Excerpt from the Earning transcript:
Management Quotes- "Revenue for the first quarter ended March 31, 2013 was $14.6 million down 35% from $22.3 million in the same period a year ago. Sales of coated pre-stressed steel materials including a various coated products were $12.9 million, down 30% from the first quarter of 2012.
Coated pre-stressed materials accounted for approximately $0.88 of total sales for the three months ended March 31, 2013. The primary reason for the year-over-year decline in revenues were lower demand and the intense price competition.
Gross profit for the first quarter of 2013 was $1.7 million, down 35% compared to $2.6 million in the same period a year ago. Consolidated gross margin was 11.6% essentially unchanged from 11.5% in the first quarter of 2012.
Selling and distribution expenses decreased 52% to $40,000 due to lower sales commissions. G&A expenses were $0.6 million or 46% compared to the first quarter of 2012 as a result of lower public company expenses and a bad debt provision reversal. Operating income was $1.0 million, down 22% from $1.3 million. Net income attributable to Ossen common shareholders was $0.1 million in the first quarter of 2013 down from $0.3 million in the year ago period. "
Management Quotes- "Revenue for the first quarter ended March 31, 2013 was $14.6 million down 35% from $22.3 million in the same period a year ago. Sales of coated pre-stressed steel materials including a various coated products were $12.9 million, down 30% from the first quarter of 2012.
Coated pre-stressed materials accounted for approximately $0.88 of total sales for the three months ended March 31, 2013. The primary reason for the year-over-year decline in revenues were lower demand and the intense price competition.
Gross profit for the first quarter of 2013 was $1.7 million, down 35% compared to $2.6 million in the same period a year ago. Consolidated gross margin was 11.6% essentially unchanged from 11.5% in the first quarter of 2012.
Selling and distribution expenses decreased 52% to $40,000 due to lower sales commissions. G&A expenses were $0.6 million or 46% compared to the first quarter of 2012 as a result of lower public company expenses and a bad debt provision reversal. Operating income was $1.0 million, down 22% from $1.3 million. Net income attributable to Ossen common shareholders was $0.1 million in the first quarter of 2013 down from $0.3 million in the year ago period. "
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