China Green Material (PINK:CAGM)

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Tuesday, November 17, 2009

GeoSpecial China Green Mat Tech reported its 2009 third quarter results via a 10Q filing. No press release has been issued. At first glance EPS growth appears to be negative. However, after adjusting earnings for one time gains/losses and applying equal tax rates one, can see that CAGM actually experienced respectable EPS growth.

Qtr. Ended September	3rd Quarter 2009	3rd Quarter 2008	Period Change
GAAP Revenue	$4.2 million	$3.5 million	20.0%
GAAP EPS	$0.06	$0.09	-33.3%
Geo Calculated Non-GAAP EPS ^a	$0.084	$.077	9.1%
Tax Rate	15.7%	0.0%	n/a
Fully Tax-Adjusted Geo Supplied Non-GAAP EPS ^b	$.071	$.057	24.6%

Source: Filing For the quarterly period ended September 30, 2009

The company has not issued a press release, so we are not sure investors will see through the GAAP numbers. Furthermore, we could not find any forward looking comments. Regardless, CAGM is still selling near its book value per share of $1.56, prompting us to keep the stock coded as a GeoSpecial.

^aNon-GAAP EPS Figures exclude certain non-operating gains and losses as well as certain non-cash items. Non-GAAP information should not be viewed in isolation or as a substitute for reported, or GAAP information . For a more complete explanation of the company's definition of non-GAAP please refer to its financial press releases. The GeoTeam® non-GAAP figures may, from time to time, differ from company supplied figures.

^b For valuation purposes, The GeoTeam® prefers to adjust EPS to reflect a standard United Chinese tax rate of 25%.(Previously we had used a U.S. tax rate of 36%)

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