Key Developments For Fuqi International, Inc.
Fuqi International, Inc. (FUQI.O) (Consolidated Issue listed on NASDAQ Global Market)
Fuqi International, Inc. Raises Q4, FY 2009 Outlook
Fuqi International, Inc. raised its fiscal 2009 outlook and expects revenue of approximately $519.4-$528.4 million. These estimates include both wholesale and retail revenues and exclude the impact from any potential acquisitions and net income of approximately $53.5-$54.9 million, or diluted earnings per share (EPS) of $2.21-$2.27. For fourth quarter of 2009, it expects total revenue between approximately $182.0-$191.0 million, which includes wholesale and retail revenues and net income to be in the range of $15.2-$16.6 million, or $0.55-$0.60 per diluted share. According to Reuters Estimates, analysts were expecting the Company to report revenues of $184.6 million, net profit of $16.3 million and EPS of $0.59 for fourth quarter of 2009 and revenues of $525.4 million, net profit of $47.2 million and EPS of $1.94 for fiscal 2009.
Fuqi International, Inc. Issues Q3 2009 Guidance Above Analysts' Estimates; Issues Q4 2009 Guidance; Revenue, Net Income Guidance Above Analysts' Estimates; Raises FY 2009 Guidance
Fuqi International, Inc. announced that for third quarter of 2009, it expects total revenue between approximately $121.5-$131.3 million which includes wholesale and retail revenues, net income to be in the range of $10.1-$11.1 million, or $0.40-$0.44 per diluted share. For fourth quarter of 2009, the Company anticipates total revenue between approximately $177.5-$185.5 million which includes wholesale and retail revenues, net income to be in the range of $14.4-$16.2 million, or $0.52-$0.59 per diluted share. For fiscal 2009, the Company expects revenue of approximately $509.2-$527.0 million. These estimates include both wholesale and retail revenues and exclude the impact from any potential acquisitions. The Company also anticipates net income of approximately $44.0-$46.8 million, or diluted EPS of $1.83-$1.94. According to Reuters Estimates, analysts were expecting the Company to report revenues of $119.7 million, net income of $8.40 million and EPS of $0.37 for third quarter of 2009; revenues of $156.13 million, net income of $11.39 million and EPS of $0.53 for fourth quarter of 2009; revenues of $477.97 million, net income of $36.13 million and EPS of $1.67 for fiscal 2009.
Fuqi International, Inc. Announces Full Exercise Of Over-Allotment Option
Fuqi International, Inc. announced that the underwriters of the Company's recently announced public offering have elected to exercise their option to purchase an additional 726,395 shares of the Company's common stock to cover over-allotments. In total, including the over-allotment shares, the Company will have sold 5,581,395 shares of the Company's common stock at $21.50 per share. After underwriting discounts and commissions and estimated offering expenses, the Company will receive net proceeds of approximately US$112 million, which includes approximately $14.8 million in net proceeds from the exercise of the over-allotment option. The offering is scheduled to close on August 5, 2009. William Blair &Company acted as the sole bookrunner, Oppenheimer & Co. as lead manager and Cowen and Company as co-manager.
Fuqi International, Inc. Announces Pricing of Public Follow-On Offering of Common Stock
Fuqi International, Inc. announced the pricing of an underwritten public offering of common stock. The Company agreed to sell a total of 4,855,000 shares at $21.50 per share (excluding of 726,395 shares that the underwriters may purchase pursuant to a 30-day option to cover over-allotments, if any). All shares are being offered by Fuqi International. The net proceeds to the Company after deducting underwriting discounts and commissions and estimated offering expenses, excluding any exercise of the underwriter's overallotment option, are expected to be approximately $97.5 million. The Company intends to use the net proceeds from the offering for general corporate purposes, including expansion of its retail business, capital expenditures, working capital and possible acquisitions and investments in complementary business and product lines. William Blair & Company is acting as the sole bookrunner.
Fuqi International, Inc. Announces Proposed Public Offering of Common Stock
Fuqi International, Inc. announced that it has filed a preliminary prospectus supplement to its shelf registration statement with the Securities and Exchange Commission relating to a proposed underwritten public offering of 4.5 million shares of its common stock. The Company will also grant a 30-day option to the underwriters for the purchase of up to an additional 675,000 shares of common stock to cover over-allotments. All of the shares are being sold by Fuqi International. William Blair & Company is acting as the sole bookrunner and lead manager.
