Lihua International Raises Guidance; Sees 2011 Non-GAAP Net Income of $53M to $55M

Lihua International, Inc. LIWA has raised its 2011 gross profit guidance to be between $81.0 million and $83.0 million, and non-GAAP net income guidance to be between $53.0 million and $55.0 million, representing year-over-year growth of 30.4-33.7% and 32.2-37.2% respectively. The Company also provided an update on its previously announced $15 million share buyback program. Under this program, Lihua has purchased over 264,000 shares, or over $2 million of common stock, in the open market as of June 21 2011. Lihua plans to continue making purchases under this program as regulations and market conditions allow.