Nevada
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001-34407
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20-5526104
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||
(State or other Jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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Area 2, 1/F, Building M-6,
Central High-Tech Industrial Park, Nanshan,
Shenzhen, China
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518057
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(Address of Principal Executive Offices)
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(Zip Code)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit
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Description
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99.9
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DEER CONSUMER PRODUCTS, INC.
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||||
(Registrant)
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||||
Date:
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May 10, 2012
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By:
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/s/ Ying He
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|
Name:
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Ying He
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|||
Title:
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Chief Executive Officer
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·
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Q1/2012 revenue of $49.9 million, an increase of 44% from Q1/2011
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·
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Q1/2012 net income of $7.8 million, an increase of 35% from Q1/2011
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·
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Fully diluted earnings per share of $0.23, an EPS increase of 35% from Q1/2011
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·
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Anticipates favorable Chinese domestic consumer market environment for continued growth in 2012
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·
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Affirms 2012 Financial Guidance
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Corporate Contact:
Ms. Helen Wang, President
Deer Consumer Products, Inc.
Tel: 011-86-755-86028300
Email: investors@deerinc.com
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March 31, 2012
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December 31, 2011
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|||||||
(Unaudited)
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||||||||
ASSETS
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||||||||
CURRENT ASSETS
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||||||||
Cash & equivalents
|
$
|
15,337,914
|
$
|
13,961,434
|
||||
Restricted cash
|
534,645
|
127,235
|
||||||
Accounts receivable
|
6,387,898
|
20,553,235
|
||||||
Deposits
|
88,723
|
1,153,019
|
||||||
Advances to suppliers
|
620,731
|
2,920,746
|
||||||
Other receivables
|
46,508
|
287,824
|
||||||
VAT receivable
|
9,227,463
|
8,562,076
|
||||||
Prepaid expense
|
952,902
|
952,902
|
||||||
Inventories
|
79,381,120
|
61,017,231
|
||||||
Total current assets
|
112,577,904
|
109,535,702
|
||||||
NON-CURRENT ASSETS
|
||||||||
Advance for equipment purchase
|
101,143
|
844,964
|
||||||
Deposit for land use right
|
848,534
|
847,646
|
||||||
Property and equipment, net
|
35,329,674
|
36,137,609
|
||||||
Construction in progress
|
21,171,672
|
21,141,715
|
||||||
Intangible assets, net
|
35,748,608
|
35,895,528
|
||||||
Other receivable
|
317,710
|
-
|
||||||
Total noncurrent assets
|
93,517,341
|
94,867,462
|
||||||
TOTAL ASSETS
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$
|
206,095,245
|
$
|
204,403,164
|
||||
LIABILITIES AND EQUITY
|
||||||||
CURRENT LIABILITIES
|
||||||||
Accounts payable
|
$
|
4,315,772
|
$
|
7,977,167
|
||||
Advance from customers
|
844,530
|
1,056,442
|
||||||
Income taxes payable
|
5,096,160
|
4,864,267
|
||||||
Other payables and accrued expenses
|
2,422,601
|
2,753,617
|
||||||
Dividend payable
|
-
|
1,679,628
|
||||||
Notes payable
|
-
|
692,821
|
