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CGPI.. $3.77

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10 bagger   Thursday, 07/15/10 10:54:32 AM
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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



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