China Carbon Announces First Quarter 2008 Results; Company Provides Guidance for Second Quarter

Friday May 16, 9:08 am ET

NEW YORK, May 16, 2008 (PRIME NEWSWIRE) -- China Carbon Graphite Group, Inc., 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, announced its financial results for the first quarter ended March 31, 2008.

Q1 2008 Highlights Compared to Q1 2007

-- Net revenues increased 6.61% to $5.73 million
-- Gross profit margin improved to 23.77% from 16.25%
-- Comprehensive income increased 96.7% to $2.50 million
-- Net income increased 48.53% to $1.24 million
-- Diluted earnings per share were $0.09

Q2 2008 Guidance

-- Net revenues are expected to be in the range of $6.90 million to $7.25 million
-- Net income is expected to be in the range of $1.50 million to $1.58 million
-- Diluted earnings per share are expected to be in the range of $0.11 to $0.12

``Historically, Q1 is our softest quarter due to the long Chinese New Year holiday. We expect to achieve continued growth in subsequent quarters. We plan to issue full-year guidance for 2008 before next quarterly report,'' commented Mr. Dengyong Jin, CEO of China Carbon Graphite Group.