Quick Summary -
Q1 essentially the same as Q4 dispite the slowdown of the Spring Festival. Q-4 was Rev. $33.9M / Net Profit $10.1/ Q1 $33.5 / $10.1. Q1 revenues were 34.8% higher than Q1 of 2009.
"On May 26 and 27, 2010, the Company purchased 996,051 of its public warrants from four warrant holders at a price of $1.00 per warrant in privately negotiated transactions."
"The Company's backlog of orders for delivery in the second quarter was at approximately RMB 285.94 million (US$ 41.8 million), representing a year-over-year revenue growth rate of 29.1% compared to the second quarter of 2009. The expected sales volume in the second quarter 2010 is approximately 10.6 million square meters representing a 21.9% increase from 8.7 million square meters sold in the first quarter of 2010."
"Despite recent efforts by the Chinese government to tighten monetary policy and contain excessive real estate prices in the so-called Tier-1 cities such as Beijing, Shanghai, Shenzhen, and Guangzhou, the outlook for our business remains stable. Our exposure to the Tier-1 cities was approximately 9.7% of our revenue in the first quarter of 2010 and we expect any weakness in the Tier-1 cities to be offset by continued demand growth in the Tier-2 and Tier-3 cities, driven by secular urbanization trends as well as by the government's commitment to low-income housing," said Mr. Huang. "We remain committed to the expansion of our Gaoan plant and expect to expand its capacity by 14 million squared meters by the end of 2010 at a cost of approximately $20 million."
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