China Redstone Group (PINK:CGPI)

CGPI reported its 2010 year number this morning via a 10K filing.

2010 vs 2009 Revenues:  $35.6 Million vs. $18.3 Million
2010 vs 2009 Net Income:  $12.3 vs. $5.5
2010 vs 2009 EPS:  $1.33 vs. $0.62
2010 vs 2009 Fully Diluted Shares:  9.3 million vs. 8.8 million

Filing Excerpts:

"For the year ended March 31, 2010, cemetery revenues increased by $18,851,184 or 106.8%. The significant increase in revenues was mainly attributable to the development of new cemetery which led to an increase of sales of cemetery plots. The total number of cemetery plots sold increased from 4,051 in fiscal 2009 to 6,730 in fiscal 2010. In addition, the average sales price increased by approximately US$1,000 per cemetery plot. The increase in cemetery revenues was also attributable to better marketing as Foguang started to focus its advertising costs on television advertisements in targeted areas and increased incentives for its sales agents and hired additional agents to better promote and sell its services and products. Also, the opening of the Changshou Bridge shortened the driving distance between Foguang’s cemetery and the downtown area of Changshou from two hours to 12 minutes, which brought Foguang more customers who used to limit their choices of cemetery products and services to the downtown area for transportation reasons. The overall improvement of local economic conditions in Chongqing also contributed to the increase of economic value of Foguang’s cemetery and increased the number of cemeteries sold. The local economic environment experienced overall improvement in fiscal 2010 due to the assistance of large-scale state-owned enterprises and their projects in the Chongqing area."

CGPI exceeded EPS guidance mainly due to a higher share assumption in its previously issued guidance

Fiscal Year 2010 Guidance

• Revenues of $31.7 million
• Net income of $12.1 million
  
  Based on 13.5 million shares outstanding, this would represent $0.90 in earnings per share. As a key component of this guidance, management expects to sell approximately 5,600 cemetery sites with average selling prices ranging from $5,200 to $5,400. The Company plans to make approximately $14.5 million in capital expenditures for the year.

Fiscal Year 2011 Guidance

• Revenues of $36.9 million
• Net income of $15.9 million

This would represent $1.20 in earnings per share, based on 13.5 million shares outstanding. As a key component of this guidance, management expects to sell approximately 6,500 cemetery sites with average selling prices ranging from $6,200 to $6,400. The Company plans to make approximately $29.0 million in capital expenditures for the year.