Portfolio Update: Harbin Electric

Harbin Electric (Nasdaq: HRBN) a U.S.-listed company focusing on linear motor technology with operations based in Harbin, China, on March 7 announced financial results for its fourth quarter and full year ended Dec. 31, 2006.

Revenues surged 70.9% to $40.4 million in 2006 from $23.6 million in 2005.  Net income increased 84.4% to $18.4 million, or $1.01 per diluted share, from $10.0 million, or $0.67 per diluted share, in 2005.  It should be noted that $6.7 million, or $0.35 per diluted share, of the $18.4 million is related to a change in the fair value of warrants.

In the fourth quarter of 2006, revenues grew 66.9% to $12.0 million, from $7.2 million a year earlier. Strong sales of linear motor and special motor products drove revenues, according to the company. The fourth quarter earnings growth was strong at 146.1% to $6.7 million, from $3.0 million in the year-ago quarter. It should be noted that $4.2 million of the $6.7 million is related to a change in the fair value of warrants.

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