10-Q Filing

FUSHI COPPERWELD, INC. CIK: 710846 Q2 2011

Filing Information

Form Type	10-Q
Accession Number	`0001144204-11-044683`
Period End Date	20110630
Filing Date	20110809
Fiscal Year	2011
Fiscal Period	Q2
XBRL Instance	fsin-20110630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 74 Cash Flow Statement 36

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Cash	`Cash`	$141.88M	USD	Point-in-time
Cash	`Cash`	$123.00M	USD	Point-in-time
Cash	`Cash`	$60.60M	USD	Point-in-time
Cash	`Cash`	$73.79M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	38.10M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	38.20M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts	`AccountsReceivableNetCurrent`	$65.77M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts	`AccountsReceivableNetCurrent`	$75.19M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	38.10M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	38.20M	shares	Point-in-time
Inventories	`InventoryNet`	$16.14M	USD	Point-in-time
Inventories	`InventoryNet`	$20.64M	USD	Point-in-time
Advances to suppliers	`AdvancesOnInventoryPurchases`	$15.02M	USD	Point-in-time
Advances to suppliers	`AdvancesOnInventoryPurchases`	$10.37M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$743.21K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$806.12K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$220.68M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$248.89M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$120.42M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$124.18M	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$504.49K	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$577.59K	USD	Point-in-time
Land use rights	`LandRights`	$13.09M	USD	Point-in-time
Land use rights	`LandRights`	$13.17M	USD	Point-in-time
Deposits for land use rights	`DepositsAssetsNoncurrent`	$9.62M	USD	Point-in-time
Deposits for land use rights	`DepositsAssetsNoncurrent`	$9.83M	USD	Point-in-time
Goodwill	`Goodwill`	$1.67M	USD	Point-in-time
Goodwill	`Goodwill`	$1.76M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$443.40K	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$573.48K	USD	Point-in-time
Total assets	`Assets`	$395.15M	USD	Point-in-time
Total assets	`Assets`	$370.26M	USD	Point-in-time
Current portion of long-term bank loan	`LongTermDebtCurrent`	$650.00K	USD	Point-in-time
Current portion of long-term bank loan	`LongTermDebtCurrent`	$650.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.24M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.39M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedExpensesAndOtherCurrentLiabilities`	$15.54M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedExpensesAndOtherCurrentLiabilities`	$13.51M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$18.55M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$19.43M	USD	Point-in-time
Long-term bank loan	`LongTermLoansFromBank`	$5.36M	USD	Point-in-time
Long-term bank loan	`LongTermLoansFromBank`	$5.69M	USD	Point-in-time
Deferred income tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$673.91K	USD	Point-in-time
Deferred income tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$669.54K	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$65.06K	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$16.64K	USD	Point-in-time
Total liabilities	`Liabilities`	$25.86M	USD	Point-in-time
Total liabilities	`Liabilities`	$24.60M	USD	Point-in-time
Common stock, $0.006 par value, 100,000,000 shares authorized; 38,203,638 and 38,099,138 shares issued and outstanding as of June 30, 2011 and December 31, 2010, respectively	`CommonStockValue`	$229.22K	USD	Point-in-time
Common stock, $0.006 par value, 100,000,000 shares authorized; 38,203,638 and 38,099,138 shares issued and outstanding as of June 30, 2011 and December 31, 2010, respectively	`CommonStockValue`	$228.60K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$168.75M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$167.60M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$157.92M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$140.46M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$36.11M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$43.64M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$370.55M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$344.40M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$395.15M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$370.26M	USD	Point-in-time

