10-Q Filing

FUSHI COPPERWELD, INC. CIK: 710846 Q2 2012

Filing Information

Form Type	10-Q
Accession Number	`0001144204-12-043915`
Period End Date	20120630
Filing Date	20120809
Fiscal Year	2012
Fiscal Period	Q2
XBRL Instance	fsin-20120630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 72 Cash Flow Statement 32 Comprehensive Income 4

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
Common stock, shares issued	`CommonStockSharesIssued`	38.30M	shares	Point-in-time
Cash	`Cash`	$200.45M	USD	Point-in-time
Cash	`Cash`	$141.88M	USD	Point-in-time
Cash	`Cash`	$123.00M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	38.24M	shares	Point-in-time
Cash	`Cash`	$203.29M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts	`AccountsReceivableNetCurrent`	$63.98M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts	`AccountsReceivableNetCurrent`	$72.98M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	38.24M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	38.30M	shares	Point-in-time
Inventories	`InventoryNet`	$10.70M	USD	Point-in-time
Inventories	`InventoryNet`	$21.46M	USD	Point-in-time
Advances to suppliers	`AdvancesOnInventoryPurchases`	$6.79M	USD	Point-in-time
Advances to suppliers	`AdvancesOnInventoryPurchases`	$3.33M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.33M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.69M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$302.75M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$283.25M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$110.03M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$117.41M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$341.61K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$431.44K	USD	Point-in-time
Land use rights	`LandRights`	$13.00M	USD	Point-in-time
Land use rights	`LandRights`	$13.32M	USD	Point-in-time
Deposits for land use rights	`DepositsAssetsNoncurrent`	$10.00M	USD	Point-in-time
Deposits for land use rights	`DepositsAssetsNoncurrent`	$10.09M	USD	Point-in-time
Goodwill	`Goodwill`	$1.80M	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`	$442.18K	USD	Point-in-time
Total assets	`Assets`	$426.80M	USD	Point-in-time
Total assets	`Assets`	$438.35M	USD	Point-in-time
Short-term bank loan	`ShortTermBankLoansAndNotesPayable`	$3.53M	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`	$5.84M	USD	Point-in-time
Amounts due to a related party	`DueToRelatedPartiesCurrent`	$2.00M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedExpensesAndOtherCurrentLiabilities`	$15.88M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedExpensesAndOtherCurrentLiabilities`	$14.90M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$22.33M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$24.93M	USD	Point-in-time
Long-term loans	`LongTermLoansFromBank`	$7.25M	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`	$648.09K	USD	Point-in-time
Total liabilities	`Liabilities`	$32.82M	USD	Point-in-time
Total liabilities	`Liabilities`	$30.64M	USD	Point-in-time
Common stock, $0.006 par value, 100,000,000 shares authorized; 38,304,570 and 38,240,438 shares issued and outstanding as of June 30, 2012 and December 31, 2011, respectively	`CommonStockValue`	$229.44K	USD	Point-in-time
Common stock, $0.006 par value, 100,000,000 shares authorized; 38,304,570 and 38,240,438 shares issued and outstanding as of June 30, 2012 and December 31, 2011, respectively	`CommonStockValue`	$229.83K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$169.34M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$170.18M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$184.76M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$172.51M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$54.09M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$50.36M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$405.53M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$396.17M	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`	$438.35M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$426.80M	USD	Point-in-time

