NEW YORK, April 12, 2011 (GLOBE NEWSWIRE) -- Flurida Group Inc. (OTCQB:FLUG), announces results for the year ended December 31, 2010.
Financial highlights from the annual report include:
- Revenues recorded were $11.2Million, a 30% increase over the previous year.
- Record profit of $211K, a 10% increase over the previous year.
- Major client increased orders to $9.3Million, a 17% increase over the previous year
Commenting on the 2010 results, Jeffrey Ding, the Company's Chairman, President and CEO, noted, "I am extremely pleased by the Company's very strong performance during 2010, reflecting a substantial increase and growth within our Australian, U.S., Italian and Hungarian markets. We are also happy that we have been able to win a few contracts related to sub-assembly of motors for one of our affiliates. While we are content with our overall Net Profit, we experienced a challenging year when it came to currency rate exchanges in our respective markets. We saw a change of over 10% in the CNY/EURO over the past year with a 'roller coaster ride' in the Euro/Dollar exchange rate. We also had an increase in payroll expenses due to our opening of a new R&D facility on the West Coast.
"Moving forward, we anticipate a strong first quarter due to recovering global economies, seasonal replacement of white goods and durable goods, and increased economies of scale due to our R&D Department. Our major client is projecting an increase in sales in Latin America and Asia and we believe we will be able to piggyback off that growth.
"I encourage all shareholders to read the Company's complete Summary Annual Report and the audited consolidated financial statements, which are both available on the Corporate/Investor section of the Flurida Group's website www.flurida.com or can be found at ."
Complete Financial information can be found at
About Flurida Group Inc.
Flurida Group Inc. engages in sourcing, distributing, and marketing appliance parts to refrigerator manufacturers. It offers a variety of products for automatic refrigerator built-in icemakers, refrigerator through-door ice water systems, electronic control systems; and shade pole motor and motor assembly for refrigerators or freezers. Headquartered in Carson City, California, Flurida has operations in North America, Europe and China. For more info, please see
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks, uncertainties and other factors, including our ability to continue to consummate repurchases under the share repurchase program due to changes in our stock price, corporate or other market conditions. The reader is cautioned not to rely on these forward-looking statements. These and other risks are described in detail in Flurida's Quarterly Report on Form 10-Q for the 2nd and 3rd quarters of 2010, as filed with the U.S. Securities and Exchange Commission. All forward-looking statements are based on information currently available to Flurida and Flurida assumes no obligation to update any such forward-looking statements.
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