CNSJ-News out
China Shuangji Cement Announces Corporate Update
ZHAOYUAN CITY, CHINA -- (Marketwire) -- 10/30/08 -- China Shuangji Cement Ltd. (OTCBB: CNSJ) (FRANKFURT: C99) ("China Shuangji" or "the Company") wishes to announce that it has amended its Form 8K originally filed with the United States Securities and Exchange Commission on August 12, 2008 concerning the business combination of Zhaoyuan Shuangji Co. Ltd. ("Zhaoyuan Shuangji") to include the unaudited financial statements for the six month period ending June 30, 2008 and 2007 for Zhaoyuan Shuangji.
On August 11, 2008, China Shuangji completed a business combination with Zhaoyuan Shuangji, which is engaged in the business of manufacturing of cement products in China. Pro forma information for China Shuangji reflecting the business combination has not been provided in the Form 8K because historically, China Shuangji has had little operations and, therefore, a pro forma presentation of China Shuangji's financial information would for the most part be a presentation of Zhaoyuan Shuangji's historical financial statements.
Audited financial statements of Zhaoyuan Shuangji are included with this filing. Although it is the intention of the Company that Zhaoyuan Shuangji be consolidated with the Company, the financial statements of Zhaoyuan Shuangji have not been consolidated in this filing with those of the Company. The business of China Shuangji going forward will be the business of Zhaoyuan Shuangji and, accordingly, a more accurate representation of the effect of the business combination on a pro forma basis is provided by a review of Zhaoyuan Shuangji's financial statements. The Company will consolidate Zhaoyuan Shuangji's operating results, assets and liabilities within its financial statements for the quarter ended September 30, 2008.
The Company is also pleased to announce the second quarter 2008 financial highlights:
Six Months Ended Six Months Ended
June 30, 2008 June 30, 2007
Income Sheet Data:
Net Revenues $ 27,190,427 $ 24,891,328
Cost of Sales 23,453,639 21,410,129
Gross Profit 3,736,788 3,481,199
Total Operating Expenses 455,880 546,034
Income from Operations 3,280,908 2,935,165
Total Other Income (Expense) -769,085 -514,904
Income Before Income Taxes 2,511,823 2,420,261
Income Taxes 743,237 852,327
Net Income 1,768,586 1,567,934
As of As of
June 30, 2008 June 30, 2007
Balance Sheet Data:
Cash and Cash Equivalents $ 1,431,293 $ 802,211
Total Current Assets 22,439,976 19,500,087
Total Assets 38,001,146 36,101,488
Total Current Liabilities 22,599,062 24,451,458
Total Liabilities 27,419,225 26,926,130
Total Stockholders' Equity 38,001,146 36,101,488
About China Shuangji Cement, Ltd.
China Shuangji Cement, Ltd., through its affiliates and controlled entities, is a supplier of high-grade cement to the industrial sector in the People's Republic of China and to international markets. Its processed cement products are primarily purchased by the cement industry for the purpose of making the cement required for the construction of buildings, roads, and other infrastructure projects. The Company currently produces 1,500,000 metric tons of Portland cement annually and is one of the strongest 500 building materials enterprises in China.
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