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Sutor Technology Group Limited (SUTR) Reports 10% Increase in Q4 Net Income

Sutor Technology Group Limited (SUTR), a manufacturer of steel-finishing fabrication products and hot-dip galvanized steel in China, reported fourth quarter 2008 financial results last night. Revenues rose 14.5% year-over-year to $105.5 million. Net income rose 9.8% to $10.4 million, or 26 cents per diluted share, compared to $9.1 million, or 25 cents per share for the same period last year. One analyst surveyed anticipated earnings of 21 cents per share on revenues of $110.0 million.

For the full fiscal year, revenues rose to $418.0 million, an increase of 37.8% compared to $303.4 million in 2007. Annual net income rose to $31.1 million, or 82 cents per diluted share, an increase of 51.7% from $20.5 million, or 59 cents per diluted share last year. Share count increased from 34.6 million to 38.0 million during the year.

“I am pleased to report another strong quarter of growth driven by solid execution of business strategy focusing on vertical integration to provide a total solution for our customers,” said Ms. Lifang Chen, Chairlady and CEO of Sutor. “I look forward to updating our shareholders as we continue our progress.”

Shares of SUTR closed at $4.71 and have traded in a 52-week range of $3.00 – $9.42. SUTR has a market cap of $179 million, stockholders’ equity of $132.8 million, a P/S of 0.43, and a P/E of 5.7.

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