8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 2, 2010

DEER CONSUMER PRODUCTS, INC.

(Exact name of registrant as specified in its charter)

Nevada	001-34407	20-5526104
(State or other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

Area 2, 1/F, Building M-6, Central High-Tech Industrial Park, Nanshan, Shenzhen, China	518057
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (86) 755-8602-8285

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.  Results of Operations and Financial Condition.

On March 2, 2010, Deer Consumer Products, Inc. issued a press release announcing its year-end financial results, affirming its 2010 Revenue and Net Income guidance and announcing an investor conference call to be held on March 2, 2010 at 8:30 am EST.

The press release is furnished as Exhibit 99.1 to this Current Report. Exhibit 99.1 shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be incorporated by reference into any registration statement filed under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

Item 9.01.  Financial Statements and Exhibits.

(d)          Exhibits

Exhibit	Description
Exhibit 99.1	Press Release “Deer Consumer Products, Inc. Announces Record 2009 Financial Results, Anticipates Record Earnings Growth to Continue in 2010,” dated March 2, 2010

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: March 2, 2010

DEER CONSUMER PRODUCTS, INC.

By:	/s/ Ying He
Name:	Ying He
Title:	Chief Executive Officer

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EX-99.1

Exhibit 99.1

Deer Consumer Products, Inc. Announces Record 2009 Financial Results, Anticipates Record Earnings Growth to Continue in 2010

- Revenue of $81.3 million, an increase of 86% from $43.8 million in 2008

- Net income of $12.4 million, an increase of 268% from $3.4 million in 2008

- Earnings Per Share (EPS) of $.53, an increase of 170% from EPS $0.20 in 2008 on a fully diluted basis

- Record revenue and net income significantly exceeded 2009 guidance

- Strong balance sheet, approximately $80 million in cash without long term debts

- Sufficient cash on hand to fund continued record growth in 2010

- Anticipates no bank or other credit borrowing needs

- Affirms 2010 revenue guidance of approximately $155 million and net income guidance of approximately $24 million from organic growth

- Anticipates favorable market environment for both global and China domestic markets to continue in 2010

- Non-deal road show scheduled through William Blair & Company, BMO Capital Markets and Lazard Capital Markets beginning on March 3

NEW YORK, March 2 /PRNewswire-FirstCall/ - -- Deer Consumer Products, Inc. ("Deer") (Nasdaq: DEER) (website: http://www.deerinc.com/), one of the world's largest designers and OEM/ODM manufacturers of home and kitchen electronics marketing to both global and China domestic consumers, announced record 2009 financial results. Deer management will host an investor conference call today at 8:30 am EST.

Record 2009 Revenue:

2009 revenue was $81.3 million, an increase of approximately 86% compared to $43.8 million in 2008. Significant revenue increase was attributed to strong organic sales growth in core products, introduction of new products, and market share growth both globally and in the China domestic markets. Sales of company's proprietary "Deer" branded products reached record levels due to the company's marketing efforts in the China domestic markets. Strong consumer demand for high quality, "better lifestyle" products in our blenders and juicers product categories continued in 2009. China domestic sales in 2009 reached approximately 18% of total revenues, higher than the Company's previous estimate of 12% of China domestic market sales in 2009.

Record 2009 Earnings:

2009 net income was approximately $12.4 million and EPS was $.53 on a fully diluted basis, significantly higher than in 2008. Net income growth was largely attributed to increased organic sales growth and higher profit margins.

Affirms Record 2010 Revenue and Net Income Guidance:

Deer affirms 2010 revenue guidance of approximately $155 million, an estimated increase of approximately 91% from 2009. Deer also affirms 2010 net income guidance of approximately $24 million, an estimated growth of 100% from 2009. Deer anticipates significant sales expansion in the China domestic markets for "Deer" branded products in 2010 through broader market presence and distribution channels.

Strategic Position with Direct Access to the Vast Chinese Consumer Markets:

Despite the fact that China has the world's fastest growing small household appliance market, not a single global brand in this industry has any meaningful sales presence in China. Deer's fully integrated model of aligning strong cash position, product design, internal manufacturing and quality control, supply chain management and direct access to customers has helped establish Deer as an effective distribution platform for expanded product offerings in China's fast growing small household appliance industry.

