Hong Kong, Los Angeles, CA Fourth June 2004 – LJ International, Inc. (Nasdaq: JADE), one of the fastest growing companies in the world of jewelry, announced today that it has sent a special letter to shareholders LJI existing investors on this update current state and society, especially, the outlook for the administration of the growth prospects of the company. Text of the letter follows: Dear Shareholders, are once again pleased to offer an update on the activities and prospects of LJ International, Inc.
(Nasdaq: JADE). This is my way not only, Answering Service Los Angeles, to inform about the company, and thanks. LJI attaches, Answering Service Los Angeles, great importance to investment. Not only that, but we do it for us to do the highest priority, that investment will pay higher prices. And on this point, I would start with a very positive attitude to our previous work. As you have invested with us for some time, and were close to our camp last year was honored for patient investors LJI.
As I write (early May 2004), the stock price is 173% (or 2.7 times) increased in the last 12 months (from late 2002 until the end of 2003 almost tripled, increasing 182%). Recent results include the impact of a sharp slowdown in China-based shares in April 2004, caused the Chinese government moves to cool economic growth. Even after the recession LJI was a very, Answering Service Los Angeles, useful investment. The results beat expectations,, Answering Service Los Angeles, why not? The answer is that LJI has more financial power – the results I refer to both internal and market expectations exceeded.
2003 was notable for consistent outperformance of our projections of income, even after they have been cited more than once. Last October, we walked our guide throughout the year revenue forecast of $ 50 million $ 53 million next month, we raised $ 54,400,000. In February this year, we again raised between $ 56,200,000 and $ 57,200,000. profits for the full year came well above this range, reaching $ 58200000 – 26% above the 2002 total – with net income of $ 1,800,000, or 19 cents per share fully.
Sales growth has continued in the first quarter of this year. More recently, we have $ 14500000 revenue for the quarter, up 30% over the first quarter of 2003 and the top of our previous forecast. Since the sales figures show that LJI can once again be the company's growth, design and its curriculum. 26% increase in sales in 2003 and 30% compared to a year in the first quarter of 2004, the company's position in this sector, the growth rate achieved in its, Answering Service Los Angeles, first years of NASDAQ listed companies a decade ago.
More than once a quarter or once a year, can demonstrate the reliability of expansion, but the restructuring LJI early 2000 is clearly the result we wanted produced. The company diversifies into products, channels other than those of previous years, the boom, Answering Service Los Angeles, is that LJI broadly diversified in both their production lines and distribution channels. We used to rely heavily on sales to Home Shopping Network in the U.S., we are now selling three largest, along with two thirds of the 40 largest jewelry retailers, department stores and shops, kiosks for online sales and a large number subsidiaries in Europe, Australia and Asia.
Our product range includes the average price of semi-precious stones complete range of Fine Jewelry, including gold, pearls, diamonds and precious stones in yellow gold, white gold, platinum and silver collection grows. We accept all major categories of major retailers, including earrings, necklaces, pendants, rings and bracelets look. In other words, we are much better to attract more customers in more places, and their needs, fashion and economic conditions to meet the changes. Earnings per share of $ 0.
19 in 2003, is also an important sign of our growth strategy successfully, as the swing $ 1.03 loss per share ($ 0.84) per share in 2002 ((0 , $ 17) Profit before depreciation provided for in the inventory). In the first quarter we recorded our seventh consecutive quarter in black, was in full earnings per share of $ 0.04 (as in the previous year) and 32% growth in operating income on an annual basis (EPS flat compared, especially, a greater number of shares outstanding and potential dilutive shares, as well as non-operating factors such as high cost of interest).
