China Linen Textile Industry. Ltd., a China-based company engaged in the production and sale of linen yarn and various types of linen fabric, on 11 March revised certain guidance for the full fiscal year ending December 31, 2010. Guidance for the full fiscal year 2010 was previously disclosed on February 23, 2010 during a virtual presentation through RedChip Companies, Inc., its investor relations firm.
The presentation included 2010 guidance for the Company's estimated revenue, gross profit, net income and fully diluted earnings per share in the amounts of $38.1 million, $12.7 million, $9.3 million and $0.46, respectively. The Company has reassessed the assumptions that underlie its fully diluted earnings per share guidance for 2010, and is withdrawing its projection of fully diluted earnings per share of $0.46 for 2010. The Company has determined that its estimated fully diluted earnings per share for 2010 is $0.39 per share.
James Shaofeng Qi, Chief Financial Officer of China Linen, stated that the Company has maintained high growth in the past five years, achieving a compound annual growth rate of 39 percent in revenue, 45 percent in gross profit and 42 percent in net income. A Double-digit growth is expected in 2010.
China Linen plans to expand its operations across the industrial value chain, to upstream and downstream, particularly in dyeing, yarn-dyed finishing and home textile areas so as to increase profitability and reinforce risk control capacity.
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