Deer Consumer Products reports record sales in May
Home and Kitchen electronics manufacturer, Deer Consumer Products (NASDAQ:DEER), stated this morning that it was not witnessing any slowdown in any of its markets. In fact the company reported quite the opposite, stating that it had ‘recognized record sales and new order growth’ for both North American and emerging markets during the month of May.
In addition to the positive sales momentum, the company reported
that it had ‘almost’ no bad debts from export sales.
The Nasdaq listed company additionally announced that it had
signed a number of product supply contracts for around US$12 million
with buyers in North American and South-east Asia.
"Deer is experiencing strong sales in its current second quarter.
Management sees significantly increased new order flow and buyer
interest from the North American markets. Deer is also benefiting from
its increased production capabilities, which can support approximately
$300 million in annual revenues. Our expanded capacity enables Deer to
continue to attract larger and broader customers worldwide," commented
Bill He, Deer's Chairman & CEO.
The company also confirmed that is continuing with its US$20
million share repurchase program, and had approximately $75 million in
cash on the balance sheet with no long term debt.
Headquartered in China, Deer manufactures and markets a wide
range of product lines including blenders, juicers, soy milk makers and a
large variety of other home appliances.
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