Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
SOKF.. $4.20..
That buy is a good ting.. The seller will soon dry up and we will pop..
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=45574218
hank
Someone just bought 55,800 shares and the price didn't move?
Come on.............??????? Stupid MM's...
SOKF.. $4.18
I bought another 1000 @ 4.22 think that the seller was done but I guess more time will pass before that happens.. Once gone SOKF will be the date to bring to the dance... hank
I bought 100 @ 4.22 think that the seller was done but I guess more time will pass before that happens.. Once gone SOKF will be the date to bring to the dance... hank
Great find....looks like it went thru ARCA....once he lifts off the ask I we should see another nice pop....$6.00 in 30 days is conservative...imo
SOKF...$4.10..
Looks like this got cleaned up today..Great!!!!!!!!!!
Holder HUA-MAI Registers 50,000 Of SOKO FITNESS & SPA GRP SOKF
Dow Jones & Company, Inc. - Jan 15 at 22:28 NONE
Company Symbols: NASDAQ-OTCBB:SOKF
SOURCE: Form 144
ISSUER: SOKO FITNESS & SPA GROUP INC
SYMBOL: SOKF
FILER: HUA-MAI 21ST CENTURY PARTNERS LP
TITLE: Affiliated Person
BROKER: UBS SECURITIES LLC
RESTRICTED SHARES TO SELL: 50,000 DATE REGISTERED: 1/14/2010
APPROXIMATE DATE OF SALE: 1/4/2010
The Form 144 is filed with the Securities and Exchange Commission to
reflect the intention of any holder of restricted stock to sell those
shares. After the 144 is mailed to the S.E.C., the filer is permitted
to sell the shares, or any fraction of them, within 90 days.
Form 144 Data Source: The Washington Service
(info@washingtonservice.com or 301-913-5100)
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http:// www.djnewsplus.com/nae/al?rnd=LovCTE3TRaISBOpVv5WstA%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
01-15-10 2228ET
Burp..
I forgot to mention it.. Welcome aboard.. hank
Tues Jan 19th 8:30 a.m. Conference Call Info.....
SOKO will host a conference call for interested investors and analysts on Tuesday, January 19, 2010, at 8:30 a.m. Eastern time. To participate in the conference call, please dial 877-941-8416 toll free from the U.S, or 1-480- 629-9808 for international callers.
An audio replay will be available approximately one hour after the conclusion of the call and will be made available through Tuesday, February 2, 2010. The audio replay can be accessed by dialing 1-800-406-7325 toll free from the U.S., or 1-303-590-3030 for international callers, and entering access ID number 4201679.
New position @ $4.00, monster earnings, with huge earnings potential.
More money to Chinese middle class means more people who will want Soko's products and services.
SOKF.. $4.08
Added today.. Doubled my position.. Great value here..hank
01/15/10 3:13 PM EST Buy 1400 SOKF Executed @ $4 Details | Edit
01/15/10 3:13 PM EST Buy 1200 SOKF Executed @ $4.02 Details | Edit
01/15/10 2:39 PM EST Buy 500 SOKF Executed @ $4.1 Details | Edit
01/15/10 2:39 PM EST Buy 600 SOKF Executed @ $4.1 Details | Edit
01/15/10 1:23 PM EST Buy 800 SOKF Executed @ $4 Details | Edit
sounds good I'm in!!
I feel SOKF will see $6.00 or better in the next 30 days.
what do you think the pps should be based on the new quarter. Basically want to know if I should buy some now or wait?
burp is a chinese animal.......unbelievable trader!!!!!
Here's the link to request to have SOKF added to the data base...
http://stockcharts.com/help/doku.php?id=support:feedback:symbol_request
Thanks Mikey....Ive put in a few requests to get SOKF in the Stockcharts data base...usually takes a day or three....
Yes.....0.17x4 witn PE 10, that is my short term price target. With such growth and cash flow, PE 15 is possible when it goes to big board.
Subsequent Event to further clarify the pr:
http://www.sec.gov/Archives/edgar/data/1355835/000121390010000171/f10q1109_soko.htm
NOTE 20-SUBSEQUENT EVENT
On December 1, 2009, Mege Union entered into an equity transfer agreement with Beijing Natural Beauty Fitness Services Ltd. for the acquisition of 51% of the equity interest in two fitness clubs in Beijing for RMB 10 million (approximately U.S. $1.50 million). The results of operations of the majority-owned Beijing Natural Beauty Services Limited and its branch First Subsidiary of Beijing Natural Beauty Services Limited will be included in the quarterly report on Form 10-Q for the quarter ended February 28, 2010.
Note: This post should not constitute a recco to buy or sell this stock.
Over,
03
Love this part.....With new SOKO- operated facilities opened earlier this year and four new facilities currently under construction, we believe we are well on our way toward reaching our goal of adding 7-9 new centers to our portfolio in calendar 2010.
SOKO Fitness Reports Second Quarter Fiscal 2010 Results
PR Newswire - Jan 14 at 18:15 NONE
Company Symbols: NASDAQ-OTCBB:SOKF
Net Income Improves by 89% on 61% Revenue Growth Year-over-year; Company to Host Conference Call on Tuesday, January 19 at 8:30 AM Eastern Time
HARBIN, China, Jan. 14 /PRNewswire-Asia-FirstCall/ -- SOKO Fitness & Spa Group, Inc. (OTC Bulletin Board: SOKF) ("SOKO"), an operator of fitness centers and beauty salons and spas in China, today reported financial results for the second quarter and first six months of fiscal 2010, ended November 30, 2009.
Second Quarter and Recent Financial and Business Highlights
-- Revenue increased 61% to $7.4 million, compared with revenue of $4.6
million in the second quarter of fiscal 2009.
-- Revenue increased across each of the company's business segments, with
spa and beauty services and products accounting for 80% of revenue,
fitness centers accounting for 15% of revenue and the beauty school
accounting for 5% of revenue.
-- Total professional services were $5.3 million, up 73% year-over-
year;
-- Total product sales were $598,000, up 102% year-over-year;
-- Membership fees were $1.1 million, up 19% year-over-year; and,
-- Revenue from beauty school tuition was $392,000, compared with
$314,000 in the second quarter of fiscal 2009.
-- Gross profit was $5.2 million, or 70% of revenue, compared with $3.0
million, or 65% of revenue in the second quarter of fiscal 2009.
-- Operating income improved by 76% to $3.2 million, compared with $1.8
million in the second quarter of fiscal 2009.
-- Net income improved by 89% to $3.2 million, or $0.17 per share
(diluted), compared with net income of $1.7 million, or $0.10 per share
(diluted) in the second quarter of fiscal 2009.
-- As of November 30, 2009, cash and cash equivalents were $3.64 million,
an increase of 91% over $1.91 million as of May 31, 2009.
-- Opened its first "non-surgical medical beauty spa" in Harbin, China in
an effort to expand SOKO's range of services and capture potential new
revenue streams.
-- Expanded geographic reach by securing 51% interest in two fitness
centers in suburban Beijing, marking the company's initial entry into
the Beijing market.
"Our quarterly results reflect the strength of our cross-selling business model and continued execution of our business strategy," said Tong Liu, Chief Executive Officer of SOKO. "During the first half of fiscal 2010, we continued to expand our brand by opening new facilities, including Yoga Wave II and the Harbin Queen Medical Beauty Spa, which is our first facility licensed to perform non-surgical medical aesthetic procedures. We believe that the medical beauty segment is a potentially high-growth market where there are significant barriers to entry due to licensing requirements. As such, we believe we are well positioned to secure additional revenue from our existing customer base with these medical beauty services, as well leverage this offering to attract new customers who should be candidates for our full range of fitness, spa and beauty services. In line with our strategy, we will continue to focus on promoting our higher margin business segments such as our yoga centers and spa and beauty service offerings. Importantly, while we continue to open new centers, our operating costs remain in-line with our revenue. With a 62% increase in SG&A expenses in the second quarter, we achieved a 77% year-over-year increase in operating income.
