10-Q Filing

FUSHI COPPERWELD, INC. CIK: 710846 Q3 2011

Filing Information

Form Type	10-Q
Accession Number	`0001144204-11-062222`
Period End Date	20110930
Filing Date	20111109
Fiscal Year	2011
Fiscal Period	Q3
XBRL Instance	fsin-20110930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 65 Income Statement 74 Cash Flow Statement 40

Balance Sheet 65 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`	$117.87M	USD	Point-in-time
Cash	`Cash`	$163.62M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	38.20M	shares	Point-in-time
Cash	`Cash`	$123.00M	USD	Point-in-time
Cash	`Cash`	$60.60M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	38.10M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	38.10M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts	`AccountsReceivableNetCurrent`	$73.91M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts	`AccountsReceivableNetCurrent`	$65.77M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	38.20M	shares	Point-in-time
Inventories	`InventoryNet`	$16.14M	USD	Point-in-time
Inventories	`InventoryNet`	$18.90M	USD	Point-in-time
Advances to suppliers	`AdvancesOnInventoryPurchases`	$8.59M	USD	Point-in-time
Advances to suppliers	`AdvancesOnInventoryPurchases`	$15.02M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.04M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$743.21K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$220.68M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$266.07M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$124.18M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$119.06M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$577.59K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$468.52K	USD	Point-in-time
Land use rights, net	`LandRights`	$13.09M	USD	Point-in-time
Land use rights, net	`LandRights`	$13.25M	USD	Point-in-time
Deposits for land use rights	`DepositsAssetsNoncurrent`	$9.62M	USD	Point-in-time
Deposits for land use rights	`DepositsAssetsNoncurrent`	$9.96M	USD	Point-in-time
Goodwill	`Goodwill`	$1.79M	USD	Point-in-time
Goodwill	`Goodwill`	$1.67M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$518.48K	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$443.40K	USD	Point-in-time
Total assets	`Assets`	$411.11M	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`	$5.36M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedExpensesAndOtherCurrentLiabilities`	$14.13M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedExpensesAndOtherCurrentLiabilities`	$15.54M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$19.43M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$20.14M	USD	Point-in-time
Long-term bank loan	`LongTermLoansFromBank`	$5.20M	USD	Point-in-time
Long-term bank loan	`LongTermLoansFromBank`	$5.69M	USD	Point-in-time
Deferred income tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$669.54K	USD	Point-in-time
Deferred income tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$673.47K	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$65.06K	USD	Point-in-time
Total liabilities	`Liabilities`	$26.01M	USD	Point-in-time
Total liabilities	`Liabilities`	$25.86M	USD	Point-in-time
Common stock, $0.006 par value, 100,000,000 shares authorized; 38,204,138 and 38,099,138 shares issued and outstanding as of September 30, 2011 and December 31, 2010, respectively	`CommonStockValue`	$228.60K	USD	Point-in-time
Common stock, $0.006 par value, 100,000,000 shares authorized; 38,204,138 and 38,099,138 shares issued and outstanding as of September 30, 2011 and December 31, 2010, respectively	`CommonStockValue`	$229.23K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$169.03M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$167.60M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$166.87M	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`	$48.97M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$385.10M	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`	$370.26M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$411.11M	USD	Point-in-time

Income Statement 74 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$195.06M	USD	3 Qtrs
Revenues	`Revenues`	$219.16M	USD	3 Qtrs
Revenues	`Revenues`	$66.51M	USD	1 Quarter
Revenues	`Revenues`	$74.28M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$137.99M	USD	3 Qtrs
Cost of revenues	`CostOfRevenue`	$46.84M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$54.35M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$161.05M	USD	3 Qtrs
Gross profit	`GrossProfit`	$58.11M	USD	3 Qtrs
Gross profit	`GrossProfit`	$57.08M	USD	3 Qtrs
Gross profit	`GrossProfit`	$19.93M	USD	1 Quarter
Gross profit	`GrossProfit`	$19.66M	USD	1 Quarter
Selling expenses	`SellingExpense`	$1.46M	USD	1 Quarter
Selling expenses	`SellingExpense`	$1.13M	USD	1 Quarter
Selling expenses	`SellingExpense`	$4.07M	USD	3 Qtrs
Selling expenses	`SellingExpense`	$3.52M	USD	3 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$10.92M	USD	3 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$3.12M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$15.04M	USD	3 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$5.06M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$6.19M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$18.55M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$15.00M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$4.57M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$42.08M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$13.74M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$39.56M	USD	3 Qtrs
Income from operations	`OperatingIncomeLoss`	$15.09M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$200.29K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$590.24K	USD	3 Qtrs
Interest income	`InvestmentIncomeInterest`	$663.78K	USD	3 Qtrs
Interest income	`InvestmentIncomeInterest`	$222.85K	USD	1 Quarter
Interest expense	`InterestExpense`	$697.37K	USD	3 Qtrs
Interest expense	`InterestExpense`	$116.38K	USD	1 Quarter
Interest expense	`InterestExpense`	$340.28K	USD	3 Qtrs
Interest expense	`InterestExpense`	$120.18K	USD	1 Quarter
Gain on cross-currency interest swap derivative	`GainLossOnForeignCurrencyFairValueHedgeDerivatives`	$128.86K	USD	3 Qtrs
Loss on extinguishment of HY notes	`GainsLossesOnExtinguishmentOfDebt`	$-2.40M	USD	3 Qtrs
Other expense, net	`OtherNonoperatingIncomeExpense`	$-757.41K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-1.68M	USD	3 Qtrs
Other expense, net	`OtherNonoperatingIncomeExpense`	$-194.44K	USD	3 Qtrs
Other expense, net	`OtherNonoperatingIncomeExpense`	$-176.00K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-650.93K	USD	1 Quarter
Total other expense, net	`NonoperatingIncomeExpense`	$-2.57M	USD	3 Qtrs
Total other expense, net	`NonoperatingIncomeExpense`	$-1.35M	USD	3 Qtrs
Total other expense, net	`NonoperatingIncomeExpense`	$-95.88K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$13.09M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$39.51M	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$14.99M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$38.20M	USD	3 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$4.14M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$2.07M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$11.79M	USD	3 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$5.20M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$26.41M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$8.95M	USD	1 Quarter
Net income	`NetIncomeLoss`	$12.92M	USD	1 Quarter
Net income	`NetIncomeLoss`	$34.31M	USD	3 Qtrs
Foreign currency translation adjustment, net of nil income taxes	`ForeignCurrencyTransactionGainLossBeforeTax`	$4.43M	USD	1 Quarter
Foreign currency translation adjustment, net of nil income taxes	`ForeignCurrencyTransactionGainLossBeforeTax`	$6.20M	USD	3 Qtrs
Foreign currency translation adjustment, net of nil income taxes	`ForeignCurrencyTransactionGainLossBeforeTax`	$12.85M	USD	3 Qtrs
Foreign currency translation adjustment, net of nil income taxes	`ForeignCurrencyTransactionGainLossBeforeTax`	$5.32M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$39.26M	USD	3 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$14.27M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$40.51M	USD	3 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$17.36M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.34	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.94	USD	3 Qtrs
Basic	`EarningsPerShareBasic`	$0.23	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.69	USD	3 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.69	USD	3 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.23	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.34	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.93	USD	3 Qtrs

