Fushi Copperweld Reports Third Quarter 2009 Financial Results

November 06, 2009 --

DALIAN, China, Nov. 6, 2009 /PRNewswire-Asia-FirstCall/ -- Fushi Copperweld, Inc. (Nasdaq: FSIN), the leading global manufacturer and innovator of copper-clad bimetallic wire used in a variety of telecommunication, utility, transportation and other electrical applications, today announced financial results for the third quarter ended September 30, 2009.

Third Quarter Highlights -- GAAP EPS of $0.31 -- Adjusted Non-GAAP EPS of $0.26 -- Metric tons of volume shipped at Dalian increased 9.5% compared to the third quarter 2008 -- Gross margin increased 530 basis points from 26.5% of revenues to 31.8% of revenues -- Operating income increased 300 basis points from 19.2% to 22.2% of revenues -- Returned to profitability at Fayetteville facility; generated approximately $0.2 million of net income -- Generated $11.1 million of cash flow from operations in the quarter; $15.6 million year-to-date -- GAAP EPS for 4Q 2009 projected to be $0.26 - $0.30

Revenues for the third quarter of 2009 were $47.7 million compared to $63.8 million in the third quarter of the prior year, a decrease of $16.1 million or 25.2%. The decline was driven primarily by a decrease in average selling price (21.6%) resulting from lower raw material prices. Revenues were $38.9 million at the Company's Dalian, China facility and revenues from the Fayetteville, TN and Telford, UK facilities combined accounted for $8.8 million. Volume at the Company's Dalian facility increased 9.5% as compared to the third quarter 2008 due to increased 3G related demand, increased government spending on basic infrastructure projects in China and continued expansion into the utility market. On a consolidated basis, the Company experienced a slight decline of 3.7% in metric tons sold.

Gross profit for the third quarter of 2009 was $15.2 million compared to $16.9 million in the third quarter of the prior year, a decrease of $1.7 million or 10.1%. Gross margin as a percentage of revenues increased to 31.8% from 26.5% in the same period of the prior year. Gross margin at the Company's Dalian, China facility increased from 32.3% in the third quarter of 2008 to 34.6% in the third quarter of 2009 as the Company cycled through lower cost inventory. The gross margin at the Company's Fayetteville facility increased from 11.3% to 20.1% year over year mostly as a result of cost savings initiatives implemented by management. This gross margin represented the highest quarterly gross margin level achieved at the Fayetteville facility since the October 2007 acquisition of Copperweld Bimetallics.

Operating expenses for the third quarter 2009 remained relatively flat for the third quarter 2009 compared to the prior year's period at approximately $4.6 million. On a percentage basis, operating expenses in the third quarter 2009 increased 230 basis points to 9.6% from 7.3% in the prior year's quarter, primarily a result of lower sales in the third quarter of 2009.

Operating income was $10.6 million in the third quarter of 2009 compared $12.2 million in the third quarter of 2008, a decrease of $1.6 million or 13.6%. The decrease in operating income was primarily due to lower average selling prices resulting from lower raw material prices. On a percentage basis, operating income in the third quarter 2009 increased 300 basis points to 22.2% from 19.2% in the prior year's quarter.

Profit before tax for Dalian and Fayetteville and Telford combined was $10.9 million and $0.2 million respectively in the third quarter of 2009. The loss at the Fushi Copperweld parent company level was $1.0 million primarily due to interest expenses on the high yield notes, non-cash stock-based compensation, non-cash charges related to changes in fair value of derivative liabilities related to the convertible notes conversion options, as well as professional fees and outside service expenses and partially offset by gain from the repurchase of the convertible notes. On a consolidated basis, profit before tax was $10.1 million and we recognized a net tax expense of $0.9 million, reflecting an 8.9% effective tax rate.

Dalian Fayetteville Parent & Telford Company Consolidated Profit (Loss) before income tax 10,947,268 218,310 (1,070,657) 10,094,921 Income tax expense (credit) 1,788,366 -- (888,378) 899,988 Profit after income tax 9,194,933

Net income on a GAAP basis of $9.2 million increased $0.2 million, or 2.2%, from $9.0 million for the same period in 2008. GAAP net income margin increased to 19.3% from 14.2% for the same period in 2008.

