WUXI, China, April 22, 2011 /PRNewswire-Asia-FirstCall/ -- WSP Holdings Limited (NYSE:WH - News) ("WSP Holdings" or the "Company"), a leading Chinese manufacturer of API (American Petroleum Institute) and non-API seamless casing, tubing and drill pipes used in oil and natural gas exploration, drilling and extraction ("Oil Country Tubular Goods" or "OCTG"), and other pipes and connectors, today announced that the Company intends to release its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2010 on May 26, 2011 and to hold an investor call to discuss such results.
The Company is in the process of finalizing its financial statements for the year ended December 31, 2010. As anticipated, the Company did not see a noticeable improvement in its operating results in the fourth quarter of 2010. In finalizing its results, the Company is carefully working through year-end accounting procedures, critical accounting estimates and adjustments that may require significant judgments and assumptions to be made, which could result in increased provisions. The Company is fully compliant with its reporting requirements and intends to file its annual report on Form 20-F with the Securities and Exchange Commission (the "SEC") by the filing deadline.
"We value timely communication with our investors and have endeavored to uphold the principles of transparency in the past by making periodic announcements and complying with the requirements of the SEC and NYSE," said Mr. Longhua Piao, Chairman and CEO of WSP Holdings. "Under the guidance of our new Chief Financial Officer who joined our executive management team on March 1, 2011, we are taking a more measured approach in finalizing our financial statements before announcing them on May 26, 2011."
Yes I guess that they are still losing money, curious to see how much of the venezuela order they shipped yet in Q4, as they announced the order on Dec 20th, could be little in Q4 but I do not like the additional provision statement, they surprised us with a huge write off in Q3 with no explanation, who knows what they will come up with. I am disappointed I didn't unload more shares when I could, I reduced my position but still have way too many shares of this company, I will wait to see the results and analyse them to move now as the price will certainly be pretty low by Tuesday to do anything yet but will continue to just hold and sell if it goes back up towards $1.50 (certainly not before end of May in the best scenario)
Margins is what concerns me. Are they giving products away (or at a deep discount) to attract customers in the hopes that they become repeat?
Don't mind that they didn't have a great quarter, they are a new business up against long time established businesses...gives me a slight comfort that they are being honest with their numbers. I would like to see management be more transparent than they have been.