Boyuan Construction Group Inc fka BOY

[MinnieM]

Sales forecasted to grow substantially in F2010

We are forecasting revenue of $134 million in F2010, a 32% increase from F2009. The company’s current project backlog suggests revenue of $110 million for F2010, which represents 81% of our forecasted revenue, with five months remaining in the fiscal year to announce new projects and add to the top line for that year. We assume that the other to future projects cited by the company as highly probably are announced by the end of February and contribute upwards to $10 million in revenue to F2010. Adding in approximately $3 million in holdback-related revenue and $10 million in smaller project-related revenue gets us to our forecast of $134 million in revenue, which we believe to be a pretty safe forecast given the backlog and the company’s track record of completing projects on schedule.

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