Chemspec Announces Release Date of Second Quarter 2009 Financial Results, Second Quarter Preliminary Data and Guidance For Fisca
August 03 2009 - 6:00AM
PR Newswire (US)
-- 2Q2009 estimated sales to be in the range of RMB 230 million to
235 million -- FY2009 sales expected to reach RMB 975 million to
1,000 million -- 2Q 2009 results to be released on August 14, 2009
SHANGHAI, Aug. 3 /PRNewswire-Asia-FirstCall/ -- Chemspec
International Limited (NYSE: CPC; "Chemspec" or the "Company"), a
leading China-based contract manufacturer of highly-engineered
specialty chemicals, today announced preliminary second quarter
data and limited guidance for the full 2009 fiscal year, and that
it will release unaudited financial results for the second quarter
ended June 30, 2009 before the market opens on Friday, August 14,
2009. Preliminary data for the second quarter ended June 30, 2009:
For the second quarter ended June 30, 2009, the Company estimates
sales to be in the range of RMB230 million to RMB 235 million. This
would reflect an estimated increase of between 6.5% - 8.8 %
compared to actual sales of RMB 216.0 million for the same period
of 2008. Estimated gross profit is expected to be in the range of
RMB 94 million to RMB 96 million for the period, which would
reflect an estimated increase of between 8.2% - 10.6% compared to
actual gross profit of RMB 86.8 million for the same period of
2008. Both estimated sales and gross profit are in line with the
Company's internal targets. Fiscal Year 2009 Guidance: For the full
2009 fiscal year ending December 31, 2009, the Company expects
sales to be in the range of RMB975 million to RMB 1,000 million,
which would reflect an estimated increase of 3.2% to 5.8 % compared
to RMB 945 million for the year ending December 31, 2008. Dr.
Jianhua Yang, Chairman and CEO of Chemspec, commented, "We are
pleased to offer our first outlook as a publicly traded company.
While we have been experiencing a recovery in demand for our
specialty chemicals used in the manufacturing of electronics since
the second quarter of 2009, the global economic environment clearly
remains challenging. Some of our customers in the agrochemical and
pharmaceutical end-markets around the world have been affected by
these difficult times and have experienced a significant slowdown
and/or decline in growth in 2Q09. As a result, they have reduced
their purchase orders for deliveries in 3Q09 in order to adjust the
timing of their planned commercialization of new products as well
as reduced their inventory levels. But we believe we will still be
able to achieve top line sales growth this year because we continue
to be selected as a reliable and preferred source of fluorinated
specialty chemicals by our solid base of long-term blue chip
end-users as a result of our fast and flexible manufacturing
facilities, strong process technologies, experienced management
team and lean cost controls. We are confident that our annual top
line sales growth can continue in year 2010 based on our strong
project pipelines and as the global economy recovers. We look
forward to discussing our second quarter results and forward
outlook on our upcoming conference call." Second Quarter 2009
Conference Call: Management will host a conference call and live
webcast to discuss the second quarter results and forward outlook
at 8:00am Eastern Daylight Time (8:00 pm Beijing time) on Friday,
August 14, 2009. The dial-in details for the live conference call
are as follows: - U.S. Toll Free Number: 1-866-519-4004 -
International Dial-in Number: +65-6735-7955 - Mainland China Toll
Free Number: 10-800-819-0121 - Hong Kong Toll Free Number:
80-093-3053 - U.K. Toll Free Number: 080-8234-6646 Conference ID:
CPC A live and archived webcast of the conference call will be
available on the Investor Relations section of Chemspec's website
at http://www.chemspec.com.cn/ . A telephone replay of the call
will be available after the conclusion of the conference call
through 10:00am Eastern Daylight Time, August 21, 2009. The dial-in
details for the replay are as follows: - U.S. Toll Free Number
+1-866-214-5335 - International Dial-in Number +61-2-8235-5000
Conference ID: 23225390 Safe Harbor Statements This announcement
contains forward-looking statements. These statements constitute
"forward-looking" statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and as defined in the
U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Such statements
involve certain risks and uncertainties that could cause actual
results to differ materially from those in the forward-looking
statements. Further information regarding these and other risks is
included in Chemspec's filings with the U.S. Securities and
Exchange Commission, including its registration statement on Form
F-1, as amended from time to time. Chemspec does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law. About Chemspec Chemspec is a leading
China-based contract manufacturer of highly engineered specialty
chemicals and the largest manufacturer of fluorinated specialty
chemicals in China based on sales. In manufacturing specialty
chemicals, Chemspec also provides process design and process
development services, which enable efficient and rapid production
of specialty chemicals that are incorporated into the products of
Chemspec's end users. Chemspec's customers and end users include
electronics, pharmaceutical and agrochemical companies. For more
information, please visit http://www.chemspec.com.cn/ . For further
information, please contact: Chemspec International Ltd. In
Shanghai Bing Zhu Chief Financial Officer Tel: +86-21-5270-2636
x8053 Email: Christensen In New York Kathy Li Tel: +1-212-618-1978
Email: In Hong Kong Tip Fleming Tel: +852-9212-0684 Email:
DATASOURCE: Chemspec International Ltd. CONTACT: Chemspec
International Ltd. - In Shanghai, Bing Zhu, Chief Financial
Officer, +86-21-5270-2636 x8053, or ; Or Christensen - In New York,
Kathy Li, +1-212-618-1978, or ; or In Hong Kong - Tip Fleming,
+852-9212-0684, or Web site: http://www.chemspec.com.cn/
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