LJ International Raises Fourth Quarter Revenue Guidance, Sees at Least 21% Increase for Q4, 22% Gain for All of 2003
February 11 2004 - 8:15AM
PR Newswire (US)
LJ International Raises Fourth Quarter Revenue Guidance, Sees at
Least 21% Increase for Q4, 22% Gain for All of 2003 Company
Projects $0.04 EPS for Q4 and $0.15 for Year, With $8 Million-Plus
in Cash and No Long-Term Debt HONG KONG and LOS ANGELES, Feb. 11
/PRNewswire-FirstCall/ -- LJ International, Inc., , one of the
fastest-growing fine jewelry companies in the world, today raised
its projected revenue for the fourth quarter of 2003, ending
December 31, as well as the full year. Fourth Quarter Revenues to
Increase at Least 12%-19% Above Original Guidance For the fourth
quarter of 2003, the Company now projects revenue between $16.5
million and $17.5 million. This would be an increase of between 21%
and 29% over the $13.6 million in sales reported for the fourth
quarter of 2002. The latest fourth-quarter projection is 20% to 28%
above the original guidance provided on October 8, 2003. For the
full year 2003, LJI estimates revenue of $56.2 million to $57.2
million, an increase of 22% to 24% over the $46 million recorded
for all of 2002. New customer wins and increased sales to existing
customers have led LJI to repeatedly raise both its fourth quarter
and full-year guidance in recent months. On October 8, 2003, it
raised its full-year revenue projection from $50 million to $53
million. It raised that estimate to at least $54.4 million in
November 13, 2003. The projection announced today thus raises the
full- year guidance by 12% to 19% over the original guidance. LJI
Chairman and CEO Yu Chuan Yih said, 'Our latest revenue estimates,
along with the repeated upward revisions in our guidance, clearly
indicates how LJI is consistently outperforming both its internal
and external expectations. We had planned to return to double-digit
growth in both revenues and earnings in 2003, and we have achieved
that and more. While we have just begun our initial stages of
penetrating fast-growing new markets such as China, we have
expanded significantly in our primary North American market, where
we now sell to the three largest home-shopping networks and to
two-thirds of the 40 largest jewelry chains, along with large
general retailers. The projections we are announcing today make us
confident that we can sustain a minimum of sales and earnings
growth well into the double-digit range through 2004 and beyond.'
Company Updates Earnings Guidance as Well LJI also updated its
guidance for fourth-quarter and full-year 2003 net income and
earnings per share. Net income for the fourth quarter ending
December 31, 2003 is now projected at $300,000 to $400,000, or
approximately $0.04 per diluted share. With the new earnings
estimates, LJI would show an EPS of $0.15 per share for all of
2003, up from a loss of ($0.84) per diluted share -- $0.17 before
write-downs -- for all of 2002. The weighted average number of
shares outstanding was 8,550,000 and 10,500,000 in 2002 and 2003
respectively. The Company also expects to maintain its
balance-sheet strength at approximately the same levels reported at
the end of the third quarter on September 30, 2003. Cash and cash
equivalents are expected to total about $8.6 million, with no
long-term debt. This compares with the $6.17 in cash and cash
equivalents (including $5.51 million in restrictedcash) reported on
September 30, 2003. LJI has continued its aggressive expansion
efforts in the first weeks of 2004. In January, it announced that
it has received initial orders from the largest home shopping
network in Australia, representing its debut in that country.
Earlier in the same month, it announced that it was opening its
first showroom in Hong Kong's jewelry district and that it had
received approval from the Chinese government to expand its
presence in China's jewelry market. The Company is proceeding with
plans to market its 'Lorenzo' brand of upscale jewelry through
franchises and 'eMotion' online-sales kiosks throughout China. To
be added to the Company's investor e-mail or fax lists, please
contact Haris Tajyar at . About LJ International LJ International
Inc., ("LJI") is a publicly-owned company, based in Hong Kong and
the U.S., engaged in designing, branding, marketing and
distributing a full range of fine jewelry. It has built its global
business, currently one of the fastest-growing in the jewelry
industry, on a vertical integration strategy and an unwavering
commitment to quality and service. LJI distributes to fine
jewelers, department stores, national jewelry chains and electronic
and specialty retailers throughout North America and Western
Europe, with a growing retail presence in China through stores and
e-shopping sites. Its product lines incorporate all major
categories sought by major retailers, including earrings,
necklaces, pendants, rings and bracelets. For more information on
LJI, please visit the Company's Web site at http://www.ljintl.com/
. Forward looking statement: Except for the historical information,
the matters discussed in this news release may contain
forward-looking statements, including, but not limited to, factors
relating to future sales. These forward-looking statements may
involve a number of risks and uncertainties. Actual results may
vary significantly based on a number of factors, including, but not
limited to, uncertainties in product demand, the impact of
competitive products and pricing, changing economic conditions
around the world, release and sales of new products and other risk
factors detailed in the company's most recent annual report and
other filings with the Securities and Exchange Commission. For more
information, please contact: Betty Ho, Vice President, Corporate
Development of LJI Tel: +852-2170-0001 Email: Haris Tajyar,
Managing Partner at INVESTOR RELATIONS INTL, Tel: +1-818-382-9702
Email: DATASOURCE: LJ International Inc. CONTACT: Betty Ho, Vice
President, Corporate Development of LJI, +852-2170-0001, or ; Haris
Tajyar, Managing Partner at INVESTOR RELATIONS INTL,
+1-818-382-9702, or Web Site: http://www.ljintl.com/
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