LOS ANGELES, CA--(Marketwire -08/17/11)- China Vesting, a leading investment newsletter dedicated to Chinese public companies listed in the United States, today announced that is has issued an update on China Direct Industries, Inc. (NASDAQ: CDII - News). The update is available here: http://www.chinavesting.com/top-china-stock-pick-articles/China-Direct-Reports-Blockbuster-Q3-Results-2011-08-16.htm.
China Direct Industries, Inc. announced Monday that for the third quarter of fiscal 2011, total revenues increased to $57.0MM up 78% compared to total revenues of $31.9MM recorded in the third quarter of fiscal 2010. Net income attributable to common stockholders was $4.3MM in the third quarter of fiscal 2011 compared to a net loss of ($1.1MM) in the comparable period of fiscal 2010. Consolidated earnings per share of $0.11 in the third quarter of fiscal 2011 compared to loss of ($0.04) per share in the third quarter of fiscal 2010. For the first nine months of fiscal 2011 net income was $7.0MM or $0.20 per share on 35 million weighted average shares as compared to net loss of ($492,000) or ($0.02) per basic and diluted share on 29 million weighted average shares in the comparable period in fiscal 2010.
China Direct Industries, Inc. expects revenue for the full 2011 fiscal year to exceed $200MM with net income of $12MM.
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