Kingold Jewelry Receives Non-Compliance Notice From Nasdaq
Aug 14 15
On August 11, 2015, Kingold Jewelry Inc. received from the Nasdaq OMX Group (Nasdaq) a letter indicating that it is not in compliance with the minimum $1.00 per share minimum bid price requirement for continued inclusion on the Nasdaq Capital Market set forth in Nasdaq Marketplace Rule 5550(a)(2), as a result of the bid price of the Company’s ordinary shares having closed below $1.00 for the last 30 consecutive business days prior to the date of the letter. In particular, the Nasdaq Letter notes that for each trading day in the period June 25, 2015 through and August 10, 2015, the Company’s Common Stock closed at less than $1.00 per share. Nasdaq’s letter advises the Company that, in accordance with Nasdaq Marketplace Rule 5810(c)(3)(A), the Company will be provided 180 calendar days, or until February 8, 2016, to regain compliance. The letter further advises that such compliance can be achieved if, at any time before February 8, 2014, the bid price of the Company’s ordinary shares closes at $1.00 or more per share for a minimum of 10 consecutive business days. There can be no guarantee that the Company will be able to regain compliance with the continued listing requirement of Nasdaq Marketplace Rule 5550(a)(2). If the Company does not regain compliance by February 8, 2016, Nasdaq will provide written notification to the Company that its ordinary shares may be delisted. At that time, the Company may appeal Nasdaq’s decision to a Listing Qualifications Panel. The Company intends to actively monitor the bid price for its ordinary shares between now and February 8, 2016, and will consider available options to resolve the deficiency and regain compliance with the Nasdaq minimum bid price requirement.
Kingold Jewelry, Inc. Reports Unaudited Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2015; Reiterates Production Guidance for the Full Year of 2015; Reports Write-Down of Inventory for the First Quarter Ended March 31, 2015
May 15 15
Kingold Jewelry, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, net sales were $206,195,220 against $307,453,098 a year ago, largely due to a slowdown in the Chinese economy in recent weeks. Income from operations was $8,845,848 against $23,555,844 a year ago. Income from operations before taxes was $8,565,581 against $22,877,321 a year ago. Net income was $6,581,204 against $16,112,644 a year ago. Diluted earnings per share were $0.10 against $0.24 a year ago. Net cash provided by operating activities was $9,357,027 against net cash used in operating activities of $18,828,723 a year ago. Purchase of property and equipment was $26,586 against $69,937 a year ago. Net sales decreased due to larger customers delaying purchases during this period, and its investment gold business was also significantly affected. Of the $101.3 million decrease in net sales, approximately $85.9 million was due to decreased production as a result of decreased demand, $13.2 million was due to drop in the price of gold and the remainder was due to currency exchange translation. The company's book value per diluted share was $4.03 at March 31, 2015, compared to $3.91 at December 31, 2014.
For the quarter, the company processed approximately 12.3 metric tons of 24-karat gold products, compared to 14.5 metric tons processed in the first quarter of 2014.
The company reiterates 2015 guidance of between 70 and 80 metric tons of 24-karat gold processed in 2015, while noting that a protracted period of lesser demand may require a reassessment as the company progresses further in the year.
The company had a $3.0 million write-down of inventory due to the decrease in the price of gold in the first quarter of 2015.
Kingold Jewelry, Inc. to Report Q1, 2015 Results on May 15, 2015
May 12 15
Kingold Jewelry, Inc. announced that they will report Q1, 2015 results at 5:00 PM, China Standard Time on May 15, 2015