Management Comments on 2009 Financial Performance:

Bill He, Deer's Chairman & CEO commented: "Deer management executed our 2009 growth strategies well and exceeded our stated revenue and net income guidance for 2009. Management's relentless focus on execution and sales expansion in 2009 provided a solid platform for our continued record growth in 2010. We are pleased with Deer's 2009 financial performance and the delivery of our financial targets promised to our shareholders."

Management Comments on 2010 Outlook:

Mr. He continued: "In 2010, Deer anticipates significant growth from domestic product sales. The Chinese consumers' appetite towards small household appliances has been increasing steadily despite the challenging global economy. Deer continues to believe positive consumer sentiment towards consumption and China's economic growth to remain high in 2010. We look forward to another year of record sales and earnings growth for Deer in 2010."

Non-Deal Road Show Schedule:

Beginning in New York on March 3, 2010, Deer's senior management team, led by Chairman & CEO Mr. Bill He, will conduct a 10 day, non-deal road show visiting with institutional investors in multiple cities throughout the U.S. The non-deal road show is arranged through the institutional sales desks at William Blair & Company, BMO Capital Markets and Lazard Capital Markets.

INVESTOR CONFERENCE CALL INSTRUCTIONS:

Date and time:  8:30 am U.S. Eastern Standard Time, March 2, 2010

U.S. toll free number:  1-866-543-6408

International direct dial-in:  617-213-8899

Conference passcode:  43992613

About Deer Consumer Products, Inc.

Deer Consumer Products, Inc. (http://www.deerinc.com/) is a NASDAQ Global Market listed U.S. registered public company headquartered in China. Deer has a 15-year operating business as well as a strong balance sheet. Supported by more than 103 patents, trademarks, copyrights and approximately 2,000 company-trained seasonal and full-time staff, Deer is a leading designer, ODM/OEM manufacturer and global marketer of quality small home and kitchen electric appliances. Deer's product lines include blenders, juicers, soy milk makers and a large variety of other home appliances designed to make today's lifestyles simpler and healthier. With more than 100 global clients/branded products such as Black & Decker, Ariete, Disney, Toastmaster, Magic Bullet, Back to Basics and Wal-Mart, and rapidly expanding China domestic market footprint, Deer has enjoyed rapid sales and earnings growth in recent years.

Safe Harbor Statement

All statements in this press release that are not historical are forward-looking statements made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. There can be no assurance that actual results will not differ from the company's expectations. You are cautioned not to place undue reliance on any forward-looking statements in this press release as they reflect Deer's current expectations with respect to future events and are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated. Potential risks and uncertainties include, but are not limited to, the risks described in Deer's filings with the Securities and Exchange Commission.

Contact Information:

Corporate Contact:

Ms. Helen Wang, Corporate Secretary

Deer Consumer Products, Inc.

Tel: 011-86-755-86028285

Email: investors@deerinc.com

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DEER CONSUMER PRODUCTS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

AS OF DECEMBER 31, 2009 AND 2008

	2009		2008
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	79,333,729	$	2,782,026
Restricted cash		35,701		200,099
Accounts receivable, net		17,070,781		8,560,465
Advances to suppliers		3,299,107		5,015,479
Other receivables		213,487		489,286
Short term investments		-		29,340
Due from related party		-		331,267
Inventories		18,061,282		7,680,851
Other current assets		12,500		13,342
Total current assets		118,026,587		25,102,155
PROPERTY AND EQUIPMENT, net		11,325,999		11,291,202
CONSTRUCTION IN PROGRESS		3,724,337		892,897
INTANGIBLE ASSETS, net		394,684		404,125
OTHER ASSETS		20,073		39,689
TOTAL ASSETS	$	133,491,680	$	37,730,068
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	13,055,110	$	8,968,088
Other payables		1,061,460		760,632
Unearned revenue		1,719,761		3,305,966
Accrued payroll		1,148,663		168,282
Short term loans		-		3,552,841
Advances from related party		-		274,805
Notes payable		6,212,911		3,155,348
Tax and welfare payable		862,332		1,533,013
Total current liabilities		24,060,237		21,718,975
LONG-TERM LOAN		-		733,500
TOTAL LIABILITIES		24,060,237		22,452,475
STOCKHOLDERS' EQUITY:
Common Stock, $0.001 par value; 75,000,000 shares authorized; 32,631,748 and 19,652,226 shares issued and outstanding as of December 31, 2009 and December 31, 2008, respectively		32,632		19,652
Additional paid-in capital		91,111,661		9,329,371
Development funds		1,185,859		542,701
Statutory reserve		2,371,718		1,085,403
Other comprehensive income		2,335,216		2,345,698
Retained earnings		12,394,357		1,954,768
Total stockholders' equity		109,431,443		15,277,593
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	133,491,680	$	37,730,068

