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2010 China Forestry Industry Group Financial Results
Author:Sino-report    Source:China Forestry Group    Number of clicks :     Update time:2011-05-16 22:53
Sino-report News Center May 2011

Full Year 2010 Highlights

  • Revenue increased 178.8% to $37.0 million, from $13.3 million in 2009  
  • Gross profit increased 257.1% to $11.7 million
  • Gross margin increased 695 basis points to 31.7%, from 24.8% in 2009
  • Operating income increased 288.4% to $10.0 million
  • Operating margin increased to 27.1%, from 19.5%
  • Net income increased 313.7% to $9.3 million, or $0.42 per diluted share, as compared to $2.2 million or $0.11 per diluted share in 2010.
   

 

2010

 


2009

 
         

ASSETS

       

Current assets

       

  Cash and cash equivalents

$2,334,910

 

$1,471,729

 

  Accounts receivable, net of allowance for doubtful accounts

5,423,123

 

2,017,244

 

  Inventory

6,949,679

 

10,790,285

 

  Deposits and prepaid expenses

12,390,756

 

6,297,623

 

  Other receivables

777,236

 

689,898

 

  Taxes recoverable

2,452,407

 

192,304

 

Total current assets

30,328,111

 

21,459,083

 
         

Property and equipment

       

 Property and equipment, net of accumulated depreciation

6,352,289

 

6,167,734

 

 Land use rights, net of accumulated amortization

6,666,591

 

795,829

 

 Construction in progress

5,304,348

 

5,116,167

 

 Total property and equipment

18,323,228

 

12,079,730

 

Total assets

$48,651,339

 

$33,538,813

 
         

LIABILITIES  AND STOCKHOLDERS' EQUITY

       
         

Current liabilities

       

  Accounts payable

$3,388,806

 

$9,497,858

 

  Other payables  and accrued expenses                            

2,567,191

 

3,698,397

 

  Taxes payable

3,290,481

 

386,121

 

  Customer deposits

1,936,733

 

841,308

 

  Short term debts

4,535,830

 

718,830

 
 

$15,719,041

 

$15,142,514

 

Long term liabilities

       

 Long term debts

-

 

733,500

 

Total liabilities

15,719,041

 

15,876,014

 
         

Commitments and contingencies

-

 

-

 
         

Stockholders' equity

       

    Preferred stock: 5,000,000 shares authorized of $0.001 par value

$-

 

$-

 

      none issued and outstanding

       

    Common stock: 100,000,000 shares authorized of $0.001 par value

30,000

 

20,500

 

      30,000,000 and 20,500,000 shares issued and outstanding as of

       

      December 31, 2010 and December 31, 2009, respectively

       

  Additional paid in capital

17,988,805

 

13,048,135

 

  Retained earnings

12,622,369

 

3,330,877

 

  Accumulated other comprehensive income

2,291,124

 

1,263,287

 

Total stockholders' equity

32,932,298

 

17,662,799

 

Total liabilities and stockholders' equity

$48,651,339

 

$33,538,813

 
       

Fiscal Year 2010 Results

For the fiscal year ended December 31, 2010, revenues were $37.0 million, an increase of 178.8% from $13.3 million in 2009. The increase in sales was mainly attributable to the incorporation of the laminate flooring business unit and the expansion of the Company's sales and distribution network. Gross profit was $11.7 million, an increase of 257.1% from gross profit of $3.3 million in 2009. Gross margin was 31.7%, compared to 24.8% in fiscal 2009. Operating expenses for 2010 were $1.7 million, as compared to $0.7 million for the same period a year ago. Income from operations was $10.0 million, an increase of 288.4% from $2.6 million in 2009. Net income for 2010 was $9.3 million, or $0.42 per diluted share, an increase of 313.7% from $2.2 million, or $0.11 per diluted share, previous year.

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