||||||
Total current liabilities
|
12,679,063
|
19,023,942
|
||||||
COMMITMENTS AND CONTINGENCIES
|
||||||||
STOCKHOLDERS' EQUITY
|
||||||||
Common Stock, $0.001 par value; 75,000,000 shares
authorized; 33,592,562 shares issued and
outstanding as of March 31, 2012 and December 31, 2011,
respectively
|
33,593
|
33,593
|
||||||
Paid-in capital
|
91,187,584
|
91,187,584
|
||||||
Statutory reserve
|
9,985,566
|
9,157,606
|
||||||
Development fund
|
4,992,783
|
4,578,803
|
||||||
Accumulated other comprehensive income
|
14,983,829
|
14,769,957
|
||||||
Retained earnings
|
72,235,827
|
65,651,679
|
||||||
Total stockholders' equity
|
193,419,182
|
185,379,222
|
||||||
TOTAL LIABILITIES AND EQUITY
|
$
|
206,098,245
|
$
|
204,403,164
|
2012
|
2011
|
|||||||
Revenue
|
$
|
49,869,103
|
$
|
34,676,146
|
||||
Cost of revenue
|
34,349,861
|
24,719,201
|
||||||
Gross profit
|
15,519,242
|
9,956,945
|
||||||
Operating expenses
|
||||||||
Selling
|
4,014,207
|
2,617,437
|
||||||
General and administrative
|
1,351,486
|
1,240,626
|
||||||
Total operating expenses
|
5,365,693
|
3,858,063
|
||||||
Income from operations
|
10,153,549
|
6,098,882
|
||||||
Non-operating income (expenses)
|
||||||||
Interest income
|
311,440
|
62,535
|
||||||
Financial expense
|
(6,260
|
)
|
-
|
|||||
Exchange loss
|
(36,162
|
)
|
(116,123
|
)
|
||||
Other income (expenses), net
|
1,759
|
(38,298
|
)
|
|||||
Subsidy income
|
236,230
|
999,232
|
||||||
Total non-operating income, net
|
507,007
|
907,346
|
||||||
Income before income tax
|
10,660,556
|
7,006,228
|
||||||
Income tax expense
|
2,834,468
|
1,212,282
|
||||||
Net income
|
7,826,088
|
5,793,946
|
||||||
Other comprehensive item
|
||||||||
Foreign currency translation
|
213,872
|
1,476,410
|
||||||
Comprehensive Income
|
$
|
8,039,960
|
$
|
7,270,356
|
||||
Basic weighted average shares outstanding
|
33,592,562
|
33,592,562
|
||||||
Diluted weighted average shares outstanding
|
33,592,562
|
33,592,562
|
||||||
Basic earnings per share
|
$
|
0.23
|
$
|
0.17
|
||||
Diluted earnings per share
|
$
|
0.23
|
$
|
0.17
|
2012
|
2011
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$
|
7,826,088
|
$
|
5,793,946
|
||||
Adjustments to reconcile net income
|
||||||||
to net cash provided by (used in) operating activities:
|
||||||||
Depreciation and amortization
|
1,057,048
|
703,455
|
||||||
Provision for inventory losses
|
114,355
|
-
|
||||||
Stock-based compensation
|
-
|
25,657
|
||||||
(Increase) decrease in current assets:
|
||||||||
Accounts receivable
|
14,153,610
|
7,118,569
|
||||||
Advances to suppliers
|
2,862,987
|
713,336
|
||||||
Other receivables, prepayments, and deposits
|
1,309,945
|
(417,015
|
)
|
|||||
Subsidy receivable
|
-
|
(480,460
|
)
|
|||||
VAT receivable
|
(655,045
|
)
|
-
|
|||||
Other assets
|
-
|
1,708
|
||||||
Inventories
|
(18,376,257
|
)
|
(5,935,516
|
)
|
||||
Increase (decrease) in current liabilities:
|
||||||||
Accounts payable
|
(3,486,665
|
)
|
(9,154,319
|
)
|
||||
Unearned revenue
|
(212,577
|
)
|
(711,755
|
)
|
||||
Taxes payable
|
228,815
|
(4,210,783
|
)
|
|||||
Notes payable
|
(692,107
|
)
|
(3,440,063
|
)
|
||||
Other payables and accrued expenses
|
(333,210
|
)
|
(879,287
|
)
|
||||
Changes in noncurrent assets - other receivable
|
(317,050
|
)
|
-
|
|||||
Net cash provided by (used in) operating activities
|
3,479,937
|
(10,872,527
|
)
|
|||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Change in restricted cash
|
(406,430
|
)
|
494,294
|
|||||
Acquisition of property & equipment
|
(28,801
|
)
|
(728,682
|
)
|
||||
Refund of deposit on land use right
|
-
|
6,071,063
|
||||||
Construction in progress
|
(7,772
|
)
|
(1,042,779
|
)
|
||||
Net cash (used in) provided by investing activities
|
(443,003
|
)
|
4,793,896
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Dividends paid
|
(1,679,628
|
)
|
-
|
|||||
Net cash used in financing activities
|
(1,679,628
|
)
|
-
|
|||||
EFFECT OF EXCHANGE RATE CHANGE ON CASH & EQUIVALENTS
|
19,174
|
315,663
|
||||||
NET DECREASE IN CASH & EQUIVALENTS
|
1,376,480
|
(5,762,968
|
)
|
|||||
CASH & EQUIVALENTS, BEGINNING OF PERIOD
|
13,961,434
|
33,956,591
|
||||||
CASH & EQUIVALENTS, END OF PERIOD
|
$
|
15,337,914
|
$
|
28,193,623
|
||||
Supplemental Cash flow data:
|
||||||||
Income tax paid
|
$
|
2,639,188
|
$
|
2,076,848
|
||||
Interest paid
|
$
|
-
|
$
|
-
|