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Sichuan represents less than 5% of wholesale jewelry sales at FUQI

Jun '08
FUQI International Inc released the following statement regarding last month's earthquake in China and the impact it has had on its business.

"Our deepest sympathies to those suffering from the tragedy of last month's earthquake and our thoughts go out to the victims and families impacted by this terrible event," commented Mr. Yu Kwai Chong, Chairman of Fuqi International.

"The Sichuan province, which experienced the most damage from the earthquake's impact, is an area in which FUQI conducts business.

While we have experienced slower wholesale demand for our jewelry products from this region because of the earthquake, this region represents less than 5% of our wholesale jewelry sales.

Additionally, from a seasonality standpoint, the second quarter is one of the slower quarters for our business and we do not anticipate any long-term slowdown in sales from this region.

We reiterate comfort with our second quarter wholesale revenue estimate of approximately $62 - $64 million, which represents a year-over-year increase of approximately 136% to 144%, and net income in the range of $4.5 - $4.6 million, or $0.20 - $0.21 per diluted share, based on a weighted average share count of 22.2 million shares.

For the full year 2008, we reiterate comfort with wholesale revenue, net income and diluted earnings per share estimates of approximately $305 - $315 million, net income of $21.9 - $23.0 million, and diluted EPS of $0.98 - $1.04, based on a weighted average share count of 22.2 million shares."

FUQI International Inc

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