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Author: TMFMmbop Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 476  
Subject: CFSG 3Q10: The grimness continues Date: 11/9/2010 9:55 AM
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This pretty much says it all:

Mr. Brian Lin, chief executive officer of China Fire, commented, "In recent months, the iron & steel industry witnessed lower steel prices and, at the same time, a significant increase in production costs. As such, our core customers -- China's mid-to-large iron & steel manufacturers -- have experienced a squeeze in profits and cash flows. In light of this, we have also adopted cautious measures to preserve our cash by slowing some of our ongoing projects in order to control expenditures."

Full release is here: http://mot.ly/a42p87

It's gotten so bad that CFSG has slowed its previously aggressive revenue recognition, which makes me suspect that a receivables write-down could be coming down the line.

Stock (rightly) down 12%.

Tim
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