Key Developments For Fushi Copperweld, Inc.
Fushi Copperweld, Inc. (FSIN.O) (Nasdaq)
Fushi Copperweld, Inc. Appoints Joseph Longever As Co-Chief Executive Officer
Fushi Copperweld, Inc. announced the appointment of Joseph J. Longever as co-Chief Executive Officer (CEO), effective November 23, 2009. The position of co-CEO of the Company was approved by a unanimous vote of the Board of Directors, reflecting the Company's growth and its numerous opportunities for continued expansion throughout the world. Mr. Longever was previously Executive Vice President and Chief Commercial Officer of the Company and will serve alongside Fushi Copperweld's current CEO, Li Fu. Mr. Fu's role at the Company and his position as Chairman of the Board will remain unchanged as result of Mr. Longever's appointment.
Fushi Copperweld, Inc. Issues Q4 2009 EPS Outlook Below Analysts' Estimates
Fushi Copperweld, Inc. announced that fourth quarter of 2009, it expects adjusted fully diluted earnings per share before the impact of non-cash expense related to stock- based compensation between $0.26-$0.30. According to Reuters Estimates, analysts were expecting the Company to report EPS of $0.33 for the same period.
Fushi Copperweld, Inc. Appoints Linda Zhang As Chief Financial Officer
Fushi Copperweld, Inc. announced that Mrs. Beihong Linda Zhang will succeed Wenbing Christopher Wang, Director, President, and Chief Financial Officer (CFO), as Executive Vice President and CFO, effective immediately. Mr. Wang, who served as the Company's CFO, will continue to serve as the Company's President and a member of the Board of Directors.
Fushi Copperweld, Inc. Issues Q3 2009 EPS Guidance In Line With Analysts' Estimates; Comments On H2 2009 Earnings Guidance
Fushi Copperweld, Inc. announced that for third quarter of 2009, it expects adjusted fully diluted earnings per share before the impact of non-cash expense related to stock-based compensation and change in fair value of derivative liability related to conversion option and warrants between $0.26 and $0.30. This expectation is based on an effective tax rate at the consolidated level of 14%. The Company expects profitability to improve sequentially throughout the second half of 2009 due to continued growth in demand for CCA-based telecom products, utility applications, increased profitability at the Fayetteville facility as a result of cost saving initiatives, and increased revenue from China's 3G infrastructure investments and orders relating to the $585 billion stimulus package. The Company reported EPS of $0.12 in first quarter of 2009; EPS of $0.25 for second quarter of 2009. According to Reuters Estimates, analysts were expecting the Company to report EPS of $0.28 for third quarter of 2009; EPS of $0.32 for fourth quarter of 2009.
Fushi Copperweld, Inc. Files Shelf Registration
Fushi Copperweld, Inc. announced that it has filed a shelf registration statement on Form S-3 with the U.S. Securities and Exchange Commission (the "SEC"), on July 6, 2009. The shelf registration statement, when declared effective by the SEC, would allow the Company to offer and sell, from time to time, in one or more offerings, any combination of common stock, preferred stock, warrants, debt securities, or units (collectively, the Securities) having an offering price not exceeding $100 million, in the aggregate, with the size, price and terms to be determined at the time of each sale. Such sales may be made to or through underwriters, directly to investors or through agents. The shelf registration statement is intended, when it is declared effective, to provide the Company with the flexibility to raise additional capital in the future from the offering of the Securities, subject to market conditions and the Company's capital needs. The shelf registration statement also includes a separate prospectus for the resale of up to 2,600,000 shares owned by the selling stockholders named therein. Fushi will not receive proceeds from the sales of securities under the resale prospectus.