GAAP earnings per diluted share were $0.31 per diluted share compared with $0.31 per diluted share in the third quarter of 2008. GAAP results included :(1) $2.1 million charge related to changes in fair value of derivative liability -- conversion option, (2) $3.8 million of gain on the convertible notes extinguishment (3) $0.2 million of stock-based compensation cost. Excluding the non-cash gains and expenses related to changes in fair value of derivative liability and share-based compensation, adjusted non-GAAP net income was $7.5 million, or $0.26 per diluted share in the third quarter of 2009.

During the quarter, the Company generated $11.1 million of cash flows from operations, which represented a $27.3 million increase over the same period in the previous year. The Company's cash position at the end of the third quarter was $60.0 million and the Company's debt position was $39.0 million compared to debt of $67.3 million at December 31, 2008. Accounts receivables at September 30, 2009 were $69.1 million compared to $49.8 million on December 31, 2008, an increase of 38.8%. This increase is primarily a result of extended credit terms in 2009 to certain credible customers that have long-standing business relationships with us in order to capture increased market share.

Mr. Li Fu, Chairman and Chief Executive Officer of Fushi Copperweld, commented, "We are extremely pleased with achieving yet another successful quarter for the Company. Despite the global slowdown, we were able to realize profit at all our facilities worldwide. Our China operations remained strong and we are optimistic that our results will continue to improve as we realize further benefits from the Chinese government's stimulus package and 3G network infrastructure build out. We have been prudently expanding our Chinese operations and believe we are well positioned to capitalize on the increasing demand. Market conditions in North America and Europe have stabilized, and despite flat sales our Fayetteville and Telford operations achieved profitability for the first quarter this year, a clear indication that cost savings initiatives have successfully lowered the breakeven levels at Fayetteville and Telford."

Mr. Fu continued, "We are especially pleased with the addition of Linda Zhang as Chief Financial Officer and the expertise she has brought at a pivotal time in our strategic growth plan. I am also very proud and pleased with the overall performance of our entire management team and their individual contributions will only serve to strengthen our team in total. I am confident that our current team will take us to the next level and build a stronger Company."

Fourth Quarter 2009 Outlook and Macro Trends

In the 2009 fourth quarter, the Company expects adjusted fully diluted earnings per share before the impact of non-cash expense related to stock- based compensation between $0.26 and $0.30 based on an estimated weighted average diluted share count of approximately 29.4 million shares. This expectation is based on an effective tax rate at the consolidated level of 8%.

Mr. Fu continued, "As we look forward, we continue to be optimistic and expect continued growth in demand for CCA-based telecom products due to China's 3G infrastructure investments. We also continue to believe that the electrical utility market presents significant opportunities as stimulus packages increase national transmission and distribution spending and we prep the market for the introduction of 8,200 metric tons of CCS cladding capacity by the end of first quarter 2010. At our Fayetteville and Telford facilities, we have successfully lowered the breakeven level at our Fayetteville facility and have recalibrated costs to match economic conditions. With markets stabilizing, we are now in a stronger position to pursue incremental growth opportunities."

Accounting for derivative liability -- conversion option

Effective January 1, 2009, the Company adopted the provisions of EITF Issue 07-5 "Determining Whether an Instrument (or Embedded Feature) Is Indexed to an Entity's Own Stock", which is effective for financial statements for fiscal years beginning after December 15, 2008 and which replaced the previous guidance on this topic in EITF Issue 01-6. As a result, from January 1, 2009, the Company is required to separately account for the conversion option embedded in the Company's $5,000,000 convertible notes as a derivative instrument liability, carried at fair value and marked-to-market each period, with changes in the fair value each period charged or credited to income. In the third quarter of 2009, the Company recorded non-cash charges to income for changes in the fair value of these derivative liabilities of $2.1 million, or $0.07 per diluted share. There is no impact on periodic cash flows.

