CGPI.. $3.77
CHINA REDSTONE GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
For the year ended For the year ended
March 31, 2010 March 31, 2009
REVENUE
Cemetery $ 36,498,969 $ 17,647,785
Park construction services — 665,935
Total revenue 36,498,969 18,313,720
COST OF GOODS SOLD
Cemetery 17,565,765 9,445,153
Park construction services — 493,700
Total cost of goods sold 17,565,765 9,938,853
GROSS PROFIT 18,933,204 8,374,867
OPERATING E X P E N S E S
Selling expenses 196,945 426,415
General & administrative expenses 1,595,639 1,045,060
TOTAL OPERATING EXPENSES 1,792,584 1,471,475
INCOME FROM OPERATIONS 17,140,620 6,903,392
OTHER INCOME (EXPENSES)
Other income 427,510 255,893
Loss on change in fair value of warrants classified as derivatives (571,950 ) —
Interest expenses (235,240 ) (235,208 )
Interest income 24,546 6,361
Rental income, net 261,750 260,286
Non-operating expenses (12,642 ) (3,772 )
TOTAL OTHER INCOME (106,026 ) 283,560
INCOME BEFORE INCOME TAXES 17,034,594 7,186,952
INCOME TAXES (4,707,364 ) (1,689,693 )
NET INCOME $ 12,327,230 $ 5,497,259
OTHER COMPREHENSIVE INCOME
Foreign currency translation adjustment 346,088 511,749
COMPREHENSIVE INCOME $ 12,673,318 $ 6,009,008
EARNINGS PER SHARE:
EARNINGS PER SHARE — BASIC $ 1.33 $ 0.62
EARNINGS PER SHARE — DILUTED $ 1.33 $ 0.62
WEIGHTED AVERAGE SHARES OUTSTANDING — BASIC 9,283,591 8,800,000
WEIGHTED AVERAGE SHARES OUTSTANDING — DILUTED 9,283,591 8,800,000
AI
