Ossen Innovation Announces Unaudited Financial Results for the Six Months Ended June 30, 2021

Rhea-AI Summary

Ossen Innovation Co., Ltd. (Nasdaq: OSN) reported significant growth in its financial results for the six months ending June 30, 2021. Revenues reached $72.3 million, up from $54.8 million in the same period last year, while gross profit increased to $12.9 million from $10.3 million. The rise in sales and profitability was mainly attributed to the enhanced performance of rare earth coated pre-stressed products. The company's manufacturing facilities are located in Ma'anshan, Anhui Province, and Jiujiang, Jiangxi Province.

Positive

• Revenue increased by 31% to $72.3 million compared to $54.8 million last year.
• Gross profit rose to $12.9 million, up from $10.3 million.

Negative

• None.

SHANGHAI, Aug. 18, 2021 /PRNewswire/ -- Ossen Innovation Co., Ltd. ("Ossen Innovation" or the "Company") (Nasdaq: OSN), a China-based manufacturer of an array of plain surface, rare earth and zinc coated pre-stressed steel materials, today announced its unaudited financial results for the six months ended June 30, 2021 that revenues and gross profit attributable to Ossen Innovation are $72.3 million and $12.9 million, compared to $54.8 million and $10.3 million for the same period of last year.

The increase in revenue and gross profit in the six months ended June 30^th, 2021 was primarily due to the increase in sales and profitability of rare earth coated pre-stressed products.

About Ossen Innovation Co., Ltd.

Ossen Innovation Co., Ltd. manufactures and sells a wide variety of plain surface pre-stressed steel materials and rare earth coated and zinc coated pre-stressed steel materials. The Company's products are mainly used in the construction of bridges, as well as in highways and other infrastructure projects. Ossen has two manufacturing facilities located in Ma'anshan, Anhui Province, and Jiujiang, Jiangxi Province.

Safe Harbor Statements

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks relating to the ongoing COVID-19 pandemic and the risks outlined in the Company's public filings with the Securities and Exchange Commission, including the Company's annual report on Form 20-F, as amended. All information provided in this press release is as of the date hereof. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

For more information, please contact:

Wei Hua, Chief Executive Officer
Email: int.tr@ossengroup.com
Phone: +86-21-6888-8886
Web: www.osseninnovation.com

Investor Relations
GCI IR
Phone: +1-202-656-3688
Email: info@goldenir.com

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SOURCE Ossen Innovation Co., Ltd.

FAQ

What were Ossen Innovation's earnings for the first half of 2021?

Ossen Innovation reported revenues of $72.3 million and gross profit of $12.9 million for the six months ended June 30, 2021.

What drove the revenue growth for Ossen Innovation in 2021?

The revenue growth was primarily driven by increased sales and profitability of rare earth coated pre-stressed products.

What is the stock symbol for Ossen Innovation?

Ossen Innovation trades under the stock symbol OSN on Nasdaq.

When were the financial results for Ossen Innovation announced?

The financial results were announced on August 18, 2021.