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NewMarket China, Inc. (OTCBB: NMCH) announced today filing its quarterly report for the first quarter of 2007 (SEC Form 10QSB). In the report, NewMarket China reported over $7 million in revenue.
The quarterly report represents the first quarterly report since reorganizing the Chinese business operations of a previously existing Chinese business operation into the publicly listed NewMarket China, Inc. Prior to the reorganization, the Company was named Intercell International Corporation and had reported negligible business operations in 2005.
Last week, the company filed the 2006 annual report on SEC Form 10-KSB. The annual filing is also the first annual report following the reorganization. In 2006, NewMarket China reported $29.5 million in revenue with a profit. The net income amounted to $0.01 earnings per share representing net income of $130,000 with 24 million shares issued and outstanding. CEO of NewMarket China, John Verges, stated, "I am very enthusiastic about releasing our first annual and quarterly reports reflecting the operations we have diligently worked to establish in China . We have been developing business in China for the past few years as a private wholly owned subsidiary of NewMarket Technology and last fall we reorganized our Chinese operations into an existing public entity that you now know as NewMarket China. We originally forecasted approximately $20 million in revenue for 2006 and are extremely pleased that actual performance exceeded our expectations. The opportunities in China are extensive and we look forward to continuing to grow our business and build upon the numerous business opportunities. We continue to maintain our revenue forecast of $40 million for 2007."
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