|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
|
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
| Revenue | $ 12,176,344 | $ 20,987,725 | $ 42,861,478 | $ 58,708,134 |
| Cost of revenue | 8,932,552 | 13,472,804 | 30,174,983 | 37,041,618 |
| Gross profit | 3,243,792 | 7,514,921 | 12,686,495 | 21,666,516 |
| Operating expenses: | ||||
| Selling expenses | 856,172 | 1,006,815 | 2,632,177 | 2,410,516 |
| General and administrative expenses | 598,258 | 621,336 | 2,087,401 | 2,525,230 |
| Bad debt expense (benefit) | 171,508 | (76,187) | 724,745 | (185,463) |
| Total operating expenses | 1,625,938 | 1,551,964 | 5,444,323 | 4,750,283 |
| Government subsidy income | 0 | 968 | 0 | 146,415 |
| Income from operations | 1,617,854 | 5,963,925 | 7,242,172 | 17,062,648 |
| Other income (expense): | ||||
| Interest income | 1,588 | 1,241 | 3,069 | 5,656 |
| Interest expense | (79,507) | (62,438) | (235,516) | (184,874) |
| Derivative gain | 0 | 0 | 0 | 934,260 |
| Net other income (expense) | (77,919) | (61,197) | (232,447) | 755,042 |
| Income before income taxes | 1,539,935 | 5,902,728 | 7,009,725 | 17,817,690 |
| Income tax expense | (244,452) | (927,845) | (1,147,965) | (2,670,115) |
| Net income | 1,295,483 | 4,974,883 | 5,861,760 | 15,147,575 |
| Other comprehensive income - foreign currency translation adjustment | (124,625) | 1,556,979 | 848,260 | 4,404,968 |
| Comprehensive income | $ 1,170,858 | $ 6,531,862 | $ 6,710,020 | $ 19,552,543 |
| Earnings per Share: | ||||
| Basic | $ 0.03 | $ 0.11 | $ 0.13 | $ 0.35 |
| Diluted | $ 0.03 | $ 0.11 | $ 0.13 | $ 0.35 |