Reconciliation of Non-GAAP Financial Measures

Our net income was materially impacted by certain non-cash expenses including stock-based compensation and change in the fair value of derivative liabilities related to the conversion in our outstanding convertible notes. In the third quarter 2009, we also recognized a one-time non-cash gain on redemption of convertible notes. To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use EPS as adjusted for the impact of non-cash expenses related to stock-based compensation and the change in the fair value of derivative liabilities related to the conversion option in our outstanding convertible notes. These Company-defined adjusted measures are being provided because management believes they are useful in analyzing the underlying operating performance of the business. These measures may be inconsistent with similar measures presented by other companies and should only be used in conjunction with our results reported according to accounting principles generally accepted in the United States. A reconciliation of earnings per share as reported and operating income as reported to adjusted non-GAAP earnings per share and adjusted non-GAAP operating income follows:

2009 Q3 2008 Q3 GAAP Net Income 9,194,932 9,046,950 Non-cash expense: Change in fair value of derivative liability - conversion option 2,058,352 -- Gain on CB extinguishment (3,842,935) -- Stock-based compensation 179,527 523,474 Total non-cash expense (1,605,056) 523,474 Provision for income tax (61,039) (177,981) Adjusted to Non-GAAP Net income 7,528,837 9,392,443 GAAP Earnings per share: Basic 0.33 0.33 Diluted 0.31 0.32 Non-GAAP Earnings per share: Basic 0.27 0.34 Diluted 0.26 0.33

Explanation of Redemption of Convertible Notes

On August 13, 2009, the Company entered into a Notes Purchase Agreement (the "Repurchase Agreement") with Citadel Equity Fund Ltd. Pursuant to the Repurchase Agreement, the Company repurchased $2.0 million principal amount of the convertible notes in exchange for the issuance 440,529 shares of our common stock, valued at $4.0 million. The remaining $3.0 million principal amount will be repurchased for cash in the amount of $6,060,000. The early repurchase of the notes prior to the maturity date will result in a recognized gain of $3.8 million.

Third Quarter Earnings Call

The Company will conduct a conference call to discuss the third quarter 2009 results today, Friday, November 6, 2009, at 8:00 am ET. Listeners may access the call by dialing +1-800-355-4959. To listen to the live webcast of the event, please got to Fushi Copperweld's website at http://www.fushicopperweld.com/fcw/index.php/events-presentations . Please go to the website 15 minutes early to download and install any necessary audio software.

A replay of the call will be available from November 6, 2009 to November 16, 2009. Listeners may access the replay by dialing +1-800-408-3053; password: 5500028.

About Fushi Copperweld, Inc.

Fushi Copperweld, Inc. through its wholly owned subsidiaries, Fushi International (Dalian) Bimetallic Cable Co, Ltd., and Copperweld Bimetallics, LLC, is the leading manufacturer and innovator of copper cladded bimetallic engineered conductor products used in the electrical, telecommunications, transportation, utilities and industrial industries. With extensive design and production capabilities and a long-standing dedication to customer service, Fushi Copperweld, Inc. is the preferred choice bimetallic products world-wide. For more information, visit: http://www.fushicopperweld.com .

Safe Harbor Statement

This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements. Forward- looking statements can be identified by the use of forward-looking terminology such as "will" "believes", "expects" or similar expressions. These forward- looking statements may also include statements about our proposed discussions related to our business or growth strategy, which is subject to change. Such information is based upon expectations of our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to uncertainties and contingencies beyond our control and upon assumptions with respect to future business decisions, which are subject to change. We do not undertake to update the forward-looking statements contained in this press release. For a description of the risks and uncertainties that may cause actual results to differ from the forward-looking statements contained in this press release, see our most recent Annual Report filed with the Securities and Exchange Commission (SEC) on Form 10-K, and our subsequent SEC filings. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system (EDGAR) at http://www.sec.gov .

