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Qingdao Footwear Inc (OTC:QING)

Friday, March 19, 2010

	2008			2007

Net sales	$	13,904,314		$	8,594,468
Cost of sales		8,246,592			4,996,377

Gross profit		5,657,722			3,598,091

Operating expenses:
Selling, general and administrative expenses		759,470			517,140
Depreciation and amortization expense		55,360			57,109

Profit from operations		4,842,892			3,023,842

Other income (expenses):
Other income		57,660			-
Interest income		8,949			10,351
Interest expense		(61,905	)		(35,147	)

Income before income taxes		4,847,596			2,999,046

Income taxes		1,211,899			989,685

Net income	$	3,635,697		$	2,009,361

Net income per share - basis and diluted	$	364		$	201

Weighted average shares outstanding		10,000			10,000

Comprehensive income

Net income	$	3,635,697		$	2,009,361
Other comprehensive income
Foreign currency translation		232,047			141,675

Comprehensive income	$	3,867,744		$	2,151,036

__________________________________________________________________________

	Nine Months Ended
	September 30,			September 30,
	2009			2008

Net sales	$	12,517,751		$	9,116,272
Cost of sales		7,102,669			5,432,591

Gross profit		5,415,082			3,683,681

Operating expenses:
Selling, general and administrative expenses		642,681			515,586
Depreciation and amortization expense		43,964			42,207

Profit from operations		4,728,437			3,125,888

Other income (expenses):
Other income		65,966			35,843
Interest expense		(41,087	)		(37,500	)

Income before income taxes		4,753,316			3,124,231

Income taxes		1,188,329			781,058

Net income	$	3,564,987		$	2,343,173

Net income per share - basis and diluted	$	356		$	234

Weighted average shares outstanding		10,000			10,000

Comprehensive income
Net income	$	3,564,987		$	2,343,173
Other comprehensive income
Foreign currency translation		(2,473	)		212,476

Comprehensive income	$	3,562,514		$	2,555,649