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DEER CONSUMER PRODUCTS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME

FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008

	2009			2008
Revenue	$	81,342,680		$	43,784,935
Cost of Revenue		61,176,610			34,125,019
Gross profit		20,166,070			9,659,916
Operating expenses
Selling expenses		3,555,547			2,854,946
General and administrative expenses		2,380,861			2,566,634
Total operating expenses		5,936,408			5,421,580
Income from operations		14,229,662			4,238,336
Non-operating income (expense):
Financing costs		(223,607	)		(247,901	)
Interest income		94,986			13,870
Interest expense		(122,299	)		(310,762	)
Other income (expense)		364,418			40,216
Realized loss on trading securities		-			(34,873	)
Foreign exchange gain		138,284			959,943
Total non-operating income		251,782			420,493
Income before income tax		14,481,444			4,658,829
Income tax		2,112,382			1,302,045
Net income		12,369,062			3,356,784
Other comprehensive income
Foreign currency translation gain (loss)		(10,482	)		1,041,966
Comprehensive Income	$	12,358,580		$	4,398,750
Weighted average shares outstanding:
Basic		22,782,200			16,985,460
Diluted		23,190,286			16,985,460
Earnings per share:
Basic	$	0.54		$	0.20
Diluted	$	0.53		$	0.20

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DEER CONSUMER PRODUCTS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008

	2009			2008
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	12,369,062		$	3,356,784
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		1,439,751			1,199,578
Amortization		9,435			18,723
Loss on disposal of fixed assets		-			351,257
Realized loss on short term investments		-			34,873
Stock based compensation		333,387			-
(Increase) / decrease in assets:
Accounts receivable		(8,512,633	)		(7,821,066	)
Other receivables		(5,019	)		210,696
Inventories		(10,374,062	)		(3,180,080	)
Due from stockholder		-			1,454,375
Due from related party		331,064			(325,509	)
Advances to suppliers		1,715,320			(1,965,833	)
Tax rebate receivable		283,706			158,989
Other assets		18,100			215,234
Increase / (decrease) in current liabilities:
Accounts payable		4,084,515			6,205,438
Unearned revenue		(1,585,231	)		3,175,324
Other payables		241,952			156,499
Due to related party		(274,636	)		(795,427	)
Accrued payroll		979,780			24,138
Tax and welfare payable		(670,270	)		563,573
Net cash provided by operating activities		384,221			3,037,566
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property and equipment		(1,474,527	)		(3,627,873	)
Acquisition of intangible assets		-			(8,319	)
Construction in process		(2,829,702	)		(559,651	)
Changes in restricted cash		164,297			276,966
Sale of short-term investments		29,322			79,984
Net cash used in investing activities		(4,110,610	)		(3,838,893	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of notes payable		3,055,687			2,969,781
Proceeds from issuance of short term loans		-			4,176,723
Proceeds from sale of common stock		93,578,000			-
Offering costs paid		(12,407,007	)		-
Proceeds from exercise of warrants		290,890			-
Payment on short term loans		(3,550,661	)		(5,656,331	)
Payment on long term loans		(733,050	)		-
Change in advance to shareholder, net		-			(535,367	)
Change in advance to related party, net		-			270,028
Proceeds from issuance of long-term note		-			720,750
Net cash provided by financing activities		80,233,859			1,945,584
Effect of exchange rate changes on cash and cash equivalents		44,233			126,224
NET INCREASE IN CASH & CASH EQUIVALENTS		76,551,703			1,270,481
CASH & CASH EQUIVALENTS, BEGINNING BALANCE		2,782,026			1,511,545
CASH & CASH EQUIVALENTS, ENDING BALANCE	$	79,333,729		$	2,782,026
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid	$	119,996		$	310,762
Income taxes paid	$	567,226		$	725,125
Settlement of receivable as a deemed dividend	$	-		$	3,134,979

CONTACT:  Corporate Contact: Ms. Helen Wang, Corporate Secretary, Deer Consumer Products, Inc., +86-755-86028285, investors@deerinc.com

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