Income Statement 72 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$78.95M	USD	1 Quarter
Revenues	`Revenues`	$77.30M	USD	1 Quarter
Revenues	`Revenues`	$139.45M	USD	2 Qtrs
Revenues	`Revenues`	$144.88M	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$103.25M	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$57.92M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$106.69M	USD	2 Qtrs
Cost of revenues	`CostOfRevenue`	$57.46M	USD	1 Quarter
Gross profit	`GrossProfit`	$38.19M	USD	2 Qtrs
Gross profit	`GrossProfit`	$21.04M	USD	1 Quarter
Gross profit	`GrossProfit`	$19.84M	USD	1 Quarter
Gross profit	`GrossProfit`	$36.20M	USD	2 Qtrs
Selling expenses	`SellingExpense`	$1.24M	USD	1 Quarter
Selling expenses	`SellingExpense`	$1.81M	USD	1 Quarter
Selling expenses	`SellingExpense`	$3.43M	USD	2 Qtrs
Selling expenses	`SellingExpense`	$2.39M	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$6.94M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$9.97M	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$4.46M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$13.60M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$5.70M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$17.03M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$12.37M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$8.75M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$15.34M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$25.82M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$11.09M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$19.17M	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	$440.93K	USD	2 Qtrs
Interest income	`InvestmentIncomeInterest`	$212.07K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$236.70K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$473.41K	USD	2 Qtrs
Interest expense	`InterestExpense`	$107.31K	USD	1 Quarter
Interest expense	`InterestExpense`	$125.81K	USD	1 Quarter
Interest expense	`InterestExpense`	$238.50K	USD	2 Qtrs
Interest expense	`InterestExpense`	$223.90K	USD	2 Qtrs
Foreign currency exchange gain (losses), net	`ForeignCurrencyTransactionGainLossBeforeTax`	$19.67K	USD	2 Qtrs
Foreign currency exchange gain (losses), net	`ForeignCurrencyTransactionGainLossBeforeTax`	$195.26K	USD	1 Quarter
Foreign currency exchange gain (losses), net	`ForeignCurrencyTransactionGainLossBeforeTax`	$-564.82K	USD	1 Quarter
Foreign currency exchange gain (losses), net	`ForeignCurrencyTransactionGainLossBeforeTax`	$-919.71K	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-478.56K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$324.65K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-702.69K	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$254.58K	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$25.12M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$11.41M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$14.86M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$19.42M	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$7.17M	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$4.03M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$7.66M	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$4.22M	USD	1 Quarter
Net income	`NetIncomeLoss`	$12.25M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$7.38M	USD	1 Quarter
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	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$4.88M	USD	1 Quarter
Foreign currency translation adjustment, net of nil income taxes	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-3.76M	USD	1 Quarter
Foreign currency translation adjustment, net of nil income taxes	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$7.53M	USD	2 Qtrs
Foreign currency translation adjustment, net of nil income taxes	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-3.74M	USD	2 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$8.51M	USD	2 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$24.99M	USD	2 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$15.51M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$3.62M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.46	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$0.32	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$0.19	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.28	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.28	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.19	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.32	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.45	USD	2 Qtrs

Cash Flow Statement 32 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`	$3.21M	USD	2 Qtrs
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$282.73K	USD	2 Qtrs
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$499.46K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-282.73K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-499.46K	USD	2 Qtrs
Proceeds from bank loans	`ProceedsFromBankDebt`	$6.72M	USD	2 Qtrs
Payment for acquisition of Jinchuan	`ProceedsFromPaymentsForOtherFinancingActivities`	$-4.82M	USD	2 Qtrs
Repayment of interest-free loans provided by Mr. Li Fu	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$-2.00M	USD	2 Qtrs
Repayment of interest-free loans provided by Mr. Li Fu	`ProceedsFromRepaymentsOfRelatedPartyDebt`	$20.68K	USD	2 Qtrs
Repayment of bank loans	`RepaymentsOfBankDebt`	$3.43M	USD	2 Qtrs
Repayment of bank loans	`RepaymentsOfBankDebt`	$325.00K	USD	2 Qtrs
Proceeds from issuance of common stock and warrants	`ProceedsFromStockOptionAndWarrantExercises`	$628.50K	USD	2 Qtrs
Proceeds from issuance of common stock and warrants	`ProceedsFromStockOptionAndWarrantExercises`	$436.47K	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.49M	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.73M	USD	2 Qtrs
Effect of foreign currency exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-1.82M	USD	2 Qtrs
Effect of foreign currency exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$3.13M	USD	2 Qtrs
Net increase in cash	`CashPeriodIncreaseDecrease`	$2.84M	USD	2 Qtrs
Net increase in cash	`CashPeriodIncreaseDecrease`	$18.88M	USD	2 Qtrs
Cash at beginning of period	`Cash`	$200.45M	USD	Point-in-time
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`	$203.29M	USD	Point-in-time
Cash at end of period	`Cash`	$200.45M	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`	$203.29M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$238.50K	USD	2 Qtrs
Interest paid	`InterestPaidNet`	$223.90K	USD	2 Qtrs
Income taxes paid	`IncomeTaxesPaid`	$4.55M	USD	2 Qtrs
Income taxes paid	`IncomeTaxesPaid`	$10.12M	USD	2 Qtrs

Comprehensive Income 4 line items

Line Item	Tag	Value	Unit	Period
Foreign currency translation adjustment, income taxes	`OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax`	-	USD	1 Quarter
Foreign currency translation adjustment, income taxes	`OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax`	-	USD	2 Qtrs
Foreign currency translation adjustment, income taxes	`OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax`	-	USD	1 Quarter
Foreign currency translation adjustment, income taxes	`OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax`	-	USD	2 Qtrs

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