Cash Flow Statement 40 line items

Line Item	Tag	Value	Unit	Period
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$40.68M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$23.22M	USD	3 Qtrs
Payment for acquisitions of Jinchuan and Hongtai	`PaymentsToAcquireBusinessesGross`	$6.38M	USD	3 Qtrs
Cash acquired from acquisitions of Jinchuan and Hongtai	`CashAcquiredFromAcquisition`	$901.44K	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.16M	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.87M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.16M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.34M	USD	3 Qtrs
Proceeds from interest-free loans provided by Mr. Li Fu	`ProceedsFromRelatedPartyDebt`	$15.00M	USD	3 Qtrs
Payment for acquisition of Jinchuan	`ProceedsFromPaymentsForOtherFinancingActivities`	$-4.82M	USD	3 Qtrs
Repayment of revolving line of credit	`RepaymentsOfLinesOfCredit`	$4.03M	USD	3 Qtrs
Proceeds from long-term bank loans	`ProceedsFromIssuanceOfLongTermDebt`	$6.50M	USD	3 Qtrs
Repayment of long-term bank loans	`RepaymentsOfLongTermDebt`	$487.50K	USD	3 Qtrs
Repayment of notes payable	`RepaymentsOfNotesPayable`	$35.60M	USD	3 Qtrs
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$59.80M	USD	3 Qtrs
Proceeds from exercise of warrants and stock options	`ProceedsFromStockOptionAndWarrantExcercises`	$1.21M	USD	3 Qtrs
Proceeds from exercise of warrants and stock options	`ProceedsFromStockOptionAndWarrantExcercises`	$628.50K	USD	3 Qtrs
Transaction costs paid in connection with issuance of common stock	`PaymentsOfStockIssuanceCosts`	$3.44M	USD	3 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.68M	USD	3 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$39.44M	USD	3 Qtrs
Effect of foreign currency exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$5.79M	USD	3 Qtrs
Effect of foreign currency exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$1.96M	USD	3 Qtrs
Net increase in cash	`CashPeriodIncreaseDecrease`	$57.27M	USD	3 Qtrs
Net increase in cash	`CashPeriodIncreaseDecrease`	$40.62M	USD	3 Qtrs
Cash at beginning of period	`Cash`	$117.87M	USD	Point-in-time
Cash at beginning of period	`Cash`	$163.62M	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 end of period	`Cash`	$117.87M	USD	Point-in-time
Cash at end of period	`Cash`	$163.62M	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
Interest paid	`InterestPaidNet`	$1.43M	USD	3 Qtrs
Interest paid	`InterestPaidNet`	$340.28K	USD	3 Qtrs
Income taxes paid	`IncomeTaxesPaid`	$6.16M	USD	3 Qtrs
Income taxes paid	`IncomeTaxesPaid`	$7.67M	USD	3 Qtrs
Accrual for the acquisition of Jinchuan	`AccrualsRelatedToAcquisitions`	$4.82M	USD	3 Qtrs
Issuance of common stock in connection with the acquisition of Hongtai	`StockIssued1`	$2.60M	USD	3 Qtrs
Payable for purchase of property and equipment	`CapitalExpendituresIncurredButNotYetPaid`	$314.29K	USD	3 Qtrs
Payable for purchase of property and equipment	`CapitalExpendituresIncurredButNotYetPaid`	$554.54K	USD	3 Qtrs

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