"Following the close of the second quarter, we also acquired a majority interest position in two fitness centers in Beijing. This marks our initial entry into this important region and serves our objective of geographic expansion through strategic acquisitions. These centers are located in a suburban area of Beijing and, as such, we believe they face less competition from peers that are operated in the central Bejing area and are thus consistent with our acquisition strategy. We expect to continue to execute on our growth strategy based in opening centers in second tier cities such as Harbin where we believe we can achieve the swiftest impact. In addition, we will also strategically evaluate opportunities to open centers in or around first tier cities, such as Beijing, so long as they fit in with our core strategy of opening facilities where we believe there is low penetration from peers and we can adequately compete.
"With the expanding breadth of our service offerings and a growing client base, we believe we are well positioned to grow our business, with our existing members and clients representing the ideal target customers for the full breadth of our products and services," Mr. Liu concluded.
SOKO currently operates 15 facilities in key cities in Northeastern China including nine beauty salons and spas, five fitness centers and yoga studios and one beauty school, as well as two fitness centers in suburban Beijing. At the end of the second quarter of fiscal 2010, SOKO had 14,909 fitness club members, and 19,893 beauty salon and spa clients. In addition, SOKO has four facilities under construction: The Da Qing beauty salon and spa, one beauty salon in the Long Dian building in Harbin, as well as one fitness center and one yoga center.
Second Quarter Financial Summary:
Total Revenue for the second quarter of fiscal 2010, ended November 30, 2009, was $7.4 million, an increase of 61%, over revenue of $4.6 million in the second quarter of fiscal 2009. The increase in revenue was largely attributed expansion of our facilities and services including increased sales from existing members and clients, sales of add-on services to members and clients and continued efforts to add new members and clients in new and existing facilities.
Gross profit for the quarter was $5.2 million, or 69.5% of revenue, compared with $3.0 million, or 65.5% of revenue for the comparable quarter in fiscal 2009. The increase in margins for the period was [primarily the result of the addition of the non-medical beauty service offering].
Selling, general and administrative expenses were $2.0 million, an increase of approximately 62% over $1.2 million in the second quarter of fiscal 2009.
Net Income increased 89% to $3.2 million, or $0.17 per share, based on 18.2 million weighted average shares outstanding, compared with $1.7 million, or $0.10 per share, based on 17.0 million weighted average shares outstanding, for the year-ago period. The increase in net income was related to the increase in revenue, as well as a reduction in interest and other expenses.
As of November 30, 2009, SOKO had cash and cash equivalents of $3.6 million, an increase of 2% compared with $3.6 million in the prior quarter, and a 91% increase over $1.9 million reported on May 31, 2009.
Company and Market Outlook
"As we move into the second half of our 2010 fiscal year, we believe SOKO is positioned to continue its growth," said Mr. Liu. "Our strong member retention rate of approximately 81% remains above the industry average and provides a potential base of recurring and predictable revenue while we execute on our growth initiatives. We continue to expand our product and service offerings with an emphasis on growing our client and membership bases to drive our existing facilities into maturity, a cycle we typically achieve within two to three years following each center's opening. With new SOKO- operated facilities opened earlier this year and four new facilities currently under construction, we believe we are well on our way toward reaching our goal of adding 7-9 new centers to our portfolio in calendar 2010.
"We further believe that the number of potential customers for SOKO's fitness and aesthetic offerings are expanding as the upper and middle classes in the cities in which we operate are becoming increasingly affluent. With an established, well-respected brand and a loyal existing customer base, we are confident that we can capitalize on these favorable market trends in order to continue growing our business," Mr. Liu concluded.
Conference Call
SOKO will host a conference call for interested investors and analysts on Tuesday, January 19, 2010, at 8:30 a.m. Eastern time. To participate in the conference call, please dial 877-941-8416 toll free from the U.S, or 1-480- 629-9808 for international callers.
An audio replay will be available approximately one hour after the conclusion of the call and will be made available through Tuesday, February 2, 2010. The audio replay can be accessed by dialing 1-800-406-7325 toll free from the U.S., or 1-303-590-3030 for international callers, and entering access ID number 4201679.
About SOKO Fitness & Spa Group, Inc.
SOKO Fitness & Spa Group, Inc., an OTCBB listed company (SOKF.OB), is an operator of fitness centers and beauty salons and spas key cities in Northeastern China as well as in suburban Beijing. SOKO provides programs, services, and products combined with exercise, education, and nutrition to help their members lead a healthy life and achieve their fitness goals. For further information, please go to http://www.sokofitness.com .
To be added to SOKO's email distribution for future news releases, please send your request to soko@tpg-ir.com.
Cautionary Note Regarding Forward Looking Statements
This press release and the statements of representatives of SOKO Fitness & Spa Group, Inc. (the "Company") related thereto contain, or may contain, statements that are not historical facts and are therefore "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the Company's plans, objectives, projections, beliefs, expectations and intentions and other statements identified by words such as "projects," "may," "could," "would," "should," "believe," "expect," "anticipate," "estimate," "intend," "plan," or similar expressions. These statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties, including those detailed in the Company's filings with the Securities and Exchange Commission. Actual results, including, without limitation, results regarding the Company's service offerings, client and customer base, proposed new center openings and prospects and strategies for growth, may differ significantly from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company's control). The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For more information, please contact:
The Piacente Group, Inc.
Investor Relations
Brandi Floberg
Tel: +1-212-481-2050
Email: soko@tpg-ir.com
SOKO Fitness & Spa Group, Inc.
Shawn Qu
Tel: +1-908-208-8681
Email: shawnqu@sokofitness.com
SOKO Fitness & Spa Group, Inc.
