Guanwei Recycling Corp
BRIEF: For the nine months ended 30 September 2012, Guanwei Recycling Corp. revenues increased 13% to $52.8M. Net income decreased 7% to $8.9M. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Net income was offset by Exchange gain, net decrease from $199K (income) to $122K (expense), Interest income decrease of 39% to $43K (income), Other decrease of 77% to $2K (income).
Common Stock $.001 Par, 03/11, 500M auth., 20,000,006 issd. Insiders own 60%. 6/08, Company effected a 5-for-1 forward stock split. 10/08, Company effected a 20-for-1 reverse stock split. 11/09, 3.5-for-1 stock split. 04/10, Company changed stock exchange from OTC to NASDAQ. 12/12, 1-for-2 reverse stock split.
Guanwei Recycling Corp. is engaged in the manufacture and distribution of low density polyethylene (LDPE) and other recycled plastics products, using imported raw material in the form of plastic waste. The Company’s products are sold to customers in a range of industries, including shoe manufacturing, architecture and engineering products, industrial equipment and supplies, and chemical and petrochemical manufacturing. It procures raw material in the form of unrecycled plastic waste from its suppliers and uses this material to manufacture recycled plastic grains, which are then sold to manufacturers of consumer products in various industries. Its LDPE products are used in the manufacturing of chemical and functional fibers, and are the main raw material for shoe soles, insulation material, fire-proofing and water-proofing material, and foam. The Company’s wholly owned subsidiaries include Hongkong Chenxin International Development Limited and Fuqing Guanwei Plastic Industry Co. Ltd.