First Quarter 2009 Highlights
-- Net revenues were $195.5 million, an increase of 49.0% from the first
quarter of 2008
-- Gross profit was $52.5 million, an increase of 63.9% from the first
quarter of 2008
-- Gross margin was 26.8%, compared to 24.4% in the first quarter of 2008
-- Income from operations was $30.1 million, an increase of 20.1% from the
first quarter of 2008
-- Net income was $21.4 million, an increase of 35.0% from the first
quarter of 2008
-- Basic and diluted earnings per American Depository Share ("ADS," each
ADS represents two ordinary shares) were both $0.21 for the first
quarter of 2009, compared to $0.15 for both in the first quarter of
2008
-- Won several supply contracts in February 2009 to supply a total of
142,777 tonnes of OCTG products to Chinese oil and gas companies
-- Declared an ordinary cash dividend in the amount of US$0.15 per
ordinary share, or US$0.30 per ADS, and an one-time special cash
dividend in the amount of US$0.225 per ordinary share, or US$0.45 per
ADS