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zixi....new highs
CFPC..take the profit.
CFPC a lot of buyers jumped in after the gap closed. Hopefully someone here got a few. I wouldn't hold it past 2.00 and would sell at 1.95..all imo
you are having fun..gl
NAYN..people are holding for much higher levels. This one looks like it is gonna burst on any kind of volume
MNEAF If it falls back into the 1.80's I think it would make a nice trade..gl
Pudc some ealry selling is going to creat a great buying opportunity. Le the profit takers hand you a gift. I'll bet on a 1.60 close...IMO
looks like they might try the gap and trap. Don't fall for it..Be patient
I would add as a caveat to not get too greedy with this one as it may have gotten a little ahead of itself. Buy 1.80 and sell 1.95
One of the reasons this company is so attractive is the amount of planning and research that has gone into the business model. It is grounded literally to the land and the farmers and has an organic strong growth potential. Little downside risk and certain profits from here with patient money. short and long term..gl
PNTV has an interesting business model. The mkt cap has room to grow
The Players Network was incorporated under the laws of the State of Nevada, on March 16, 1993. PNTV owns and operates a digital 24-hour gaming and entertainment network called "PLAYERS NETWORK" which specializes in producing television programming to serve the gaming industry. The Company broadcasts it's programming directly into the guestrooms of casino and non-casino hotels on a customized private cable channel. The format of the Company is designed to educate new players and promote casino games and activities. The Company's programming includes shows on basic gaming instruction, news, sports and racing, entertainment and tournaments. PNTV had operated solely as a television and video production company and programming distributor. In 2001, the Company expanded its programming to broadband, and in 2003, into satellite television on the Dish Network. In 2003, PNTV signed an agreement with Morningstar Entertainment, Inc. which distributes PNTV video on CD's into mass merchandisers such as WalMart, Walgreens and Rite Aid. The Company has produced a series of gaming instructional video of how to play the various games of chance that are available in most casinos around the world. PNTV also operates a video production sound stage in Las Vegas, Nevada. In the last two years the Company has expended less than $20,000 in research and development activities related to developing the new services and Internet site, including the purchase of certain computer hardware and software. PNTV currently has three full-time employees and three part-time contractors.
Players
CFPC..Has had quite an april but it is going much higher
Below is the most recent 10k and following that is the news from yesterday. I think a buy at the open today will yield a 10% gain over the next 3-4 business days
10KSB: COFFEE PACIFICA INC
4/2/2007 9:24:34 AM
(EDGAR Online via COMTEX) -- ITEM 6 Managements' Discussion and Analysis or Plan of Operation
Managements Discussion and Analysis of Financial Condition and Results of Operations
Our annual revenue grew by 248% as we increased our sales in 2006 to $2,612,347 compared to $749,660 for 2005 (182% increase ) and $265,438 (265% increase) in 2004. Sales increased due to higher demand and premium prices paid for our coffees by the coffee buyers in US and Europe. The revenue growth trend will continue as we introduce the "Penlyne Castle" Jamaican Blue Mountain coffee to our existing customers. Addition of Jamaican "Penlyne Castle" coffee will generate increased revenue in the third and fourth quarters complementing the Papua New Guinea ("PNG") bean crop cycle. We anticipate growth in revenue from the roasted coffees too as we have recently launched our new website w www.uncommongrounds.net for Uncommon Grounds Inc. with improved e-commerce features. Our gross profit also improved on sales in 2006 to approximately 36% compared to 29% in 2005. The increase is attributed to premium prices received for our PNG green beans. In 2007, we anticipate higher gross margins and increased revenues by selling our green beans at premium prices and the forecasted higher New York "C" contract prices. Our operating expenses for 2006 were $9,476,393 compared to $3,967,817 in 2005. The general and administration expenses were $7,233,393 verse $2,626,369, the marketing expenses increased by $901,552 to $ 2,243,000 in 2006 compared to $1,341,448 in 2005. The net loss for the year ended December 31, 2006 was $8,530,598 compared to $3,748,480 in 2005. The increase in losses was attributed to common shares issued for certain expenses and services recorded at Fair Market Value which aggregated to $7,606,640 (2006) and $3,136,518 (2005). At December 31, 2006, we had $949,481in current assets and $296,133 in current liabilities. December 31, 2006, Coffee Pacifica had $496,497 in cash and deposits which are adequate to meet our operational expenses for approximately next twelve months. Any revenue we earn is infused back into Coffee Pacifica and used for working capital.
For the year ended December 31, 2006, our total revenue of $2,612,347 consisted of $1,593,443 from the sale of green bean coffee and $1,018,904 from roasted coffees and incurred a net loss of $8,530,598 consisting of the following expenses: marketing $2,243,000, travel $156,260, professional fees $625,796, general expenses $1,982,118, advertising and promotion $619,060 and consulting $3,850,159. Our liabilities totaling $296,133, comprised of trade payables $196,133 and note payable of $100,000. We do not have any long-term debts or obligations. Our accumulated losses as of December 31, 2006 were $12,889,766.
For the year ended December 31, 2005, our total revenue of $749,660 consisted of $488,330 from the sale of green bean coffee and $261,330 from the sale of roasted coffees and incurred a net loss of $3,748,480 consisting of the following expenses: marketing $1,341,448, professional fees $127,807, advertising and promotion $248,106, consulting $1,022,679 and general expenses $1,227,777. Our liabilities totaled $112,071, and were comprised of a loan from a stockholder for $11,266, trade payables of $50,634 and note payable $50,171. We did not have any long-term debts or obligations. Our accumulated losses as of December 31, 2005 were $4,359,168.
Coffee Pacifica continues to be in discussions with and is in the process of evaluating green bean coffees from other countries to add to product offering. We expect to add green bean coffee from another origin in the second quarter of 2007. We continue to evaluate other regional coffee roasting companies as potential acquisition targets. Coffee Pacifica intends to acquire at least one other regional coffee roasting company to become a significant "Tree to Cup" vertically integrated coffee company.
On March 1, 2006, our shares of common stock commenced trading on a post-split basis following the completion of the five (5) for four (4) split of our common stock in form of a stock dividend.
As of the date this report, effective March 19, 2007, Coffee Pacifica received gross proceeds of $2,250,000 by the issuance of $2,678,572 of Convertible Notes ("Note") at an original discount of 16%. The convertible note, due March 18, 2009, may be converted, at the option of the noteholders into shares of common stock of Coffee Pacifica, Inc. at the conversion price of eighty-five percent (85%) of the preceding ten (10) trading days weighted average volume price of the common stock using the AQR function as reported by Bloomberg L.P. ("VWAP"). The Company also issued Class A warrants equal to that subscriber's pro rata portion of the note principal divided by the ten (10) trading day VWAP. The per warrant share exercise price for a Class A warrant shall be equal to eighty-five percent (85%) of the VWAP. The warrants shall be exercisable until March 18, 2010. The gross proceeds will be used by Coffee Pacifica for general working capital purposes.
----------------------------------------------------------------
Coffee Pacifica to Boost Revenue with Certified Coffees from Ethiopia
4/18/2007 8:30:31 AM
LAS VEGAS, Apr 18, 2007 (BUSINESS WIRE) -- Coffee Pacifica, Inc. ( CFPC ) announced today that it will commence to sell, through its 100% owned subsidiary Uncommon Grounds Inc., Fair Trade and Organic certified coffee produced by farmer co-operatives in Ethiopia. According to the International Coffee Organization historical production data, Ethiopia is the worlds 6th largest coffee exporting country. The addition of certified Ethiopian coffee will increase Coffee Pacifica's current and future revenue.
Terry Klassen, CEO of Coffee Pacifica, stated, "We believe that this first order of specialty coffee from Ethiopia is just the beginning of a long-term relationship with the Ethiopian co-operatives."
Jon Yogiyo, Vice Chairman of Coffee Pacifica and Chairman of PNG Coffee Growers Federation Ltd., said that "I am excited with the third coffee-producing country joining our distribution network. Within three years, Coffee Pacifica has established a global presence, and our unique 'Growers Direct' marketing strategy is rapidly gaining leading recognition in the green bean coffee industry. We anticipate selling certified green beans from Papua New Guinea too."
Effective April 16, 2007, Coffee Pacifica executed a three-year management contract with Mr. Terry Klassen, its current Chief Executive Officer.
Coffee Pacifica, Inc. is a distributor and a marketer in the United States, Canada and Europe of the green bean coffee grown in Papua New Guinea and "Penlyne Castle" brand "Jamaican Blue Mountain" coffee grown by Blue Mountain Coffee Co-Operative Society Ltd ("BMCC") of Jamaica. Green bean coffee in Papua New Guinea is grown by Coffee Pacifica's shareholder-farmers in the Highland region's rich volcanic soils between the altitudes of 4,000 and 6,000 feet above sea level. Papua New Guinea exports approximately 2% of the annual world green bean production. Papua New Guinea coffee is well regarded by consumers for its uniqueness, consistency and special flavor characteristics. For more information about our coffee products, visit our website at www.coffeepacifica.com. Coffee Pacifica's wholly owned subsidiary, Uncommon Grounds Inc., established in 1984, is a coffee roasting and wholesale company based in Berkeley, California. Visit their website at www.uncommongrounds.net to purchase our roasted coffee beans.
PNG Coffee Growers Federation Ltd. ("PNGCGF") is our strategic partner and a major shareholder. PNGCGF's shareholders are 179 individual independent coffee grower co-operatives in 11 of the 13 coffee-growing provinces in Papua New Guinea. This represents approximately 120,000-plus individual coffee farmers involved in producing co-operative coffee. The high-quality, premium-grade coffee produced by the co-operatives are pooled and marketed by Coffee Pacifica. In PNG approximately 86% of the exported coffee is annually produced by the small, independent coffee growers.
"Penlyne Castle" brand "Jamaican Blue Mountain" coffee is grown by Blue Mountain Coffee Co-Operative Society Ltd ("BMCC") of Jamaica. BMCC is a Jamaican incorporated society that has been actively involved in the production and exportation of the Jamaican coffee since 1949. BMCC represents approximately 3,000 coffee farmers within the Blue Mountain coffee region of Jamaica. BMCC was established to enhance and improve the economic benefits of its members.
Except for the historical matters contained herein, statements in this press release contain "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties which may affect the Company's current and future business and prospects. Actual results could differ materially, as a result of various risk factors including, but not limited to, such as: (1) competition in the markets for the Company's coffee; (2) the ability of the Company to execute its plans; and (3) other factors detailed in the Company's public filings with the SEC. By making these forward-looking statements, the Company can give no assurances that transactions described in this press release will be successfully completed, and undertakes no obligation to update these statements for revisions or changes after the date of this press release. This release should be read in conjunction with our Annual Report on Form 10-KSB and our other filings with the SEC through the date of this release, which identifies important factors that could affect the forward-looking statements in this release. In addition, factors that could cause actual results to differ materially from those contemplated in the statements include, without limitation, overall economic conditions, and other risks associated generally with green bean coffee business. These forward-looking statements are not guarantees of future performance.
SOURCE: Coffee Pacifica, Inc.
Coffee
PUDC gonna close HOD
you are right about that. I just saw an opportunity for a good trade.
I think what is driving it is the forward looking comments that they will make 36 million dollars net this year. That is approx. .36 cents per share with a 10x multiple ..that is 3.60...coulda jumped in this am for .99 and currently on sale for 1.41
IPRE....WRNW. You have got to start taking profits when they are there. Please. Do you want me to beg in the future.
2.3 million traded 1.44 x 1.45
don't jump in now...Do not...IMO
PUDC money pouring in..MM's trying to shake. I say it closes at 1.60
IPRE..you sure put a lot of heart into this board. I appreciate the effort
MNEAF let it retrace to the high 1.80's and buy again
PUDC..I hope someone got a little at the open...Up 20% from the open..Nice volume. Should be sittin at $3 by years end.
ENXTF from yesterday. I think I would sell and let it retrace from here but it certainly looks safe to hold over the long term. Anyway..I would take profits right now..glta
NXT Announces Completion of Flight Operations and Receipt of Progress Payment for SFD Contracts
4/17/2007 3:00:43 AM
CALGARY, ALBERTA, Apr 17, 2007 (MARKET WIRE via COMTEX) -- Energy Exploration Technologies Inc. ("NXT" or "the Company") ( ENXT.F ) (FRANKFURT: EFW):
NXT is pleased to announce the completion of flight operations for the two previously announced SFD survey contracts. With the completion of flight operations the Company received additional progress payments of Cdn. $1.2 million to bring the total cash received to date to Cdn. $2.1 million under these contracts. The interpretation process for the acquired data is well under way and the review of the results with the customers will begin shortly. The proceeds from these contracts will enable NXT to add additional technical staff and undertake other activities to increase survey capacity.
Following receipt of these progress payments NXT holds on account cash and cash equivalents of approximately Cdn $3.7 million.
NXT is in the business of providing wide-area airborne exploration services to the oil and gas industry. The Company utilizes its proprietary SFD Survey System to offer its clients a unique, low cost service to rapidly identify sub-surface structures with reservoir potential in sedimentary basins with no environmental impact. The value of the service is providing clients with an efficient, cost effective method of surveying large areas and delivering an inventory of SFD prospects with high potential. The SFD-based exploration process substantially reduces the need for 2-D reconnaissance seismic thus saving clients valuable time and money.
Additional information about NXT and the SFD technology is available on the Company's website www.nxtenergy.com.
Forward-Looking
PUDC...A steal at these prices
Puda Announces Fourth Quarter and 2006 Year End Results
4/17/2007 8:33:00 AM
Record Full Year Revenue Increases 166% Full Year Adjusted Net Income Climbs 123% to $12.5 Million
TAIYUAN, China, April 17, 2007 /Xinhua-PRNewswire-FirstCall via COMTEX/ -- Puda Coal, Inc. ( PUDC ) ("Puda" or "the Company"), a leading supplier of China's high grade metallurgical coking coal used to make coke for the purposes of steel manufacturing, today announced its financial results for the fourth quarter and year ended December 31, 2006.
Fourth Quarter 2006 Highlights
-- Fourth quarter revenue reached a record $ 43.4 million, up 110% from
the fourth quarter of 2005
-- Operating income totaled $7.1 million, up 78% increase from the
fourth quarter of 2005
-- Net income rose to $6.0 million, or $0.07 per fully diluted share
-- Adjusted net income totaled $4.0 million, or $0.05 per diluted share,
up 60% from adjusted net income of $2.5 million in the fourth quarter
of 2005
-- Sales of cleaned coal totaled 548,000 metric tons (MT), up 105%
from the fourth quarter of 2005
-- Average selling price of cleaned coal was $78 per ton, compared to
$77 per ton in the fourth quarter of 2005
2006 Full Year Highlights
-- Revenue climbed to $137.8 million, up 166% from 2005
-- Operating income rose to $22.8 million, up 148% from 2005
-- Net income was $1.4 million, up 40% from 2005
-- Adjusted net income totaled $12.5 million, or $0.16 per fully
diluted share, up 123% from adjusted net income of $5.6 million, or
$0.07 per diluted share, in 2005
-- Sales of cleaned coal reached 1.8 million metric tons, up 165% from
2005
-- Average selling price of cleaned coal was $78 per ton, up from $77
per ton in 2005
-- Opened Zhong Yang coal washing plant, adding 1.2 million MT in total
annual capacity
-- Added Xuanhua Steel Group and Gengyang Coal as new customers
Fourth Quarter 2006 Results
"Our strong fourth quarter performance was driven by strong demand from new and existing customers. The addition of our new coal washing plant in Zhong Yang provided us the capacity to meet this demand," said Mr. Zhao Ming, Chairman and Chief Executive Officer of Puda Coal. "Our margins were impacted by slightly higher prices for raw coal, driven by strong industry demand for metallurgical quality coking coal. Competitive pressures have limited our ability to increase selling prices this year, and our current expectations are for margins to stabilize at current levels."
For the quarter ended December 31, 2006, total revenue was $43.4 million, up 110% from $20.7 million in the fourth quarter of 2005. This strong revenue growth was driven by larger customer order volume. Sales of cleaned coal were 548,000 MT in the fourth quarter of 2006, up from 267,000 MT in the same period last year.
Gross profit for the quarter was $8.9 million, up 88.7% from gross profit of $4.7 million in the fourth quarter of 2005. Gross margin was 20.6% in the quarter, down from 22.9% in the same period last year. This decline was primarily due to the higher prices of raw coal, as well as higher depreciation expenses associated with the new coal washing plant in Zhong Yang. The average selling price of cleaned coal was approximately $78 per ton in the fourth quarter of 2006, up from $77 per ton in the fourth quarter of 2005.
Operating expenses were $1.8 million, or 4.1% of revenue, up 149.9% from $720,000, or 3.5% of revenue, in the fourth quarter of 2005. This increase was primarily due to higher expenses from new business, including expanding the sales force to support increased capacity. In addition, the Company also incurred higher legal and professional fees as a result of being a public company.
Operating income was $7.1 million, or 16.4% of revenue, up 77.7% from $4.0 million, or 19.4% of revenue, in the fourth quarter of 2005.
Net income was $6.0 million, or $0.07 per fully diluted share, compared to a net loss of $2.2 million, or $0.03 per fully diluted share, in the fourth quarter of 2005. Adjusting net income to exclude non-cash debt financing and other expenses related to the Company's convertible debt and warrants, adjusted net income was $4.0 million, or $0.05 per fully diluted share, in the fourth quarter of 2006, up 60% from adjusted net income of $2.5 million, or $0.03 per diluted share in the fourth quarter of 2005.
At year end, total annual production capacity was 2.7 million MT, up from 1.5 million MT at the end of 2005. This increase was due to the Company's new coal washing facility in Zhong Yang, which commenced operations in March 2006 and has annual production capacity of 1.2 million metric tons. The plant was operating at full capacity at the end of 2006.
Full Year 2006 Results
Net revenue was $137.8 million in the year ended December 31, 2006, up 166.4% from $51.7 million in the year ended December 31, 2005. Full-year sales of cleaned coal increased 165% to 1.8 million MT in the year ended December 31, 2006, compared to 680,000 MT in the year ended December 31, 2005. The average selling price of cleaned coal was $78 per ton, up from $77 per ton in 2005. Gross profit was $28.4 million, or 20.6% of revenue, up 143.4% from $11.7 million, or 22.6% of revenue, in 2005. Operating income was $22.8 million, or 16.5% of revenue, up 148.0% from $9.2 million, or 17.8% of revenue, in 2005. Net income was $1.4 million, or $0.02 per fully diluted share, up 40.3% from $1.0 million, or $0.01 per fully diluted share, in 2005. Adjusting net income to exclude non-cash debt financing and other expenses related to the Company's convertible debt and warrants, adjusted net income was $12.5 million, or $0.16 per fully diluted share in 2006, up 123% from $5.6 million, or $0.07 per fully diluted share, in 2005.
Financial Condition
As of December 31, 2006, Puda Coal had $24.9 million in cash and cash equivalents, $36.5 million in working capital and a current ratio 3.8:1. Puda Coal generated $11.3 million in cash flow from operations in 2006, compared to $1.6 million in 2005. Long-term debt totaled $13.5 million, and shareholders' equity stood at $23.0 million at year end.
Business Outlook
The Chinese steel industry continues to experience a strong outlook for growth. Several huge infrastructure projects and a prosperous real estate market are expected to drive demand for high grade metallurgic cleaned coking coal in the near term, while China's western development plan will drive demand in the long term. In order to take advantage of these significant growth opportunities, Puda Coal intends to increase its annual production capacity to 4.0 million MT by the end of 2007. This will allow the Company to fill larger orders from existing clients, and puts it in a better position to win new customers. The Company also plans to increase its sales force in its efforts to win additional new customers.
Puda expects that its revenues for the full year 2007 will be in the range of $210 to $220 million, and full year 2007 operating income between $34 million and $36 million.
"In 2007, we look forward to another year of strong revenue growth and profitability. We will concentrate on increasing capacity to meet demand, expanding our sales force and improving our operational efficiency by implementing our advanced mix control technology and management system at each of our coal washing facilities," said Mr. Zhao. "We believe we are well positioned relative to our competitors, and we expect to increase our market share as we continue to build our corporate and brand identity as the premier high grade metallurgical coking coal supplier in China."
Subsequent Events
On March 21, 2007, Puda Coal filed an amendment to its registration statement on form SB-2/A filed with the U.S. Securities and Exchange Commission related to the sale of up to 47,764,373 shares of its common stock by certain existing holders of its securities. Shares registered in the filing include 8,250,000 shares of common stock that that may become issuable upon conversion of principal on convertible promissory notes, related warrants to purchase 21,050,000 shares, warrants issued to the placement agent, its employees and other persons acting on behalf of the placement agent to purchase 135,085 shares, and 13,854,288 shares of Common Stock issued upon conversion of the notes and exercise of the warrants. The Company will respond diligently to any and all SEC comments as they are received, but can not give any estimate as to when it expects the registration statement to become effective.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Conference Call
The Company will host a conference call at 9:00 am EDT on Tuesday, April 17, 2007, to discuss results for the fourth quarter and year ended December 31, 2006. To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: (888) 481- 7939. International callers should dial (617) 847-8707. The passcode for the call is 69973993. If you are unable to participate in the call at this time, a replay will be available on Tuesday, April 17, at 11:00 am EDT, through, Tuesday, April 24 at 11:00 am EDT. To access the replay, dial (888) 286-8010. International callers should dial (617) 801-6888. The conference passcode is 60397597.
Use of Non-GAAP Financial Information
GAAP results for the fourth quarter and full years ended December 31, 2006 and December 31, 2005 include certain non-cash debt financing and other expenses related to the Company's convertible notes and warrants. To supplement the Company's condensed consolidated financial statements presented on a GAAP basis, the Company has provided non-GAAP financial information excluding the impact of these items in this release. The Company's management believes that these non-GAAP measures provide investors with a better understanding of how the results relate to the Company's historical performance. A reconciliation of adjustments to GAAP results appears below. This additional non-GAAP information is not meant to be considered in isolation or as a substitute for GAAP financials. The non-GAAP financial information that the Company provides also may differ from the non-GAAP information provided by other companies.
About Puda Coal, Inc.
Puda Coal, through its affiliates and controlled entities, supplies premium grade coking coal to the steel making industry for use in making coke. The Company currently possesses 2.7 million metric tons of annual coking coal cleaning capacity, and management believes it is the largest coking coal cleaning Company in terms of capacity in Shanxi Province, China. hanxi Province provides 20-25% of China's coal output and supplies nearly 50% of China's coke.
FORWARD-LOOKING STATEMENTS
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward- looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.
- FINANCIAL TABLES FOLLOW-
PUDA COAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousand of United States dollars, except per share data)
For the three months For the years ended
ended December 31,
December 31,
2006 2005 2006 2005
(unaudited)(unaudited) (audited) (audited)
Net revenue 43,407 20,654 137,771 51,710
Cost of revenue (34,482) (15,924) (109,381) (40,047)
Gross profit 8,925 4,730 28,390 11,663
Operating expenses
Selling expenses 1,039 236 3,231 791
General and administrative
expenses 760 484 2,387 789
Other operating expenses -- -- -- 902
Total operating expenses 1,799 720 5,618 2,482
Income from operations 7,126 4,010 22,772 9,181
Gain on short-term investments -- -- -- 6
Interest income 21 9 59 12
Interest expense (2,085) (531) (4,441) (531)
Debt financing costs (1,156) (4,964) (10,669) (4,964)
Derivative unrealized fair
value gain 4,564 700 1,237 700
Income before income taxes 8,470 (776) 8,958 4,404
Income taxes (2,474) (1,396) (7,604) (3,439)
Net income 5,996 (2,172) 1,354 965
Other comprehensive income
Foreign currency translation
adjustment 437 18 985 154
Comprehensive income 6,433 (2,154) 2,339 1,119
Earnings per share
-Basic $0.07 ($0.03) $0.02 $0.01
-Diluted $0.07 ($0.03) $0.02 $0.01
Weighted average shares
outstanding
-Basic 86,821,002 74,544,565 80,167,110 73,950,274
-Diluted 86,830,685 78,170,327 80,176,793 77,576,036
Net income 5,996 (2,172) 1,354 965
Less: Option holder
preference dividend (2,717)
Undistributed Earnings 5,996 (2,172) 1,354 (1,752)
PUDA COAL, INC.
RECONCILIATION OF NON-GAAP FINANCIAL DATA
Adjusted Net income Q4 2006 Q4 2005
($ in thousands except per share
data)
Net Diluted Net Diluted
Net Income (Loss) Diluted EPS Income EPS Income EPS
Adjusted Amount 3,957 0.05 2,509 0.03
Adjustments
Non cash debt financing
costs (1) 773 0.01 4,964 0.06
Unrealized derivative fair
value gain/Loss (2) (4,565) (0.05) (700) (0.01)
Discount on converted shares
and exercised warrants(3) 1,753 0.02 417 0.01
Amount per consolidated
statement of operations 5,996 0.07 (2,172) (0.03)
(1) Non cash debt financing costs for Q4 2006 includes amortization of
debt issue costs of $17,000, amortization of discount on convertible
notes and warrants of $756,000, Non cash debt financing costs for Q4
2005 includes amortization of debt issue costs of $739,000,
amortization of discount on convertible notes and warrants of
$4,225,000
(2) Derivative unrealized fair value gain for Q4 2006 was 4,564,000,
Derivative unrealized fair value gain for Q4 2005 was 700,000
(3) Discount on converted shares and exercised warrants for Q4 2006 was
1,753,000, Discount on converted shares and exercised warrants for Q4
2005 was 417,000
Adjusted Net income FY 2006 FY 2005
($ in thousands except per share
data)
Net Diluted Net Diluted
Net Income (Loss) Diluted EPS Income EPS Income EPS
Adjusted Amount 12,480 0.16 5,646 0.07
Adjustments
Non cash debt financing
costs (1) 9,465 0.12 4,964 0.06
Unrealized derivative fair
value gain/Loss (2) (1,237) (0.02) (700) (0.01)
Discount on converted shares
and exercised warrants(3) 2,898 0.04 417 0.01
Amount per consolidated
statement of operations 1,354 0.02 965 0.01
(1) Non cash debt financing costs for FY 2006 includes amortization of
debt issue costs of $838,000, amortization of discount on convertible
notes and warrants of $8,627,000, Non cash debt financing costs for FY
2005 includes amortization of debt issue costs of $739,000,
amortization of discount on convertible notes and warrants of
$4,225,000
(2) Derivative unrealized fair value gain for FY 2006 was 1,237,000,
Derivative unrealized fair value gain for FY 2005 was 700,000
(3) Discount on converted shares and exercised warrants for FY 2006 was
2,898,000, Discount on converted shares and exercised warrants for
FY 2005 was 417,000
PUDA COAL, INC.
CONSOLIDATED BALANCE SHEET
(In thousand of United States dollars)
December 31, December 31,
2006 2005
ASSETS
CURRENT ASSETS
Cash and cash equivalents 24,943 12,067
Restricted cash 233 615
Accounts receivable, net 7,186 4,224
Other receivables
- Related parties 9 17
- Third parties 40 36
Advances to suppliers
- Related parties 602 2,959
- Third parties 538
Deferred charges 171 4,594
Inventories 15,663 7,559
Total current assets 49,385 32,071
PROPERTY, PLANT AND EQUIPMENT, NET 9,870 10,823
INTANGIBLE ASSETS, NET 3,729 3,807
TOTAL ASSETS 62,984 46,701
LIABILITIES AND STOCKHOLDERS'
EQUITY
CURRENT LIABILITIES
Current portion of long-term debt
- Related party 1,300 1,300
Accounts payable
- Related party 221 154
- Third parties 2,531 1,172
Other payables
- Related party 901 874
- Third parties 2,113 708
Accrued expenses 951 363
Income taxes payable 2,485 1,397
VAT payable 1,204 317
Distribution payable 1,026 992
Penalty payable 204 --
Total current liabilities 12,936 7,277
LONG-TERM LIABILITIES
Long-term debt
- Related party 10,400 11,700
Convertible notes 3,108 1,917
Derivative conversion feature 2,406 5,720
Derivative warrants 8,380 11,288
Total long-term liabilities 24,294 30,625
TEMPORARY EQUITY
Option to buy-out Shanxi Coal 2,717 2,717
STOCKHOLDERS' EQUITY
Preferred stock, authorized 5,000,000
shares, par value $0.01, issued and
outstanding Nil -- --
Common stock, authorized 150,000,000
shares, par value $0.001, issued and
outstanding 92,881,301 93 75
Paid-in capital 16,506 4,625
Statutory surplus reserve fund 1,366 1,366
Retained earnings 3,933 2,579
Accumulated other comprehensive income 1,139 154
Total stockholders' equity 23,037 6,082
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $62,984 $46,701
PUDA COAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended December 31, 2006 and 2005
(In thousand of United States dollars)
Years ended December 31,
2006 2005
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income 1,354 965
Adjustments to reconcile net income to net cash
provided by operating activities
operating activities
Amortization of land-use rights 78 9
Depreciation 953 183
Provision for doubtful debts 10 5
Amortization of debt issue costs 838 739
Amortization of discount on convertible notes and
warrants 8,627 4,225
Derivative unrealized fair value gain (1,237) (700)
Discount on converted shares and exercised
warrants 2,898 417
Issue of common stock for services 21 --
Issue of common stock for penalty 1,000 --
Changes in operating assets and liabilities:
Decrease in short-term investments -- 117
Increase in accounts receivable (2,972) (1,507)
Decrease in notes receivable -- 638
Decrease in other receivables 4 2,251
Decrease/(increase) in advances to suppliers 1,819 (2,430)
Increase in inventories (8,104) (3,994)
Increase in accounts payable 1,426 610
Increase in accrued expenses 588 115
Increase in other payables 1,432 1,094
Increase/(decrease) in income tax payable 1,088 (611)
Increase in VAT payable 887 66
Increase in penalty payable 204 --
Decrease/(increase) in restricted cash 382 (615)
Net cash provided by operating activities 11,296 1,577
CASH FLOWS FROM FINANCING ACTIVITIES:
Exercise of warrants 1,860 --
Repayment of long-term debt (1,300) --
Issue of convertible notes -- 12,500
Debt issue costs -- (1,583)
Shareholder contribution -- 50
Distribution paid to owners of a subsidiary -- (947)
Net cash provided by financing activities 560 10,020
Effect of exchange rate changes on cash 1,020 157
Net increase in cash and cash equivalents 12,876 11,754
Cash and cash equivalents at beginning of year 12,067 313
Cash and cash equivalents at end of year $24,943 $12,067
For more information, please contact:
Investor Relations Contact:
Crocker Coulson, President
CCG Elite
Tel: +1-646-213-1915
Email: crocker.coulson@ccgir.com
Company Contact:
Wenwei Tian, Director of Investor Relations
Puda Coal, Inc.
Tel: +86-351-228-1302
Email: awtian@yahoo.com
SOURCE Puda Coal, Inc.
Investor Relations Contact - Crocker Coulson, President of CCG Elite,
+1-646-213-1915, or crocker.coulson@ccgir.com, for Puda Coal; Company Contact -
Wenwei Tian, Director of Investor Relations of Puda Coal, Inc., +86-351-228-1302, or
awtian@yahoo.com
http://www.prnewswire.com
Copyright (C) 2007 PR Newswire. All rights reserved
Copyright © 2007 MarketWatch, Inc. All rights reserved. Please see our Terms of Use.
MarketWatch, the MarketWatch logo, and BigCharts are registered trademarks of MarketWatch, Inc.
Intraday data provided by ComStock, an Interactive Data Company and subject to the Terms of Use.
Intraday data is at least 15-minutes delayed. All times are ET.
Historical and current end-of-day data provided by FT Interactive Data.
NAYN...big move yesterday..More to come...Buy and hold...The trend is your friend
Try this. I deleted it before you did. Posted wrong board. didn't you notice that you deleted a blank...gl
ENXTF and ZIXI pushing into new highs..glta
nice heads up. I will be watching. I like the play
check your e-mail tomorrow. You have no idea. We are of the same mind. I think we are twins. Walking down the same road....hang in there. WRNW to the moon and then go buy a small house in VN or Thailand.....
By the way IPRE....WRNW. good call..very good call
you are right and when it does go amex, it will do a double in a week. That is a good call on your part. I bet we see that news soon. Anyway if I had the cash for a thousand shares I would tuck them away for a long time.
China's Cisco. CXTI will have a multi billion dollar mkt cap someday. What a year!!!!
China Expert Announces 2006 Fourth Quarter and Full Year Financial Results
4/12/2007 4:45:00 PM
Annual revenues increased 85.7 percent to $66.1 million while income from operations increased 49.6 percent to $21.2 million compared to 2005 Company awarded 14 new e-Government contracts totaling $251.7 million during 2006
HONG KONG, April 12, 2007 /Xinhua-PRNewswire-FirstCall via COMTEX/ -- China Expert Technology, Inc. ( CXTI ), a provider of large scale network, e-government infrastructure projects for communities and municipal governments in China, today announced 2006 fourth quarter and full year financial results for the period ending December 31, 2006.
Fourth Quarter Highlights:
-- Revenues for the quarter increased 82.8% to $17.4 million
-- During the fourth quarter, the Company was awarded 6 new e-government
contracts totaling $157.5 million which will be implemented during the
next 3 years
-- Gross margins improved 340 basis points to 55.1% versus the Q4 2005
-- Operating income increased 24.9% year over year to $5.6 million
-- Backlog on December 31, 2006 was $227.8 million consisting of 13
contracts compared to $119.2 million on November 14, 2006 and $39.6
million on December 31, 2005.
Fourth Quarter Financial Results (unaudited)
Revenue for the fourth quarter ending December 31, 2006 increased 82.8 percent to $17.4 million compared to $9.5 million for the fourth quarter of last year. The growth resulted from execution on existing projects, including several which commenced during the year, including the 4th Phases of Jinjiang, systems and application training and maintenance services for Jinjiang, the 3rd and 4th Phases of Dehua, and the 1st and 2nd Phases of Nan'an, in addition to the Huian contract. Cost of revenue for the fourth quarter was $7.8 million compared to $4.6 million for the three months ended December 31, 2005. Gross profit for the fourth quarter increased 94.7 percent to $9.6 million compared to $4.9 million, yielding gross margins of 55.1 percent compared to 51.7 percent for the 2005 fourth quarter. The increase in gross margins resulted from a greater mix of training and system maintenance as a percentage of overall revenue compared to last year and increased operating leverage through higher utilization of the Company's own work force to deliver these services.
Total operating expenses for the fourth quarter were $4.1 million, which was up significantly from last year primarily as a result of an increase in non cash expenses related to the amortization of prepaid stock based expenses and amortization of prepaid commission expenses for new contracts. Sales and marketing expenses were $0.6 million compared to no such expenses last year, resulting from the amortized prepaid cash commission for sourcing of Cangshan District, Minqing County, Quangang District, Pingtan County, Mawei District and Yongtai County contracts in the fourth quarter. General and administrative expenses also increased significantly to $3.4 million from $0.5 million last year due to the increase in amortization of stock based prepaid expenses caused by fair value adjustment in the fourth quarter.
"We are pleased to report another strong quarter of revenue growth on a comparable basis and a record quarter for new contract signings," stated Mr. Simon Fu, Chief Financial Officer of China Expert Technology, Inc. "New contract wins totaled $157.5 million as the Company secured new e-government implementations across multiple geographic areas within Quanzhou City and Fuzhou City. While we were pleased to report an increase in comparable gross margins, our reported net income for the quarter was impacted by both cash expenses paid to consultants for projects won during the quarter and also for non cash charges associated with amortization of stock based prepaid expenses caused by fair value adjustment. Excluding the two major non cash charges, we reported respectable earnings for the quarter."
For the quarter, income before tax increased to $1.2 million compared to a loss of $0.4 million in the year ago period. Net income for the quarter was a loss of $0.2 million or ($0.01) per fully diluted share, based on 29.9 million shares, compared to a net loss of $1.4 million, or ($0.06) per fully diluted share for the fourth quarter of 2005, based on 25.1 million shares. On a proforma non-GAAP basis, excluding the $3 million charge due to the change in fair value of derivatives and $2.9 million charge related to amortization of stock based prepaid expenses caused by a fair value adjustment, net income would have been $5.7 million.
Summary of non-cash gains and expenses through December 31, 2006:
4Q06 Full Year
Change in fair value of derivatives ($3,022,000) ($3,129,000)
Expenses compensated by common stock $0 ($5,460,925)
Employee compensation by common stock $0 ($1,672,000)
Interest expenses and deferred
finance costs ($887,269) ($4,606,004)
Amortization of stock based
prepaid expenses ($2,909,063) ($3,612,188)
Loss on extinguishment of debts ($504,204) ($504,204)
Total ($7,322,536) ($18,984,321)
As of December 31, 2006 the Company had $10.1 million in cash and equivalents compared to $7.3 million as of December 31, 2005. Accounts receivable increased significantly to $33.6 million as Jinjiang (4th Phase), Dehua (4th Phase) and Nanan (1st Phase) projects were substantially completed and billed at the end of the year, and with the first payment for the Huian project still pending. Prepaid contract costs were $12 million and were directly related to the commencement of Licheng and Shishi City projects near the end of the year, as the Company had arranged prepayments to suppliers for the purchases of hardware on behalf of customers, in addition to down payments to subcontractors for system development during the start-up phase of these projects. In addition, prepaid commissions were $6.9 million and are expected to be expensed during the 2007 calendar year. The current ratio at the end of the fourth quarter was 7.8 to 1. On December 31, 2006, shareholders equity totaled $59.3 million which increased 178 percent compared to the same year ago period..
Backlog as of December 31 totaled $227.8 million, which is based on thirteen outstanding contracts which have implementation schedules encompassing the next three years. Please refer to the schedule below for more details.
"China Expert Technology utilized successful customer installations as key reference projects to win several significant new contracts during 2006. In total, the Company was awarded 14 new e-Government contracts with a total contract sum of $251.7 million, further strengthening our competitive position and footprint in the Fujian province," stated Mr. ZHU Xiaoxin, President and CEO. "We initiated work on a number of large multi-year projects which will facilitate further growth during 2007 and 2008."
The Company pre-announced fourth quarter revenues of $17.4 million and net income of $1.7 million. While revenues were consistent with our earlier pre- announcement, net income was impacted by non-cash charges due to the increase in amortization of stock based prepaid expenses caused by fair value adjustment in the fourth quarter.
2006 Results (audited)
For the year ended December 31, 2006, revenues increased 85.7 percent to $66.1 million compared to 2005. The increase was derived primarily from the commencement of several new projects including the Jinjiang 4th Phase, the Dehua 3rd and 4th Phases, the Nan'an 1st and 2nd Phases and the Huian project. Cost of revenue was $31.3 million compared to $18.9 million, while gross profit was $34.8 million and $16.7 million, yielding margins of 52.6 percent and 46.9 percent for 2006 and 2005 respectively.
Operating expenses were $13.7 million compared to $2.5 million during 2005. The significant increase relates to advertising and marketing expenses resulting from common stock issued to consultants for sourcing government contract wins during the first half of the year and general and administrative expenses related to an employee stock issuance, as well as liquidated damages and amortization of stock based prepaid expenses more adequately detailed in the 10-K filing and the chart above. Income from operations was $21.2 million, up 49.6 percent from 2005.
Income before taxes for 2006 was $13.1 million, compared to $9.3 million in 2005. Income tax expenses were $5.2 million compared to $2.8 million respectively for 2006 and 2005, and were significantly higher than a normalized rate due to the non cash and non recurring charges. Net income was $7.8 million compared to $6.5 million and diluted earnings per share were $0.22 compared to $0.26 utilizing 29.0 million and 24.5 million shares for 2006 and 2005. On a proforma non-GAAP basis, excluding the non cash charges not related to equity compensation as outlined in the table above, net income for 2006 would have been $19.7 million.
Guidance
For 2007, management expects to report revenues in the range of $72 to $74 million and net income of $20 to $21 million. For 2008, management is providing revenue guidance in the range of $124 to $126 million and net income of approximately $35 to $36 million. Two variables to take into consideration are specifically non-cash charges related to amortization of stock based prepaid expenses caused by fair value adjustment and shares outstanding utilized for earnings per share calculation in each respective reporting period. The first charge could potentially impact reported GAAP net income. The second could impact reported diluted earnings per share. Currently, the maximum number of shares the Company could have outstanding under any scenario would be approximately 38.7 million. Additionally, the Company has anticipated an increase in their corporate income tax rate to 25 percent for 2008 as a result of recent tax reform in the PRC related to standardization of corporate income tax rate.
The following is a summary of the projects (in $Millions) on hand as of
December 31, 2006:
Projects Tentative Target Completion Contract Recognized
Start Date Date Sum in 2003
Jinjiang (1st Phase) Apr 03 Jan 05 24.7 4.7
Jinjiang (2nd Phase) May 05 Aug 06 9.9 --
Jinjiang (3rd Phase) May 05 Aug 06 12.5 --
Jinjiang (4th Phase) Jan 06 Oct 06 5.4 --
Jinjiang System &
Application Training Feb 06 Nov 06 1.7 --
Jinjiang System Maint. Feb 06 Jan 09 3.8 --
Dehua (1st Phase) Apr 04 Aug 06 15.6 --
Dehua (2nd Phase) Jan 05 Nov 05 11.8 --
Dehua (3rd Phase) Jan 06 Jun 07 9.2 --
Dehua (4th Phase) Mar 06 Dec 06 11.3 --
Nan'an (1st Phase) Aug 05 Mar 07 13.1 --
Nan'an (2nd Phase) Aug 06 Jul 07 18.3 --
Huian Jan 06 Jul 08 14.5 --
Licheng Nov 06 Oct 09 31.2 --
Shishi City Oct 06 Sep 09 37 --
Yinzhou District
Ningbo City (design
& plan) Apr 06 Oct 06 0.3 --
Jinjiang Unified
Command System Nov 05 Mar 06 0.6 --
Dehua Unified
Command System Mar 06 Jul 06 0.6 --
Cangshan District,
Fuzhou Jul 07 Jun 09 12.7 --
Minqing County, Fuzhou Oct 07 Sep 10 22.3 --
Quangang District Jul 07 Aug 10 30.8 --
Pingtan County, Fuzhou Oct 07 Sep 10 22.4 --
Mawei District, Fuzhou Oct 07 Sep 10 21.7 --
Yongtai County, Fuzhou Jul 07 Jun 10 28.5 --
Total 359.9 4.7
Projects Recognized Recognized Recognized O/S
in 2004 in 2005 in 200 Contract Sum
Jinjiang (1st Phase) 17.8 2.2 --
--
Jinjiang (2nd Phase) -- 7.9 2 --
Jinjiang (3rd Phase) -- 6.7 5.9 --
Jinjiang (4th Phase) -- -- 5.4 --
Jinjiang System &
Application Training -- -- 1.7 --
Jinjiang System Maint. -- -- 1.2 2.6
Dehua (1st Phase) 8.9 6.7 -- --
Dehua (2nd Phase) -- 11.8 -- --
Dehua (3rd Phase) -- -- 7.1 2.1
Dehua (4th Phase) -- -- 11.4 --
Nan'an (1st Phase) -- -- 12.5 0.6
Nan'an (2nd Phase) -- -- 7.7 10.6
Huian -- -- 9 5.5
Licheng -- -- -- 31.2
Shishi City -- -- -- 37
Yinzhou District
Ningbo City (design
& plan) -- -- 0.3 --
Jinjiang Unified
Command System -- -- 0.6 --
Dehua Unified
Command System -- -- 0.6 --
Cangshan District, Fuzhou -- -- -- 12.7
Minqing County, Fuzhou -- -- -- 22.3
Quangang District -- -- -- 30.8
Pingtan County, Fuzhou -- -- -- 22.4
Mawei District, Fuzhou -- -- -- 21.7
Yongtai County, Fuzhou -- -- -- 28.5
Total 26.7 35.3 65.4 227.8
The conference call will take place at 4:30 p.m. EDT on Thursday, April 12th. Interested participants should call 877-715-5297 when calling within the United States or 973-582-2851 if calling internationally. There will be a playback available until 11:59 p.m. eastern time April 19, 2007. To listen to the playback, please call 877-519-4471 when calling within the United States or 973-341-3080 when calling internationally. Please use pass code 8639653 for the replay.
This call is being webcast by ViaVid Broadcasting and can be accessed by clicking on this link http://viavid.net/dce.aspx?sid=00003D69 or at ViaVid's website at http://www.viavid.net . The webcast can be accessed through May 12, 2007.
About the e-government project:
The e-government project is aimed at establishing a national electronic government system, in which existing and expected government networks and applied systems can be combined to form uniform technology standards and regulations and consequently a uniform national government service platform. The term e-government is a process in which the government is able to take advantage of modern information and communication technologies to integrate the management and service of governmental functions on the Internet, optimize and reform the government structures and working processes, and provide good and standard international administration and service to the society without time and space limitations.
About China Expert Technology, Inc:
CHINA EXPERT TECHNOLOGY, INC. ("CXTI") is a company listed on the OTC Bulletin Board under the trading symbol: CXTI, with its subsidiaries (collectively the "Group") situated in Hong Kong and China. The group is specialized in providing large-scale network infrastructure construction (mainly e-government projects) for communities and municipal governments in China. The Group's existing major clients includes municipal governments and government authorities principally located in the Fujian Province. Income is derived mainly from four areas, e-government, technology achievement appraisal, expert consultation and project database.
Safe Harbor under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, regulatory approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties as may be detailed in the Company's filings with the Securities and Exchange Commission. In addition, words such as "believes," "intends," "expects," "may," "will," "should," "plan," "projected," "contemplates," "anticipates," "estimates," "predicts," "potential," "continue," or similar terminology may indicate forward looking statements. The Company undertakes no obligation to publicly update or revise any forward- looking statements, whether as a result of new information, future events, or otherwise.
Use of Non-GAAP Measures: This press release includes financial measures for net income (loss) and diluted earnings per share calculations which excludes certain non-cash costs not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance that enhances management's and investors' ability to evaluate the Company's net income and income per share and to compare it with historical net income and income per share prior to the adoption of SFAS 123R by the Company effective January 1, 2006.
For more information, please contact:
For the Company: Investors:
Phoebe Lam Matthew Hayden
China Expert Technology, Inc. Hayden Communications, Inc.
Tel: +852-2802-1555 Tel: +858-704-5065
Fax: +852-2583-9222 E-mail: Matt@haydenir.com
Email: phoebe@chinaexpertnet.com
CHINA EXPERT TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
December 31,
2006 2005
US$ US$
ASSETS
Current assets
Cash and cash equivalents 10,073,823 7,326,595
Account receivables, net of allowance for
doubtful accounts of nil and nil at
December 31, 2006 and 2005, respectively 33,631,372 15,423,852
Cost and estimated earnings in
excess of billings (Note 9) 781,646 1,082,969
Amount due from a director - 609
Amount due from a former officer (Note 7) 984,359 24,229
Prepayments, deposits and other
receivables (Note 8) 18,862,836 9,797,938
Deferred finance costs - 539,756
Current portion of stock based
prepaid expenses (Note 6) 1,582,500 500,000
Total current assets 65,916,536 34,695,948
Property and equipment, net (Note 4) 15,752 28,999
Intangible assets, net (Note 5) - -
Stock based prepaid expenses (Note 6) 1,780,313 1,062,500
Deferred tax assets (Note 11) - -
Total assets 67,712,601 35,787,447
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable 252,575 644,470
Accrued payroll and employees' benefits 72,839 49,115
Other payables and accruals 378,773 687,837
Amount due to a director 96,823 97,115
Amount due to a former officer (Note 7) 1,797,122 850,172
Amounts due to shareholders - 730
Income taxes payable 1,362,531 1,514,217
PRC business tax payable 1,123,788 641,793
Deferred tax liabilities (Note 11) 470,804 97,783
Convertible debentures, net of discount
of nil and US$3,665,439 at
December 31, 2006 and 2005,
respectively (Note 10) 2,879,969 733,000
Embedded derivatives (Note 10) - 3,631,000
Warrants (Note 14) - 5,532,000
Total current liabilities 8,435,224 14,479,232
Commitments and contingencies (Note 13)
Stockholders' equity
Common stock, par value US$0.001,
authorized 200,000,000 shares; issued
and outstanding December 31, 2006:
30,597,604 shares; December 31, 2005:
25,902,996 shares (Note 14) 30,598 25,903
Additional paid-in capital 40,657,410 12,101,755
Accumulated other comprehensive income 2,015,239 450,641
Retained earnings 16,574,130 8,729,916
Total stockholders' equity 59,277,377 21,308,215
Total liabilities and stockholders' equity 67,712,601 35,787,447
CHINA EXPERT TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
Year ended December, 31
2006 2005 2004
US$ US$ US$
Revenue 66,059,245 35,568,606 26,831,135
Cost of revenue (31,301,262) (18,887,176) (14,469,900)
Gross profit 34,757,983 16,681,430 12,361,235
Other operating income 176,074 47,869 2,872
General and administrative
expenses (7,404,217) (1,625,667) (1,193,849)
Advertising and marketing
expenses (6,125,611) (623,578) (1,101,205)
Consultancy fees for
reverse takeover - - (2,940,000)
Amortization of intangible
assets (Note 5) - (289,352) (385,604)
Depreciation of property
and equipment (Note 4) (15,776) (18,171) (36,222)
Other operating expenses (180,000) - (22,065)
Income from operations 21,208,453 14,172,531 6,685,162
Other income (expenses)
Interest income 104,855 34,386 24,350
Interest expenses and
finance costs (4,606,004) (702,012) -
Loss on extinguishment
of debts (504,204) - -
Change in fair value
of derivatives (3,129,000) (4,244,186) -
Income before income tax 13,074,100 9,260,719 6,709,512
Income tax expense (Note 11 (5,229,886) (2,757,400) (1,882,671)
Net income 7,844,214 6,503,319 4,826,841
Other comprehensive income
Foreign currency
translation adjustment 1,564,598 450,641 -
Comprehensive income 9,408,812 6,953,960 4,826,841
Net income per share (Note 12)
Basic:
Net income per share US$0.28 US$0.26 US$0.20
Weighted average common
stock outstanding 28,498,423 24,545,570 23,673,802
Diluted:
Net income per share US$0.22 US$0.26 US$0.20
Weighted average common
stock outstanding 28,990,845 24,545,570 23,673,802
SOURCE China Expert Technology, Inc.
Phoebe Lam of China Expert Technology, Inc., +852-2802-1555, or
phoebe@chinaexpertnet.com, or Investors, Matthew Hayden of Hayden Communications,
Inc., +858-704-5065, or Matt@haydenir.com
http://www.prnewswire.com
Copyright (C) 2007 PR Newswire. All rights reserved ********************************************************************** As of Sunday, 04-08-2007 23:59, the latest Comtex SmarTrend® Alert, an automated pattern recognition system, indicated an UPTREND on 04-05-2007 for CXTI @ $5.42. For more information on SmarTrend, contact your market data provider or go to www.mysmartrend.com SmarTrend is a registered trademark of Comtex News Network, Inc. Copyright © 2004-2007 Comtex News Network, Inc. All rights reserved.
Copyright © 2007 MarketWatch, Inc. All rights reserved. Please see our Terms of Use.
MarketWatch, the MarketWatch logo, and BigCharts are registered trademarks of MarketWatch, Inc.
Intraday data provided by ComStock, an Interactive Data Company and subject to the Terms of Use.
Intraday data is at least 15-minutes delayed. All times are ET.
Historical and current end-of-day data provided by FT Interactive Data.
SEC Filings provided by Edgar Online Inc..
ENXTF. Having a nice day. You could have jumped in under $2 a couple of days ago.
MNEAF about time to take some profits. IMO If you haven't already
CLRT about to push through to some new highs
ZIXI is still consolidating at these levels ..Very little downside risk
IEVM....Looks like it will take some more news to move it glta
If you go to stockcharts .com and click scans and look at the 52 week highs for the Nasdaq you will see 122 stocks hit a 52 week high on Friday but what is really surprising is that only 1 or two of them are stocks under a dollar. That is very rare IMO. Usually when there are that many 52 week highs there is a lot of action down here. A flight to quality? The pennies are painful at the moment IMO glta
I get mine on June 21st...until then. grinding it out..glty
sounds good IPRE. I am really busy at work. Buried. I need a vacation or a visit to Elvis's doctor or both
hang in there. I think you might play IEVM for a few days. No downside risk..IMO
looks like CXTi was just a short squeeze as it made that move on no news and is giving it back
are you still holding DTGP..I hope you are as you will make money there..IMO
IPRE check out the move CXTI pulled today..That was overdue. I still think CXTI is a baby blue chip and double digits someday
buyers have been playing guess the bottom for about a month. So far they have all been wrong but someone is bound to be right...glta you brave gamblers
Under 2.00 ENXTF is an easy 10% with a little patience and some news. Possibly much more. Their software applications will find a wider use than hydrocarbon anomalies IMO and they have no competitor in their niche. They need a new contract to push the pps significantly. I think it is coming and that under $2 is a safe play...glta
Quik..good luck to you...I appreciate the energy and the entertainment