For more information, please contact: Nathan J. Anderson Vice President of Investor Relations Fushi Copperweld, Inc. Tel: +1-931-433-0482 Email: IR@fushicopperweld.com Judy Zhu IR Manager Fushi Copperweld, Inc. Tel: +1-931-433-0482 Email: jzhu@fushicopperweld.com FUSHI COPPERWELD, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2009 AND DECEMBER 31, 2008 ASSETS September 30, December 31, 2009 2008 Unaudited CURRENT ASSETS: Cash $60,009,611 $65,611,770 Restricted cash -- 1,000,000 Accounts receivable, trade, net of allowance of bad debt of $1,181,365 and $318,529 as of September 30, 2009 and December 31, 2008, respectively 69,052,683 49,782,548 Inventories 10,657,786 6,977,852 Other receivables and prepaid expenses 656,439 1,041,273 Advances to suppliers 5,164,959 20,261,585 Deposit in derivative hedge 1,000,000 1,000,000 Prepaid taxes -- 670,805 Total current assets 146,541,478 146,345,833 PLANT AND EQUIPMENT, net 115,610,582 119,761,027 OTHER ASSETS: Advances to suppliers, non-current 5,862,776 4,022,879 Notes receivables, non-current 729,106 799,106 Intangible assets, net of accumulated amortization 12,042,501 12,406,920 Deferred loan expense, net 2,500,375 3,317,725 Deferred tax assets 11,057,111 7,804,027 Total other assets 32,191,869 28,350,657 Total assets $294,343,929 $294,457,517 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Revolver line of credit $3,988,509 $4,712,075 Accounts payable, trade 3,335,847 7,204,156 Notes payable, current 10,000,000 5,000,000 Short-term bank loans -- 17,588,400 Other payables and accrued liabilities 8,385,214 4,751,460 Extinguished convertible note liabilities 6,060,000 -- Customer deposits 297,533 542,540 Taxes payable 3,314,803 -- Cross currency hedge payable 1,071,557 104,324 Obligation under capital lease, current 68,976 -- Loan from shareholder 4,553,731 -- Total current liabilities 41,076,170 39,902,955 LONG-TERM LIABILITIES: Notes payable, non-current 25,000,000 40,000,000 Obligation under capital lease, non-current 174,046 -- Fair value of derivative instrument 7,652,664 4,377,076 Total long-term liabilities 32,826,710 44,377,076 Total liabilities 73,902,880 84,280,031 COMMITMENTS AND CONTINGENCIES -- 7,197,794 SHAREHOLDERS' EQUITY: Preferred stock, $0.001 par value, 5,000,000 shares authorized, none issued or outstanding as of September 30, 2009 and December 31, 2008 -- -- Common stock, $0.006 par value, 100,000,000 shares authorized, September 30, 2009: 30,543,716 shares issued and 28,343,716 outstanding December 31, 2008: 27,499,034 shares issued and 27,399,034 outstanding 170,063 164,395 Restricted common stock in escrow 13,200 600 Additional paid in capital 105,197,671 91,172,890 Common stock subscription receivable (5,919,597) -- Statutory reserves 14,979,861 12,316,147 Retained earnings 88,450,844 78,613,158 Accumulated other comprehensive income 17,549,007 20,712,502 Total shareholders' equity 220,441,049 202,979,692 Total liabilities and shareholders' equity $294,343,929 $294,457,517 FUSHI COPPERWELD, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008 (UNAUDITED) Three months ended Nine months ended September 30, September 30, 2009 2008 2009 2008 REVENUES $47,676,346 $63,823,927 $131,234,427 $180,369,083 COST OF GOODS SOLD 32,506,879 46,931,400 93,672,906 131,996,263 GROSS PROFIT 15,169,467 16,892,527 37,561,521 48,372,820 OPERATING EXPENSES Selling expenses 1,078,158 1,223,087 3,366,719 3,274,048 General and administrative expenses 3,510,034 3,418,704 9,747,637 11,335,948 Total operating expenses 4,588,192 4,641,791 13,114,356 14,609,996 INCOME FROM OPERATIONS 10,581,275 12,250,736 24,447,165 33,762,824 OTHER INCOME (EXPENSE) Interest income 76,094 176,830 242,717 529,651 Interest expense (1,201,014) (1,800,738) (4,150,086) (7,386,274) (Loss) gain on derivative instrument (1,199,438) (32,482) (1,581,812) 322,708 Gain on convertible note extinguishment 3,842,935 -- 3,842,935 -- Change in fair value of derivative