FT. LAUDERDALE, Fla., April 19, 2005 (PRIMEZONE) -- China Direct Trading Corporation (OTCBB:CHDT) ("CHDT" or "Company"), a global trading company engaged in product development, manufacturing, distribution, logistics and product placement into mass retail, filed its 10KSB for Fiscal Year 2004.
For the years ended December 31, 2004 and 2003, the Company had total sales of approximately $1,062,000 and $615,000 respectively, for an increase of approximately $447,000. The increase in revenues is due to an increase in operations.
For the years ended December 31, 2004, the Company had cost of sales of approximately $759,000 and $435,000, respectively. As a percentage of sales, cost of sales was the same in 2004 as compared to 2003. The increase in the cost of sales in 2004 as compared to 2003 is due to an increase in operations. General and administrative expenses increased approximately $418,000, from $106,940 in 2003 to $524,891 in 2004. This increase is attributable primarily to an increase in officer compensation as well as an increase in legal and professional fees. The cost of rent and other general and administrative costs also increased in 2004 as compared to 2003 due to an increase in operations.
Howard Ullman, CEO and President of China Direct Trading Corp. stated, "Fiscal Year 2004 results reflect payment of annual compensation to the operations executives and the costs associated with settling or handling the few lingering legal issues from CHDT's predecessor's operations. CHDT will continue its traditional plan of enhancing shareholder value through better financial performance, especially increasing operating profits, of its core business, the addition of new trading products and markets and the pursuit of acquisitions that will hopefully add sustained revenues and operating profits to our fiscal year 2005 results."
About CHDT: Based in Fort Lauderdale, Florida, CHDT is a global trading company engaged in product development, manufacturing, distribution, logistics and product placement into mass retail. The company holds patents and sells products to importers, customer and direct to retail worldwide. By establishing relationship with various governmental agencies, public and private institutions, and private industries in China, the Company aims to play a key role in assisting US companies that desire to move production or investments into China as well as helping Chinese firms grow through US distribution and financial support.
Forward-looking statements: This press release contains forward-looking statements about the Company's and or subsidiaries' estimated revenues and earnings for FY 2004. These statements involve risks and uncertainties and actual results may differ. More information on potential factors that could affect the Company's financial results is included from time to time in the Company's public reports filed with the SEC, including the Company's Forms 10-Q for the quarters ended March 31, 2004 and June 30, 2004 and September 30, 2004 and Form 8-K's filed in 2004.