|
|
|
|
|
|
RAPAPORT... LJ International (LJI) ended 2007 on a high as strong first half results helped the company’s shares rebound 64 percent on the NASDAQ Monday (December 31.) The shares plunged during third quarter --after missing filing dates per NASDAQ rules-- from $12.47 a share on July 16 to a low of $2.20 on November 21.
The jewelry manufacturer and retailer reported that net profits rose 92 percent to $1.82 million in the six months ending June 30, 2007, boosted by revenue growth at its ENZO retail division in China. Total company revenues increased 34 percent to $67.15 million.
LJI shares climbed $2.25 to close Monday trading in New York at $5.72.
The results come as a welcome relief for investors who have been trying to recover since the second-half drop. The company delayed filing its 2006 annual report to the Securities and Exchange Commission due to its auditors being unable to sign off on the statements on time.
LJI also faced a class action suit by shareholders who had held shares between February 15, 2007 and September 6, claiming that certain LJI officers and directors had provided false and misleading reports overstating the company's fiscal 2005 and 2006 financial results.
“As a result of those false statements, the company's stock traded at inflated prices during the class period,” a press statement said.
Despite its share price woes, LJI embarked on an intense expansion into China, more than doubling the number of ENZO stores it operates to 93. The company also distributes to fine jewelers, department stores, national jewelry chains and electronic and specialty retailers throughout North America and Western Europe.
|
|
|
|
|
|
|
|
|
Previous Item
| Back to List |
Next Item
|
|
|
|
|
|
|
|
|