China Crescent Enterprises Inc (OTC:CCTR)

WEB NEWS

Monday, April 18, 2011

Comments & Business Outlook
China Crescent Enterprises, Inc.
 
 
Year ended December 31,
 
             
   
2010
   
2009
 
REVENUE
  $ 78,187,546     $ 45,628,397  
                 
COST OF SALES
    71,635,967       41,578,424  
                 
Gross Margin
    6,551,579       4,049,973  
                 
OPERATING EXPENSES
               
Selling, general and administrative expenses
    2,019,376       1,138,739  
Depreciation and amortization
    33,649       21,448  
Total expenses
    2,053,025       1,160,187  
                 
Income from operations
    4,498,554       2,889,786  
                 
OTHER INCOME (EXPENSE)
               
Gain on sale of fixed assets
    -       -  
Interest income
    -       -  
Interest expense
    (149,468 )     (191,717 )
Other income
    379,581       102,687  
Other expense
    (11,878 )     (7,453 )
Total other income (expense)
    218,235       (96,483 )
                 
Net income before income tax (credit) and
               
minority interest
    4,716,789       2,793,303  
Foreign income tax
    (525,403 )     (73,497 )
Minority interest in consolidated subsidiary
    10,045       (537,186 )
                 
Net income
    4,201,431       2,182,620  
Other comprehensive income
               
Gain (loss) on investment security
    -       8,368  
Foreign currency translation gain (loss)
    233,493       (89,556 )
                 
Comprehensive income
  $ 4,434,924     $ 2,101,432  
                 
Income per weighted-average common share-basic
  $ 0.01     $ 0.03  
Income per weighted-average common share-diluted
  $ 0.01     $ 0.03  
                 
Number of weighted average common shares o/s-basic
    625,826,320       76,465,837  
Number of weighted average common shares o/s-diluted
    725,359,016       101,465,837

Liquidity Requirements
In recent years, we have funded our working capital requirements principally through borrowings under bank lines of credit, term loans, and issuances of common stock in exchange for debt.