SHANXI PROVINCE, China, Aug. 29, 2007 (PRIME NEWSWIRE) -- Shiming U.S., Inc. (OTCBB:SGUS), a consumer electronics maker based in China, announced its financial results for the second quarter ending June 30, 2007 in its quarterly report filed with the SEC on August 14, 2007.
Second Quarter 2007 Results as Compared to the Same Period in 2006 (in U.S. Dollars):
* Revenue increased 172% to $2.91 million, from $1.07 million * Operating expenses decreased 17% to $0.45 million from $0.54 million * Net income increased 272% to $1.24 million from $0.33 million * Earnings-per-share increased 541% to $0.0186 from $0.0029
In comparing the six month period ended June 30, 2007 with the same six month period in 2006, the company's revenue increased 60% to $5.34 million from $3.34 million. However, the company's net income decreased slightly by 3% to $1.63 million from $1.68 million in the same six month period last year.
As of June 30, 2007, the company had $4.02 million in cash compared to $3.55 million as of December 31, 2006, and total shareholders' equity of $29.47 million, including $2.84 million in retained earnings. From December 31, 2006 to June 30, 2007, cash increased by 8% and shareholders' equity increased by 85%.
"Our second quarter results reflect strong demand for our LCD products," commented the company's Chief Executive Officer, Shiming Wang. "We will continue to focus our efforts on expanding our market share and to build our brand both within China and internationally."
About Shiming U.S., Inc.
Shiming U.S., Inc. is a consumer electronics company with a particular focus on the development and manufacture of competitively priced LCD products, including HDTV and computer monitors. Shiming's manufacturing plant is located in the Changxin High and New Technology Industrial Garden in Shenzhen, China. For several years we have been involved in the research and development of consumer electronics products and technologies such as LCD, plasma displays, and household electronics.
Cautionary Statement Regarding Forward Looking Information
This press release contains forward-looking information about Shiming that is intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology, and include discussions of strategy, and statements about industry trends and Shiming's future performance, operations and products.
This forward-looking information should be considered only in connection with Shiming's quarterly report on Form 10-QSB filed with the SEC on August 14, 2007, and its other current and periodic reports filed with the SEC. Shiming assumes no obligations to update any forward-looking statements or information set forth in this press release.