Judy Jiang
Tel: +86-451-8770-2280
Email: judyjiang@sokofitness.com
SOKO FITNESS & SPA GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(IN US DOLLARS)
(UNAUDITED)
FOR THE SIX MONTHS FOR THE THREE MONTHS
ENDED ENDED
NOVEMBER 30, NOVEMBER 30,
2009 2008 2009 2008
(RESTATED) (RESTATED)
Net Sales $13,843,683 $8,885,158 $7,413,179 $4,608,291
Cost of Sales (4,451,744) (3,015,436)(2,262,805) (1,590,281)
Gross Profit 9,391,939 5,869,722 5,150,374 3,018,010
Selling, General and
Administrative Expenses: 3,899,759 2,576,336 2,001,385 1,234,151
Operating Income 5,492,180 3,293,386 3,148,989 1,783,859
Other Income and
Expenses
Interest expenses (31,564) (106,632) 961 (56,624)
Other income 33,298 2,606 17,776 191
Other expenses (3,934) (165,721) (3,463) (96,380)
Total Other Income and
(Expense) (2,200) (269,747) 15,274 (152,813)
Income Before Income
Taxes 5,489,980 3,023,639 3,164,265 1,631,046
Provision for Income
Taxes 47,904 51,437 24,024 26,305
Net Income 5,442,076 2,972,202 3,140,240 1,604,741
Less: net (loss)
attributable to the
noncontrolling interest (162,151) (147,544) (36,384) (71,664)
Net Income Attributable
to SOKO Fitness & Spa
Group, Inc. $5,604,227 $3,119,746 $3,176,623 $1,676,405
Other Comprehensive
Income
Foreign currency
translation
adjustment 4,695 260,748 25,977 17,788
Comprehensive Income $5,608,922 $3,380,494 $3,202,600 $1,694,193
Basic and Diluted Income
per common share
Basic $0.33 $0.18 $0.19 $0.10
Diluted $0.31 $0.18 $0.17 $0.10
Weighted average common
share outstanding
Basic 17,000,000 17,000,000 17,000,000 17,000,000
Diluted 18,168,443 17,000,000 18,168,443 17,000,000
SOKO FITNESS & SPA GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN US DOLLARS)
NOVEMBER 30, 2009 MAY 31, 2009
(UNAUDITED)
ASSETS
Current Assets:
Cash & cash equivalents $3,638,308 $1,907,640
Restricted cash -- 7,233
Accounts receivable, net 411,431 110,541
Inventories 1,430,666 1,391,302
Advances to suppliers 2,861,514 993,084
Employee advance 87,531 54,783
Prepaid expense 192,019 146,959
Total Current Assets 8,621,469 4,611,542
Property, plant and equipment, net of
accumulated depreciation 24,637,890 19,674,394
Other Assets
Security deposit 109,711 47,853
Deferred rent 719,338 589,188
Deposit to suppliers 1,464,847 1,464,530
Investment advance 1,171,795 399,750
Goodwill 2,793,607 2,525,778
Total Other Assets 6,259,298 5,027,099
Total Assets 39,518,657 29,313,035
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Short-term loans 3,310,322 2,196,795
Accounts payable, accrued expenses and
other payable 833,606 471,457
Unearned revenue 5,084,363 1,909,755
Taxes payable 423,134 360,229
Contingent liability 200,000 200,000
Total Current
Liabilities 9,851,425 5,138,236
Stockholders' Equity
Preferred Stock, $.001 par value;
10,000,000 shares authorized;
- 0 - shares issued and outstanding at
November 30, 2009 and May 31,2009 -- --
Common stock, $0.001 Par value;
500,000,000 shares authorized;
17,000,000 shares issued and outstanding
at November 30 and May 31, 2009 17,000 17,000
Additional paid-in-capital 2,361,716 2,346,397
Additional paid-in-capital - Warrants 639,253 639,253
Accumulated other comprehensive income 1,915,447 1,910,752
Retained earnings 24,819,341 19,215,114
Total Stockholders'
Equity 29,752,757 24,128,516
Noncontrolling interest (85,525) 46,283
Total Equity 29,667,232 24,174,799
Total Liabilities and Stockholders'
Equity $39,518,657 $29,313,035
SOURCE SOKO Fitness & Spa Group, Inc.
WOWSA! Net Income Improves by 89% on 61% Revenue Growth Year-over-year; Company to Host Conference Call on Tuesday, January 19 at 8:30 AM Eastern Time http://custom.marketwatch.com/custom/tdameritrade-com/html-story.asp?guid={4637F15A-CD32-44F2-93A8-39E70AD47B5D}
SKOF.. $3.55
$7.00 sooner than I thought.. hank
Basic and Diluted Income per common share
Basic $ 0.33 $ 0.18 $ 0.19 $ 0.10
Diluted $ 0.31 $ 0.18 $ 0.17 $ 0.10
SOKO FITNESS & SPA GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(IN US DOLLARS)
(UNAUDITED)
FOR THE SIX MONTHS ENDED FOR THE THREE MONTHS ENDED
NOVEMBER 30, NOVEMBER 30,
2009 2008 2009 2008
(RESTATED) (RESTATED)
Net Sales $ 13,843,683 $ 8,885,158 $ 7,413,179 $ 4,608,291
Cost of Sales (4,451,744 ) (3,015,436 ) (2,262,805 ) (1,590,281 )
Gross Profit 9,391,939 5,869,722 5,150,374 3,018,010
Selling, General and Administrative Expenses: 3,899,759 2,576,336 2,001,385 1,234,151
Operating Income 5,492,180 3,293,386 3,148,989 1,783,859
Other Income and Expenses
Interest expenses (31,564 ) (106,632 ) 961 (56,624 )
Other income 33,298 2,606 17,776 191
Other expenses (3,934 ) (165,721 ) (3,463 ) (96,380 )
Total Other Income and (Expense) (2,200 ) (269,747 ) 15,274 (152,813 )
Income Before Income Taxes 5,489,980 3,023,639 3,164,265 1,631,046
Provision for Income Taxes 47,904 51,437 24,024 26,305
Net Income 5,442,076 2,972,202 3,140,240 1,604,741
Less: net income (loss) attributable to the noncontrolling interest (162,151 ) (147,544 ) (36,384 ) (71,664 )
Net Income Attributable to SOKO Fitness & Spa Group, Inc. $ 5,604,227 $ 3,119,746 $ 3,176,623 $ 1,676,405
Other Comprehensive Income
Foreign currency translation adjustment 4,695 260,748 25,977 17,788
Comprehensive Income $ 5,608,922 $ 3,380,494 $ 3,202,600 $ 1,694,193
Basic and Diluted Income per common share
Basic $ 0.33 $ 0.18 $ 0.19 $ 0.10
Diluted $ 0.31 $ 0.18 $ 0.17 $ 0.10
Weighted average common share outstanding
Basic 17,000,000 17,000,000 17,000,000 17,000,000
Diluted 18,168,443 17,000,000 18,168,443 17,000,000
SOKF.. $3.55
It's just a matter of time and we will see $7.00..
This was a no braner when I first bought SOKF... I sold 500 today @$3.15 to make a tic.. Still hold 4,013 after trading thousands in the past 6 mo's..
=================================================
Posted by: 10 bagger Date: Thursday, August 13, 2009 12:11:41 PM
In reply to: None Post # of 2540
SOKF.. $2.50
This is thin.. To be fair,, I am long 4,248 @ $1.9071 and I can't buy any more on the cheap.. Some one put in an order yesterday and paid as high as $4.00.. I sold 200 at $2.50.. hank
SOKO Fitness & Spa Group Announces Third Quarter FY2009 Financial Results
Revenue up 42%, Net Income up 29%
HARBIN, China, April 15 /PRNewswire-Asia-FirstCall/ -- SOKO Fitness & Spa Group, Inc. (OTC Bulletin Board: SOKF - News), a leading operator of fitness clubs and spas in Northern China, announced its operating results for the fiscal third quarter ended February 28, 2009.
Total revenue for the quarter was $5.1 million, an increase of 42% over the same quarter in the previous year. For the nine months ended February 28, 2009, revenues were $14 million, an increase of 55% from the prior year. SOKO also reaffirmed its previous FY2009 revenue guidance in a range of $16.3 to $18.3 million and its pro forma net income guidance of $6.5 to $7.1 million.
Net income during the quarter grew 29% to $1.85 million from $1.43 million for the same quarter of 2008. For the nine months ended February 28, 2009, net income increased to $5.2 million, an increase of 49%. Third quarter Earnings per share were $0.11 vs. $0.13 in the prior period. The decline was caused by the dilution from the stock offering. EPS for the 9 months were $0.30 vs. $0.32 in the previous year. Higher earnings were offset by a higher share count.
Revenue growth was driven primarily by the opening of two spas during the period. We increased product sales in our spas. Fitness and yoga membership fee revenues increased by 135% year to year, mainly as a result of the acquisition of a majority interest in Letian in March 2008. Letian contributed about 52% to our fitness revenue for Q3 FY2009.
Operating margin increased to 64.6%, compared to 62.5%. The increase in our gross profit margin was mainly driven by our ability to obtain high volume discounts because of our larger size as well as by the increases in our fitness segment.
