July 31, 2007 – stlplace

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Last Updated on July 31, 2007 by stlplace

Here is the results from PR NewsWire. To summarize:

Net sales from continuing operations for the second quarter 2007 of $30.4 million were up 16.4% over the $26.1 million for the second quarter of 2006.

North American sales of $11.8 million in the second quarter 2007 increased 8.2% from 2006. European sales of $12.8 million in the second quarter 2007 increased 33.1% from the second quarter 2006. Rest-of-world sales of $5.8 million in the second quarter 2007 were up 3.9% from 2006.

I am listening to its conference call, it seems the Q3 and 2007 outlook are good.

On a separate matter, Ninetowns (NINE), the stock I traded a few times, dropped to $3 level as its operation continued to deteriorate, and its CEO and main shareholder (appears) cashing money at the expense of small shareholders. I’m glad I no longer have that. In my mind, management integrity is as important as management competence, if not more.

Exchange rate and bank

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Last Updated on July 31, 2007 by stlplace

I went to the China Merchants Bank today, to exchange some USD into CNY. The rate is 7.5544. From what I read, the US senate has passed a bill to push China to appreciate the CNY more faster. That certainlly did not help me (get more Chairman Mao for my green backs).

On a positive note, the waiting line at the bank is much shorter, partly because the calm down of the China stock market.

On the other hand, housing market here is going crazy. My co-worker told in one case, people bought up all the units (but 2) of a new building during its opening day. I just could not understand, on the other side of the ocean, the US housing market is ice cold.