Deer Consumer Products (Nasdaq: DEER) full-year earnings climb

Orlando, FL 3/29/12 (StreetBeat) -- Deer Consumer Products Inc. (Nasdaq: DEER) said Thursday that its full-year net income rose 31 percent due to higher prices and more sales in China, its main market.

The Chinese company, which makes blenders and other small appliances, earlier this month delayed filing its annual results because it needed more time to assess its procedures for reporting information required by U.S. regulators. Shares have dropped 12 percent since then.

The company said Thursday that it earned $39.8 million, or $1.18 per share, for the year ended Dec. 31. That compares with $30.3 million, or 90 cents per share, in 2010.

Annual revenue climbed 29 percent to $226.7 million from $175.8 million. The company said it sold more Deer branded products in China, which makes up 68 percent of its sales. Products sold in China are more profitable than exports, the company said. It also raised prices.

"We believe China remains the world's largest and fastest growing consumer retail market and has strong domestic demand for small household appliances," Chairman and CEO Bill He said in a statement.

The company said that rising standards of living in China should boost demand for small appliances and that Deer Consumer Products plans to target the growing number of middle-income Chinese consumers.

The company maintained its forecast for 2012 earnings of $1.37 to $1.42 per share on revenue between $270 million and $290 million.

Shares closed at $3.18 on Wednesday and were not active in premarket trading Thursday.

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