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Look at today's announcement:
Longwei Petroleum Announces Record Revenue and Earnings for Fiscal 2009 Year-End
Longwei Petroleum Investment Holding Ltd. (OTC Bulletin Board: LPIH - News), announced today its financial results for the full year fiscal 2009 ended June 30, 2009.
Chairman and CEO, Mr. Cai Yongjun, stated: "I am very pleased with our financial results for fiscal 2009. Our fuel distribution business continues to grow at a rapid pace. The rapid industrial growth in the Shanxi province of China where we operate combined with the expansion of our storage capacity from 50,000 metric tons to 120,000 metric tons will make us the largest non-government owned fuel distributor in our province. I am very bullish on our future and believe that we will deliver double-digit revenue and earnings growth in fiscal 2010 and beyond."
The Company reported revenue of $196,811,000 for the fiscal year ended June 30, 2009, up 37% from $143,788,000 in fiscal year 2008. Net income (excluding one time non-cash items) grew 28% year-over-year to $26,549,000 or $0.35 EPS, up from $0.28 EPS in the prior-year period. EBITDA in fiscal 2009 was $31,575,000, up from $30,781,000 from the same period last year. Net income grew 5% to $21,777,000 or $0.28 EPS compared to $20,715,000 or $0.28 EPS in fiscal 2008. Though gross margins decreased from 26% to 20% year-over-year due to costs associated with the buying and selling of its fuel inventory, net margins remained strong at 11% or 13% (excluding one-time non cash items).
Additionally, shareholders equity increased 30% year-over-year from $88,541,000 to $114,923,000. Book value increased 24% from $1.21 per share to $1.50 per share.
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