Income Statement 74 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$144.88M	USD	2 Qtrs
Revenues	`Revenues`	$128.56M	USD	2 Qtrs
Revenues	`Revenues`	$69.01M	USD	1 Quarter
Revenues	`Revenues`	$78.95M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$49.42M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$57.92M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$91.14M	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$106.69M	USD	2 Qtrs
Gross profit	`GrossProfit`	$37.41M	USD	2 Qtrs
Gross profit	`GrossProfit`	$21.04M	USD	1 Quarter
Gross profit	`GrossProfit`	$19.59M	USD	1 Quarter
Gross profit	`GrossProfit`	$38.19M	USD	2 Qtrs
Selling expenses	`SellingExpense`	$2.39M	USD	2 Qtrs
Selling expenses	`SellingExpense`	$1.24M	USD	1 Quarter
Selling expenses	`SellingExpense`	$1.37M	USD	1 Quarter
Selling expenses	`SellingExpense`	$2.62M	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$4.08M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$7.81M	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$4.46M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$9.97M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$5.45M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$12.37M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$5.70M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$10.42M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$15.34M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$25.82M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$26.99M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$14.14M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$389.94K	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	$212.07K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$440.93K	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	$197.15K	USD	1 Quarter
Interest expense	`InterestExpense`	$223.90K	USD	2 Qtrs
Interest expense	`InterestExpense`	$68.71K	USD	1 Quarter
Interest expense	`InterestExpense`	$125.81K	USD	1 Quarter
Interest expense	`InterestExpense`	$577.19K	USD	2 Qtrs
Gain on cross-currency interest swap derivative	`GainLossOnForeignCurrencyFairValueHedgeDerivatives`	$128.86K	USD	2 Qtrs
Loss on extinguishment of HY notes	`GainsLossesOnExtinguishmentOfDebt`	$-2.40M	USD	2 Qtrs
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-564.82K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-18.44K	USD	2 Qtrs
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$122.63K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-919.71K	USD	2 Qtrs
Total other income (expense), net	`NonoperatingIncomeExpense`	$-478.56K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$251.07K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-2.47M	USD	2 Qtrs
Total other income (expense), net	`NonoperatingIncomeExpense`	$-702.69K	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$14.39M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$14.86M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$25.12M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$24.51M	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$7.66M	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$4.22M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$3.13M	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$2.07M	USD	1 Quarter
Net income	`NetIncomeLoss`	$12.32M	USD	1 Quarter
Net income	`NetIncomeLoss`	$21.39M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$10.63M	USD	1 Quarter
Net income	`NetIncomeLoss`	$17.46M	USD	2 Qtrs
Foreign currency translation adjustment, net of nil income taxes	`ForeignCurrencyTransactionGainLossBeforeTax`	$1.77M	USD	2 Qtrs
Foreign currency translation adjustment, net of nil income taxes	`ForeignCurrencyTransactionGainLossBeforeTax`	$7.53M	USD	2 Qtrs
Foreign currency translation adjustment, net of nil income taxes	`ForeignCurrencyTransactionGainLossBeforeTax`	$1.89M	USD	1 Quarter
Foreign currency translation adjustment, net of nil income taxes	`ForeignCurrencyTransactionGainLossBeforeTax`	$4.88M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$15.51M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$14.21M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$23.16M	USD	2 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$24.99M	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$0.33	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.28	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.46	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$0.59	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.32	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.45	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.28	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.58	USD	2 Qtrs

Cash Flow Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$20.74M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.09M	USD	2 Qtrs
Payment for acquisitions of Jinchuan and Hongtai	`PaymentsToAcquireBusinessesGross`	$6.38M	USD	2 Qtrs
Cash acquired from acquisitions of Jinchuan and Hongtai	`CashAcquiredFromAcquisition`	$901.44K	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$499.46K	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.71M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.18M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-499.46K	USD	2 Qtrs
Payment for acquisition of Jinchuan	`ProceedsFromPaymentsForOtherFinancingActivities`	$-4.82M	USD	2 Qtrs
Borrowing (repayment) on revolving line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$-4.03M	USD	2 Qtrs
Borrowing (repayment) on revolving line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$20.68K	USD	2 Qtrs
Repayment on bank loans	`RepaymentsOfBankDebt`	$325.00K	USD	2 Qtrs
Repayment of notes payable	`RepaymentsOfNotesPayable`	$35.60M	USD	2 Qtrs
Proceeds from issuance of common stock and warrants	`ProceedsFromIssuanceOrSaleOfEquity`	$59.80M	USD	2 Qtrs
Proceeds from issuance of common stock and warrants	`ProceedsFromIssuanceOrSaleOfEquity`	$628.50K	USD	2 Qtrs
Transaction costs paid in connection with issuance of common stock	`PaymentsOfStockIssuanceCosts`	$3.44M	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$16.73M	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.49M	USD	2 Qtrs
Effect of foreign currency exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$3.13M	USD	2 Qtrs
Effect of foreign currency exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$556.74K	USD	2 Qtrs
Net increase in cash	`CashPeriodIncreaseDecrease`	$13.19M	USD	2 Qtrs
Net increase in cash	`CashPeriodIncreaseDecrease`	$18.88M	USD	2 Qtrs
Cash at beginning of period	`Cash`	$141.88M	USD	Point-in-time
Cash at beginning of period	`Cash`	$123.00M	USD	Point-in-time
Cash at beginning of period	`Cash`	$60.60M	USD	Point-in-time
Cash at beginning of period	`Cash`	$73.79M	USD	Point-in-time
Cash at end of period	`Cash`	$141.88M	USD	Point-in-time
Cash at end of period	`Cash`	$123.00M	USD	Point-in-time
Cash at end of period	`Cash`	$60.60M	USD	Point-in-time
Cash at end of period	`Cash`	$73.79M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$1.40M	USD	2 Qtrs
Interest paid	`InterestPaidNet`	$223.90K	USD	2 Qtrs
Income taxes paid	`IncomeTaxesPaid`	$4.55M	USD	2 Qtrs
Income taxes paid	`IncomeTaxesPaid`	$3.83M	USD	2 Qtrs
Accrual for the acquisition of Jinchuan	`AccrualsRelatedToAcquisitions`	$4.82M	USD	2 Qtrs
Issuance of common stock in connection with the acquisition of Hongtai	`StockIssued1`	$2.60M	USD	2 Qtrs

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.