007
Monday October 22, 8:00 am ET
Sees 2007 Revenue exceeding $175 Million up from Previous Guidance of $150 Million
Sees 2007 Net Income exceeding $9.5 Million up from Previous Guidance of 8.25 Million
BOCA RATON, Fla., Oct. 22 /PRNewswire-FirstCall/ -- China Direct, Inc. (Amex: CDS - News), a U.S. company that owns controlling stakes in a diversified portfolio of Chinese entities and assists Chinese businesses in accessing the U.S. capital markets, today announced that after initial review of its operating results for the 3rd quarter and internal forecasts for the remainder of the year, management sees operating results substantially ahead of its current guidance. As a result of strong performance in its Chinese subsidiaries as well as its consulting operations, management now sees revenues for the full year of 2007 exceeding $175 million with net income exceeding $9.5 million. This new guidance replaces management's previous revenue guidance of $150 million and $8.25 million in net income. The 3rd quarter and remainder of 2007 have been positively impacted by the overall prices for pure magnesium in the global marketplace as well as strong performance from its consulting division and chemical operations.