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Longhai Steel (OTC BB:ACTN)

Wednesday, April 7, 2010

The Year Ended December 31
	2009			2008			2007

Revenue	$	373,660,461		$	511,487,983		$	238,644,939
Cost of revenue		(356,833,041	)		(492,792,919	)		(234,180,486	)

Gross profit		16,827,420			18,695,064			4,464,453
Operating expenses:
General and administrative expenses		(1,114,016	)		(798,083	)		(476,507	)
Impairment loss on assets					-			(20,632	)

Income from operations		15,713,404			17,896,981			3,967,314
Interest income		3,301			806			-
Interest expense		(85,422	)		(84,199	)		(121,417	)
Other expenses		(34,470	)		(27,768	)		(22,456	)
Total other income and expenses		(116,591	)		(111,161	)		(143,873	)

Income before income taxes		15,596,813			17,785,820			3,823,441

Income tax expense		(3,899,203	)		(4,446,455	)		(1,227,080	)

Net income	$	11,697,610		$	13,339,365		$	2,596,361

Net Income per share – basic and diluted	$	11,698		$	13,339		$	2,596

Weighted average shares outstanding – basic and diluted		1,000			1,000			1,000

Comprehensive Income
Net income	$	11,697,610		$	13,339,365		$	2,596,361
Other comprehensive income		54,484			521,483			230,851
Comprehensive income	$	11,752,094		$	13,860,848		$	2,827,212

GeoTeam note: Margins are tiny.