American Nano Silicon Technologies Inc., a leading manufacturer and distributor of micro nano silicon-based products, today announced its financial results for its first quarter ended December 31, 2010, reflecting solid growth from increased demand.
The company reported a 43 percent increase to $5.92 million for the first quarter, attributable to increased market awareness of the company’s products for the detergent and cement industries.
Net income increased 259 percent to $2. 58 million over the first quarter of 2009.
“We are pleased to announce solid financial results and robust growth in the quarter,” Fachun Pu, CEO of American Nano stated in the press release. “Our first-quarter results came in strong as anticipated. We experienced 42.7% growth in our revenues for the quarter year over year. We have seen increased demand in the Sichuan Province for our non-phosporous based detergent and cement additive products. Consumers are constantly becoming more conscious of using environmentally safe products and contributing to a cleaner environment. Using our emerging technologies, we continue to develop new products including our non-phosphate flame resistant additive. Additionally, we have sufficient cash from operations to fund our continued capacity expansion.”
American Nano operates through its 95 percent-owned subsidiary Nanchong Chunfei Nano Silicon Technologies Co., Ltd. The company’s micro nano silicon-based products are focused on the concrete and non-phosphate detergent industries, though micro nano silicon (TM) is also widely used in laundry detergent, petrochemical, plastics, rubber, paper, ceramics and water treatment materials, among others. The company noted increased demand for its products and the need for rapid expansion of its production capacity, as well as strengthening current customer relationships.
“We have recently increased our customer base and expect to establish long-term relationships with each new customer. In turn we believe this will further strengthen our robust revenue growth in the future,” Pu stated.
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