For the three months ended September 30, 2008, A-Power reported revenues that increased to $85.4 mln – up 120% from $38.9 mln for the same period of the prior year. Net income for the three months ended September 30, 2008 was $9.4 mln, that is 124% increase compared to $4.2 mln for the same period of the prior year. Earnings per share for Q3 2008 made approximately $0.28, while comprehensive income for the three months ended September 30, 2008 increased to $11.3 mln, if compared to $4.6 mln for the same period of 2007. Cost of revenues for this period amounted to $74.8 mln, an increase of $41.5 mln from the same three months period of the prior year.

For the first nine months of 2008, BVI company reported revenue in the amount of $183.4 mln, that is up 66% from the same period of the prior year. Net income for this period increased to $18.5 mln, up 56% from the first nine months period of 2007. Comprehensive income for the first nine months of 2008 increased to $22.3 mln, that is 81% increase from the same period of 2007.

By September 30, 2008 cash position of the BVI company was $59.7 mln, compared to $35.8 mln as of December 31, 2007. Working capital as of September 30, 2008 was $95.8 mln compared to $38.0 mln by the end of 2007.

Mr. Jinxiang Lu, A-Power’s Chairman and CEO, in his comments reaffirmed company’s earnings guidance of over $35 mln for 2008. He also named the main highlights of the BVI company in the third three months of 2008, including a new distributed generation contract in China’s Jilin province worth approximately $195 mln, and signing a binding MOU with National Power Supply Company for a $300 mln contract to develop a 600 MW distributed power system in one of Thailand’s provinces, which would be probably the largest distributed power generation contract up to date. Mr. Jinxiang Lu also mentioned the progress that was made by the BVI company in the wind turbine business – by completing construction of the largest single wind turbine production facility in Shenyang, China, and the development of other projects.

The reported net income of the BVI company made US$ 6.2 million  in 2Q 2008, compared with US$6 million in the same period of the previous year. Excluding a stock option charge of US$280,000, total amount of net income made US$6.5 million, or 20 cents per share.

The BVI corporation announced a 22% increase of revenue, from US$54 million in 2Q 2007 to US$65.7 million. The analysts expected earnings of 20 cents per share on revenue of US$62.1 million.

A-Power also reaffirmed its earnings guidance for 2008, from US$35 million to US$45 million. In 2007, the company posted net income of US$16.5 million.

During the second quarter of the year, the BVI corporation received several big contracts, including a US$150 million contract to build 300-megawatt power generation system in Thailand. Last month, A-Power (BVI) also signed memorandum of understanding for a $300 million agreement with Thai corporation, to build 600-megawatt power generation system.

The company reported revenues in the amount of US$71.54 mln – that is an increase of 7.73% from US$59.84 mln for the three months period ended June 30, 2007. The financial results were mainly due to a 6.2% increase in average sales price of the products, with volumes also increasing 2.2%.

Total operating expenses for the three months period ended June 30, 2008 were US$6.66 million, a decrease of 7.79% from US$6.51 million in the same period of the prior year – mainly due to the effective internal controls over daily operating costs and expenses. Selling and marketing expenses were US$2.45 mln for the third quarter of 2008, representing a decrease of 7.95% from the financial results of the same quarter of 2007, mainly due to the decrease in advertising expenses.

Income from operations for the third quarter of 2008 amounted to US$14.34 mln, compared with an operating income of US$7.80 million in the same period of 2007, reflecting a 65.77% increase from the previous year. Net income for the third quarter of 2008 reached US$8.77 mln and rose by 62.98%, as compared to net income of US$4.85 million in the same period a year ago. Earnings per share on a fully diluted basis were US$0.38, as compared to US$0.20 per diluted share in the same period a year ago.

In the company update, Origin announced that it entered into a Notes Repurchase Agreement with Citadel Equity Fund Ltd. on July 28, 2008, concerning the repurchase by the BVI company from Citadel of a part of its outstanding 1% guaranteed senior secured convertible notes due 2012. The deal provides Origin with the opportunity to increase equity shareholder value, providing flexibility to its operations.

