It appears after yesterday’s huge spike in volume that the cat may be out of the bag for Shiming U.S. Inc. (OTCBB: SGUS). Shares of the China-based consumer electronics maker jumped 4 percent, gaining 2 cents to close at 50 cents per share. Even though the gain was nice, the big story was the volume of 86,000 which eclipsed its 3-month daily average of 7,000 shares.
Shiming is a consumer electronics company with a particular focus on the development and manufacture of competitively-priced liquid crystal display (LCD) products, including high-definition TVs (HDTV) and computer monitors. For several years Shiming has been involved in the research and development of consumer electronics products and technologies such as LCD, plasma displays and household electronics.
Shiming is definitely an up and coming player in its industry. The company’s latest quarterly report show numbers to more than justify that statement. Revenues for the three month period ended June 30, 2007, were $2.9 million compared to $1.1 million for the year ago quarter, representing an increase of 163 percent. Net Income also jumped up to $1.2 million, or $0.0186 per share, compared to $0.33 million, or $0.0029 per share, representing an increase of 300 percent.
Shiming also reported a solid cash position with $4 million in cash and cash and equivalents as of June 30, 2007.
“The strong demands for our LCD panels since the second fiscal quarter of 2007 have guided our decision to increase our manufacturing capacity, said Shiming’s Chief Executive Officer Shiming Wang, in an earlier statement. “At the same time, we are continuing to position the company as a leader in our industry once the production line for the eighth-generation LCD is fully operational.”
The Shiming manufacturing plant is located in the Changxing High and New Technology Industrial Garden in Shenzhen, China. Shenzhen is a center of foreign investment and since the late 1970s has been one of the fastest growing cities in the world. It is also the busiest port in China. In the past two decades, more than $30 billion have been invested by outsiders in Shenzhen building factories and forming joint ventures.
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