Keyuan Petrochemicals Inc. Announces Preliminary 2012 Financial Results; Delay
in Filing Annual Report on Form 10-K
NINGBO, China, April 17, 2013
NINGBO, China, April 17, 2013 /PRNewswire/ -- Keyuan Petrochemicals Inc.
(OTCQB: KEYP), ("Keyuan" or "the Company"), an independent manufacturer and
supplier of various petrochemical products in China, today reported its
preliminary financial results for the year and quarter ended December 31,
2012. The Company is providing these preliminary and unaudited results in an
effort to keep its shareholders informed about the performance of the Company
while it works to complete its Annual Report on Form 10-K (the "Form 10-K")
for the year ended December 31, 2012. The Company notified the Securities and
Exchange Commission (SEC) that it is unable to file its Annual Report on Form
10-K (the "Form 10-K") for the year ended December 31^st, 2012 within the
prescribed time period because it requires additional time to complete the
required financial statements, however the Company expects to file shortly.
Form 10-K for Year Ended December 31, 2012
On April 2, 2013, the Company filed a Form 12b-25 with the Securities and
Exchange Commission (the "SEC") which gave the Company an additional fifteen
days to file its Form 10-K for the year ended December 31, 2012. The Company
does not expect to file the Form 10-K within the additional time period
prescribed under Rule 12b-25 because it is still finalizing the financial
statements. As a result, the Company needs additional time to complete and
review the financial statements and disclosures to be contained in the Form
Temporary Suspension of the Stock Repurchase Program
In connection with the delay in filing its Annual Report on Form 10-K for the
year ended December 31, 2012, the Company has decided to temporarily suspend
the stock repurchase program from April 17, 2013. The Company plans to resume
the stock repurchase program after it files the Form 10-K for fiscal year
Preliminary Financial Results
The Company expects total revenues for the year ended December 31, 2012 to be
between approximately $750.6 million. For the year ended December 31, 2012,
the Company expects total net loss to be approximately $ 3.3 million.
The Company cautions that all of these financial results are preliminary and
subject to change, possibly material, following the completion and analysis of
the financial statements for the year ended December 31, 2012. The Company
reiterates that the above preliminary and unaudited financial information does
not represent all of the information that would normally be included in an
Annual Report on Form 10-K with respect to the Company's financial results.
About Keyuan Petrochemicals, Inc.
Keyuan Petrochemicals, Inc., established in 2007 and operating through its
wholly-owned subsidiary, Keyuan Plastics, Co. Ltd., is located in Ningbo,
China and is a leading independent manufacturer and supplier of various
petrochemical products. Having commenced production in October 2010, Keyuan's
operations include an annual petrochemical manufacturing design capacity of
720,000 MT for a variety of petrochemical products, with facilities for the
storage and loading of raw materials and finished goods, and a technology that
supports the manufacturing process with low raw material costs and high
utilization and yields. In order to meet increasing market demand, Keyuan
plans to expand its manufacturing capacity to include a SBS production
facility which was completed in September 2011 and one production line has
entered into commercial production, additional storage capacity, a raw
material pre-treatment facility, an asphalt production facility, and an ABS
Cautionary Statement Regarding Forward-Looking Information
This press release may contain certain "forward-looking statements" relating
to the business of Keyuan Petrochemicals, Inc., and its subsidiary companies.
All statements, other than statements of historical fact included herein are
"forward-looking statements" including statements regarding the impact of the
proceeds from the private placement on the Company's short term business and
operations, the general ability of the Company to achieve its commercial
objectives, including the ability of the Company to sustain growth; the
business strategy, plans and objectives of the Company and its subsidiaries;
and any other statements of non-historical information. These forward looking
statements are often identified by the use of forward-looking terminology such
as "believes," "expects" or similar expressions, involve known and unknown
risks and uncertainties. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, they do involve
assumptions, risks and uncertainties, and these expectations may prove to be
incorrect. Investors should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release. The
Company's actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of factors,
including those discussed in the Company's periodic reports that are filed
with the Securities and Exchange Commission and available on its website
(http://www.sec.gov). All forward-looking statements attributable to the
Company or persons acting on its behalf are expressly qualified in their
entirety by these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking statements.
For more information, please contact:
US Contact Information:
Keyuan Petrochemicals, Inc.
Company Contact Information:
Keyuan Petrochemicals, Inc.
SOURCE Keyuan Petrochemicals, Inc.
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