Operating expenses increased by approximately $0.6 million to $1.4 million for the three months ended February 28, 2009 year to year. As a percentage of revenues, expenses increased to 28.2% from 22.6%. This increase was mainly driven by the high cost of being a public company as well as the start-up costs for building management teams for our new facilities.
We have reclassified some direct labor costs from operating expenses to cost of sales. The impact of this change is to lower gross margins and lower operating expenses/sales. The reclassification has no impact on either sales or net income. The numbers below for both 2008 and 2009 reflect the impact of the reclassification and are comparable with each other.
"We are very pleased with the results of our business," Mr. Liu Tong, Chairman of SOkO commented. "We focus our business on Northeast, which is the most famous traditional industry base of China, and expect to open more spas and fitness centers in the future. We believe we have significant opportunities for expansion, and look forward to becoming the dominant company in the fitness and beauty business in the northeast."
I hoped they could continue the growth. I bought this quite a while ago and it's nice to see the appreciation in sp. This one really looks like on the the nas or nyse at some point imo. I stress that I've been wrong before with the ol' "imo".
Over,
03
Is there any chance the orchestra is warming up? LOL. This company does look really good to be a candidate for an uplisting with the right conductor. Time will tell. There is never a guarantee in the market though.
Over,
03
This company is experiencing serious growth and may be worth a look. "professional fitness and yoga services as well as beauty salon and spa services." See latest 10K at
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?filingid=6841483&tabindex=2&type=html
So far, things have looked good for this company. I'd like to see an uplisting to a better exchange. Time will tell if the orchestra will play that note. It'd be nice if they did it soon. LOL. I've been holding this a long time.
Not a recco to buy or sell this stock. This stock could go up. It could go down.
Over,
03
SOKF..$3.00
I have to agree.. I still have 95% of my original position and have traded 6-10,000 shares since my first purchase which is almost a double for me at this level.. SOKF is not flasy but it's numbers continue to improve and there have been no surprises in the past year.. I think that in a couple of years double digit prices are in the future and plan to hold for the longer term.. It is usually inactive and the shares traded in the past week were in exception to normal trading activities.. hank
Started position at $3. With increased liquidity and growth this will double in a year time frame.
Nice to see ABH3VT mentioned on The Picks For VMC PSL 14.
SOKF.. 42.79.. New Business
SOKO Expands Full Service Offering with First Medical Beauty Salon
Nov 17, 2009 07:00:00 (ET)
HARBIN, China, Nov 17, 2009 /PRNewswire-Asia-FirstCall via COMTEX/ -- SOKO Fitness & Spa Group, Inc. (SOKF, Trade ) ("SOKO" or the "Company"), a leading operator of fitness center and beauty salons and spas in Northeast China, today announced that it has expanded its full-service spa and fitness platform with the launch of its first non-surgical medical beauty salon, the Harbin Queen Medical Beauty Spa, located in Harbin, China. Revenues from the initial launch of this facility contributed $1.15 million in first quarter of fiscal 2009, which includes a $0.3 million sequential quarter increase compared with revenues generated from the previous facility that existed at that location and did not offer medical procedures.
The medical beauty salon is fully licensed to perform non-surgical medical procedures under SOKO's subsidiary "Queen Beauty Group" operating license issued by Ministry of Health of People's Republic of China ("MOH") in December 2008.
"We are leveraging our successful business model to tap into an important new revenue stream that offers exciting cross selling opportunities across our existing businesses," said Tong Liu, Chief Executive Officer of SOKO. "Progress with our first salon has been encouraging since our initial launch. We plan to utilize this unique offering to expand our enterprise and further build our brand throughout Northeast China.
"We are at the forefront of a growing market opportunity that has significant barriers to entry based on the stringent criteria for obtaining operating licenses for medical salons in China. As one of the few companies that are authorized to provide medical beauty services in Harbin, we believe we have a significant competitive advantage as a pioneer in this industry," Mr. Liu concluded.
SOKO's medical beauty salon services include minimally invasive and non-invasive plastic surgery, skin-filling and wrinkle removal. SOKO is leveraging its cutting-edge medical beauty technology and seasoned clinical experience, combined with Asian techniques that are geographically specific to align climate and culture to provide the most appropriate and safe non-surgical procedures to its customers.
About SOKO Fitness & Spa Group, Inc.
SOKO Fitness & Spa Group, Inc., an OTCBB listed company (SOKF.OB), is a leading operator of fitness centers and beauty salons and spas in Northeast China. The Company provides programs, services, and products uniquely combined with exercise, education, and nutrition to help their members lead a healthy life and achieve their fitness goals. For further information, please go to http://www.sokofitness.com .
To be added to the Company's email distribution for future news releases, please send your request to soko@tpg-ir.com.
Safe Harbor Statement
This press release may contain forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this press release contain forward-looking statements. Statements that are not historical facts, including statements about SOKO's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. SOKO does not undertake any obligation to update any forward- looking statement, except as required under applicable law.
For more information, please contact:
The Piacente Group, Inc.
Investor Relations
Brandi Floberg
Tel: +1-212-481-2050
Email: soko@tpg-ir.com
SOKO Fitness & Spa Group, Inc.
Shawn Qu
Tel: +1-908-208-8681
Email: shawnqu@sokofitness.com
Judy Jiang
Tel: +86-451-8770-2280
Email: judyjiang@sokofitness.com
SOKF.. $2.79
SOKO Retains The Piacente Group as Strategic Investor Relations Consulting Firm
Nov 17, 2009 07:00:00 (ET)
HARBIN, China, Nov 17, 2009 /PRNewswire-Asia-FirstCall via COMTEX/ -- SOKO Fitness & Spa Group, Inc. (SOKF, Trade ) ("SOKO" or the "Company"), a leading operator of fitness center and beauty salons and spas in Northeast China, today announced that it has retained The Piacente Group, Inc. ("TPG"), a full service investor relations consulting firm based in New York and Beijing.
"We are at an inflection point in our growth making now an ideal time to ramp our communications efforts and broaden our outreach among key investment audiences in the U.S. and China," said Tong Liu, Chief Executive Officer of SOKO. "With deep Wall Street relationships, experienced IR practitioners and expertise in assisting China-based US-listed companies increase their visibility, TPG was a stand-out choice as a US partner."
Brandi Piacente, President of TPG, added, "SOKO is leveraging its proven business model and established client-base to expand its core high-end fitness and spa offering to include non-surgical medical beauty capabilities, an exciting niche market driven by important domestic growth catalysts. We believe that SOKO represents a major growth opportunity that could create significant shareholder value, and look forward to assisting them communicate their investment proposition and raising their financial profile."
About SOKO Fitness & Spa Group, Inc.:
SOKO Fitness & Spa Group, Inc., an OTCBB listed company (SOKF.OB), is a leading operator of fitness centers and beauty salons and spas in Northeast China. The Company provides programs, services, and products uniquely combined with exercise, education, and nutrition to help their members lead a healthy life and achieve their fitness goals. For further information, please go to http://www.sokofitness.com .
About The Piacente Group:
The Piacente Group, Inc. ("TPG") is a full service investor relations and financial communications consulting firm with offices in New York, California and Beijing. TPG represents a balanced portfolio of U.S. and China-based companies including the top two programs nominated for the "Best Investor Relations by a US-Listed Chinese Company" award by IR Magazine for 2008: Sohu.com Inc. and Suntech Power Holdings Co., Ltd. TPG develops and implements strategic programs aimed at broadening investment community sponsorship through best practice execution. The firm is dedicated to providing clients customized solutions in a dynamic investment environment. For more information, please visit http://www.tpg-ir.com .
Safe Harbor Statement
This press release may contain forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this press release contain forward-looking statements. Statements that are not historical facts, including statements about SOKO's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. SOKO does not undertake any obligation to update any forward- looking statement, except as required under applicable law.
