CY Oriental Holdings Ltd, a value-added supplier of apparel and fashion products to leading international brands and retailers, announced its financial results for its first quarter ended March 31, 2007. Comparative figures are not available for the first quarter of fiscal 2006, during which CY was not a reporting company in Canada.
As such, figures in this press release have been compared to the annual financial results for the Company's fiscal year-ended December 31, 2006. All figures are reported in Canadian dollars, unless specified otherwise.
"The first quarter of 2007 was a significant period in the evolution of CY Oriental," said Ping Chen, Chairman and CEO of CY Oriental Holdings Ltd. "In addition to becoming a Canadian publicly-traded company, we completed the infrastructure construction for phase one of our new state-of-the-art manufacturing facility in Tengzhou.
We also made further progress in our strategy to transition our product offering more towards higher-end apparel and fashion items. In this regard, during the quarter we continued to sell more products to customers in Japan and Canada at relatively higher unit selling prices, and began working with a new customer, Erika Lynn Designs Inc., a private label supplier to JC Penney. This strategy positively impacted our revenue and gross profit rate for the first quarter."
Financial Results for the First Quarter: The Company traditionally earns less revenue during the first half of the year than during the back half of the year due to the timing of two extended holiday periods: the Chinese New Year during the first quarter and the May Holiday during the second quarter. This business seasonality results in quarterly performance that is not necessarily indicative of the year's performance.
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