liability - warrants -- -- (752,114) -- Change in fair value of derivative liability - conversion option (2,058,352) -- (7,181,198) -- Other income (expense) 53,421 (71,653) (193,061) (179,655) Total other expense, net (486,354) (1,728,043) (9,772,619) (6,713,570) INCOME BEFORE INCOME TAXES 10,094,921 10,522,693 14,674,546 27,049,254 PROVISION FOR INCOME TAXES 899,988 1,475,743 815,996 3,150,962 NET INCOME 9,194,933 9,046,950 13,858,550 23,898,292 OTHER COMPREHENSIVE INCOME Unrealized gain on marketable securities -- -- -- 22,301 Foreign currency translation adjustment 72,136 1,899,163 112,093 14,062,515 Change in fair value of derivative instrument 237,768 3,940,908 (3,275,588) 3,209,403 COMPREHENSIVE INCOME $9,504,837 $14,887,021 $10,695,055 $41,192,511 EARNINGS PER SHARE: Basic $0.33 $0.33 $0.50 $0.88 Diluted $0.31 $0.31 $0.48 $0.83 WEIGHTED AVERAGE SHARES: Basic 28,084,416 27,387,302 27,827,152 27,263,638 Diluted 29,206,508 28,446,786 28,676,832 28,601,237 FUSHI COPPERWELD, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008 (UNAUDITED) 2009 2008 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $13,858,550 $23,898,292 Adjustments to reconcile net income provided by (used in) operating activities: Bad debt expense 862,302 355,293 Inventories write-off 119,133 -- Reserve for inventories 62,914 401,646 Depreciation 7,191,842 4,728,235 Loss on sale of property and equipment 117,430 -- Deferred taxes (3,253,085) (1,295,286) Amortization of intangible assets 357,449 256,722 Amortization of loan commission 817,349 2,525,756 Interest penalty -- 710,544 Amortization of stock compensation expense 1,108,254 1,437,557 Loss (gain) on derivative instrument 1,581,812 (322,708) Gain on convertible note extinguishment (3,842,935) -- Change in fair value of derivative liability - conversion option 7,181,198 -- Change in fair value of derivative liability - warrants 752,114 -- Investment loss on marketable securities -- 16,158 (Loss) gain on derivative instrument Accounts receivable (20,177,587) (24,965,036) Inventories (3,756,514) (7,885,132) Other receivables and prepayments 501,770 1,092,497 Advances to suppliers - current 15,073,210 (22,061,823) Accounts payable (3,839,555) 2,521,359 Other payables and accrued liabilities (2,863,124) (2,737,772) Customer deposits (250,861) 528,731 Taxes payable 3,984,006 960,752 Net cash provided by (used in) operating activities 15,585,672 (19,834,215) CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from sale of marketable securities -- 2,983,842 Payments on derivative instrument (614,580) -- Proceeds from derivative instrument -- 973,556 Deposit in derivative hedge -- (1,000,000) Purchase of land use right -- (1,687,468) Proceeds from sale of property and equipment 424,444 -- Purchases of property and equipment (3,292,007) (15,540,210) Net of refund and (payments) on prepayment of equipment (1,877,177) (3,148,802) Net cash used in investing activities (5,359,320) (17,419,082) CASH FLOWS FROM FINANCING ACTIVITIES: Release of restricted cash 1,000,000 -- Net (payments) borrowings on revolver line of credit (723,566) 2,279,289 Proceeds from short-term bank loans -- 16,908,000 Proceeds from shareholder loan 4,552,000 -- Payments on short-term bank loans (17,553,600) (17,268,032) Payment on capital lease obligation (23,575) -- Payment of high yield notes payable (5,000,000) -- Proceeds from exercise of stock warrants -- 139,394 Proceeds on issuance of common stock and warrants 1,920,000 -- Net cash (used in) provided by financing activities (15,828,741) 2,058,651 EFFECT OF EXCHANGE RATE ON CASH 230 5,323,298 DECREASE IN CASH (5,602,159) (29,871,348) CASH, beginning of period 65,611,770 79,914,758 CASH, end of period $60,009,611 $50,043,410 Supplemental cash flow disclosures: Interest paid $3,650,785 $5,895,129 Income tax paid $3,609,505 $2,907,756 FUSHI COPPERWELD, INC AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY Common stock Shares