x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
¨
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
Delaware
|
14-1623047
|
|
(State
or other jurisdiction of incorporation or
organization)
|
(I.R.S.
Employer Identification No.)
|
Large accelerated filer ¨
|
Accelerated filer ¨
|
Non-accelerated filer ¨ (Do not check if a smaller reporting company)
|
Smaller reporting company x
|
Class of Securities
|
Shares Outstanding
|
|
Common
Stock, $0.001 par value
|
46,562,955
|
Item
1.
|
Financial
Statements
|
1
|
||
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
18
|
||
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
34
|
||
Item
4.
|
Controls
and Procedures
|
34
|
||
PART
II
|
||||
OTHER
INFORMATION
|
||||
Item
1.
|
Legal
Proceedings
|
34
|
||
Item 1A.
|
Risk
Factors
|
34
|
||
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
34
|
||
Item
3.
|
Defaults
Upon Senior Securities
|
35
|
||
Item
4.
|
(Removed
and Reserved)
|
35
|
||
Item
5.
|
Other
Information
|
35
|
||
Item
6.
|
Exhibits
|
35
|
ITEM
1.
|
FINANCIAL
STATEMENTS.
|
Page(s)
|
||
Financial
Statements
|
||
Consolidated
Balance Sheets (unaudited)
|
2
|
|
Consolidated
Statements of Operations and Comprehensive Income
(unaudited)
|
3
|
|
Consolidated
Statements of Changes in Stockholders’ Equity (unaudited)
|
4
|
|
Consolidated
Statements of Cash Flows (unaudited)
|
5
|
|
Notes
to Consolidated Financial Statements (unaudited)
|
|
6
|
December 31,
|
June 30,
|
||||||||||
Notes
|
2010
|
2010
|
|||||||||
(Unaudited)
|
|||||||||||
Assets
|
|||||||||||
Current
assets
|
|||||||||||
Cash
and cash equivalents
|
$ | 14,227,074 | $ | 29,036,706 | |||||||
Accounts
receivable
|
|||||||||||
Trade,
net of allowances of $1,041,244 and $1,013,744 at December 31, 2010 and
June 30, 2010, respectively
|
5
|
26,903,637 | 39,598,845 | ||||||||
Bills
receivable
|
8,652,060 | 4,760,816 | |||||||||
Other
|
638,134 | 1,369,219 | |||||||||
Inventories
|
6
|
32,098,452 | 28,522,198 | ||||||||
Prepaid
expenses
|
487,070 | 534,882 | |||||||||
Advances
to suppliers, net of allowance of $1,687,999 and $1,643,419 at December
31, 2010 and June 30, 2010, respectively
|
7
|
30,211,920 | 13,959,206 | ||||||||
Total
current assets
|
113,218,347 | 117,781,872 | |||||||||
Property,
plant and equipment
|
|||||||||||
Property,
plant and equipment, net
|
8
|
74,762,761 | 69,907,194 | ||||||||
Construction-in-progress
|
9
|
3,669,447 | 3,983,450 | ||||||||
78,432,208 | 73,890,644 | ||||||||||
Intangible
assets, net
|
10
|
1,873,792 | 1,844,995 | ||||||||
Goodwill
|
99,999 | 99,999 | |||||||||
Total
assets
|
$ | 193,624,346 | $ | 193,617,510 | |||||||
Liabilities
and Stockholders' Equity
|
|||||||||||
Current
liabilities
|
|||||||||||
Short-term
loans
|
11
|
$ | 26,617,609 | $ | 25,965,421 | ||||||
Accounts
payable and accrued liabilities
|
4,389,205 | 9,952,109 | |||||||||
Advances
from customers
|
2,223,022 | 3,266,377 | |||||||||
Other
taxes payable
|
4,622,729 | 3,868,220 | |||||||||
Current
income taxes payable
|
5,794,856 | 5,393,000 | |||||||||
Total
current liabilities
|
43,647,421 | 48,445,127 | |||||||||
Long-term
loan
|
12
|
18,566,257 | 18,075,914 | ||||||||
Stockholders'
equity:
|
|||||||||||
Preferred
stock: $0.001 per value, 8,000,000 shares authorized, no shares
outstanding at December 31, 2010 and June 30, 2010,
respectively
|
13
|
||||||||||
Common
