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 second quarter and six months ended June 30, 2010.
2010 Second Quarter Financial Highlights
Second Quarter 2010 Financial Results
- Revenue of $2.8 million represents a 42% increase over revenue of $2.0 million recorded in the second quarter of 2009.
- Gross profit was $1.9 million, compared to $1.1 million in the second quarter of 2009.
- Net income in the second quarter of 2010 was $1.1 million, an increase of nearly 200% compared to net income of $0.4 million in the second quarter of 2009.
- Basic and fully diluted earnings per share in the second quarter of 2010 were up $0.01 from $0.00 in the second quarter of 2009.
Jade Art Group's second quarter 2010 revenue was $2.8 million, representing a 42% increase over the $2.0 million of revenue recorded in the comparable period in 2009. This increase in revenue resulted from larger orders for raw jade, as the Company’s customers were responding to the better economic environment as compared to a year ago. The revenue reflects a 38% increase in the tons of jade shipped, and a 2.9% increase in the average price per ton. The improvement in the economy is having a positive impact on the commercial and residential construction markets and on the jewelry market into which the Company sells raw jade.
Gross profit for the second quarter was $1.9 million compared to $1.1 million for the same period last year, an increase of 70%, reflective of the increase in revenue. The gross profit margin for the second quarter of 2010 was 67%, up from 56% for the same period last year, due to the benefit of the fixed cost amortization of the Company’s Exclusive Distribution Right Agreement being spread over a higher level of revenue.