RE: Financial ResultsSorry, first post was a bit messy....
Second Quarter and First Half of 2010 Financial Highlights
Sales: Sales for the second quarter of 2010 was $4.8 million, a growth of 38% compared to $3.5 million in the second quarter of 2009. Sales for the first half of 2010 were $9.2 million, a growth of 22% from $7.5 million in the first half of 2009.
Gross profit: Gross profit for the second quarter of 2010 was $1.37 million, an increase of 21% compared to $1.13 million in the second quarter of 2009. Gross profit for the first half of 2010 was $2.83 million, an increase of 28% compared to $2.21 million in the first half of 2009.
Operating Income: Operating income for the second quarter of 2010 was $524,050, an increase of 76% compared to $297,553 in the second quarter of 2009. Operating income for the first half of 2010 was $1,174,057, a growth of 80% from $652,192 from the first half of 2009.
Net Income and Earnings per Share: net income was $517,887 for the second quarter of 2010, an increase of 72% compared to $301,316 in the second quarter of 2009. Net income for the first half of 2010 was $1,113,301, a growth of 79% from $620,454 in the first half of 2009. Basic and diluted earnings per share were .025 for the second quarter of 2010, an increase of 72% from .014 in the second quarter of 2009. Basic and diluted earnings per share were .053 for the first half of 2010, an increase of 79% from.029 in the first half of 2009.
Cash flows generated by operation activities: A negative of $663,792 for the second quarter of 2010 compare to a positive of $1.4 million for the second quarter of 2009. A negative of $75,999 for the first half of 2010 compare to a positive $3.1 million for the first half of 2009. The significant decrease was mainly due to change in non-cash working capital items.
The second quarter results for 2010 have shown significant growth and profitability from a year ago under the current economic environment. Except for the cash flow issue due to structural reform, the company has made improvements in almost every aspect of its operations.
"I am very pleased with another quarter of excellent operating results. Jite has delivered profit recovery and growth since McVicar took control of the company. The cost reduction for the first two years established a healthy operation. A structural reform introduced early this year has aimed at strengthening its competitiveness and has begun to show improvements in the operation." says Gang Chai, Chairman of Jite. "The company is clearly on its way to achieving accelerated growth in the future."