10-Q Filing

FUSHI COPPERWELD, INC. CIK: 710846 Q1 2012

Filing Information

Form Type	10-Q
Accession Number	`0001144204-12-027308`
Period End Date	20120331
Filing Date	20120510
Fiscal Year	2012
Fiscal Period	Q1
XBRL Instance	fsin-20120331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 65 Income Statement 34 Cash Flow Statement 30 Comprehensive Income 2

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
Common stock, shares issued	`CommonStockSharesIssued`	38.24M	shares	Point-in-time
Cash	`Cash`	$200.45M	USD	Point-in-time
Cash	`Cash`	$205.38M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	38.29M	shares	Point-in-time
Cash	`Cash`	$123.00M	USD	Point-in-time
Cash	`Cash`	$134.44M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts	`AccountsReceivableNetCurrent`	$63.98M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	38.29M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	38.24M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts	`AccountsReceivableNetCurrent`	$63.84M	USD	Point-in-time
Inventories	`InventoryNet`	$15.05M	USD	Point-in-time
Inventories	`InventoryNet`	$10.70M	USD	Point-in-time
Advances to suppliers	`AdvancesOnInventoryPurchases`	$6.97M	USD	Point-in-time
Advances to suppliers	`AdvancesOnInventoryPurchases`	$6.79M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.49M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.33M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$283.25M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$292.73M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$117.41M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$114.21M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$387.90K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$431.44K	USD	Point-in-time
Land use rights	`LandRights`	$13.21M	USD	Point-in-time
Land use rights	`LandRights`	$13.32M	USD	Point-in-time
Deposits for land use rights	`DepositsAssetsNoncurrent`	$10.08M	USD	Point-in-time
Deposits for land use rights	`DepositsAssetsNoncurrent`	$10.09M	USD	Point-in-time
Goodwill	`Goodwill`	$1.81M	USD	Point-in-time
Goodwill	`Goodwill`	$1.81M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$491.38K	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$459.85K	USD	Point-in-time
Total assets	`Assets`	$432.89M	USD	Point-in-time
Total assets	`Assets`	$426.80M	USD	Point-in-time
Current portion of long-term loan	`LongTermDebtCurrent`	$650.00K	USD	Point-in-time
Current portion of long-term loan	`LongTermDebtCurrent`	$650.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.80M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.60M	USD	Point-in-time
Amounts due to a related party	`DueToRelatedPartiesCurrent`	$2.00M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedExpensesAndOtherCurrentLiabilities`	$17.03M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedExpensesAndOtherCurrentLiabilities`	$15.88M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$23.27M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$22.33M	USD	Point-in-time
Long-term loans	`LongTermLoansFromBank`	$7.54M	USD	Point-in-time
Long-term loans	`LongTermLoansFromBank`	$7.63M	USD	Point-in-time
Deferred income tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$672.94K	USD	Point-in-time
Deferred income tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$663.10K	USD	Point-in-time
Total liabilities	`Liabilities`	$31.48M	USD	Point-in-time
Total liabilities	`Liabilities`	$30.64M	USD	Point-in-time
Common stock, $0.006 par value, 100,000,000 shares authorized; 38,286,054 and 38,240,438 shares issued and outstanding as of March 31, 2012 and December 31, 2011, respectively	`CommonStockValue`	$229.44K	USD	Point-in-time
Common stock, $0.006 par value, 100,000,000 shares authorized; 38,286,054 and 38,240,438 shares issued and outstanding as of March 31, 2012 and December 31, 2011, respectively	`CommonStockValue`	$229.72K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$169.70M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$169.34M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$177.37M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$172.51M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$54.12M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$54.09M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$396.17M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$401.42M	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`	$426.80M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$432.89M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$65.93M	USD	1 Quarter
Revenues	`Revenues`	$62.15M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$45.79M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$48.78M	USD	1 Quarter
Gross profit	`GrossProfit`	$16.36M	USD	1 Quarter
Gross profit	`GrossProfit`	$17.15M	USD	1 Quarter
Selling expenses	`SellingExpense`	$1.15M	USD	1 Quarter
Selling expenses	`SellingExpense`	$1.62M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$5.52M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$6.66M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$6.66M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$8.28M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$8.08M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$10.48M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$236.71K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$228.85K	USD	1 Quarter
Interest expense	`InterestExpense`	$131.19K	USD	1 Quarter
Interest expense	`InterestExpense`	$98.09K	USD	1 Quarter
Foreign currency exchange losses, net	`ForeignCurrencyTransactionGainLossBeforeTax`	$-354.89K	USD	1 Quarter
Foreign currency exchange losses, net	`ForeignCurrencyTransactionGainLossBeforeTax`	$-175.59K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-224.13K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-70.07K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$8.01M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$10.26M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$3.43M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$3.14M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.87M	USD	1 Quarter
Net income	`NetIncomeLoss`	$6.83M	USD	1 Quarter
Foreign currency translation adjustment, net of nil income taxes	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease`	$21.32K	USD	1 Quarter
Foreign currency translation adjustment, net of nil income taxes	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease`	$2.66M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$4.89M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$9.48M	USD	1 Quarter
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$0.18	USD	1 Quarter
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$0.13	USD	1 Quarter

Cash Flow Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$15.01M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$7.12M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$282.49K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$199.05K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-199.05K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-282.49K	USD	1 Quarter
Payment for acquisition of Jinchuan	`ProceedsFromPaymentsForOtherFinancingActivities`	$-4.82M	USD	1 Quarter
Repayment of interest-free loans provided by Mr. Li Fu	`RepaymentsOfRelatedPartyDebt`	$2.00M	USD	1 Quarter
Repayment of long-term bank loans	`RepaymentsOfLongTermDebt`	$162.50K	USD	1 Quarter
Repayment of long-term bank loans	`RepaymentsOfLongTermDebt`	$162.50K	USD	1 Quarter
Proceeds from issuance of common stock and warrants	`ProceedsFromIssuanceOrSaleOfEquity`	$622.27K	USD	1 Quarter
Proceeds from issuance of common stock and warrants	`ProceedsFromIssuanceOrSaleOfEquity`	$185.87K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.36M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.98M	USD	1 Quarter
Effect of foreign currency exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$1.07M	USD	1 Quarter
Effect of foreign currency exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-16.14K	USD	1 Quarter
Net increase in cash	`CashPeriodIncreaseDecrease`	$11.44M	USD	1 Quarter
Net increase in cash	`CashPeriodIncreaseDecrease`	$4.92M	USD	1 Quarter
Cash at beginning of period	`Cash`	$200.45M	USD	Point-in-time
Cash at beginning of period	`Cash`	$205.38M	USD	Point-in-time
Cash at beginning of period	`Cash`	$123.00M	USD	Point-in-time
Cash at beginning of period	`Cash`	$134.44M	USD	Point-in-time
Cash at end of period	`Cash`	$200.45M	USD	Point-in-time
Cash at end of period	`Cash`	$205.38M	USD	Point-in-time
Cash at end of period	`Cash`	$123.00M	USD	Point-in-time
Cash at end of period	`Cash`	$134.44M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$98.59K	USD	1 Quarter
Interest paid	`InterestPaidNet`	$131.19K	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	$2.57M	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	$2.25M	USD	1 Quarter

Comprehensive Income 2 line items

Line Item	Tag	Value	Unit	Period
Foreign currency translation adjustment, income taxes	`OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTax`	-	USD	1 Quarter
Foreign currency translation adjustment, income taxes	`OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTax`	-	USD	1 Quarter

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