Friday's Stock to Watch: China Direct Industries -- August 13, 2010
13 August 2010 - 2:35PM
Marketwired
Stock Market Alerts' performance stock list includes: China Direct
Industries, Inc. (NASDAQ: CDII), Freeport-McMoRan Copper & Gold
Inc. (NYSE: FCX), Kinross Gold Corporation (NYSE: KGC) and Potash
Corporation of Saskatchewan Inc. (NYSE: POT).
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Yesterday after the markets closed, China Direct Industries,
Inc. (NASDAQ: CDII) issued a press release announcing its financial
results for the third quarter of our fiscal 2010 for the three
months ended June 30, 2010.
The press release states that for the third quarter of fiscal
2010 total revenues increased to $31.9 million, a 64% increase as
compared to total revenues of $19.5 million for the three month
period ended June 30, 2009. Our third quarter gross profit reached
$2.0 million as compared to a loss of ($308,000) for the three
month period ended June 30, 2009. Our operations resulted in a net
loss for the third quarter of fiscal 2010 of ($1.1 million)
inclusive of $420,000 in non-cash compensation. This represents a
substantial improvement from the third quarter of fiscal 2009 where
we recorded a net loss of ($2.9 million). Our loss per basic and
diluted share narrowed to ($0.04) from the ($0.12) recorded in the
three month period ended June 30, 2009. Operating revenue, gross
margins, and gross profit increased across all business segments
reflecting a continued improvement in each of the segments. For the
first nine months of fiscal 2010, revenue totaled $77.6 million
with a net loss of ($412,000) inclusive of $1.1 million in non-cash
compensation compared to revenues of $79 million with a net loss of
($8.8) million for the first nine months of fiscal 2009.
Investors are urged to read yesterday's press release for
complete details.
Commenting on the third quarter, Dr. James Wang, Chairman and
CEO of China Direct Industries, Inc., stated, "Our results for the
third quarter reflect a significant improvement in overall
operating revenue across all of our business segments as compared
to the same period in fiscal 2009. Additionally we are encouraged
by the sequential improvement in our magnesium segment where both
revenue and gross margins have improved significantly as we prepare
to reinitiate operations at several facilities in response to signs
of increasing demand. We believe our consulting operations are
poised to add a substantial contribution to our bottom line
performance in the near term as we recently added two new clients
and we anticipate the efforts we have made in our international
commodity trading business will also begin to demonstrate positive
results. As we head into the fourth quarter of fiscal 2010 and into
fiscal 2011, we maintain a strong balance sheet with significant
cash and negligible debt in an improving environment across all our
business segments."
The stock closed yesterday $1.04 a share.
Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) up 0.5% on
9.4 million shares traded. FCX is a leading international mining
company with headquarters in Phoenix, Arizona.
Kinross Gold Corporation (NYSE: KGC) up 1.3% on 7.6 million
shares traded.
Kinross is a Canadian-based gold mining company with mines and
projects in Canada, the United States, Brazil, Chile, Ecuador,
Russia and employs approximately 5,500 people worldwide.
Potash Corporation of Saskatchewan Inc. (NYSE: POT) up 3.5% on
7.3 million shares traded. Potash Corporation of Saskatchewan Inc.
is the world's largest fertilizer enterprise by capacity producing
the three primary plant nutrients and a leading supplier to three
distinct market categories: agriculture, with the largest capacity
in the world in potash, third largest in each of nitrogen and
phosphate; animal nutrition, with the world's largest capacity in
phosphate feed ingredients; and industrial chemicals, as the
largest global producer of industrial nitrogen products and the
world's largest capacity for production of purified industrial
phosphoric acid.
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