ZPP updated their unit sales guidance for '08 this morning. Not really much of a surprise given the state of the world economy. The fact that they're only downgrading their estimated sales by 15% is positive - should that estimate hold true. That still pegs sales at roughly 220,000 units - up from 133,000 after 3 quarters.
Have a good day!
Zongshen PEM Power Systems Inc. Updates 2008 Unit Sales Outlook12/18/2008 8:00 AM -
Canada NewsWire
VANCOUVER, Dec. 18, 2008 (Canada NewsWire via COMTEX News Network) --
TSX:ZPP
Zongshen PEM Power Systems Inc. ("ZPP" or "the Company") (TSX:ZPP), announced today that the Company has reduced its previously stated unit sales guidance of 260,000 units.
Due to the global economic environment and slower consumer spending in China and other target markets for ZPP's suite of electric and low emission, small gas bikes, the Company is reducing its 2008 unit sales target of 260,000 units by approximately 15 percent.
"We have been negatively impacted by the current global economic crisis which has resulted in lower consumer demand and spending in China, and in the respective export markets for our products," noted Zongshen Zuo, Chairman and Chief Executive Officer of Zongshen PEM Power Systems Inc. "I remain confident in ZPP's growth prospects. With positive earnings and cash flow, and a strong balance sheet, ZPP is very secure and well positioned to prosper once the current economic environment has stabilized."
The Company will preannounce its fourth quarter and full year unit sales in January 2009.
About Zongshen PEM Power Systems Inc.
