I don't know... Numbers decreased substantially from last year.. Seems with your numbers the stock shouldn't go any lower... Might make for a decent rebound to to .30-.40ish range..
Jade Art Group Inc, (OTCBB: JADA; “Jade Art" or the "Company"), a seller and distributor of raw jade in China, announced today its financial results for the third quarter and nine months ended September 30, 2010.
2010 Third Quarter Financial Highlights
· Revenue was $2.3 million in the third quarter, down from $10.7 million of revenue recorded in the third quarter of 2009.
· Gross profit was $1.4 million, compared to $9.2 million in the third quarter of 2009.
· Net income in the third quarter of 2010 was $235,576, a decrease of 96% compared to net income of $6.3 million in the third quarter of 2009.
Third Quarter 2010 Financial Results
Jade Art Group's third quarter 2010 revenue was $2.3 million, representing a 78% decrease from the $10.7 million of revenue recorded in the comparable period in 2009. This decrease in revenue resulted from a reduced level of orders received from the Company’s major customers.
Gross profit for the third quarter was $1.4 million compared to $9.2 million for the same period last year, a direct result of the decrease in revenue.
Selling, general, and administrative expenses for the third quarter of 2010 were $130,832 as compared to $531,484 for the same period in 2009 due to a reduction in promotional costs.
Bad debt expense for the third quarter was $767,691. This bad debt expense results from delayed payments from our five major customers. As a result of these delayed payments, the Company has suspended shipments of raw jade to two of our customers. The Company will continue to monitor this situation and periodically reevaluate the adequacy of the bad debt reserve.
As a result, net income was $235,576 for the third quarter of 2010 as compared to $6.3 million of the third quarter of 2009. Basic and diluted earnings per share in the third quarter of 2010 were $0.00 as compared to $0.08 per basic and diluted share in the third quarter of 2009.
2010 First Nine Months Financial Results
Jade Art Group’s revenue for the first nine months of 2010 was $11.0 million, a decrease of $6.6 million or 37% from last year’s comparable period’s results. Gross profit for the first nine months of 2010 was $8.1 million, a decrease from the $14.2 million recorded in the first nine months of 2009.
Selling, general and administrative expenses for the nine months ended September 30, 2010 were $353,157 compared to last year’s level of $1,174,353. This 70% decrease reflects a reduction in promotional costs.
Bad debt expense for the first nine months of 2010 was $1,019,064 and there was no bad debt expense for the prior year’s comparable period
Income before taxes for the first nine months of 2010 and 2009 was $6.7 million and $13.0 million, respectively, representing a decrease of $6.3 million or 48% for the 2010 period.
Net income for the first nine months of 2010 was $4.5 million, a decrease of approximately 50% from $9.1 million for the nine months ended September 30, 2009. Basic and fully diluted earnings per share for the first nine months of 2010 was $0.06, while the basic and fully diluted earnings per share for the first nine months of 2009 were $ 0.11.
Financial Condition
As of September 30, 2010, Jade Art Group had cash and cash equivalents of $16.3 million, up from $147,392 as of December 31, 2009. Current assets and current liabilities as of September 30, 2010, were $22.4 million and $1.9 million, respectively, yielding working capital of $20.5 million.
About Jade Art Group Inc.
Jade Art Group Inc. is a seller and distributor in China of raw jade, which has uses ranging from decorative construction material for both the commercial and residential markets to high-end jewelry. For more information, please visit: www.jadeartgroupinc.com/
AI
