Monthly Archives: May 2010

SinoCoking announced financial results for third quarter of 2010

Florida corporation SinoCoking Coal and Coke Chemical Industries, Inc., engaged in coal and coke production in central China, owning its assets and making its operations through its subsidiary Top Favour Limited, which is a British Virgin Islands company, and through China-based subsidiaries, announced its financial results for the third quarter ending March 31, 2010. 

In the reported period, company’s revenues decreased by 2%, from US$15.6mln in the third quarter of 2009 to US$15.2mln. The reason for this is mainly the coal product revenue decrease.

Operating expenses, which consisted of selling expenses and general and administrative expenses, increased by US$1,196,141, or 443.9%, and $920,542, or 70.6% in the three and nine-month periods ending March 31, 2010, respectively, compared to the same periods ending March 31, 2009. This was mainly due to the reverse acquisition transaction with the company formerly known as Ableauctions.com, Inc., and BVI holding company Top Favour Limited. Excluding the effect of the one-time acquisition-related costs, operating expenses decreased by US$15.644 for the third quarter ended March 31, 2010, compared to the same quarter of the previous year. 

The company reported gross profit decrease by US$1,596,333, or 22.1 percent, to US$5,641,605 in the three month period ending March 31, 2010 from $7,237,938 in the corresponding period ending March 31, 2009. Adjusted net income in the quarter ending March 31, 2010 decreased by 20% to approximately $3.0 million, from US$3.7 million in the same quarter of 2009, primarily due to the one-time acquisition-related expenses incurred by the Company in the amount of $1.2 million as described above.

China Gengsheng reported financial results for the first quarter of 2010

Nevada-registered China GengSheng Minerals, Inc. (http://finance.yahoo.com/q?s=CHGS), conducting its business through its wholly-owned BVI subsidiary Gengsheng International Corporation (http://bvi-companies.blogspot.com/2008/02/gengsheng-international-corporation.html), announced its financial results for the first quarter period ended March 31, 2010. The sales revenue reported by the company made US$11.9 mln, compared with US$12.4 mln reported in the first quarter of 2009 (http://bvi-company-financials.bviincorporation.com/101/china-gengsheng-minerals-reports-financial-results-for-the-first-quarter-2009/). Sales expenses made $1.5 million, flat compared with the first quarter of 2009. Total operating expenses in the first quarter of 2010 were approximately US$49.5mln, and working capital was US$24.8mln. Net income was approximately US$0.4 million, or US$0.02 per share – compared with a net income of approximately US$1.0mln, or US$0.04 per share, for the same period of 2009.
Gross margin increased to 33.5%, compared with 30.3% in the same period of 2009. Gross profit for the three months ended March 31, 2010 was approximately US$4.0mln, or 33.5% of revenue (US$3.8mln, or 30.3% of revenue in the same period of 2009). The increase in gross profit and gross margin in the first quarter of 2010 may be attributable to the increase in average sales price of Gengsheng’s products and an increased revenue contribution from the full-service products.
Among the achievements of the BVI company in the reported period, there are beginning of trading on the NYSE AMEX Exchange in March 2010, having been awarded two fracture proppant contracts totalling approximately US$1.3mln (http://bvi-company-news.offshore-journals.com/china-gengsheng-minerals-won-two-contracts-with-chinas-changqing-oilfield/519/), and two fracture proppant supply contracts totalling approximately US$3.6mln (http://bvi-company-news.offshore-journals.com/china-gengsheng-announced-another-two-fracture-proppant-supply-contracts/532/) by a US-based distributor. Shipments that commenced during the beginning of the second quarter of 2010 are expected to continue through the third quarter of 2010.

Nevada-registered China GengSheng Minerals, Inc., conducting its business through its wholly-owned BVI subsidiary Gengsheng International Corporation, announced its financial results for the first quarter period ended March 31, 2010. The sales revenue reported by the company made US$11.9 mln, compared with US$12.4 mln reported in the first quarter of 2009. Sales expenses made $1.5 million, flat compared with the first quarter of 2009. Total operating expenses in the first quarter of 2010 were approximately US$49.5mln, and working capital was US$24.8mln. Net income was approximately US$0.4 million, or US$0.02 per share – compared with a net income of approximately US$1.0mln, or US$0.04 per share, for the same period of 2009.

Gross margin increased to 33.5%, compared with 30.3% in the same period of 2009. Gross profit for the three months ended March 31, 2010 was approximately US$4.0mln, or 33.5% of revenue (US$3.8mln, or 30.3% of revenue in the same period of 2009). The increase in gross profit and gross margin in the first quarter of 2010 may be attributable to the increase in average sales price of Gengsheng’s products and an increased revenue contribution from the full-service products.

Among the achievements of the BVI company in the reported period, there are beginning of trading on the NYSE AMEX Exchange in March 2010, having been awarded two fracture proppant contracts totalling approximately US$1.3mln, and two fracture proppant supply contracts totalling approximately US$3.6mln by a US-based distributor. Shipments that commenced during the beginning of the second quarter of 2010 are expected to continue through the third quarter of 2010.

Pansoft Company Limited reported financial results for the third quarter ended March 31, 2010

Pansoft Company Limited (http://finance.yahoo.com/q?s=PSOF), British Virgin Islands-registered ERP software and professional services provider for oil and gas industry in China, announced financial results for the third quarter ended March 31, 2010. The company showed strong fiscal performance in this period, including high level of growth in revenue and profits, and improvement in the gross margin.
Pansoft (http://bvi-companies.blogspot.com/2009/01/pansoft-company-limited.html) reported total revenues of US$2.3 mln, 62% more than US$1.4 mln in the third quarter of 2009. Gross profit reported by the company was US$1.43 mln, a 120% increase compared to US$0.65 mln in the same quarter of 2009. In the third quarter of 2010, gross margin was 62% (46% in Q3 2009).
The BVI company reported a 352% increase of operating profit, which made US$0.80 mln in the reported quarter, compared to US$0.18 mln in the third quarter of 2009.  Net income was US$0.72 mln, 145% more than in the third quarter of 2009. Adjusted net income excluding share-based compensation expenses was US$0.78 mln, this is a 67% increase compared to last year’s US$0.47 mln.
Diluted earnings per share was $0.13, an increase of 117% compared to $0.06 for the third quarter ended March 31, 2009. As of March 31, 2010, Pansoft’s cash and cash equivalents made US$13.5 mln, a 19% increase compared to US$11.3 mln in June 30, 2009.
Company’s CEO Guoqiang Lin said in his comments that this quarter showed record growth in  financial results, due to the strong market demand for the proprietary ERP systems. He noted that the company will continue to expand its business organically and through acquisitions in order to expand the product portfolio and customer base.
As a result of the decision of Pansoft Company Limited (http://bvi-company-mergers-acquisitions.blogspot.com/2010/05/pansoft-acquires-55-equity-stake-in.html) to authorize a change in the fiscal year end to June 30 from December 31 (because of higher consistency with the purchasing cycle of its major customers), the quarter ended March 31, 2010 actually represents the third quarter of the fiscal year ended June 30, 2010.

Pansoft Company Limited, BVI-registered ERP software and professional services provider for oil and gas industry in China, announced financial results for the third quarter ended March 31, 2010. The company showed strong fiscal performance in this period, including high level of growth in revenue and profits, and improvement in the gross margin.

British Virgin Islands-registered Pansoft reported total revenues of US$2.3 mln, 62% more than US$1.4 mln in the third quarter of 2009. Gross profit reported by the company was US$1.43 mln, a 120% increase compared to US$0.65 mln in the same quarter of 2009. In the third quarter of 2010, gross margin was 62% (46% in Q3 2009).

The BVI company reported a 352% increase of operating profit, which made US$0.80 mln in the reported quarter, compared to US$0.18 mln in the third quarter of 2009.  Net income was US$0.72 mln, 145% more than in the third quarter of 2009. Adjusted net income excluding share-based compensation expenses was US$0.78 mln, this is a 67% increase compared to last year’s US$0.47 mln.

Diluted earnings per share was $0.13, an increase of 117% compared to $0.06 for the third quarter ended March 31, 2009. As of March 31, 2010, Pansoft’s cash and cash equivalents made US$13.5 mln, a 19% increase compared to US$11.3 mln in June 30, 2009.

Company’s CEO Guoqiang Lin said in his comments that this quarter showed record growth in  financial results, due to the strong market demand for the proprietary ERP systems. He noted that the company will continue to expand its business organically and through acquisitions in order to expand the product portfolio and customer base.

As a result of the decision of Pansoft Company Limited to authorize a change in the fiscal year end to June 30 from December 31 (because of higher consistency with the purchasing cycle of its major customers), the quarter ended March 31, 2010 actually represents the third quarter of the fiscal year ended June 30, 2010.

Talon Metals Corp. announced financial results for the first quarter 2010

BVI-registered mineral exploration company Talon Metals Corp. (http://bvi-companies.blogspot.com/2007/09/talon-metals-corporation.html) reported its fiscal results for the first quarter of 2010. For the three months period ended March 31, 2010, the company reported net loss in the amount of US$265,013, or $0.01 per share (basic and diluted) – compared to net earnings of US$579,704, or $0.02 per share (basic and diluted) for the first quarter ended March 31, 2009. The earnings in Q1 2009 were the result of the company selling the remaining shares of its investment in Brazauro Resources Corporation (http://finance.yahoo.com/q?s=BZO.V), while this year’s loss is the result of operating expenses.
In the first quarter of 2010, Talon Metals (http://finance.yahoo.com/q?s=TLO.TO) announced that its capital exploration on mineral properties made US$301,901, mainly related to work done on Talon’s Sergipe Potash Project. On March 31, 2010, total capitalized exploration on mineral properties was US$9,719,821, primarily connected to works performed on the São Jorge Gold Project. Due to the Saber Gas Project, total capitalized exploration on oil and gas properties to March 31, 2010 was US$16,329,533. The merger deal between Talon and Saber Energy Corp. (http://bvi-company-mergers-acquisitions.blogspot.com/2010/03/tsx-gives-conditional-listing-approval.html) was completed in the first quarter of 2010.

BVI-registered mineral exploration company Talon Metals Corp. reported its fiscal results for the first quarter of 2010. For the three months period ended March 31, 2010, the company reported net loss in the amount of US$265,013, or $0.01 per share (basic and diluted) – compared to net earnings of US$579,704, or $0.02 per share (basic and diluted) for the first quarter ended March 31, 2009. The earnings in Q1 2009 were the result of the company selling the remaining shares of its investment in Brazauro Resources Corporation, while this year’s loss is the result of operating expenses.

In the first quarter of 2010, Talon Metals announced that its capital exploration on mineral properties made US$301,901, mainly related to work done on Talon’s Sergipe Potash Project. On March 31, 2010, total capitalized exploration on mineral properties was US$9,719,821, primarily connected to works performed on the São Jorge Gold Project. Due to the Saber Gas Project, total capitalized exploration on oil and gas properties to March 31, 2010 was US$16,329,533. The merger deal between Talon and Saber Energy Corp. was completed in the first quarter of 2010.