outstanding Shares In escrow Additional Number Par Number Par paid in of shares value of shares value capital BALANCE, December 31, 2007 25,211,304 $151,268 100,000 $600 $77,665,064 CB transfer to common stock @$7.00 2,142,857 12,857 14,987,143 Adjustment to shares outstanding 4,851 29 (29) Exercise of warrants for cash @ $3.11 44,873 270 139,124 Stock compen- sation expense 1,437,557 Net income Allocation of APIC due to Kuhn's litigation (3,487,250) Adjustment to statutory reserve Change in fair value of derivative instrument Foreign currency translation gain Reverse unrealized loss on marketable securities BALANCE, September 30, 2008 (unaudited) 27,403,885 164,424 100,000 600 90,741,609 Adjustment to shares outstanding (4,851) (29) 29 Stock compensation expense 431,252 Net income (Loss) gain on derivative instrument Change in fair value of derivative instrument Foreign currency translation gain BALANCE, December 31, 2008, as previously reported 27,399,034 164,395 100,000 600 91,172,890 Cumulative effect of reclassification of conversion option BALANCE, January 1, 2009, as adjusted (unaudited) 27,399,034 164,395 100,000 600 91,172,890 Shares issued for cash @ $4.80 400,000 2,400 1,706,157 Shares issued for convertible note extinguishment @ $9.80 440,529 2,643 3,997,357 Shares placed in escrow (subscription receivable) 2,200,000 13,200 6,249,481 Shares removed from escrow as payment of liability 100,000 600 (100,000) (600) Reclassification of derivative liability-warrant to equity 963,557 Exercise of stock option 4,153 25 (25) Stock compensation expense 1,108,254 Net income Adjustment to statutory reserve Change in fair value of derivative instrument Foreign currency translation gain BALANCE, September 30, 2009 (unaudited) 28,343,716 $170,063 2,200,000 $13,200 $105,197,671 Common stock Retained earnings Accumulated subscription Statutory Unrestricted comprehensive receivable reserves earnings income (loss) Totals BALANCE, December 31, 2007 $-- $8,321,726 $54,133,070 $4,015,930 $144,287,658 CB transfer to common stock @$7.00 15,000,000 Adjustment to shares outstanding -- Exercise of warrants for cash @ $3.11 139,394 Stock compen- sation expense 1,437,557 Net income 23,898,292 23,898,292 Allocation of APIC due to Kuhn's litigation (3,487,250) Adjustment to statutory reserve 3,254,932 (3,254,932) -- Change in fair value of derivative instrument 3,209,403 3,209,403 Foreign currency translation gain 14,062,515 14,062,515 Reverse unrealized loss on marketable securities 22,301 22,301 BALANCE, September 30, 2008 (unaudited) -- 11,576,658 74,776,430 21,310,149 198,569,870 Adjustment to shares outstanding -- Stock compen- sation expense 431,252 Net income 4,576,217 4,576,217 (Loss) gain on derivative instrument 739,489 (739,489) -- Change in fair value of derivative instrument 928,917 928,917 Foreign currency translation gain (1,526,564) (1,526,564) BALANCE, December 31, 2008, as previously reported -- 12,316,147 78,613,158 20,712,502 202,979,692 Cumulative effect of reclassify- cation of conversion option (1,357,150) (1,357,150) BALANCE, January 1, 2009, as adjusted (unaudited) -- 12,316,147 77,256,008 20,712,502 201,622,542 Shares issued for cash @ $4.80 1,708,557 Shares issued for convertible note extinguishment @ $9.80 4,000,000 Shares placed in escrow (subscription receivable) (6,262,681) -- Shares removed from escrow as payment of liability 343,084 343,084 Reclassifi- cation of derivative liability- warrant to equity 963,557 Exercise of stock option -- Stock compen- sation expense 1,108,254 Net income 13,858,550 13,858,550 Adjustment to statutory reserve 2,663,714 (2,663,714) -- Change in fair value of derivative instrument (3,275,588) (3,275,588) Foreign currency translation gain 112,093 112,093 BALANCE, September 30, 2009 (unaudited) $(5,919,597) $14,979,861 $88,450,844 $17,549,007 $220,441,049

SOURCE Fushi Copperweld, Inc.

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