stock: $0.001 par value, 62,000,000 shares authorized, 46,562,955 issued
and outstanding at December 31, 2010 and June 30, 2010,
respectively
|
13
|
46,563 | 46,563 | ||||||||
Additional
paid-in capital
|
13
|
75,642,383 | 75,642,383 | ||||||||
Accumulated
other comprehensive income
|
14,098,882 | 10,630,975 | |||||||||
Retained
earnings
|
41,622,840 | 40,776,548 | |||||||||
Total
stockholders' equity
|
131,410,668 | 127,096,469 | |||||||||
Total
liabilities and stockholders' equity
|
$ | 193,624,346 | $ | 193,617,510 |
Three Months Ended
|
Six Months Ended
|
||||||||||||||||||
December 31,
|
December 31,
|
December 31,
|
December 31,
|
||||||||||||||||
Notes
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||||
Sales
revenues
|
$ | 39,768,528 | $ | 27,013,838 | $ | 73,664,983 | $ | 44,055,827 | |||||||||||
Cost
of goods sold
|
37,859,665 | 23,377,883 | 69,372,035 | 39,716,513 | |||||||||||||||
Gross
profit
|
1,908,863 | 3,635,955 | 4,292,948 | 4,339,314 | |||||||||||||||
Operating
expenses
|
|||||||||||||||||||
Selling
expenses
|
(1,823 | ) | 70,605 | 108,382 | 102,414 | ||||||||||||||
Administrative
expenses
|
725,650 | 654,041 | 1,597,120 | 1,232,739 | |||||||||||||||
Allowance
for bad and doubtful debts
|
19,697 | 101,067 | 19,697 | 218,184 | |||||||||||||||
Depreciation
and amortization expense
|
49,551 | 36,755 | 93,711 | 80,493 | |||||||||||||||
Total
operating expenses
|
793,075 | 862,468 | 1,818,910 | 1,633,830 | |||||||||||||||
Income
from operations
|
1,115,788 | 2,773,487 | 2,474,038 | 2,705,484 | |||||||||||||||
Other
income/(expense)
|
|||||||||||||||||||
Other
revenues
|
1,094 | 91,041 | 2,612 | 110,963 | |||||||||||||||
Interest
and finance costs
|
(852,738 | ) | (275,091 | ) | (1,317,851 | ) | (503,434 | ) | |||||||||||
Total
other (expense)
|
(851,644 | ) | (184,050 | ) | (1,315,239 | ) | (392,471 | ) | |||||||||||
Income
from operations before income tax
|
264,144 | 2,589,437 | 1,158,799 | 2,313,013 | |||||||||||||||
Provision
for income tax
|
14
|
||||||||||||||||||
Current
|
62,363 | - | 312,507 | (1,233 | ) | ||||||||||||||
Total
income tax expense
|
62,363 | - | 312,507 | (1,233 | ) | ||||||||||||||
Net
income
|
$ | 201,781 | $ | 2,589,437 | $ | 846,292 | $ | 2,314,246 | |||||||||||
Basic
earnings per share
|
15
|
$ | 0.00 | $ | 0.06 | $ | 0.02 | $ | 0.05 | ||||||||||
Basic
weighted average shares outstanding
|
46,562,955 | 46,562,955 | 46,562,955 | 46,562,955 | |||||||||||||||
Diluted
earnings per share
|
15
|
$ | 0.00 | $ | 0.06 | $ | 0.02 | $ | 0.05 | ||||||||||
Diluted
weighted average shares outstanding
|
46,562,955 | 46,562,955 | 46,562,955 | 46,562,955 | |||||||||||||||
Components
of comprehensive income:
|
|||||||||||||||||||
Net
income
|
$ | 201,781 | $ | 2,589,437 | $ | 846,292 | $ | 2,314,246 | |||||||||||
Foreign
currency translation adjustment
|
1,770,168 | 677,905 | 3,467,907 | 64,106 | |||||||||||||||
Comprehensive
income
|
$ | 1,971,949 | $ | 3,267,342 | $ | 4,314,199 | $ | 2,378,352 |
Accumulated
|
||||||||||||||||||||||||
Additional
|
Other
|
Total
|
||||||||||||||||||||||
Ordinary Shares
|
Paid-in
|
Comprehensive
|
Retained
|
Stockholders'
|
||||||||||||||||||||
Share
|
Amount
|
Capital
|
Income
|
Earnings
|
Equity
|
|||||||||||||||||||
Balance
at June 30, 2010
|
45,562,955 | 46,563 | 75,642,383 | 10,630,975 | 40,776,548 | 127,096,469 | ||||||||||||||||||
Foreign
currency translation adjustment