For more information, please contact:
The Piacente Group, Inc.
Investor Relations
Brandi Floberg
Tel: +1-212-481-2050
Email: soko@tpg-ir.com
SOKO Fitness & Spa Group, Inc.
Shawn Qu
Tel: +1-908-208-8681
Email: shawnqu@sokofitness.com
Judy Jiang
Tel: +86-451-8770-2280
Email: judyjiang@sokofitness.com
FORM 4....sold 6500 @ $2.63
http://ih.advfn.com/p.php?pid=nmona&cb=1258313376&article=40020158&symbol=NB%5ESOKF
SOKF.. $2.70.. 1'st Qtr earnings..
SOKO Fitness & Spa Group Reports Quarterly Earnings Growth Over Fiscal 2009 First Quarter
PR Newswire - Oct 15 at 16:01
Company Symbols: NASDAQ-OTCBB:SOKF
-- Revenue Grew 50%
-- Net Income Grew 68%
HARBIN, China, Oct. 15 /PRNewswire-Asia-FirstCall/-- SOKO Fitness & Spa Group, Inc. (OTC Bulletin Board: SOKF) ("the Company"), today reported the operating results for the first quarter of financial year 2010 ended August 31, 2009. The Company's revenue grew 50% to $6.43 million from $4.28 million in the same quarter last year. Net income of the first quarter grew 68% to $2.43 million and fully diluted earnings per share were $0.13, as compared to net income of $1.44 million and fully diluted earnings per share of $0.08 in first quarter fiscal year 2009.
SOKO currently operates 13 facilities in Northeastern China, including nine beauty salons and spas, three fitness centers, and one beauty school. In addition, SOKO currently has four facilities under construction -- the Da Qing beauty salon and spa, one fitness center, a yoga center and beauty salon in the Long Dian building in Harbin.
SOKO's management reported that its growth quarter to quarter was due to the following factors:
-- professional services revenue increased as a result of the introduction
of new services and increase in customer base;
-- product sales revenue increase was driven by introduction of new
branded products and higher consumption of products by our customers;
-- membership fee revenue increase was driven by opening a new fitness
center Yoga Wave II in Shenyang and membership increases in our
facilities; and
-- the decrease in school tuition revenue was as a result of the company's
reallocation of certain school resources to internal program for
company employee training.
About SOKO Fitness & Spa Group, Inc.:
SOKO Fitness & Spa Group, Inc., is a leading operator of fitness clubs and spas in Northeast China. The Company provides programs, services, and products uniquely combined with exercise, education, and nutrition to help their members lead a healthy life and achieve their fitness goals. For further information, please go to http://www.sokofitness.com .
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this press release contain forward-looking statements. Statements that are not historical facts, including statements about SOKO's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any Forward-looking statement. SOKO does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For more information, please contact:
Judy Jiang
Tel: +86-451-8770-2280
Email: judyjiang@sokofitness.com
Yu Xia
Tel: +86-451-8770-2255
Email: yuxia@sokofitness.com
SOKO FITNESS & SPA GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN US DOLLARS)
AUGUST 31, MAY 31,
2009 2009
(UNAUDITED)
ASSETS
Current assets:
Cash & cash equivalents $3,564,218.92 $1,907,640.50
Restricted cash -- 7,233
Accounts receivable, net 258,658 110,541
Inventories 1,416,436 1,391,302
Advances to suppliers 1,404,028 993,084
Employee advance 129,444 54,783
Prepaid expense 112,568 146,959
Total Current Assets 6,885,353 4,611,542
Property, plant and equipment, net of
accumulated depreciation 25,076,229 19,674,394
Other Assets
Security Deposit 140,957 47,853
Deferred Rent 773,693 589,188
Deposit to suppliers 1,464,150 1,464,530
Investment advance -- 399,750
Goodwill 2,792,278 2,525,778
Total Other Assets 5,171,078 5,027,099
Total Assets 37,132,660 29,313,035
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term loans 2,576,723 2,196,795
Accounts payable, accrued expenses
and other payable 893,539 471,457
Unearned revenue 6,605,375 1,909,755
Taxes payable 363,674 360,229
Contingent Liability 200,000 200,000
Total Current Liabilities 10,639,311 5,138,236
Stockholders' Equity
Preferred Stock, $.001 par value;
10,000,000 shares authorized; - 0 -
shares issued and outstanding at
August 31 and May 31,2009 -- --
Common stock, $0.001 Par value;
500,000,000 shares authorized;
17,000,000 shares issued and
outstanding at August 31 and May 31,
2009 17,000 17,000
Additional paid-in-capital 2,354,056 2,346,397
Additional paid-in-capital - warrants 639,253 639,253
Accumulated other comprehensive
income 1,889,470 1,910,752
Retained earnings 21,642,718 19,215,114
Total Stockholders' Equity 26,542,498 24,128,516
No controlling interest (49,149) 46,283
Total Equity 26,493,349 24,174,799
Total Liabilities and Stockholders'
Equity $37,132,660 $29,313,035
SOKO FITNESS & SPA GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(IN US DOLLARS)
(UNAUDITED)
FOR THE THREE MONTHS ENDED
AUGUST 31,
2009 2008
(RESTATED)
Net Sales $6,430,503 $4,276,867
Cost of Sales (2,188,938) (1,425,156)
Gross Profit 4,241,566 2,851,711
Selling, General and Administrative
Expenses: 1,898,374 1,342,184
Operating income 2,343,191 1,509,527
Other Income and Expenses
Interest expenses (32,525) (50,008)
Other income 15,523 2,415
Other expenses (471) (69,341)
Total Other Income and (Expense) (17,474) (116,934)
Income Before Income Taxes 2,325,718 1,392,593
Provision for Income Taxes 23,880 25,132
Net Income 2,301,836 1,367,461
Less: net income (loss) attributable
to the no controlling interest (125,767) (75,880)
Net Income Attributable to SOKO
Fitness & Spa Group, Inc. $2,427,604 $1,443,341
Other Comprehensive Income
Foreign currency translation
adjustment (21,282) 242,960
Comprehensive Income $2,406,322 $1,686,301
Basic and Diluted Income per common
share
Basic $0.14 $0.08
Diluted $0.13 $0.08
Weighted average common share
outstanding
Basic 17,000,000 17,000,000
Diluted 18,168,443 17,000,000
SOKO FITNESS & SPA GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN US DOLLARS)
(UNAUDITED)
FOR THE THREE MONTHS ENDED
AUGUST 31,
2009 2008
(RESTATED)
Cash Flows From Operating Activities:
Net income $2,427,604 $1,443,341
Adjustments to reconcile net income
to net cash provided by operating
activities:
Stock based compensation 7,660 18,651
Depreciation and amortization 564,191 340,255
Minority interest (125,767) (75,880)
Liquidated damage penalty -- 55,610
Changes in operating assets and
liabilities:
Restricted cash 7,228 --
Accounts receivable (100,774) 225,752
Inventories (16,752) (71,190)
Advances to suppliers 1,469 (418,253)
Employee advance 48,436 27,741
Other receivables 96,856 38,592
Prepaid expense 50,901 101,098
Security deposit (93,087) (111,113)
Deferred Rent (84,250) --
Deposit to suppliers -- (131)
Accounts payable (1,102) --
Unearned revenue 4,303,014 1,129,713
Taxes payable (5,476) 58,600
Accrued expenses and other payables 36,360 (299,881)
Cash provided by operating activities 7,116,513 2,462,905
Cash Flows From Investing Activities:
Addition in construction in progress (5,709,094) (1,356,563)
Purchase of property and equipment (184,055) (193,854)
Cash acquired from acquisition 65,265 97,325
Cash used in investing activities (5,827,884) (1,453,092)
Cash Flows From Financing Activities:
Proceeds from short-term loan 380,522 --
Repayment of short-term loan -- (536,126)
Cash provided by (used in) financing
activities 380,522 (536,126)
Effect of exchange rate changes on
cash and cash equivalents (12,573) 21,334
Increase in cash and cash equivalents 1,656,578 495,020
Cash and Cash Equivalents - Beginning
of the period 1,907,641 1,563,709
Cash and Cash Equivalents - Ending of
the period $3,564,219 $2,058,729
Supplemental disclosures of cash flow
information:
Interest paid $-- $38,861
Income Taxes paid $2,790 $417
SOURCE SOKO Fitness & Spa Group, Inc.
