SOURCE: China Vesting

August 17, 2011 10:23 ET

China Vesting Issues Update on China Direct Industries, Inc.

LOS ANGELES, CA--(Marketwire - Aug 17, 2011) - China Vesting, a leading investment newsletter dedicated to Chinese public companies listed in the United States, today announced that is has issued an update on China Direct Industries, Inc. (NASDAQ: CDII). The update is available here:

China Direct Industries, Inc. announced Monday that for the third quarter of fiscal 2011, total revenues increased to $57.0MM up 78% compared to total revenues of $31.9MM recorded in the third quarter of fiscal 2010. Net income attributable to common stockholders was $4.3MM in the third quarter of fiscal 2011 compared to a net loss of ($1.1MM) in the comparable period of fiscal 2010. Consolidated earnings per share of $0.11 in the third quarter of fiscal 2011 compared to loss of ($0.04) per share in the third quarter of fiscal 2010. For the first nine months of fiscal 2011 net income was $7.0MM or $0.20 per share on 35 million weighted average shares as compared to net loss of ($492,000) or ($0.02) per basic and diluted share on 29 million weighted average shares in the comparable period in fiscal 2010.

China Direct Industries, Inc. expects revenue for the full 2011 fiscal year to exceed $200MM with net income of $12MM.

About China Vesting:

China Vesting researches 500 of the top U.S. Listed Chinese Public Companies and tracks the best 100 with state-of-the-art performance benchmarks. China Vesting is based in Dongguan China, an industrial city located in the Pearl River Delta. Dongguan borders the provincial capital of Guangzhou to the north, Huizhou to the northeast, Shenzhen to the south, and the Pearl River to the west. Our network consists of Chinese officials, investment bankers, venture capitalists, scholars, academics and most importantly entrepreneurs that track China Stocks.

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