|
- | - | - | 3,467,907 | - | 3,467,907 | ||||||||||||||||||
Net
income
|
- | - | - | - | 846,292 | 846,292 | ||||||||||||||||||
Balance
at December 31, 2010 (Unaudited)
|
45,562,955 | $ | 46,563 | $ | 75,642,383 | $ | 14,098,882 | $ | 41,622,840 | $ | 131,410,668 |
2010
|
2009
|
|||||||
Cash
flows from operating activities
|
||||||||
Net
income
|
$ | 846,292 | $ | 2,314,246 | ||||
Adjustments
to reconcile net income to net cash provided by operating
activities
|
||||||||
Depreciation
and amortization
|
5,891,211 | 2,181,380 | ||||||
Allowance
for bad and doubtful debts
|
19,697 | 218,184 | ||||||
Inventory
provision
|
- | 42,534 | ||||||
Net
changes in assets and liabilities:
|
||||||||
Accounts
receivable, net
|
10,755,506 | 7,189,783 | ||||||
Inventories
|
(2,802,535 | ) | (8,908,192 | ) | ||||
Prepaid
expenses
|
93,809 | (85,504 | ) | |||||
Advances
to suppliers
|
(15,873,801 | ) | (601,926 | ) | ||||
Accounts
payable and accrued expenses
|
(5,820,915 | ) | (801,406 | ) | ||||
Advances
from customers
|
(1,131,961 | ) | 1,042,492 | |||||
Other
taxes payable
|
649,577 | (2,236,478 | ) | |||||
Income
taxes payable
|
255,560 | 197,520 | ||||||
Net
cash (used in)/provided by operating activities
|
(7,117,560 | ) | 552,633 | |||||
Cash
flows from investing activities
|
||||||||
Purchase
of property, plant and equipment, including construction in
progress
|
(8,365,838 | ) | (4,746,139 | ) | ||||
Net
cash (used in) investing activities
|
(8,365,838 | ) | (4,746,139 | ) | ||||
Cash
flows from financing activities
|
||||||||
Loan
proceeds
|
- | 3,735,169 | ||||||
Repayments
of short-term loans
|
(52,173 | ) | (444,400 | ) | ||||
Net
cash (used in)/provided by financing activities
|
(52,173 | ) | 3,290,769 | |||||
Effect
of exchange rate
|
725,939 | 5,438 | ||||||
Net
(decrease) in cash
|
(14,809,632 | ) | (897,299 | ) | ||||
Cash
and cash equivalents, beginning of period
|
29,036,706 | 13,649,587 | ||||||
Cash
and cash equivalents, end of period
|
$ | 14,227,074 | $ | 12,752,288 |
1.
|
Description
of Business
|
2.
|
Basis
of Preparation of Financial
Statements
|
3.
|
Summary
of Significant Accounting Policies
|
Plant
and machinery
|
10 years
|
|
Buildings
|
10 years
|
|
Motor
vehicles
|
5 years
|
|
Office
equipment
|
5 years
|
4.
|
Concentrations
of Business and Credit Risk
|
a. Customers
|
2010
|
% to
sales
|
2009
|
% to
sales
|
||||||||||||
Shanghai
Shengdejia Metal Co. Ltd
|
18,683,105
|
25
|
9,097,037
|
27
|
||||||||||||
Shanghai
Changshuo Steel Company, Ltd
|
1,991,623
|
16
|
5,825,690
|
17
|
b. Suppliers
|
2010
|
% to
consumption
|
2009
|
% to
consumption
|
||||||||||||
Dachang
Huizu Baosheng Steel Products Co., Ltd.
|
18,482,732
|
24
|
8,767,582
|
24
|
||||||||||||
Zhejinag
Wuchan Metal Group Co., Ltd.
|
14,403,294
|
18
|
8,209,383
|
22
|
||||||||||||
Wuxi
Hangda Trading Co., Ltd.
|
9,018,547
|
12
|
-*
|
-*
|
||||||||||||
Hangzhou
Steel Materials Co., Ltd.
|
7,640,373
|
10
|
7,576,264
|
21
|
5.
|
Accounts
Receivable
|
6.
|
Inventories
|
At cost:
|
December 31,
2010
|
June 30,
2010
|
||||||
Raw materials
|
$ | 9,259,714 | $ | 5,551,003 | ||||
Work
in progress
|
9,852,815 | 15,443,410 | ||||||
Finished
goods
|
9,879,191 | 4,291,384 | ||||||
Consumable
items
|
3,106,732 | 3,279,217 | ||||||
32,098,452 | 28,565,014 | |||||||
Less:
provision
|
- | (42,816 | ) | |||||
|
$ | 32,098,452 | $ | 28,522,198 |
7.
