Guanwei Recycling Corp (OTC:GPRC)

Tuesday, April 20, 2010


   
Year Ended December 31,
 
   
2009
   
2008
 
             
Net Revenue
  $ 47,263,803     $ 25,430,714  
                 
Cost of Revenue
    36,830,700       20,292,530  
Gross profit
    10,433,103       5,138,184  
                 
Selling and administrative expenses
    1,575,041       984,000  
Income from operations
    8,858,062       4,154,184  
                 
Interest income
    11,422       6,797  
Interest expenses
    (78,669 )     (100,664 )
Exchange (loss) gain, net
    (28,843 )     232,998  
Income before income taxes
    8,761,972       4,293,315  
                 
Income taxes
    2,315,031       1,103,734  
                 
Net income
  $ 6,446,941     $ 3,189,581  
                 
Comprehensive Income:
               
                 
Net income
  $ 6,446,941     $ 3,189,581  
                 
Other comprehensive income
               
- Foreign currency translation adjustments
    34,369       304,272  
                 
Comprehensive income
  $ 6,481,310     $ 3,493,853  
                 
Earnings per share attributable to shareholders of Guanwei Recycling Corp. – basic and diluted
  $ 0.49     $ 0.27  
                 
Weighted average number of share of common stock used in computing basic and diluted earnings per share
    13,249,315       12,000,000

Note: Shares outstanding have not included the fully diluted share count of 20 million shares.



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