NEW YORK, Nov. 14, 2008 (GLOBE NEWSWIRE) -- China Carbon Graphite Group, Inc. (OTCBB:CHGI), the largest wholesale supplier of fine grain and high purity graphite in China and one of the nation's top overall producers of carbon and graphite products, today announced its financial results for the third quarter ended September 30, 2008.
Q3 2008 Highlights Compared to Q3 2007
-- Net revenues increased 2.11% to $7.51 million
-- Gross profits increased 53.29% to $2.12 million
-- Gross margin improved to 28.30% from 18.85%
-- Net income increased 48.52% to $1.53 million, or $0.08
per fully diluted share
-- Launched new corporate website: www.chinacarbongroup.com
-- To present at Roth Capital China Comes to Vegas Conference
in November
"We are extremely pleased with the significant increase in our bottom line performance during the third quarter, which was the result of a shift of our production focus from low margin graphite electrodes to fine grain graphite and high purity graphite which generate higher gross margins," said Mr. Dengyong Jin, CEO of China Carbon Graphite Group. "We continue to see a strong demand for our products. We believe we are well positioned to grow our existing operations and explore complementary acquisitions in China."
About China Carbon Graphite Group, Inc.
China Carbon Graphite Group, through its affiliate, Xingyong Carbon Co., Ltd., manufactures carbon and graphite based products in China. The company is the largest wholesale supplier of fine grain and high purity graphite in China and one of the nation's top overall producers of carbon and graphite products. Fine grain graphite is widely used in smelting for colored metals and rare-earth metal smelting as well as the manufacture of molds. High purity graphite is used in metallurgy, mechanical industry, aviation, electronic, atomic energy, chemical industry, food industry and a variety of other fields. In September 2007, the company was approved and designated by Ministry of Science & Technology as a "National Hi-tech Enterprise." Of the 400 plus carbon graphite producers in China, China Carbon is the only non-state-owned company to receive this honor. For more information, visit http://www.chinacarbongroup.com.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary companies. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors.