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I'm not in CNOA, but know several here follow it given the indirect connection to JADA thru CHFI. Looks like they just filed their 10Q today (last day possible before a return to the "E").
http://www.sec.gov/Archives/edgar/data/1337826/000143774910001702/chinaorganic_10q-033110.htm
Jade Art Group Inc. Reports First Quarter 2010 Financial Results
Revenue Increases 19% to $5.9 million
Net Income Increases 32% to $3.2 million
Companies:JADE ART GROUP INC Topics:Earnings
Press Release Source: Jade Art Group Inc. On Thursday May 20, 2010, 4:30 pm
NEW YORK & JIANGXI, China--(BUSINESS WIRE)--Jade Art Group Inc. (OTCBB: JADA - News) ("Jade Art" or the "Company"), a seller and distributor of raw jade in China, announced today its financial results for the first quarter ended March 31, 2010.
2010 First Quarter Financial Highlights
Revenue of $5.9 million represents a 19% increase over revenue of $5.0 million recorded in the first quarter of 2009.
Gross profit was $4.8 million, compared to $3.9 million in the first quarter of 2009.
Net income in the first quarter of 2010 was $3.2 million, an increase of 32% compared to net income of $2.4 million in the first quarter of 2009.
Fully diluted earnings per share in the first quarter of 2010 increased to $0.04 from $0.03 in the first quarter of 2009.
First Quarter 2010 Financial Results
Jade Art Group's first quarter 2010 revenue was $5.9 million, representing a 19% increase over the $5.0 million of revenue recorded in the comparable period in 2009. The increase in revenue resulted from an increase in orders for raw jade as the Company’s customers were responding to the better economic environment, and reflects a nearly 14% increase in the tons of jade shipped and a 5% increase in the average price per ton. Having previously experienced a slowing in its growth rate, Chinese economy now appears to be recovering and showing improvement. This is having a positive impact on the commercial and residential construction markets and the jewelry market into which the Company sells raw jade. Also, comparing to the first quarter of 2009, the weather conditions in the first quarter of 2010 have been less disruptive, enabling the mining and delivery of the jade to proceed more smoothly.
Gross profit was $4.8 million compared to $3.9 million for the same period last year, an increase of 23%, reflective of the increase in revenue. Gross profit margin for the first quarter of 2010 was 81%, slightly increased as compared to 78% for the same period last year, due to the benefit of spreading fixed costs over a higher sales level.
Selling, general, and administrative expenses for the first quarter of 2010 were $289,014, modestly lower as compared to $334,631 for the same period in 2009 due to a reduction in promotional costs.
As a result, income before taxes for the first quarter of 2010 was $4.5 million, an increase of 26.6% compared to $3.5 million for the corresponding quarter of 2009. Operating margin was 76% for the first quarter of 2010, increasing from the 71% for the first quarter of 2009.
Net income was $3.2 million for the first quarter of 2010, an increase of 32% from $2.4 million of the first quarter of 2009. Basic and diluted earnings per share in the first quarter of 2010 were $0.04 compared to $0.03 per basic and diluted share in the first quarter of 2009.
“Our improved first quarter performance was primarily driven by the sales growth realized during the quarter,” said Mr. Hua-Cai Song, Chief Executive Officer of the Company. “This growth in sales from our existing customers reflects the improvement on the economic environment which has had a positive impact on the activity in the high-end commercial and residential construction markets and the jade jewelry market.”
Financial Condition
As of March 31, 2010, Jade Art Group had cash and cash equivalents of $5.7 million, up from $147,392 as of December 31, 2009. Current assets and current liabilities as of March 31, 2010, were $11.7 million and $3.2 million, respectively, yielding working capital of $8.5 million.
About Jade Art Group Inc.
Jade Art Group Inc. is a seller and distributor in China of raw jade, which has uses ranging from decorative construction material for both the commercial and residential markets to high-end jewelry. For more information, please visit: http://www.jadeartgroupinc.com/.
FORWARD-LOOKING STATEMENTS
This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward looking statements are often identified by the use of forward-looking terminology such as 'believes,' 'expects' or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Great DD Shermadog!
Could someone here who has a premium membership post Shermadog's two DD posts to the CGS board - I think many there would appreciate his DD on JADA as well.
Shermadog - Very helpful post. Thanks for your efforts and taking the time to share this with all of us!
Great to see management issue a PR. Maybe next time they'll put a contact number on there that actually works. Baby steps I guess...
you gotta wonder if the buyers might know the sellers here. perhaps a little churning going on today.
It is hard to tell what their thinking was regarding the PR. I'd like to think it was them being conservative, but the thought did cross my mind that they could have been trying to manage the pps for someone else's benefit. Who knows.
What stood out to me was the quote from the CEO (especially part I underlined below):
Commenting on the Company’s financial results for 2009, Hua-Cai Song, Chief Executive Officer of the Company, said, “The inclement weather occurred in China during the year caused conditions unfavorable to mining and transporting Jade Art’s raw materials. Moreover, we feel that the global economic downturn has temporarily reduced the demand of luxury goods, which directly impacted the Company’s commercial and residential construction material markets and the high-end jade jewelry market. Although we have not yet seen a rebound in the luxury goods market, we are well positioned to take advantage of opportunities when economic conditions improve.”
In saying they haven't seen a rebound yet, it is difficult to determine what to expect for the first quarter. Perhaps we can expect a flat growth from 4rth quarter and another 5 cents - which would be fine for the pps I would think. However, the quote leaves some uncertain for how things went for first quarter as well as how thing are going halfway thru the second quarter. This at a time when China is experiencing a lot of growth. In addition, the CEO didn't take the opportunity to discuss the deposit placed for a potential acquisition. Again, I'm glad they issued the PR on one hand, but they could have done a lot more with it.
I did too until I read the PR last night. I think it put a lid on momentum. I think some who were on the sidelines planning to jump in after the 10-K came out might have decided to wait on the 10Q after the wording in the PR. Just my take on things.
especially for a company with no debt and a potential acquisition happening this year that will enable them to vertically integrate.
Anyone buying NEP here?
JADA releases PR on 2009 earnings.
http://finance.yahoo.com/news/Jade-Art-Group-Inc-Reports-bw-3863235521.html/print?x=0
Jade Art Group Inc. Reports Full Year 2009 Financial Results
Companies:JADE ART GROUP INC
Press Release Source: Jade Art Group Inc. On Monday May 17, 2010, 10:24 pm
NEW YORK & JIANGXI, China--(BUSINESS WIRE)--Jade Art Group Inc. (OTCBB:JADA; "Jade Art" or the "Company"), a seller and distributor of raw jade in China, announced today its financial results for the year ended December 31, 2009.
2009 Key Items
Revenue of $25.3 million represents a 17% decrease from $30.5 million in 2008.
Gross profit was $20.6 million, compared to $25.3 million in 2008.
Income from continuing operations was $18.7 million, compared to $22.5 million in 2008.
Net income in 2009 was $13.2 million, compared to $15.4 million in 2008, excluding the gain in 2008 from discontinued operations of $55.4 million.
Fully diluted earnings per share decreased to $0.16 from $0.19, excluding the gain from discontinued operations of $0.69 in 2008.
2009 Results Commentary
Revenue for 2009 was $25.3 million, representing a 17% decrease from the $30.5 million of revenue recorded in 2008. The decrease was primarily due to the global economic downturn that has reduced the demand for luxury goods such as jade. In addition, the Company’s management believes that the adverse weather condition also impacted the ability to transport product in 2009.
The resulting gross profit for 2009 was $20.6 million, which represented approximately 81.4% of revenue, compared to $25.3 million for 2008, which represented approximately 82.9% of revenue. This decrease in gross profit primarily resulted from the decrease in the Company’s sales revenue.
Selling, general and administrative expenses were $1.9 million for 2009, representing a 33.4% decrease from $2.8 million recorded in 2008. The reduction of sales revenue resulted in a decrease of sales commissions, which lowered expenses compared to the expenses for 2008.
The 2009 net income of $13.2 million, resulting in earnings per diluted share of $0.16, represents a decrease from the 2008 net income level of $15.4 million, excluding $55.4 million of income from discontinued operations in 2008 from the Company’s wood carving business, with related earnings per diluted share in 2008 of $0.19.
Jade Art Group Inc.’s Form 10-K for the year ended December 31, 2009 was filed on May 17th, 2010.
Commenting on the Company’s financial results for 2009, Hua-Cai Song, Chief Executive Officer of the Company, said, “The inclement weather occurred in China during the year caused conditions unfavorable to mining and transporting Jade Art’s raw materials. Moreover, we feel that the global economic downturn has temporarily reduced the demand of luxury goods, which directly impacted the Company’s commercial and residential construction material markets and the high-end jade jewelry market. Although we have not yet seen a rebound in the luxury goods market, we are well positioned to take advantage of opportunities when economic conditions improve.”
Selected consolidated figures are presented below. For full figures, please reference Jade Art Group Inc.’s Form 10-K filing, located on the SEC's EDGAR: http://www.sec.gov/Archives/edgar/data/1370823/000114420410028490/v185429_10k.htm.
Financial Condition
As of December 31, 2009, Jade Art Group had cash and cash equivalents of $147,392. During 2009, operating activities of the Company provided cash flow of $11.1 million.
About Jade Art Group Inc.
Jade Art Group Inc. is a seller and distributor in China of raw jade, which has uses ranging from decorative construction material for both the commercial and residential markets to high-end jewelry. For more information, please visit: http://www.jadeartgroupinc.com/.
FORWARD-LOOKING STATEMENTS
This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward looking statements are often identified by the use of forward-looking terminology such as 'believes,' 'expects' or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Gary - Looks like you're list of questions might have alerted CSOL to an error in their earnings PR. Correction released tonight:
C O R R E C T I O N -- China Solar & Clean Energy Solutions, Inc./
Companies:CHINA SOLAR & CLN EN Topics:Industrial Goods
Press Release Source: China Solar & Clean Energy Solutions, Inc. On Monday May 17, 2010, 10:07 pm
In the news release, "China Solar & Clean Energy Solutions, Inc. Reports First Quarter 2010 Financial Results" issued on May 14 by China Solar & Clean Energy Solutions, Inc. (OTC Bulletin Board:CSOL.ob - News) over PR Newswire Asia, we are advised by the Company that in the first paragraph of the Outlook for 2010 section, the CEO's quote should read "...the increase in orders received by Tianjin Huaneng this quarter, which has amounted to $5 million (RMB 34 million) in total..." not "...the increase in orders received by Tianjin Huaneng this quarter, which has amounted to $34 million in total..." as was originally issued inadvertently. Full correct release follows:
China Solar & Clean Energy Solutions, Inc. Reports First Quarter 2010 Financial Results
BEIJING, May 14 /PRNewswire-Asia/ -- China Solar & Clean Energy Solutions, Inc. (Formerly known as "Deli Solar (USA), Inc.") (OTC Bulletin Board:CSOL.ob - News) ("China Solar"), a manufacturer and distributor of solar water heaters, space heating devices and provider of renewable energy solutions in the People's Republic of China ("PRC"), today reported its financial results for the first quarter ended March 31, 2010.
Highlights for the first quarter of 2010: -- Revenue increased 6.6% year-on-year to $3.9 million. -- Gross margin increased to 29.8% from 24.2% for the same period of 2009. -- Net loss decreased 73.3% year-on-year to ($0.3) million. -- Cash and cash equivalents were $3.4 million as of March 31, 2010.
First Quarter 2010 Results
First quarter 2010 revenue was $3.9 million, an increase of $0.2 million, or 6.6%, from $3.7 million for the first quarter of 2009. The increase in sales was primarily attributable to the rise in revenue from our heat pipe related equipments under the management of Tianjin Huaneng Energy Equipment Company ("Tianjin Huaneng"), our subsidiary in the PRC. We expect overall sales revenue for heat pipe related equipments and energy-saving projects to keep growth momentum during the rest of the year.
Gross profit for the first quarter of 2010 increased by 0.3 million, or 31.1%, from $0.9 million for the first quarter of 2009, primarily due to an increase in sales volume and prices of our heat pipe related equipments. Correspondingly, gross margin increased to 29.8% from 24.2% for the first quarter of 2009.
Operating expenses decreased to $1.3 million for the first quarter of 2010, as compared to $1.5 million for the same period of 2009. The decrease in the Company's operating expenses was primarily due to the compression of operation cost.
Operating loss was ($0.2) million for the first quarter 2010, as compared to loss from operations of ($0.7) million a year ago. First quarter 2010 net loss was ($0.3) million, a decrease of $0.9 million, or 73.3%, from ($1.2) million for the same period of 2009. Consequently, net loss per share was
($0.02) for the three months ended March 31, 2010, as compared to ($0.07) for the first quarter of 2009.
Cash and cash equivalents decreased to $3.4 million as of March 31, 2010, compared to $5.0 million as of March 31, 2009. The decrease in cash and cash equivalents is attributable to the increase in other receivables for the first quarter of 2010.
Outlook for 2010
Mr. Deli Du, Chief Executive Officer and President of China Solar, commented, "I'm pleased that our net revenue increased by 6.6% in the first quarter of 2010, and I am especially encouraged by the increase in orders received by Tianjin Huaneng this quarter, which has amounted to $5 million (RMB 34 million) in total, a strong indicator of our capacity for achieving strong revenue growth, reliable profits and cash flows for the year 2010.
"We will continue to focus our resources on China's immense rural areas, which have created substantially higher demand for our solar-related products, and importantly, we are planning to invest in more profitable low-carbon opportunities and effectively leverage our partnerships with leading clean energy institutions in new energy sector to further facilitate our business transition from manufacturer to solutions provider.
"Moreover, our nationwide distribution channels in China and our strong government relationships continue to be our competitive advantage in acquiring additional market share in the rapidly growing new energy market in China. China Solar is well positioned to capture the many attractive opportunities both in China and abroad to explore unique business model and pioneering solutions for the best interests of our supportive shareholders," concluded Mr. Du.
About China Solar & Clean Energy Solutions, Inc.
China Solar & Clean Energy Solutions, Inc. operates through its PRC subsidiaries including Bazhou Deli Solar Energy Heating Co. Ltd.), Beijing Deli Solar Technology Development Co., Ltd. and Tianjin Huaneng Energy Equipment Company. The Company manufactures and distributes solar water heater and space heating devices for residential customers, provides energy-saving solutions for real estate developers and tailor-made solutions for utilization of industrial waste heat for industrial customers in the PRC. For more information, please visit http://www.delienergy.com .
Cautionary Statement Regarding Forward Looking Information
Safe Harbor Statement
Certain statements in this news release may contain forward-looking information about China Solar & Clean Energy Solutions and its subsidiaries business and products within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. The actual results may differ materially depending on a number of risk factors including, but not limited to, the general economic and business conditions in the PRC, market and customer acceptance and demand for products, ability to market products, fluctuations in foreign currency markets, the use of estimates in the preparation of financial statements, the impact of competitive products and pricing, the ability to develop and launch new products on a timely basis, the regulatory environment, fluctuations in operating results, and various other factors beyond its control. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks factors detailed in the Company's reports filed with the Securities and Exchange Commission. China Solar & Clean Energy Solutions undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
I would be surprised to see anything new in the 10Q regarding a potential acquisition. If anything material had happened subsequent to year end but prior to the 10-K filing, I think the company would have been required to include a subsequent event footnote in their disclosures describing the event. Surely an acquisition made when it is made will be material to the company and they will be required to file the 8-K within a few days of any finalized deal.
For those following BFAR, they just filed their 10Q after close today. Suspect we'll see JADA's filing by the end of the week if we are following last years pattern.
It would seem the chance of them not filing the 10-K today have been greatly diminished with the NT 10Q filing. Now its all about the numbers!
Could someone with a membership alert the CGS board to the 10Q NT filing
I doubled my position last week in the 35 to 37 cent range. Rationally, everything tells me they'll file Monday - previous filing habits as documented here, the fact that they bothered to file the 10-K extension and amended extension, etc. Still, I'll be quite happy when I see the actual filing made. Interesting, most here are more stressed about the question of if they'll file as opposed to what the numbers will be. I'll be quite please with anything in the 5 to 10 cent range (although I suspect even with 3 to 4 cents and positive comments on growth will send us higher).
Value - you still holding all your JADA shares?
From today's PR:
Outlook for 2010
Mr. Deli Du, Chief Executive Officer and President of China Solar,
commented, "I'm pleased that our net revenue increased by 6.6% in the first
quarter of 2010, and I am especially encouraged by the increase in orders
received by Tianjin Huaneng this quarter, which has amounted to $34 million in
total, a strong indicator of our capacity for achieving strong revenue growth,
reliable profits and cash flows for the year 2010.
This is not correct. Check out the 8-K they filed last summer.
http://www.sec.gov/Archives/edgar/data/1370823/000119380509001428/e605662_8k.txt
This 8-K tells you who their former and current auditor was/is. Your link is either outdated or incorrect.
As much as I'd love the share price to start climbing steadily right now, I think we might be better off to let some of the warrant selling happen now before any big news. I'm not convinced Kent is going to sell a large amount of shares on the open market. He could, obviously, but I think his self-interest will rule here - some type of private sale to an institutional investor would garner him the most for his shares I would think. Hard to see him dumping millions of shares on the open market - he would have to give notice (which in itself would send the pps lower) - a private deal (if he can make one) would benefit everyone involved I'd think.
I'm not sure if he'll have an operator by then or not Randy. In the last CC, he said he hoped to sign an operator when 3D commenced. Some think HDY may wait until they get some preliminary results back on some of the 3D before signing an operator as we might get the best deal at that point. Better to set our expectations based on what Ray has communicated on this as he has been pretty good at keeping his word/intentions so far. The presentation on Monday may get us an updated glimpse as to where we stand 3D and operator wise.
One other quick thought on JADA. If it was their intention to not file and go to the pinks, then why even file for the extension? Why bother filing for an extension if you never intend to file? Feeling much more confident and have been increasing my modest position today.
Could we close green today? I think some on the sidelines may jump in after seeing the BFAR filing. Similar situation - connection to CHFI, they use Davis Accounting as well, and they had a great report.
good for you Randy. I bought a little more JADA today as well. Think I got the same price as you. The upside reward compared to the downside risk is just too good to pass up.
Looks like BFARE just filed
http://www.sec.gov/Archives/edgar/data/1080908/000143774910001435/biopharm_10k-123109.htm
Let's hope for similar news with JADA
I agree Shermadog. There is plenty of risk here but I think there is a much greater chance that they will report as opposed to going to the pinks. I think it is definitely worth taking a risk with a small portion of ones portfolio. I orginally bought in at around .39 and sold at $1. Got lucky on that one. Bought back in at .45 so in essence I've got my money out already. Based on today's prices, I think the short-term downside if they don't file by Monday is probably 50% max, while the upside potential with good to strong earnings is 200 to 400%. IMO, definitely worth speculating a little here.
Thanks for posting this. Very encouraging to see this pattern with JADA. It is interesting that JADA, CNOA, BFAR and CHFI are all late with their filings currently. I suspect we will see them all file by Monday. If not, CHFI and any companies connected with them would be so damaged as to dimish any credibility --- what China company would want to affiliate with CHFI in the future if these companies go pink?
Bought a bunch more today. Don't know what I'm thinking - so over extended here. But the biggest short term risk factor has been removed from the equation. With the Dana money coming in and 3D to start soon, hard to see this doing any less than a 50 to 100% move up in the coming months. Great day! Great job Ray!
HDY - big news just out. should move nicely this week.
Still keeping and eye on YHGG? Another 10Q filed to day. Could move big once they get up to date on filings.
Will be interesting to see if JADA sells off this week in fear they won't file or if it runs this week in anticipation of the filing. Perhaps a little of both. It could really be a volatile week here.
Value - Interesting thought there. If CHFI is still acting in some type of consulting capacity in regards to JADA's SEC filings, you also have to consider that it would provide them with very relevant and timely information as it pertains to their buying or selling of the stock. There has been speculation by many as you are fully aware regarding potential manipulation of this stock by CHFI and/or others. We'll probably never know the full story there, but if they are indeed assisting in some capacity with JADA's reporting , it would certainly provide an edge to say the least - obviously this would be highly unethical and illegal, but given the mystery behind CHFI and their affiliations, not too difficult to pull off I imagine.
Millstone, Do you have any concerns at all that JADA will not file the 10-K by the deadline? The risk may be small, but the impact would be signficant to the pps from here. Hanging on here, but hoping they don't make us wait it out til the last minute for the filing.
I spoke with a rep at DGR&E today regarding a few questions I had. The first was clarification on the Repsol money paid for the 2D (I think around $4M). Per DGR&E, the Presidential decree needs to be issued in order to ensure that we are not subject to the September clawback provision in the Repsol LOI extension. We aren't free and clear yet, but as long as the decree is signed prior to the Sept date, Repsol will not have to be paid back for their 2D payment.
The second question related to the Dana money due HDY. I wanted to know if the Dana money needed both the decree and arete to be released or just the arete. Per DGR&E, Hyperdynamics is operating under the assumption that we need both the decree and the arête before receiving money from Dana. They are currently working to secure both.
Hopefully we'll hear more from RL next week at the conference regarding the status of both as well as more info regarding 3D.
Still holding my LPIH, CCME, JADA, CKGT and CSOL. Positive about my china small cap holdings, but the overall economic environment looks pretty scary right now. Cash is probably as good of a place as any to be right now.
In addition to the overall market meltdown, complete lack of clarity here resulting in the pps dive. No clarity as to when Guinea will deliver the decree and arrete - no clarity as to when we'll receive the Dana money - no clarity as to how we'll pay for our portion of 3D -no clarity as to whether additional dilution will be necessary - no clarity as to who the operator will be or how interested the parties are - no clarity as to if the elections will happen and who will be in charge and whether they'll be favorable to HDY. Let's hope RL can provide a little more clarity next week during his presentation.
adama4 - you seem to be somewhat familiar with the political situation in Guinea. Can you comment on what is involved in obtaining the arrete? The decree seems like a relatively easy step - it only requires one signature and the interim president appears to be on board as he was the one putting the pressure on Thiam to signoff on the MOU modifications. The arrete seems quite different. I'm not sure what is involved here. Is this a proclaimation from their legislative body? Do you know what exactly is involved here and how difficult/timely it will be to obtain? Obviously, the importance of getting both is to free up the Dana money due to HDY that will help with the 3D funding - which would reduce the need for additional dilution in the short-run. Thanks.
well at this price, i definitely think JADA is worth the risk.
bradford86 - not a paying member so couldn't respond to your LPIH PM. just bought a small position there and hoping i haven't missed most of the pre-uplist bump up.