Archive for the ‘BVI company annual financial results’ Category

BVI-registered corporation receives NASDAQ Staff Deficiency Letter

Thursday, August 5th, 2010

Tongxin International Ltd., a British Virgin Islands-registered company supplying engineered vehicle body structures (EVBS) in China, received a NASDAQ Staff Deficiency Letter indicating that TXIC no longer complies with NASDAQ listing rules for continued listing. The reason was failure of the company to file by the due date its audited consolidated financial statements for the year ended December 31, 2009. The due date, as extended, was July 15, 2010.

According to NASDAQ listing rules, now Tongxin International has 60 days to submit a plan to comply with the rules. The company informed in the press release about its intention to provide the plan and timetable to achieve compliance in the near term.

China Cablecom announced its financial results for the fourth quarter and full year 2009

Monday, April 26th, 2010
China Cablecom Holdings, Ltd. (http://bvi-companies.blogspot.com/2008/12/china-cablecom-holdings-ltd.html) announced its unaudited financial results for the fourth quarter and full year ended December 31, 2009. The issued release reflects both pro forma and actual financial results due to the completion of China Cablecom’s acquisition of 55% stake in Hubei Chutian Video & Information Network in the third quarter of 2008. The financial results of Hubei have been consolidated beginning with July 1, 2008. Along with this, the fourth quarter 2009 results of operations reflect the business combination with Jaguar Acquisition Corporation (http://bvi-company-mergers-acquisitions.blogspot.com/2007/11/jaguar-acquisition-corp-announces.html).
For the fourth quarter of 2009, consolidated revenues of the company were $13.2 mln compared to $9.8 mln revenue for the fourth quarter of 2008 – a 35% year-over-year increase. Consolidated operating expenses for the fourth quarter period were $7.2 mln, compared to operating expenses of $5.7 mln for the same period of 2008. The main reasons for the increase of operating expenses were debt restructuring and fundraising, which was completed in Q4 2009.
The net loss attributable to ordinary shareholders for the fourth quarter of 2009 was $43.4 mln, or $11.14 per share (basic and diluted) compared to a net comprehensive loss of $4.6 mln, or $1.43 per share (basic and diluted) in Q4 2008.
For the full year ended December 31, 2009, China Cablecom (http://finance.yahoo.com/q?s=CABL) reported consolidated revenues in the amount of  $45.6 mln. Pro forma operating expenses for the twelve months ended December 31, 2009 were $22.6 million. Net loss for the twelve months ended December 31, 2009 was $56.3 mln, or $16.56 per share (basic and diluted). For the reported period, the BVI company used weighted average shares outstanding of 3.4 mln.

China Cablecom Holdings, Ltd. announced its unaudited financial results for the fourth quarter and full year ended December 31, 2009. The issued release reflects both pro forma and actual financial results due to the completion of China Cablecom’s acquisition of 55% stake in Hubei Chutian Video & Information Network in the third quarter of 2008. The financial results of Hubei have been consolidated beginning with July 1, 2008. Along with this, the fourth quarter 2009 results of operations reflect the business combination with Jaguar Acquisition Corporation.

For the fourth quarter of 2009, consolidated revenues of the company were $13.2 mln compared to $9.8 mln revenue for the fourth quarter of 2008 – a 35% year-over-year increase. Consolidated operating expenses for the fourth quarter period were $7.2 mln, compared to operating expenses of $5.7 mln for the same period of 2008. The main reasons for the increase of operating expenses were debt restructuring and fundraising, which was completed in Q4 2009.

The net loss attributable to ordinary shareholders for the fourth quarter of 2009 was $43.4 mln, or $11.14 per share (basic and diluted) compared to a net comprehensive loss of $4.6 mln, or $1.43 per share (basic and diluted) in Q4 2008.

For the full year ended December 31, 2009, China Cablecom reported consolidated revenues in the amount of  $45.6 mln. Pro forma operating expenses for the twelve months ended December 31, 2009 were $22.6 million. Net loss for the twelve months ended December 31, 2009 was $56.3 mln, or $16.56 per share (basic and diluted). For the reported period, the BVI company used weighted average shares outstanding of 3.4 mln.

China GengSheng announced financial results for the fourth quarter and fiscal year 2009

Monday, April 12th, 2010
China Gengsheng Minerals, Inc. (http://finance.yahoo.com/q?s=CHGS), a materials technology company, conducting its business through the BVI-registered subsidiary Gengsheng International Corporation (http://bvi-companies.blogspot.com/2008/02/gengsheng-international-corporation.html) and the Chinese subsidiaries, announced results for the fourth quarter and fiscal year ended December 31, 2009. For the fourth quarter period, the company reported sales revenue growth of 18% compared to the same period of 2008 – that is approximately $15.3 million. Company’s gross profit made $3.9 milliion – a 33.8% increase year-over-year. In the fourth quarter of 2009, China Gengsheng reported net income of approximately $1.0 million, that is $0.04 per share (basic or diluted), – compared with $643,000 net loss (or $0.03 per basic and dfiluted share) for the same period of the prior year.
According to the year end 2009 results reported by China Gengsheng, company’s sale revenues made approximately $57.0 million, compared with $49.8 million in 2008. Cost of sales in the fiscal year 2009 was $40.7 million – a 20.5% increase from approximately $33.8 million in 2008. Gross profit in 2009 was approximately $16.2 million, an increase of 1.6% from the last year. Net income made approximately $5.6 million in the fiscal year 2009, compared with $4.1 million in 2008.
As of December 31, 2009, company’s cash made about $1.0 million, working capital was approximately $24.6 million, and no long-term debt was reported. Total shareholders’ equity was 48.9 million, compared to $43.3 million at December 31, 2008. Total shares outstanding (both basic and diluted) were 24,038,183.
The company is optimistic about year 2010, and, based on its current sales estimate, is expecting  growth to continue.

China Gengsheng Minerals, Inc., a materials technology company, conducting its business through the BVI-registered subsidiary Gengsheng International Corporation and the Chinese subsidiaries, announced results for the fourth quarter and fiscal year ended December 31, 2009. For the fourth quarter period, the company reported sales revenue growth of 18% compared to the same period of 2008 – that is approximately $15.3 million. Company’s gross profit made $3.9 milliion – a 33.8% increase year-over-year. In the fourth quarter of 2009, China Gengsheng reported net income of approximately $1.0 million, that is $0.04 per share (basic or diluted), – compared with $643,000 net loss (or $0.03 per basic and dfiluted share) for the same period of the prior year.

According to the year end 2009 results reported by China Gengsheng, company’s sale revenues made approximately $57.0 million, compared with $49.8 million in 2008. Cost of sales in the fiscal year 2009 was $40.7 million – a 20.5% increase from approximately $33.8 million in 2008. Gross profit in 2009 was approximately $16.2 million, an increase of 1.6% from the last year. Net income made approximately $5.6 million in the fiscal year 2009, compared with $4.1 million in 2008.

As of December 31, 2009, company’s cash made about $1.0 million, working capital was approximately $24.6 million, and no long-term debt was reported. Total shareholders’ equity was 48.9 million, compared to $43.3 million at December 31, 2008. Total shares outstanding (both basic and diluted) were 24,038,183.

The company is optimistic about year 2010, and, based on its current sales estimate, is expecting  growth to continue.

Talon Metals announced financial results for the year ended December 31, 2009

Tuesday, April 6th, 2010
Talon Metals Corp. (http://bvi-companies.blogspot.com/2007/09/talon-metals-corporation.html) published financial report for the year ended December 31, 2009. For this period, the BVI company reported net loss of $1,841,962 or $0.07 per share – basic and diluted. In 2008, net loss made $6,833,161 or $0.25 per share. This year, net loss was primarily due to operating expenses, partially covered by gains on investments totaling approximately $1.4 million.
For the three month period ended December 31, 2009 Talon reported net loss of $510,769 or $0.02 per share – compared to net loss of $6,833,161 or $0.25 per share (basic and diluted) in 2008. In the fourth quarter of 2009, net loss was mainly due to operating expenses.
Capitalized exploration of the BVI company in 2009 was $1,272,277, total amount is $9,417,920. This  relates mainly to the acquisition of the Sergipe Potash Project in Brazil.

Talon Metals Corp. published financial report for the year ended December 31, 2009. For this period, the BVI company reported net loss of $1,841,962 or $0.07 per share – basic and diluted. In 2008, net loss made $6,833,161 or $0.25 per share. This year, net loss was primarily due to operating expenses, partially covered by gains on investments totaling approximately $1.4 million.

For the three month period ended December 31, 2009 Talon reported net loss of $510,769 or $0.02 per share – compared to net loss of $6,833,161 or $0.25 per share (basic and diluted) in 2008. In the fourth quarter of 2009, net loss was mainly due to operating expenses.

Capitalized exploration of the BVI company in 2009 was $1,272,277, total amount is $9,417,920. This  relates mainly to the acquisition of the Sergipe Potash Project in Brazil.