This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Jade Art Group Inc. Reports Full Year 2009 Financial Results

Jade Art Group Inc. (OTCBB:JADA; "Jade Art" or the "Company"), a seller and distributor of raw jade in China, announced today its financial results for the year ended December 31, 2009.

2009 Key Items

  • Revenue of $25.3 million represents a 17% decrease from $30.5 million in 2008.
  • Gross profit was $20.6 million, compared to $25.3 million in 2008.
  • Income from continuing operations was $18.7 million, compared to $22.5 million in 2008.
  • Net income in 2009 was $13.2 million, compared to $15.4 million in 2008, excluding the gain in 2008 from discontinued operations of $55.4 million.
  • Fully diluted earnings per share decreased to $0.16 from $0.19, excluding the gain from discontinued operations of $0.69 in 2008.

2009 Results Commentary

Revenue for 2009 was $25.3 million, representing a 17% decrease from the $30.5 million of revenue recorded in 2008. The decrease was primarily due to the global economic downturn that has reduced the demand for luxury goods such as jade. In addition, the Company’s management believes that the adverse weather condition also impacted the ability to transport product in 2009.

The resulting gross profit for 2009 was $20.6 million, which represented approximately 81.4% of revenue, compared to $25.3 million for 2008, which represented approximately 82.9% of revenue. This decrease in gross profit primarily resulted from the decrease in the Company’s sales revenue.

Selling, general and administrative expenses were $1.9 million for 2009, representing a 33.4% decrease from $2.8 million recorded in 2008. The reduction of sales revenue resulted in a decrease of sales commissions, which lowered expenses compared to the expenses for 2008.

The 2009 net income of $13.2 million, resulting in earnings per diluted share of $0.16, represents a decrease from the 2008 net income level of $15.4 million, excluding $55.4 million of income from discontinued operations in 2008 from the Company’s wood carving business, with related earnings per diluted share in 2008 of $0.19.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs