HONG KONG, May 24, 2005 (PRIMEZONE) -- FP GROUP, LTD. (Pink Sheets:FPGR) ("FPG") a Peoples Republic of China-based company providing a full range of logistical management in the printing and packaging industry, today announced the results for its fiscal year ended March 31, 2005.
Mr. Leo Wong, FPG Chairman and President, stated that, "Our growth this year has been on target and consistent with our strategic plan. We are working hard to expand our markets and continue to develop new distribution for our products and services. The expansion of our design services and the introduction of our proprietary paper clock and paper music box products will fuel continued growth into the next fiscal year."
Summary of Financial Highlights
(U.S. Dollar amounts in thousands, except per share data)
(Unaudited)
Year Ended March 31
2005 2004 Change
---- ---- ------
Sales $5,743 $4,077 41%
Gross margin $1,786 $1,293 38%
Net income $1,104 $786 41%
Net Income per share:
Basic and Fully Diluted $.03 $.02 $.01
Sales for the year ended March 31, 2005 increased approximately $1,666,000 to $5,743,000 over the year ended March 31, 2004. The increase was primarily as a result the expanded marketing efforts which generated additional revenue from an expanded customer base as well as larger orders form existing customers. As part of its strategic plan the Company targeted foreign importers during the third and fourth quarters.
Gross margin remain relatively consistent at approximately 32% in both years.
Net income for the year ended March 31, 2005 increased approximately $318,000 over 2004. The increase results from the increase in sales offset by an expected increase in general and administrative expenses.
Mr. Leo Wong, FPG Chairman and President, stated that, "We are very pleased with the results of the year. Our growth is consistent with our plan. The growth has come without any significant investment in terms of dollars and manpower. The Company will continue to grow in the future. With our pending acquisition of Million Base and our introduction of our proprietary products this year we expect even greater growth in the fiscal year ending March 31, 2006."
About FP Group, Ltd.:
FPG is a Peoples Republic of China-based company providing a full range of logistical management in the printing and packaging industry. FPG provides a one-step service including consultation, design, sourcing, printing, assembly and delivery of packaging needs. FPG's products include items for which they hold design patents in the PRC. For more information, please visit our corporate website: www.fpgroup.com.hk
FPG is continually developing new design and packaging concepts. Growth of FPG will come from additional business with its current customer base and attracting new customers as a result of the services and products they offer. FPG intends to take advantage of its market position by seeking other firms for the possibility of merger or acquisition.
Statement under the Private Securities Litigation Reform Act:
With the exception of the historical information contained in this release, statements above describing objectives or goals or our future plans are forward-looking statements and are subject to certain risks and uncertainties, including among other factors the ability of FPG to increase revenues in the future, the ability to maintain a positive cash flow, and the ability to retain existing customers and obtain new customers, its ability to create and market new packaging concepts, the printing and packaging business in general, future governmental regulation as well as other factors which could cause actual results or revenues to differ materially from those contemplated by these statements.