The company published its expectations concerning the total revenues for the year ending September 30, 2008, which will be approximately US$75 – US$80 mln. Net income for the year ending September 30, 2008 will be aproximately US$0.5 – US$2 mln.

Fuqi International, which is operating through its BVI-registered subsidiary Fuqi International Holdings Co., Ltd. (Fuqi BVI), and China-based wholly owned subsidiary, Shenzhen Fuqi Jewelry Co., Ltd. (Fuqi China), is expecting to earn US$0.2-0.21 per share for the quarter, and between US$0.98 and US$1.04 per share for the year.

Wholesale demand for company’s products has slowed in Sichuan province, which received worst damages from the earthquake which happened on May 12. The region represents 5% of its wholesale jewelry sales. However, the company said it does not expect any long-term slowdown in sales from this region.

Having published its preliminary financial results for the first quarter, the company gave raised financial forecast for the fiscal year 2008, with total wholesale revenue expected at the level of approximately US$290-$300 mln. Now the BVI company said it still expects wholesale revenue between US$62 mln and US$64 mln for the second quarter, and US$305 mln for the year period.

Now the company expects Q1 2008 revenue in the amount of US$76-$77 million, net income of $5.7-$5.8 million, and earnings per share diluted – about $0.27-$0.28. The preliminary financial results for the period include an expected contribution of approximately $1.0-$1.1 million from two jewelry retail counters of the BVI company. The new guidance replaces Chinese company management’s previous forecast of wholesale revenue of approximately US$62 million, net income between $4.0 and $4.4 million, and diluted EPS of $0.19-$0.21. Q1 2008 gross margin is expected to be approximately 11%, net margin – about 7.5%.

Fuqi International, which expects to report final financial results for Q1 2008 during the first half of May 2008, has also given raised financial forecast for the fiscal year 2008. The company expects total wholesale revenue of approximately US$290-$300 million, net income of $18.9-$19.5 million, and diluted EPS of $0.85-$0.90. In 2008, the company expects to continue to sustain long term wholesale gross margins in the 10.5% range, in line with its historical average.

Fuqi International, Inc., based in Shenzhen, is  focused on developing, promoting and selling wide range of products made of precious metals and stones in the Chinese luxury goods market. The design database of the company operating through its BVI- and China-based subsidiaries includes more than 28,000 products, making it the leading designer of high quality precious metal jewelry in China.

The BVI company explained these measures are needed due to slower than expected revenue growth due to the slowing economy, and the deterioration of underperforming businesses. To reduce costs, UTi Worldwide will exit its retail distribution business in Africa, the distribution operations in America and other underperforming operations which are not the main. The company will also cancel various long-term initiatives, scale back airfreight charters, and loss-bringing contracts. In order to reduce overhead costs, the company will realign corporate and regional functions.

UTi Worldwide said it has also realigned its executive management structure, with Chief Executive Officer Roger MacFarlane also taking on the function of chief operating officer, John S. Hextall becoming president of the global Freight Forwarding operations, William T. Gates becoming president of the global Contract Logistics and Distribution operations, and some other re-appointments.

In the press release, the BVI company said it expects all the above measures to reduce annual operating costs by the amount about $105-110 million, and net revenues – by $30-40 million. Also, cost cuts are expected to reduce annual net revenues by $75 million to $85 million, and boost earnings per share by 21 cents to 28 cents per year. The company expects a pre-tax restructuring charge of about $15-20 million with the above measures.

It was noted by some analysts that restructuring and management reshuffle planned by the company could make UTi more of a buyout target, yet the increased potential of an acquisition makes the stock more appealing.

While some of these measures have already been implemented and will lead to some immediate cost savings, the main financial benefits are expected to be phased in during the first six months of fiscal year 2009. UTi plans to report its results for the 2008 fourth quarter and fiscal year on March 27, 2008.