SOKF.. $2.85
SOKO Fitness & Spa Group, Inc. to Hold FY 2010 Q1 Earnings Call on Oct. 16
HARBIN, China, Oct. 14 /PRNewswire-Asia-FirstCall/-- SOKO Fitness & Spa Group, Inc. (OTC:SOKF) (BULLETIN BOARD: SOKF) , a leading operator of fitness centers and beauty salons and spas in Northeast China, today announced that SOKO's Chief Executive Officer Liu Tong, Chief Financial Officer Yu Xia, and Corporate Secretary Jiang Judy will host a conference call for shareholders to discuss FY2010 Q1 earnings results at 9 am EDT on Oct. 16.
Conference Access Number:
US Toll Free Dial-in# 888-710-9688 *0 (Please press *0 for operator service) International Dial-in# 86-400-810-0021 Participant Passcode: 0088
NOTE: In order to join this conference call, all speakers and participants will be required to provide the Participant Passcode listed above.
Participant Quick Reference Guide
How To Join The Conference? 1) Approximately 5-10 minutes before the scheduled start time, dial your conference access number to the conference.
2) You will be greeted by an operator who will check your passcode, take down your name and your company name. Your line quality will be also tested by the operator quickly to make sure that you could listen and speak smoothly during the conference.
3) You will be placed in music hold until the conference begins, please do not hang up. You will be kept mute until you need to speak in the conference.
How To Ask Question During the Q&A Section?
When the Q&A section starts, please just follow the introduction of the conference assistor to ask your question.
Press star, one (* 1) to deliver a question in the queuing.
Press star, two (* 2) to cancel your question.
For any problems or requests during the conference, please contact the Service Hotline on 86-10-59933400, or press (*0) for on-line operator assistance.
About SOKO Fitness & Spa Group, Inc.
SOKO Fitness & Spa Group, Inc., an OTCBB listed company (SOKF.OB), is a leading operator of fitness centers and beauty salons and spas in Northeast China. The Company provides programs, services, and products uniquely combined with exercise, education, and nutrition to help their members lead a healthy life and achieve their fitness goals. For further information, please go to http://www.sokofitness.com/ .
Safe Harbor Statement This press release may contain forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this press release contain forward-looking statements. Statements that are not historical facts, including statements about SOKO's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. SOKO does not undertake any obligation to update any forward- looking statement, except as required under applicable law.
For more information, please contact:
Judy Jiang Tel: +86-451-8770-2280 Email:
Yu Xia Tel: +86-451-8770-2255 Email:
DATASOURCE: SOKO Fitness & Spa Group, Inc.
CONTACT: Judy Jiang, +86-451-8770-2280, or , or
Yu Xia, +86-451-8770-2255, or , both of SOKO
Web Site: http://www.sokofitness.com/
SOKF.. $2.75
SOKO Fitness & Spa Program With Heilongjiang University of Chinese Medicine
Oct 2, 2009 14:44:00 (ET)
HARBIN, China, Oct 02, 2009 /PRNewswire-Asia-FirstCall via COMTEX/ -- SOKO Fitness & Spa Group, Inc. (SOKF, Trade ) announced a new cooperative academic program, the Medical Beauty Diploma Program, developed and operated by the Queen Beauty Vocational School and Heilongjiang University of Chinese Medicine. The program is targeted to attract students nationwide in China. Queen Beauty Vocational School was founded in 1992 and is a subsidiary of SOKO.
Graduates of this new program will be granted two certificates: "Beauty Vocational Operation Certificates" and "Junior College Degree of Chinese Medicine." The program will provide the graduates with strong career placement and help them fulfill their college dream with a high profile education. With RMB 6,400 as tuition per year, the program plans to enroll 150 students by 2010.
In addition, SOKO is developing a similar two-year program called "Facial Image Design & Hair Style Design" with the Health Care Technology School of Heilongjiang University of Chinese Medicine.
About SOKO Fitness & Spa Group, Inc.:
SOKO Fitness & Spa Group, Inc. is a leading operator of fitness clubs and spas in Northeast China. The Company provides programs, services, and products uniquely combined with exercise, education, and nutrition to help their members lead a healthy life and achieve their fitness goals. For further information, please go to http://www.sokofitness.com .
SOURCE SOKO Fitness & Spa Group, Inc.
SOKF..$2.65 Earnings..
SOKO Fitness & Spa Group Announces Record Financial Results for Fiscal Year; Sets Conference Call to Discuss Results
Company Symbols: NASDAQ-OTCBB:SOKF
HARBIN, China, Sept. 1 /PRNewswire-Asia-FirstCall/ -- SOKO Fitness & Spa Group, Inc. (OTC Bulletin Board: SOKF), a leading operator of fitness centers and beauty salons and spas in Northeast China, today announced record financial results for the fiscal year ended May 31, 2009.
Fiscal 2009 highlights:
-- Revenue increased 40% year-over-year to $19.6 million
-- Net profit increased 36% year-over-year to $7.0 million
-- Gross margin was 66%, compared to 64% in the prior year period
-- Operating income increased 31% year-over-year to $7.1 million
-- Fitness membership increased 30% year-over-year to 13,000
-- Beauty salon & spa customers increased 95% year-over-year to 19,500
Results of Operations
Compared to fiscal year 2008, beauty and spa revenues increased by 29.35%. The increase was driven by the increasing number of clients and the opening of new facilities. Fitness and yoga revenues increased by 98.70%. These results were driven by marketing efforts to an increase in memberships, and the acquisition of Yoga Wave and increased revenues associated with add-on services provided to members. Other revenues, which consist of beauty school tuition and related student costs, increased by 79.25%, driven by the increasing number of students and new courses.
SOKO achieved gross profits of $12.98 million for the year ended May 31, 2009, compared to $8.95 million for the previous year, an increase of 45% or approximately $4.03 million. As a percentage of revenues, gross profit margin was 66% for fiscal 2009 compared to 64% in fiscal 2008. The margin improvement was mainly driven by the shift from lower margin services and product sales to higher margin services during the year.
Operating expenses increased 66.9% year over year. The increase in operating expenses was attributable to the increase in amortization of leasehold improvement, increased rental expenses for new and existing facilities and other expenses relating to our growth in sales.
Net income for the year ended May 31, 2009 increased by approximately $1.8 million to $7.0 million as compared to $5.2 million for the previous year. The 36% net income increase year over year was mainly attributable to an increase in revenues and the Company's ongoing efforts to cut costs.
Basic earnings per share were $0.41 for 2009 as compared to $0.45 in the previous year. Fully diluted earnings per share were $0.41 for 2009 as compared to $0.43 in the pervious year. The decline in earnings per share was attributable to the dilution from the public offering in fiscal 2008.
During fiscal 2009, SOKO generated cash flow from operations of $9.39 million, an increase of 93.5% from fiscal 2008. The Company used its cash flow from operations for capital expenditures to renovate existing facilities and open/acquire new ones.
