Shiming U.S., Inc. (SGUS.OB), a rapidly developing consumer electronics maker, announced their financial results for the third quarter ending September 30, 2007.
Third Quarter 2007 Results were significant, as:
— Revenues increased 171 percent, from $1.1 million to $2.9 million
— Net income doubled, increasing by $363,000 to $696,000
— Earnings per share increased 259 percent year over year to 1.04 cents from .29 cents
— Total operating expenses decreased 23.4 percent to $0.4 million from $0.5 million year over year
The positive growth of the company directly correlates to increasing consumer demands for Shiming’s product’s. As a result, the company may seek additional financing to fund research and development and to expand its production capacity in order to meet anticipated growing demands.
Mr. Shiming Wang, Vice President, commentedb “Our ability to bolster our research and development efforts and to increase our production capacity is key to Shiming’s future growth and to our ability to secure a better position within the industry.”
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