Chindex Press Room
INDUSTRIAL EXCHANGE, INC.
BETHESDA, MARYLAND - May 15, 1996 - U.S. -CHINA INDUSTRIAL EXCHANGE, INC. (NASDAQ:CHDX), a leading American company in market representation, sales and consulting services for Western business in China since 1981, today announced its results for the three months ended March 31, 1996. The company reported a net loss for the period of $45,000 or ($0.01) per share, a significant improvement over first quarter 1995s net loss of $212,000 or ($0.06) per share. First quarter 1996 results were impacted by the delay of Export-Import Bank financed sales. As of today, however, the Company has shipped all of the $8.4 million in financed goods.
Total revenue for the quarter, comprised of net sales plus net commission income, increased 22.8% to $3,826,000 as compared with the same period in 1995. Net sales (the larger component of total revenue) increased by 30.3% to $3,660,000, while net commission income decreased by 45.6% to $166,000. Total gross profit on sales and net commission income increased by 31.6% to $1,183,000 when compared with the first quarter of 1995.
"We are pleased with our first quarter results, particularly the increase in revenue underscoring the growing demand for our specialized services. In addition, the Ex-Im revenue, combined with our ongoing sales will contribute to record results in the second quarter." Roberta Lipson President and CEO said from Beijing. "During the quarter we implemented an initial step of our growth strategy to identify new markets and ventures by opening Chindex Hong Kong office. Next week, we will begin marketing Sequoia, a revolutionary ultrasound imaging machine manufactured by the Acuson Corporation. An internal task force continues to research additional growth opportunities," concluded Ms Lipson.
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U.S.-China Industrial Exchange, Inc. (Chindex) provides market representation, sales and consulting services in China to a number of multinational and Fortune 500 companies including Volvo Construction Machinery, Clark Equipment, Acuson, Johnson & Johnson and Polaroid. With over fifteen years experience, 125 employees, and operations in the United States, China, and Hong Kong, Chindex strategy is to expand its cross-cultural reach by providing leading edge technologies, quality products and services to Chinas growing professional communities as well as identifying future ventures in other emerging Asian markets. Chindex is listed on NASDAQ under the ticker symbol CHDX.