Lihua International Reports Third Quarter EPS of $.33

Lihua International, Inc. LIWA today announced financial results for the third quarter ended September 30, 2010.

Third Quarter 2010 Financial Highlights

• Sales increased 135% year-over-year to $96.3 million.
• Gross profit increased 55% year-over-year to $15.1 million.
• Net income increased to $9.9 million, or $0.33 per diluted share, compared with a net loss of $(1.3) million, or $(0.08) per diluted share in the third quarter of 2009.
• Non-GAAP net income(1) was $10.0 million, a 49% increase, compared with $6.7 million in the third quarter of 2009. Non-GAAP net income excludes charges related to the change in fair value of warrants of $0.1 million and $8.0 million for the third quarter of 2010 and 2009, respectively.
• EBITDA increased 65% year-over-year to $14.2 million.(2)
• Strong balance sheet with $93.0 million in cash and cash equivalents, or $3.10 per diluted share, as of September 30, 2010, compared with $87.6 million as of June 30, 2010.
• Cash flow from operations of $8.8 million, compared with $3.3 million in the third quarter of 2009.