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| Formerly Timberjack Sporting Supplies (ticker TBJK), via reverse merger with Chine Victory, the company is now China Wood Inc. (CNWD). New Company Website: http://www.lychangsheng.com/e-about.asp LINYI CHAN TSENG WOOD CO., LTD New Share Structure Fully Diluted Post-reverse split: Authorized Shares (AS) = 980,000,000 Private Placement at $4.00/share with warrants at $4.50/share. Some Valuation Estimates: Using P/E only: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=55091299 Using PEG ratio: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=55095200
Overview On September 30, 2010, we completed the acquisition of Chine Victory, engaged in the production of radiata pine plywood and eucalyptus plywood products in China, by means of a share exchange. As a result of the share exchange, Chine Victory became a wholly-owned subsidiary of China Wood, Inc. Simultaneously with the acquisition, we completed a $5,344,975 private placement of securities to accredited investors at $4.00 per unit, with each “Unit” consisting of one share of Series A Convertible Preferred Stock, and a warrant to purchase 0.5 shares of common stock with an exercise price of $4.80 per share, pursuant to the terms of a securities purchase agreement. As a result of the Share Exchange, we changed our fiscal year to March 31. We are a holding company and, through our subsidiaries, primarily engage in the production of radiata pine plywood and eucalyptus plywood products in China. We are one of the large plywood producers in China. In addition to being a plywood producer, we are a large producer of veneer, which can be described as thin layers of superior wood glued to a base of inferior wood. Our products are produced from pine and eucalyptus woods. Most of our revenue is generated through sales to builders and producers of hardwood flooring and furniture. Approximately 37.09% of our plywood products are sold locally, while the remaining 62.91% is exported to 16 countries worldwide. Our largest foreign markets are Australia, Singapore, South Korea, Norway, the United States and New Zealand which account for 12.15%, 10.33%, 6.68%, 6.4%, 5.07% and 4.79% of sales, respectively. The balance of 17.9% is divided among other Asian countries, the European Union and the United Kingdom. Recently development On November 16, 2010, we effectuate a 540.61745923707:1 reverse stock split (pro-rata reduction of outstanding shares) of our issued and outstanding shares of common stock. In addition, we changed our name from “Timberjack Sporting Supplies, Inc.” to “China Wood, Inc.” on November 16, 2010. Net Income Net income for the three months ended September 30, 2010 was $4.4 million or 31.4% of net revenue, compared to $2.7million or 24% of net revenue for the three months ended September 30, 2009, an increase of $1.7million or 64%. The increase was primarily due to increase in net revenue from three months 2009 to 2010, partially offset by increases in cost of goods sold and operating expenses as discussed above. Net Income Net income for the six months ended September 30, 2010 was $8.5 million or 30.3% of net revenue, compared to $5.2 million or 24.2% of net revenue for the six months ended September 30, 2009, an increase of $3.3million or 64%. The increase was primarily due to increase in net revenue from six months 2009 to 2010, partially offset by increases in cost of goods sold and operating expenses as discussed above.
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