Harbin Electric continues to deliver. Earnings are out and they look good. I expect the stock to hit high teens in less than 6 months. (it already gained over 60% from original DD at $8.10)
4Q06 Revenues Increase 66.9% to $12.0 Million
Fiscal 2006 Revenues Increase 70.9% to $40.4 million
http://biz.yahoo.com/prnews/070308/cnw007x.html?.v=1
Net Income for 2006 increased to $18.4 million, or $1.01 per diluted share, compared to $10.0 million, or $0.67 per diluted share, for 2005. This increase was driven mainly by increased operating income and the non cash gain of $6.4 million, or $0.35 per diluted share, included for the change in fair value of warrants.Our total fully diluted share count at the end of 2006 was 18,306,569 compared to 15,143,891 at the end of 2005. The increase was driven by warrants granted to investors and options granted to employees during 2006.
Highlights for the Fiscal Year 2006 include:
- Entering into a joint research and development agreementwith the Institute of Electrical Engineering of the ChineseAcademy of Sciences ("IEECAS") to produce a train andsystem to be tested at the Beijing Airport railway line inthe People's Republic of China by the end of 2008;
- Closing of a US$50.0 million debt financing with CitadelEquity Fund Ltd. and Merrill Lynch International;
- Strengthening of our Board of Directors by adding 3 newindependent board members;
- Commenced construction of new manufacturing facility in theShanghai Zhuqiao Airport Industrial Zone focused onautomobile market.
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