"I'm very proud that we achieved another record year despite the downturn of macro economy," said Mr. Liu Tong, Chairman, President & CEO of SOKO. "In 2009, we continued to strengthen our leading position in fitness center and beauty salon and spa operations in Northeast China. Our rapid growth resulted from the expansion of our branches and increased consumption per client due to innovative programs we developed. We will keep working on new branch expansion and new value-added programs next year."
Earnings Call
SOKO's Chief Executive Officer Liu Tong, Chief Financial Officer Yu Xia, and Corporate Secretary Jiang Judy will host a conference call for shareholders to discuss FY2009 annual earnings results at 9 am EDT on September 2, 2009.
Dial-In Number(s):
* US/Canada Toll Free Dial-in #: (866)811-8933
* Int'l/Local Dial-In #: (706)645-9773
Conference ID #: 28156610
SOKF.. $2.75
Showing a few bids this AM on this low floater.. EPS were spectacular and well worth higher prices.. The $2.60 bid is mine.. hank
SOKF.. $2.65 Earnings year end..
SOKO FITNESS & SPA GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(IN US DOLLARS)
AS OF MAY 31,
2009 2008
(RESTATED)
ASSETS
Current assets:
Cash & cash equivalents $ 1,907,640 $ 1,563,709
Restricted cash 7,233 -
Accounts receivable, net 110,541 682,694
Inventories 1,391,302 1,048,788
Advances to suppliers 993,084 1,467,861
Employee advance 54,783 249,900
Prepaid expense 146,959 340,993
Total Current Assets 4,611,542 5,353,945
Property, plant and equipment, net of accumulated depreciation 19,674,394 12,782,918
Other Assets
Security Deposit 47,853 -
Deferred Rent 589,188 -
Deposit to suppliers 1,464,530 720,461
Investment advance 399,750 1,152,738
Goodwill 2,525,778 1,505,710
Total Other Assets 5,027,099 3,378,909
Total Assets 29,313,035 21,515,772
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term loans 2,196,795 2,547,244
Accounts payable, accrued expenses and other payable 471,457 1,020,232
Unearned revenue 1,909,755 514,965
Taxes payable 360,229 339,555
Contingent Liability 200,000 -
Total Current Liabilities 5,138,236 4,421,996
Stockholders' Equity
Preferred Stock, $.001 par value; 10,000,000 shares authorized;
- 0 - shares issued and outstanding at May 31,2009 and 2008 - -
Common stock, $0.001 Par value; 500,000,000 shares authorized;
17,000,000 shares issued and outstanding
at May 31, 2009 and 2008 17,000 17,000
Additional paid-in-capital 2,139,786 2,091,165
Additional paid-in-capital - Warrants 372,914 372,914
Accumulated other comprehensive income 1,910,752 1,625,829
Retained earnings 19,688,064 12,657,564
Total Stockholders' Equity 24,128,516 16,764,472
Noncontrolling interest 46,283 329,304
Total Equity 24,174,799 17,093,776
Total Liabilities and Stockholders' Equity $ 29,313,035 $ 21,515,772
The accompanying notes are an integral part of these consolidated financial statements
F-2
--------------------------------------------------------------------------------
SOKO FITNESS & SPA GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(IN US DOLLAR)
FOR THE YEARS ENDED MAY 31,
2009 2008
(RESTATED)
Net Sales $ 19,569,108 $ 13,963,130
Cost of Sales (6,591,906 ) (5,010,643 )
Gross Profit 12,977,202 8,952,487
Selling, General and Administrative Expenses: 5,902,059 3,536,547
Operating income 7,075,143 5,415,940
Other Income and Expenses
Interest expenses (66,121 ) (49,177 )
Other income 47,012 2,357
Penalty for investors' liquidated damages (200,000 ) -
Other expenses (70,731 ) (10,328 )
Total Other Income and (Expense) (289,840 ) (57,148 )
Income Before Income Taxes 6,785,303 5,358,792
Provision for Income Taxes 42,667 74,381
Net Income 6,742,636 5,284,411
Less: net income (loss) attributable to the noncontrolling interest (287,865 ) 108,481
Net Income Attributable to SOKO Fitness & Spa Group, Inc. $ 7,030,500 $ 5,175,930
Other Comprehensive Income
Foreign currency translation adjustment 284,923 1,217,693
Comprehensive Income $ 7,315,423 $ 6,393,622
Basic and Diluted Income per common share
Basic $ 0.41 $ 0.45
Diluted $ 0.41 $ 0.43
Weighted average common share outstanding
Basic 17,000,000 11,601,781
Diluted 17,297,931 11,903,589
The accompanying notes are an integral part of these consolidated financial statements
F-3
--------------------------------------------------------------------------------
SOKO FITNESS & SPA GROUP, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE YEARS ENDED MAY 31, 2009 AND 2008
( IN US DOLLARS)
Preferred Stock Common Stock Additional Warrants Accumulated Other Total
par value $0.001 par value $0.001 Subscription Paid-in Number of Additional Comprehensive Retained Noncontrolling Stockholders'
Shares Amount Shares Amount Receivable Capital Warrants Paid in Capital Income Earnings Interest Equity
Balance at May 31,2007 - $ - 10,725,000 $ 10,725 $ (1,000,000 ) $ 1,142,854 - $ - $ 408,136 $ 7,481,634 $ - $ 8,043,349
Purchase of subsidiary shares
from a third party 218,153 218,153
Paid in capital received 1,000,000 1,000,000
Acquisition of net asset from SOKO in the reverse merger 3,000,000 3,000 (3,000 ) -
Issuance of common stock and warrants 3,275,000 3,275 951,311 2,160,000 372,914 1,327,500
Net Income 5,175,930 108,481 5,284,411
Other comprehensive income, net of tax 1,217,693 2,670 1,220,363
Foreign currency translation adjustment
Balance at May 31, 2008 (Restated) - $ - 17,000,000.00 $ 17,000 $ - $ 2,091,165 2,160,000 $ 372,914 $ 1,625,829 $ 12,657,564 $ 329,304 $ 17,093,776
Issuance of stock options 48,621 48,621
-
Net Income 7,030,500 (287,865 ) 6,742,635
Other comprehensive income, net of tax
Foreign currency translation adjustment 284,923 4,844 289,767
Balance at May 31, 2009 - $ - 17,000,000.00 $ 17,000 $ - $ 2,139,786 2,160,000 $ 372,914 $ 1,910,752 $ 19,688,064 $ 46,284 $ 24,174,799
The accompanying notes are an integral part of these consolidated financial statements
F-4
--------------------------------------------------------------------------------
SOKO FITNESS & SPA GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
( IN US DOLLARS)
FOR THE YEARS ENDED MAY 31,
2009 2008
(RESTATED)
Cash Flows From Operating Activities:
Net income $ 7,030,500 $ 5,175,930
Adjustments to reconcile net income to net cash
provided by operating activities:
Stock based compensation 48,621 -
Depreciation 1,719,398 1,016,855
Minority interest (287,865 ) 108,481
Liquidated damage penalty 200,000 -
Loss from disposal of fixed assets 54,809 -
Rent expense converted from leasehold improvement 163,229 -
Changes in operating assets and liabilities:
Restricted cash (7,219 ) -
Accounts receivable 605,326 (270,326 )
Inventories (302,677 ) (584,845 )
Advances to suppliers 503,705 (279,736 )
Employee advance 198,831 (163,600 )
Prepaid expense 265,225 (254,681 )
Security deposit (47,761 ) -
Deferred Rent (588,061 ) -
Deposit to suppliers (730,864 ) 6,816
Accounts payable 7,283 (33,815 )
Unearned revenue 1,367,451 6,948
Taxes payable 15,018 203,532
Accrued expenses and other payables (829,923 ) (82,086 )
Cash provided by operating activities 9,385,023 4,849,473
Cash Flows From Investing Activities:
Addition in construction in progress (5,312,845 ) (2,665,759 )
Purchase of property and equipment (3,061,979 ) (3,293,245 )
Proceeds received from disposal of fixed assets 1,316
Investment in subsidiary - (1,687,408 )
Cash acquired from subsidiaries 97,594 124,447
Investment advance (399,750 ) (1,090,545 )
Cash used in investing activities (8,675,665 ) (8,612,510 )
Cash Flows From Financing Activities:
Proceeds from capital contribution - 1,000,000
Net proceeds from issuance of common stock - 1,327,500
Proceeds from short-term loan 2,196,795 2,409,815
Repayment of short-term loan (2,588,227 ) -
Cash provided by (used in) financing activities (391,432 ) 4,737,315
Effect of exchange rate changes on cash and cash equivalents 26,005 133,316
Increase in cash and cash equivalents 343,931 1,107,594
Cash and Cash Equivalents - Beginning of the year 1,563,709 456,115
Cash and Cash Equivalents - Ending of the year $ 1,907,640 $ 1,563,709
Supplemental disclosures of cash flow information:
Interest paid $ 66,121 $ 49,042
Income Taxes paid $ 74,135 $ 9,427
Non-cash investing and financing activities:
Option issued for directors $ 109,898 $ -
The accompanying notes are an integral part of these consolidated financial statements
F-5
--------------------------------------------------------------------------------
SOKO FITNESS & SPA GROUP, INC.
