NEW YORK, Dec. 16, 2011 /PRNewswire/ -- Deer Consumer
Products, Inc. (Nasdaq: DEER) (website: http://www.deerinc.com/), a
leading provider of "DEER" branded household consumer products to
Chinese consumers and a vertically integrated manufacturer of small
household and kitchen appliances for global customers, announced
today that it has received calls from concerned shareholders
regarding the sudden drop in the price of its common stock during
the last 30 minutes of trading before market close on December 15, 2011.
Deer believes yesterday's events relate to and it is aware of
the spreading of false market rumors by a distressed online blogger
with a recent history of falsifying facts and records against
public companies in which he and his network of relationships had
short interests. Deer will not hesitate to take immediate action
against individuals involved in the manipulation of Deer's share
price and hurting the general public in a classic "short and
distort" scheme.
Deer affirms that it is conducting its normal course of business
and is not aware of any negative developments within the company or
in its operations.
Deer remains on schedule to pay a quarterly cash dividend of
$0.05 per share to shareholders of
record at the close of business on December
31, 2011. Deer has announced a total cash dividend payment
of $0.20 per share for the year
2011.
Deer reported a solid balance sheet for the third quarter ended
September 30, 2011, as follows:
$5.12 PER SHARE IN NET ASSETS,
STRONG BALANCE SHEET, NO LONG-TERM DEBTS
As of Q3/2011, Deer's shareholders' equity increased to
approximately $172 million, or
$5.12 per share in net assets. Deer
had more than $26 million in cash and
cash equivalents at the end of the third quarter without any
long-term debts. Deer has sufficient cash on hand to meet its
liquidity requirements and has no plan to dilute its
shareholders.
AFFIRMS 2011 FINANCIAL GUIDANCE
In 2011, Deer anticipates revenues from the high margin
China domestic sales to surpass
export sales. Deer provides 2011 revenue guidance of between
$200 and $220 million, net income
guidance of between $35 million and $37
million, and targets EPS (Earnings per Share) between
$1.08 and $1.12.
About Deer Consumer Products, Inc.
Deer Consumer Products, Inc. is a NASDAQ Global Select Market
listed U.S. company with its primary operations in China. Deer has a 17-year operating business
as well as a strong balance sheet. Operated by Deer's founders and
supported by more than 100 patents, trademarks, copyrights and
approximately 2,000 staff, Deer is a leading provider of "DEER"
branded consumer products to Chinese consumers and a leading
vertically integrated manufacturer of small home and kitchen
appliances for global customers. Deer's product lines include
series of small household and kitchen appliances as well as
personal care products designed to make modern lifestyles easier
and healthier.
Safe Harbor Statement
All statements in this press release that are not historical are
forward-looking statements made pursuant to the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
There can be no assurance that actual results will not differ from
the company's expectations. You are cautioned not to place undue
reliance on any forward-looking statements in this press release as
they reflect Deer's current expectations with respect to future
events and are subject to risks and uncertainties that may cause
actual results to differ materially from those contemplated.
Potential risks and uncertainties include, but are not limited to,
the risks described in Deer's filings with the Securities and
Exchange Commission.
Corporate Contact:
Helen Wang, President
Deer Consumer Products, Inc.
Tel: 011-86-755-86028300
Email: investors@deerinc.com
SOURCE Deer Consumer Products, Inc.
