SGLA.. $0.25 earnings..
SINO GREEN LAND CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008
(UNAUDITED)
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
2009 2008 2009 2008
(Restated) (Restated) (Restated) (Restated)
Sales $ 31,153,814 $ 27,656,309 $ 71,460,013 $ 57,667,879
Cost of goods sold 27,327,948 24,903,236 63,474,265 51,344,940
Gross profit 3,825,866 2,753,073 7,985,748 6,322,939
Operating expenses
Selling expenses 1,235,793 501,805 2,123,930 1,028,279
General and administrative expenses 529,818 144,077 1,839,298 879,194
Total operating expenses 1,765,611 645,882 3,963,228 1,907,473
Operating income 2,060,255 2,107,191 4,022,520 4,415,466
Other income(expense)
Interest expenses (income) (163,202 ) (7,909 ) (185,702 ) (24,559 )
Change in derivative liability (277,620 ) 172,305 (252,149 ) (91,015 )
Loss on debt extinguishment (139,289 ) (139,289 )
Others, net (2,194 ) 19,541 (2,122 ) 19,088
Total other income (expense) (582,305 ) 183,937 (579,262 ) (96,486 )
Net income 1,477,949 2,291,128 3,443,257 4,318,980
Other comprehensive income (loss)
Foreign currency translation gain (loss) 7,243 710,922 (159,985 ) 833,427
Comprehensive income $ 1,485,192 $ 3,002,050 $ 3,283,272 $ 5,152,407
Net income per share
Basic $ 0.01 $ 0.03 $ 0.04 $ 0.05
Diluted $ 0.01 $ 0.03 $ 0.03 $ 0.05
Weighted average number of shares outstanding
Basic 98,610,694 81,648,554 84,644,460 81,648,554
Diluted 125,388,131 81,648,554 111,515,489 81,648,554
