China Valves Tech (NASDAQ:CVVT)

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All Analyst Reports Auditor trail CFO Trail Comments & Business Outlook Contract Awards Corporate Governance Deal Flow Financial Target Agreements GeoBargain Notes Investor Alert Liquidity Requirements

Tuesday, April 13, 2010

Despite a stellar finish to the 2009 year China Valves shares have flat lined.

Fiscal Yr. Ends Dec.	Full Year 2009	Full Year 2008	Period Change
GAAP Revenue	$95.4 million	$65.6 million	43.3%
GAAP EPS	$0.75	-$0.18	n/a
Company Supplied Non-GAAP EPS ^a	$0.80	$0.46	73.9%
Tax Rate	26.8%	n/a	n/a
Fully Tax-Adjusted GEO Calculated Non-GAAP EPS a	$0.81	$0.51	58.8%
Fully Diluted Shares	30,946,392	22,987,213	34.6%

Source: See 2009 10K

^a Non-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. The GeoTeam® Non-GAAP figures apply a 25% and 36% tax rate for Chinese and United States companies respectively.

Comments and guidance remain strong. Unless there is an equity offering around the corner, we see no reason for the share weakness. Some investors may view a Chinese stock with a trailing P/E of 16 to be pricey. However, we believe that investors may gradually begin to become comfortable to assign these companies P/E's closer to 25.

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