Chindex Press Room
CHINA INDUSTRIAL EXCHANGE, INC.
BETHESDA, MARYLAND - MARCH 27, 1997 - 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 fiscal year ended December 31, 1996.
The Company reported record revenue and substantially increased income for the year. Total revenue rose 51.5% from $15,117,000 in 1995 to $22,901,000 in 1996. Total revenue performance consisted of net sales which increased from $13,002,000 in 1995 to $22,060,000 in 1996 and net commission income which decreased from $2,115,000 in 1995 to $841,000 in 1996. The Company reported a net income of $576,000 or $0.15 per share compared to a net loss of $317,000 or $0.09 per share in the prior year.
"We are very pleased with our 1996 year end results," Roberta Lipson, president and chief executive officer commented in Beijing. "We achieved record revenue levels and we are happy to see solid profitability on the bottom line. During the year we announced the establishment of the Beijing United Family Health Center, our unique womens and childrens health care center based on Western standards which will be opening in Beijing in mid-1997. We also completed a secondary public offering which will provide funding for continuing our growth plans in all facets of our business. "
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 Equipment, Hyster, Acuson, and Johnson & Johnson. With over fifteen years experience, more than 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, CHDXU.