Fuqi Intl (PINK:FUQI)

The Company anticipates total revenue for the 2009 fourth quarter to be approximately $175-$180 million, compared to its original fourth quarter 2009 forecast of $182.0-$191.0 million. Consolidated gross margin is expected to be in the 9%-10% range and diluted earnings per share is expected to be in the range of $0.24 to $0.28 per share compared to original diluted per share estimates of $0.55-$0.60.

Mr. Yu Kwai Chong, Chairman and CEO of FUQI International commented, "We estimate slightly lower sales in the fourth quarter as some of our customers delayed orders to coincide more closely with the Chinese New Year holiday which occurred in mid-February. We also estimate that our gross margin was impacted by a higher product mix of lower margin wholesale products such as commemorative Chinese New Year gold bars which we estimate resulted in wholesale gross margin performance below our historic range. Fulfilling such orders can increase our market share and enhance brand awareness with new and existing customers, both of which are important for the long-term development of our wholesale business."

Source: PR Newswire (March 16, 2010)