|
Advances
to Suppliers
|
8.
|
Property,
Plant and Equipment
|
December 31,
2010
|
June 30,
2010
|
|||||||
Plant
and machinery
|
$ | 71,074,052 | $ | 62,486,750 | ||||
Buildings
|
22,560,584 | 21,964,748 | ||||||
Motor
vehicles
|
684,519 | 554,368 | ||||||
Office
equipment
|
508,834 | 472,537 | ||||||
94,827,989 | 85,478,403 | |||||||
Less:
Accumulated depreciation
|
(20,065,228 | ) | (15,571,209 | ) | ||||
|
$ | 74,762,761 | $ | 69,907,194 |
9.
|
Construction-In-Progress
|
|
|
December 31,
2010
|
|
|
June 30,
2010
|
|
||
Construction
costs
|
$
|
3,669,447
|
$
|
3,983,450
|
10.
|
Intangible
Assets
|
11.
|
Short-Term
Loans
|
|
December 31,
2010
|
June 30,
2010
|
||||||
Bank
loan dated June 18, 2010, due July 31, 2011 with an interest rate at 115%
of the standard market rate set by the People’s Bank of China (“PBOC”)
(6.11% at September 30, 2010) (Notes 8 and 10)
|
7,987,738
|
5,300,000
|
||||||
Bank
loan dated July 23, 2009, due July 31, 2010 with an interest rate at 115%
of the standard market rate set by PBOC (6.11% at September 30, 2010)
(Notes 8 and 10)
|
-
|
2,527,573
|
||||||
Bank
loan dated June 18, 2010, due July 31, 2011 with an interest rate at 115%
of the standard market rate set by PBOC (6.11% at September 30, 2010)
(Notes 6, 8 and 10)
|
18,629,871
|
18,137,848
|
||||||
$
|
26,617,609
|
$
|
25,965,421
|
12.
|
Long-Term
Loan
|
|
December 31,
2010
|
June 30,
2010
|
||||||
Bank
loan dated January 29, 2010, due June 22, 2017 with an interest rate of
LIBOR plus 4.5% (4.9584% at December 31, 2010) (Note 8)
|
18,566,257
|
$
|
18,075,914
|
2011
|
$
|
-
|
||
2012
|
$
|
3,713,251
|
||
2013
|
$
|
3,713,251
|
||
2014
|
$
|
3,713,251
|
||
2015
|
$
|
3,713,251
|
||
2016
|
$
|
3,713,253
|
||
Total
|
$
|
18,566,257
|
13.
|
Stock
Warrants
|
Exercise
Price
|
Outstanding
June 30, 2010
|
Granted
|
Expired or
Exercised
|
Outstanding
December 31,
2010
|
Expiration Date
|
||||||||||||||
|
$
|
7.38
|
225,600
|
-0-
|
225,600
|
-0-
|
November 5, 2010
|
||||||||||||
$
|
3.00
|
358,392
|
-0-
|
-0-
|
358,392
|
February 22, 2011
|
|||||||||||||
$
|
8.45
|
1,420,000
|
-0-
|
-0-
|
1,420,000
|
May 5, 2013
|
14.
|
Income
Taxes
|
Six months ended December 31,
|
||||||||
2010
|
2009
|
|||||||
Tax
savings
|
$
|
104,339
|
$
|
675,840
|
||||
Benefit
per share
|
||||||||
Basic
|
$
|
0.00
|
$
|
0.01
|
||||
Diluted
|
$
|
0.00
|
$
|
0.01
|
Deferred tax assets and liabilities:
|
December 31,
2010
|
June 30,
2010
|
||||||
Net
operating loss carried forward
|
$ | 2,106,712 | $ | 1,938,915 | ||||
Temporary
differences resulting from allowances
|
1,971,372 | 1,906,348 | ||||||
Net
deferred income tax asset
|
4,078,084 | 3,845,263 | ||||||
Valuation
allowance
|
(4,078,084 | ) | (3,845,263 | ) | ||||
|
$ | - | $ | - |
Six months ended December 31,
|
||||||||
2010
|
2009
|
|||||||
Computed tax at
the PRC statutory rate of 25%
|
$ | 236,923 | $ | 533,880 | ||||
Valuation
allowance
|
232,821 | 142,289 | ||||||
Income
not subject to tax
|
(65,011 | ) | (329 | ) | ||||
Under/(over)
provision
|
12,113 | (1,233 | ) | |||||
Benefit
of tax holiday
|
(104,339 | ) | (675,840 | ) | ||||
Income
tax expense/(benefit) per books
|
$ | 312,507 | (1,233 | ) |
Six months ended December 31,
|
||||||||
2010
|
2009
|
|||||||
Income
tax expense for the period - PRC
|
$ | 312,507 | $ | (1,233 | ) | |||
Deferred
income tax benefit - PRC
|
- | - | ||||||
Income
tax expense/(benefit) per books
|
$ | 312,507 | $ | (1,233 | ) |
15.
|
Earnings
Per Share
|
Income
|
Shares
|
Per Share
|
|||||||
(Numerator)
|
(Denominator)
|
Amount
|
|||||||
For
the three months ended December 31, 2010:
|
|||||||||
Net
income
|
$
|
201,781
|
|||||||
Basic
EPS income available to common shareholders
|
$
|
201,781
|
46,562,955
|
$
|
0.00
|
||||
Effect
of dilutive securities:
|
|||||||||
Warrants
|
-
|
||||||||
Diluted
EPS income available to common shareholders
|
$
|
201,781
|
46,562,955
|
$
|
0.00
|
||||
For
the three months ended December 31, 2009:
|
|||||||||
Net
income
|
$
|
2,589,437
|
|||||||
Basic
EPS income available to common shareholders
|
$
|
2,589,437
|
46,562,955
|
$
|
0.06
|
||||
Effect
of dilutive securities:
|
|||||||||
Warrants
|
-
|
||||||||
Diluted
EPS income available to common shareholders
|
$
|
2,589,437
|
46,562,955
|
$
|
0.06
|
Income
|
Shares
|
Per Share
|
|||||||
(Numerator)
|
(Denominator)
|
Amount
|
|||||||
For
the six months ended December 31, 2010:
|
|||||||||
Net
income
|
$
|
846,292
|
|||||||
Basic
EPS income available to common shareholders
|
$
|
846,292
|
46,562,955
|
$
|
0.02
|
||||
Effect
of dilutive securities:
|
|||||||||
Warrants
|
-
|
||||||||
Diluted
EPS income available to common shareholders
|
$
|
846,292
|
46,562,955
|
$
|
0.02
|
||||
For
the six months ended December 31, 2009:
|
|||||||||
Net
income
|
$
|
2,314,246
|
|||||||
Basic
EPS income available to common shareholders
|
$
|
2,314,246
|
46,562,955
|
$
|
0.05
|
||||
Effect
of dilutive securities:
|
|||||||||
Warrants
|
-
|
||||||||
Diluted
EPS income available to common shareholders
|
$
|
2,314,246
|
46,562,955
|
$
|
0.05
|
16.
|
Capital
Commitments
|
17.
|
Impairment
|
18.
|
Recent
Accounting Pronouncements
|
ITEM
2.
|
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS.
|
|
·
|
“CPSL,”
“Company,” “Group,” “we,” “us” or “our” are to China Precision Steel,
Inc., a Delaware corporation, and its direct and indirect
subsidiaries;
|
|
·
|
“PSHL”
are to our subsidiary Partner Success Holdings Limited, a BVI
company;
|
|
·
|
“Blessford
International” are to our subsidiary Blessford International Limited, a
BVI company;
|
|
·
|
“Shanghai
Blessford” are to our subsidiary Shanghai Blessford Alloy Company Limited,
a PRC company;
|
|
·
|
“Chengtong”
are to our subsidiary Shanghai Chengtong Precision Strip Company Limited,
a PRC company;
|
|
·
|
“Tuorong”
are to our subsidiary Shanghai Tuorong Precision Strip Company Limited, a
PRC company;
|
|
·
|
“China”
and “PRC” are to the People’s Republic of
China;
|
|
·
|
“BVI”
are to the British Virgin Islands;
|
|
·
|
“SEC”
are to the United States Securities and Exchange
Commission;
|
|
·
|
“Securities
Act” are to the Securities Act of 1933, as
amended;
|
|
·
|
“Exchange
Act” are to the Securities Exchange Act of 1934, as
amended;
|
|
·
|
“RMB”
are to Renminbi, the legal currency of China;
and
|
|
·
|
“U.S.
dollar,” “USD,” “US$” and “$” are to the legal currency of the United
States.
|
|
·
|
Revenues:
Our revenues were approximately $39.8 million for the second quarter, an
increase of 47.2% from last year.
|
|
·
|
Gross
Margin: Gross margin was 4.8% for the second quarter, as compared
to 13.5% last year.
|
|
·
|
Income from
operations before tax: Income from operations before tax was
approximately $0.3 million for the second quarter, as compared to
approximately $2.6 million last
year.
|
|
·
|
Net
Income: Net income was approximately $0.2 million for the second
quarter, as compared to approximately $2.6 million last
year.
|
|
·
|
Fully
diluted Income per share: Fully diluted income per share was $0.00
for the second quarter compared to $0.06 last
year.
|
Three Months Ended December 31,
|
Six Months Ended December 31,
|
|||||||||||||||||||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||||||||||||||||||
Amount
|
%
of
Revenues
|
Amount
|
%
of
Revenues
|
Amount
|
%
of
Revenues
|
Amount
|
%
of
Revenues
|
|||||||||||||||||||||||||
Revenues
|
$
|
39,768,528
|
100.0
|
$
|
27,013,838
|
100.0
|
$
|
73,664,983
|
100.0
|
$
|
44,055,827
|
100.0
|
||||||||||||||||||||
Cost
of sales (including depreciation and amortization)
|
37,859,665
|
95.2
|
23,377,883
|
86.5
|
69,372,035
|
94.2
|
39,716,513
|
90.2
|
||||||||||||||||||||||||
Gross
profit
|
1,908,863
|
4.8
|
3,635,955
|
13.5
|
4,292,948
|
5.8
|
4,339,314
|
9.8
|
||||||||||||||||||||||||
Selling
and marketing expenses
|
(1,823
|
)
|
>(0.1
|
)
|
70,605
|
0.3
|
108,382
|
0.1
|
102,414
|
0.2
|
||||||||||||||||||||||
Administrative
expenses
|
725,650
|
1.8
|
654,041
|
2.4
|
1,597,120
|
2.2
|
1,232,739
|
2.8
|
||||||||||||||||||||||||
Allowance
for bad and doubtful debts
|
19,697
|
>0.1
|
101,067
|
0.4
|
19,697
|
>0.1
|
218,184
|
0.5
|
||||||||||||||||||||||||
Depreciation
and amortization expense
|
49,551
|
0.1
|
36,755
|
0.1
|
93,711
|
0.1
|
80,493
|
0.2
|
||||||||||||||||||||||||
Total
operating expenses
|
793,075
|
2.0
|
862,468
|
3.2
|
1,818,910
|
2.5
|
1,633,830
|
3.7
|
||||||||||||||||||||||||
Income
from operations
|
1,115,788
|
2.8
|
2,773,487
|
10.3
|
2,474,038
|
3.4
|
2,705,484
|
6.1
|
||||||||||||||||||||||||
Other
revenues
|
1,094
|
>0.1
|
91,041
|
0.3
|
2,612
|
>0.1
|
110,963
|
0.3
|
||||||||||||||||||||||||
Interest
and finance costs
|
(852,738
|
)
|
(2.1
|
)
|
(275,091
|
)
|
(1.0
|
)
|
(1,317,851
|
)
|
(1.8
|
)
|
(503,434
|
)
|
(1.1
|
)
|
||||||||||||||||
Total
other (expense)
|
(851,644
|
)
|
(2.1
|
)
|
(184,050
|
)
|
(0.7
|
)
|
(1,315,239
|
)
|
(1.8
|
)
|
(392,471
|
)
|
(0.9
|
)
|
||||||||||||||||
Income
before income taxes
|
264,144
|
0.7
|
2,589,437
|
9.6
|
1,158,799
|
1.6
|
2,313,013
|
5.3
|
||||||||||||||||||||||||
Income
tax expense/(benefit)
|
62,363
|
0.2
|
-
|
-
|
312,507
|
0.4
|
(1,233
|
)
|
>(0.1
|
)
|
||||||||||||||||||||||
Net
income
|
$
|
201,781
|
0.5
|
$
|
2,589,437
|
9.6
|
$
|
846,292
|
1.1
|
$
|
2,314,246
|
5.3
|
||||||||||||||||||||
Basic
earnings per share
|
$
|
0.00
|
$
|
0.06
|
$
|
0.02
|
$
|
0.05
|
||||||||||||||||||||||||
Diluted
earnings per share
|
$
|
0.00
|
$
|
0.06
|
$
|
0.02
|
$
|
0.05
|
Three Months Ended December 31,
|
||||||||||||||||||||||||||||
2010
|
2009
|