ORIENT PAPER, INC.
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE THREE MONTHS AND NINE MONTHS ENDED
SEPTEMBER 30, 2008 AND 2007
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
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2008 2007 2008 2007
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Revenues:
Sales, net $ 18,256,309 $ 10,335,729 $ 49,337,596 $ 27,707,009
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Cost of Sales:
Cost of sales 14,731,043 8,527,000 40,044,007 22,795,760
Business tax and surcharges 89,673 37,221 204,322 108,068
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Total cost of sales 14,820,716 8,564,221 40,248,329 22,903,828
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Gross Profit 3,435,593 1,771,508 9,089,267 4,803,181
General and Administrative Expenses 231,116 83,144 654,889 206,486
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Income from Operations 3,204,477 1,688,364 8,434,378 4,596,695
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Other Income (Expense):
Interest income 34,621 -- 37,920 --
Interest (expense) (139,799) (87,279) (373,232) (214,934)
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Total other (expense) (105,178) (87,279) (335,312) (214,934)
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Income before Income Taxes 3,099,299 1,601,085 8,099,066 4,381,761
Provision for Income Taxes (774,825) (519,250) (2,024,767) (1,436,873)
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Net Income 2,324,474 1,081,835 6,074,299 2,944,888
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Comprehensive Income:
Foreign currency translation adjustment 223,619 303,750 1,963,066 793,621
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Total Comprehensive Income $ 2,548,093 $ 1,385,585 $ 8,037,365 $ 3,738,509
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Earnings Per Share:
Basic and Diluted Earning per Share $ 0.05 $ 0.03 $ 0.14 $ 0.07
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Weighted Average Number of Shares
Outstanding - Basic and Diluted 45,101,987 40,101,987 42,400,527 40,101,987
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The accompanying notes to financial statements are an integral part of these statements.