Thanks. Haven't gone through it fully yet. Seems fairly cheap, but not enough to overcome illiquidity. Wouldn't be able to get in with size, if I were to do a full due diligence.
SOKF.. $2.50 Earnings..
This is thin.. To be fair,, I am long 4,248 @ $1.9071 and I can't buy any more on the cheap.. Some one put in an order yesterday and paid as high as $4.00.. I sold 200 at $2.50.. hank
SOKO Fitness & Spa Group Announces Third Quarter FY2009 Financial Results
Revenue up 42%, Net Income up 29%
HARBIN, China, April 15 /PRNewswire-Asia-FirstCall/ -- SOKO Fitness & Spa Group, Inc. (OTC Bulletin Board: SOKF - News), a leading operator of fitness clubs and spas in Northern China, announced its operating results for the fiscal third quarter ended February 28, 2009.
Total revenue for the quarter was $5.1 million, an increase of 42% over the same quarter in the previous year. For the nine months ended February 28, 2009, revenues were $14 million, an increase of 55% from the prior year. SOKO also reaffirmed its previous FY2009 revenue guidance in a range of $16.3 to $18.3 million and its pro forma net income guidance of $6.5 to $7.1 million.
Net income during the quarter grew 29% to $1.85 million from $1.43 million for the same quarter of 2008. For the nine months ended February 28, 2009, net income increased to $5.2 million, an increase of 49%. Third quarter Earnings per share were $0.11 vs. $0.13 in the prior period. The decline was caused by the dilution from the stock offering. EPS for the 9 months were $0.30 vs. $0.32 in the previous year. Higher earnings were offset by a higher share count.
Revenue growth was driven primarily by the opening of two spas during the period. We increased product sales in our spas. Fitness and yoga membership fee revenues increased by 135% year to year, mainly as a result of the acquisition of a majority interest in Letian in March 2008. Letian contributed about 52% to our fitness revenue for Q3 FY2009.
Operating margin increased to 64.6%, compared to 62.5%. The increase in our gross profit margin was mainly driven by our ability to obtain high volume discounts because of our larger size as well as by the increases in our fitness segment.
Operating expenses increased by approximately $0.6 million to $1.4 million for the three months ended February 28, 2009 year to year. As a percentage of revenues, expenses increased to 28.2% from 22.6%. This increase was mainly driven by the high cost of being a public company as well as the start-up costs for building management teams for our new facilities.
We have reclassified some direct labor costs from operating expenses to cost of sales. The impact of this change is to lower gross margins and lower operating expenses/sales. The reclassification has no impact on either sales or net income. The numbers below for both 2008 and 2009 reflect the impact of the reclassification and are comparable with each other.
"We are very pleased with the results of our business," Mr. Liu Tong, Chairman of SOkO commented. "We focus our business on Northeast, which is the most famous traditional industry base of China, and expect to open more spas and fitness centers in the future. We believe we have significant opportunities for expansion, and look forward to becoming the dominant company in the fitness and beauty business in the northeast."
SOKO INCOME STATEMENT
FOR THE NINE MONTHS ENDED FOR THE THREE MONTHS ENDED
FEBRUARY 28, FEBRUARY 29, FEBRUARY 28, FEBRUARY 29,
2009 2008 2009 2008
Net Sales $13,996,019 $9,048,287 $5,110,861 $3,593,350
Cost of Sales (4,822,521) (3,330,316) (1,807,084) (1,347,769)
Gross Profit 9,173,498 5,717,971 3,303,777 2,245,581
Gross Margin 65.54% 63.19% 64.64% 62.49%
Operating Expenses 3,839,238 2,251,863 1,438,622 810,904
Operating Income 5,334,260 3,466,108 1,865,155 1,434,677
Net Income $5,175,220 $3,464,687 $1,855,474 $1,433,961
Diluted Income per
common share $0.30 $0.32 $0.11 $0.13
Weighted average
common share
outstanding
Diluted 17,000,000 10,725,000 17,000,000 10,725,000
About SOKO Fitness & Spa Group, Inc.
SOKO Fitness & Spa Group, Inc., is a leading operator of fitness clubs and spas in Northeast China. The Company provides programs, services, and products uniquely combined with exercise, education, and nutrition to help their members lead a healthy life and achieve their fitness goals. For further information, please go to http://www.sokofitness.com .
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this press release contain forward-looking statements. Statements that are not historical facts, including statements about SOKO's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. SOKO does not undertake any obligation to update any forward- looking statement, except as required under applicable law.
For more information, please contact:
U.S. Office:
Mu Yan
Tel: +1-484-716-1081
Email: muyan@sokofitness.com
China Office:
Yu Xia
Tel: +86-451-8770-2255
Email: yuxia@sokofitness.com
SOFK.. $2.50..
This a low floater that has attracted capitol from the US..
SOKO Fitness & Spa Group Inc
No. 194,Guogeli Street
Harbin, HNG 150001
China
P: +86 45 18 77 02 25 5
http://www.sokofitness.com/home.htm
Company Description
SOKO Fitness & Spa Group, Inc. (SOKO), formerly American Business Holdings, Inc., is holding company. Through its subsidiaries, the Company is engaged in the business of operating destination centers that offer professional fitness, beauty salon and spa services in the People's Republic of China. As of September 4, 2008, SOKO maintained more than 10,000 memberships within its six facilities located in the northeast region of China. The Company's subsidiaries include Wealthlink Co. Ltd. and Harbin Mege Union Beauty Management Ltd. (Mege Union). Wealthlink Co. Ltd. was acquired by SOKO on April 11, 2008. Subsequently, American Business Holdings, Inc. changed its name to SOKO Fitness & Spa Group, Inc. Prior to the acquisition of Wealthlink Co. Ltd., the Company, through its subsidiary, Tissakin Ltd., was a manufacturer of bags for packaging agricultural products in the Democratic Republic of Congo.
Followers
|
8
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
147
|
Created
|
08/16/09
|
Type
|
Free
|
Moderators |
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |