Gold Horse Intl (GHII) research, news, and more from GeoInvesting

Company description

Mon, 21 Jun 2010 04:00:00 GMT

Gold Horse International, Inc., through its wholly owned subsidiaries, Gold Horse International, Inc. (Nevada) and Global Rise International Ltd., controls and operates Inner Mongolia Jin Ma Construction Co., Ltd., Inner Mongolia Jin Ma Hotel Co., Ltd., and Inner Mongolia Jin Ma Real Estate Development Co., Ltd., all based in Hohhot, the regional capital of Inner Mongolia Autonomous Region in China. Jin Ma Construction has been providing construction and general contractor services in Hohhot to both private developers and to the local and regional governments since 1980. Jin Ma Hotel owns, operates and manages the Jin Ma Hotel, a full-service, two-star hotel and restaurant/banquet facility located in Hohhot. Jin Ma Real Estate develops residential and commercial properties in Hohhot. For more information on the Company, visit http://www.goldhorseinternational.com . Information on the Company's Web site or any other Web site does not constitute a portion of this release.

Comments & Business Outlook

Sun, 11 Dec 2011 05:00:00 GMT

GOLD HORSE INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(AMOUNTS EXPRESSED IN US DOLLAR)
(UNAUDITED)
	For the Three Months Ended
	September 30,
	2011			2010

NET REVENUES
Construction	$	11,363,420		$	9,590,488
Hotel		481,154			841,262
Real estate		-			410,969

Total Revenues		11,844,574			10,842,719

COST OF REVENUES
Construction		9,738,393			8,157,679
Hotel		240,068			515,448
Real estate		-			298,502

Total Cost of Revenues		9,978,461			8,971,629

GROSS PROFIT		1,866,113			1,871,090

OPERATING EXPENSES:
Other hotel operating expenses		14,341			19,705
Bad debt recovery		(15,126	)		(7,492	)
Salaries and employee benefits		186,350			211,359
Depreciation		216,445			194,472
Selling, general and administrative		116,267			302,690

Total Operating Expenses		518,277			720,734

INCOME FROM OPERATIONS		1,347,836			1,150,356

OTHER (EXPENSES) INCOME:
Other income		-			6,784
Gain on change in fair value of derivative liabilities		23,802			35,480
Interest income		88			219,612
Interest expense		(201,272	)		(126,046	)

Total Other (Expenses) Income		(177,382	)		135,830

INCOME BEFORE PROVISION FOR INCOME TAX		1,170,454			1,286,186

PROVISION FOR INCOME TAXES		322,382			371,921

NET INCOME	$	848,072		$	914,265

COMPREHENSIVE INCOME:
Net income	$	848,072		$	914,265

OTHER COMPREHENSIVE INCOME:
Unrealized foreign currency translation gain		545,679			624,949

COMPREHENSIVE INCOME	$	1,393,751		$	1,539,214

NET INCOME PER COMMON SHARE:
Basic	$	0.39		$	0.47
Diluted	$	0.39		$	0.47

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic		2,165,275			1,934,959
Diluted		2,185,128			1,963,526

Comments & Business Outlook

Tue, 18 Oct 2011 04:00:00 GMT

Fiscal Year 2011 Highlights

Net revenue increased 50.3% year-over-year to $76.5 million
Gross margin was 17.9% compared to 20.0% in the prior year
Gross profit increased 34.9% year-over-year to $13.7 million
Operating income was $11.36 million compared to operating income of $7.98 million in the prior year
Net income increased 17.6% year-over-year to $9.7 million from $8.3 million
Adjusted net income excluding non-cash gains and expenses was $9.2 million, or $4.62 per fully diluted common share as compared to adjusted net income of $6.6 million, or $3.99 per fully diluted common share, a year ago

"We are quite pleased with Jin Ma Real Estate's new real estate development projects, and we are confident that the Jin Ma Companies remain on track to become one of the most prominent construction and real estate development companies in Inner Mongolia, China. We are confident that real estate development in Hohhot, Inner Mongolia and its surrounding areas, a third- tier city, will remain strong and will not feel the effects of the slower real estate markets occurring in tier-one cities such as Beijing and Shanghai," said Mr. Liankuan Yang, chairman and CEO of Gold Horse.

Business Outlook

The Jin Ma Companies are in various stages of development of three new real estate development projects totaling approximately $96 million in estimated revenues over fiscal years 2014 to 2016. These projects are a joint effort between the Jin Ma Construction and Jin Ma Real Estate with the construction business serving as the general contractor for the construction of these projects.

CFO Trail

Sat, 15 Oct 2011 04:00:00 GMT

Effective September 30, 2011, the Board of Directors of Gold Horse International, Inc. (the “Company”), appointed Mr. Xiaodong Li to replace Mr. Adam Wasserman as the Company’s Chief Financial Offer.

Comments & Business Outlook

Thu, 29 Sep 2011 04:00:00 GMT

GOLD HORSE INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(AMOUNTS EXPRESSED IN US DOLLAR)

	For the Years Ended June 30,
	2011			2010
NET REVENUES
Construction	$	40,990,034		$	37,496,002
Hotel		3,046,914			3,086,553
Real estate		32,463,687			10,331,004

Total Revenues		76,500,635			50,913,559

COST OF REVENUES
Construction		35,222,201			32,311,960
Hotel		1,794,737			1,965,973
Real estate		25,761,636			6,465,472

Total Cost of Revenues		62,778,574			40,743,405

GROSS PROFIT		13,722,061			10,170,154

OPERATING EXPENSES:
Other hotel operating expenses		224,063			89,292
Bad debt recovery		(224,351	)		(102,704	)
Salaries and employee benefits		875,084			908,590
Depreciation		796,429			775,715
Selling, general and administrative		692,750			516,230

Total Operating Expenses		2,363,975			2,187,123

INCOME FROM OPERATIONS		11,358,086			7,983,031

OTHER INCOME (EXPENSES):
Other income		6,848			—
Gain on extinguishment of derivative liabilities		—			2,111,506
Gain on change in fair value of derivative liabilities		568,917			1,756,959
(Loss) gain on sale of land use rights and property and equipment		(1,929	)		350,885
Interest income		1,566,116			1,274,999
Interest expense		(522,743	)		(2,864,685	)

Total Other Income		1,617,209			2,629,664

INCOME BEFORE PROVISION FOR INCOME TAX		12,975,295			10,612,695

PROVISION FOR INCOME TAXES		3,248,935			2,339,637

NET INCOME	$	9,726,360		$	8,273,058

COMPREHENSIVE INCOME:
Net income	$	9,726,360		$	8,273,058

OTHER COMPREHENSIVE INCOME:
Unrealized foreign currency translation gain		2,234,499			187,809

COMPREHENSIVE INCOME	$	11,960,859		$	8,460,867

NET INCOME PER COMMON SHARE:
Basic	$	4.94		$	5.14
Diluted	$	4.90		$	5.01

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic		1,968,507			1,608,685
Diluted		1,984,075			1,651,520

Corporate Governance

Sat, 02 Jul 2011 04:00:00 GMT

The contracts between Messrs. Gregory Wolfson and Noel "Bud" Robyn (“Directors”) and Gold Horse International, Inc. (the "Company") expire effective July 1, 2011. Both the Company and the Directors agree that they should not stand for re-election as members of Board of Directors for fiscal 2012. Messrs. Wolfson and Robyn were both members of the Company’s Audit Committee, while Mr. Wolfson was a member of the Nomination and Governance Committee, and Mr. Robyn was a member of the Compensation Committee. As of the date of their disengagement, there are no disputes over any issue regarding business or services between the Directors and the Company, and the discontinuance of the appointment was prompted by the determination by the Company that the Company expects to reconstruct the management team with the purpose of reducing redundancy and increase work efficiency of the Board of Directors.

Comments & Business Outlook

Fri, 10 Jun 2011 04:00:00 GMT

HOHHOT, China, June 10, 2011 /PRNewswire-Asia/ -- Gold Horse International, Inc., (OTC Bulletin Board: GHII) ("Gold Horse" or the "Company"), a multifaceted business group that controls and through the Jin Ma Companies operates a construction company, real estate development business and a hotel/banquet facility in Inner Mongolia, China, today announced its financial results for the nine months ended March 31, 2011.

Net revenue increased 54.8% period-over-period to $36.2 million
Gross margin was 16.3% compared to 15.7% in the prior comparable period
Gross profit increased 60.8% period-over-period to $5.9 million
Operating income was $4.2 million compared to operating income of $2.2 million in the prior comparable period
Net income decreased 6.3% period-over-period to $3.7 million from $3.9 million

Adjusted net income excluding non-cash gains and expenses was $3.2 million, or $1.63 per fully diluted common share as compared to adjusted net income of $0.3 million, or $0.21 per fully diluted common share, in the prior comparable period

"We remain confident that real estate development in Hohhot, Inner Mongolia and its surrounding areas, a third- tier city, will remain strong and will not feel the effects of the slower real estate markets occurring in tier-one cities such as Beijing and Shanghai. We intend to meet our liquidity requirements, including capital expenditures related to the purchase of land for the development of future projects, through cash flow provided by operations, from the collection of outstanding accounts and notes receivable balances and the from the sale of units at the Shuian Renjia residential project. Through March 31, 2011, we have capitalized construction in progress consisting of the acquisition of land use rights and construction costs related to the Shuian Renjia project of approximately $19.8 million. In connection with the acquisition of land use rights and for construction costs, pursuant to agreements with Jin Ma Construction's sub-contractors, we will only partially pay subcontractors until such time as we begin selling units of real estate held for sale and accordingly, accounts payable has increased substantially. Subcontractors are willing to extend us credit due to long-term relationship with the Jin Ma Companies. During the fourth quarter of 2011, we expect to sell all of our units in Shuian Renjia and we expect to collect approximately $30,000,000 from these sales which will be used to pay subcontractors and other accounts payable balances and will be used for working capital purposes," said Mr. Liankuan Yang, chairman and CEO of Gold Horse

Comments & Business Outlook

Mon, 23 May 2011 04:00:00 GMT

GOLD HORSE INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME


	For the Three Months Ended March 31,						For the Nine Months Ended March 31,
	2011			2010			2011			2010
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
NET REVENUES
Construction	$	7,994,860		$	11,143,476		$	32,986,009		$	20,739,488
Hotel		739,027			749,749			2,304,502			2,262,578
Real estate		193,661			227,917			907,030			386,898

Total Revenues		8,927,548			12,121,142			36,197,541			23,388,964

COST OF REVENUES
Construction		6,851,787			9,559,477			28,289,607			17,889,157
Hotel		414,640			478,135			1,323,695			1,486,994
Real estate		130,334			168,805			670,548			335,855

Total Cost of Revenues		7,396,761			10,206,417			30,283,850			19,712,006

GROSS PROFIT		1,530,787			1,914,725			5,913,691			3,676,958

OPERATING EXPENSES:
Other hotel operating expenses		15,156			(26,052	)		47,116			77,307
Bad debt recovery		(1,291	)		(109,535	)		(196,903	)		(215,090	)
Salaries and employee benefits		293,197			290,845			711,807			683,280
Depreciation		200,224			198,081			592,661			583,202
Selling, general and administrative		97,549			113,126			565,283			365,689

Total Operating Expenses		604,835			466,465			1,719,964			1,494,388

INCOME FROM OPERATIONS		925,952			1,448,260			4,193,727			2,182,570

OTHER INCOME (EXPENSES):
Other income (expense)		(38	)		—			6,804			—
Gain on extinguishment of derivative liabilities		—			270,101			—			1,893,310
Gain on change in fair value of derivative liabilities		304,837			(298,283	)		461,929			1,704,654
Gain on sale of land use rights and property		—			55			—			449,528
Interest income		54,462			731,521			705,322			1,274,716
Interest expense		(125,722	)		(394,667	)		(377,728	)		(2,711,743	)

Total Other Income		233,539			308,727			796,327			2,610,465

INCOME BEFORE PROVISION FOR INCOME TAX		1,159,491			1,756,987			4,990,054			4,793,035

PROVISION FOR INCOME TAXES		288,058			550,772			1,308,526			865,550

NET INCOME	$	871,433		$	1,206,215		$	3,681,528		$	3,927,485

COMPREHENSIVE INCOME:
Net income	$	871,433		$	1,206,215		$	3,681,528		$	3,927,485

OTHER COMPREHENSIVE INCOME:
Unrealized foreign currency translation gain		252,349			4,753			1,407,022			38,613

COMPREHENSIVE INCOME	$	1,123,782		$	1,210,968		$	5,088,550		$	3,966,098

NET INCOME PER COMMON SHARE:
Basic	$	0.44		$	0.71		$	1.88		$	2.57
Diluted	$	0.44		$	0.70		$	1.86		$	2.54

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic		1,989,459			1,702,336			1,957,237			1,531,055
Diluted		1,989,459			1,711,679			1,977,994			1,548,957

GeoTeam® Note: 2011 vs. 2010 Third Quarter Adjusted EPS was $0.28 vs. $0.95

Comments & Business Outlook

Tue, 22 Feb 2011 05:00:00 GMT

GOLD HORSE INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME


	For the Three Months Ended December 31,						For the Six Months Ended December 31,
	2010			2009			2010			2009
	(Unaudited)			(Unaudited) (As Restated)			(Unaudited)			(Unaudited) (As Restated)
NET REVENUES
Construction	$	15,400,661		$	4,405,892		$	24,991,149		$	9,596,012
Hotel		724,213			734,809			1,565,475			1,512,829
Real estate		302,400			158,981			713,369			158,981

Total Revenues		16,427,274			5,299,682			27,269,993			11,267,822

COST OF REVENUES
Construction		13,280,141			3,878,214			21,437,820			8,329,680
Hotel		393,607			494,312			909,055			1,008,859
Real estate		241,712			167,050			540,214			167,050

Total Cost of Revenues		13,915,460			4,539,576			22,887,089			9,505,589

GROSS PROFIT		2,511,814			760,106			4,382,904			1,762,233

OPERATING EXPENSES:
Other hotel operating expenses		12,255			76,586			31,960			103,359
Bad debt recovery		(188,120	)		(97,564	)		(195,612	)		(105,555	)
Salaries and employee benefits		207,251			198,349			418,610			392,435
Depreciation		197,965			191,532			392,437			385,121
Selling, general and administrative		165,044			102,611			467,734			252,563

Total Operating Expenses		394,395			471,514			1,115,129			1,027,923

INCOME FROM OPERATIONS		2,117,419			288,592			3,267,775			734,310

OTHER INCOME (EXPENSES):
Other income (expense)		58			(27	)		6,842			46
Gain on extinguishment of derivative liabilities		—			561,602			—			1,623,209
Gain on change in fair value of derivative liabilities		121,612			1,314,381			157,092			2,002,937
Gain on sale of land use rights and property		—			167			—			449,473
Interest income		431,248			543,092			650,860			543,149
Interest expense		(125,960	)		(745,695	)		(252,006	)		(2,317,076	)

Total Other Income		426,958			1,673,520			562,788			2,301,738

INCOME BEFORE PROVISION FOR INCOME TAX		2,544,377			1,962,112			3,830,563			3,036,048

PROVISION FOR INCOME TAXES		648,547			79,632			1,020,468			314,778

NET INCOME	$	1,895,830		$	1,882,480		$	2,810,095		$	2,721,270

COMPREHENSIVE INCOME:
Net income	$	1,895,830		$	1,882,480		$	2,810,095		$	2,721,270

OTHER COMPREHENSIVE INCOME:
Unrealized foreign currency translation gain		529,724			1,716			1,154,673			33,861

COMPREHENSIVE INCOME	$	2,425,554		$	1,884,196		$	3,964,768		$	2,755,131

NET INCOME PER COMMON SHARE:
Basic	$	0.97		$	1.22		$	1.45		$	1.88
Diluted	$	0.96		$	1.22		$	1.42		$	1.85

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic		1,947,992			1,544,003			1,941,476			1,447,276
Diluted		1,981,696			1,544,003			1,972,611			1,469,458

GeoTeam® Note: Adjusting EPS for non-operational gains yields EPS of $0.77 the fiscal 2011 second quarter compared to ($0.05) in the comparable prior year period.