This unveil contains in the cards "forward-looking statements" relating to the firm of China Marine Food Group Limited and its subsidiary companies, which can be identified by the use of forward-looking jargon such as "believes, expects" or comparable expressions. Such aid looking statements mean known and dark risks and uncertainties, including all responsibility uncertainties relating to spin-off development, marketing, concentration in a only customer, sharp non-spiritual costs, trade acceptance, coming upper case requirements, competition in inexact and other factors that may cause actual results to be essentially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater factor in our filings with the Securities and Exchange Commission. China Marine Food Group Limited is under no agreement to (and unmistakably disclaims any such charge to) update or adapt its forward-looking statements whether as a outcome of redone information, following events or otherwise.
This squeeze releasing shall not constitute an offer to sell or the solicitation of an advance to buy nor shall there be any sale of these securities in any state of affairs or jurisdiction in which such offer, solicitation or trade would be unlawful prior to registration or requirement under the securities laws of such government or jurisdiction. CHINA MARINE FOOD GROUP LIMITED CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2008 AND 2007 (Currency expressed in United States Dollars ("US$")) As of December 31, 2008 2007 ASSETS Current assets: Cash and currency equivalents $ 31,640,307 $ 24,476,647 Accounts receivable, take in 4,819,434 4,183,437 Inventories 6,679,488 1,187,335 Prepaid expenses and other fashionable assets 326,977 165,528 Total au courant assets 43,466,206 30,012,947 Property, foundry and equipment, make 5,944,515 3,510,837 Land use rights, grate 630,150 605,823 Construction in maturation 1,604,855 -- TOTAL ASSETS $ 51,645,726 $ 34,129,607 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Short-term borrowings $ 4,289,341 $ 772,481 Accounts payable, employment 416,463 436,620 Amount due to a stockholder 170,091 262,388 Income onus mature 362,326 341,094 Accrued liabilities and other owed 1,387,427 788,852 Total trend liabilities 6,625,648 2,601,435 Commitments and contingencies Stockholders' equity: Preferred stock, $0.001 level value; 1,000,000 shares authorized; 0 shares issued and sensational as of December 31, 2008 and 2007 Common stock, $0.001 standing value; 100,000,000 shares authorized; 23,026,301 and 22,972,301 shares issued and excellent as of December 31, 2008 and 2007 23,026 22,972 Additional paid-in important 16,752,945 16,579,443 Statutory secure 4,883,700 3,110,266 Accumulated other complete receipts 3,448,436 1,252,896 Retained emolument 19,911,971 10,562,595 Total stockholders' disinterest 45,020,078 31,528,172 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 51,645,726 $ 34,129,607 CHINA MARINE FOOD GROUP LIMITED CONSOLIDATED STATEMENTS OF OPERATION AND COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007 (Currency expressed in United States Dollars ("US$"), leave out for tons of shares) Years ended December 31, 2008 2007 Revenue, lace-work $ 48,798,804 $ 36,425,327 Cost of interest (inclusive of depreciation and amortization) (33,606,972) (25,649,518) Gross rake it in 15,191,832 10,775,809 Operating expenses: Depreciation and amortization (58,310) (37,013) Sales and marketing (608,259) (148,840) General and administrative (2,067,802) (597,767) Total operating expenses (2,734,371) (783,620) Income from operations 12,457,461 9,992,189 Other gain (expenses): Other takings -- 13,533 Subsidy return 68,225 62,142 Rental revenue 73,941 68,066 Interest profit 505,173 79,183 Interest destruction (319,229) (332,816) Income before proceeds taxes 12,785,571 9,882,297 Income stretch sacrifice (1,662,761) (1,220,942) NET INCOME $ 11,122,810 $ 8,661,355 Other inclusive income: - Foreign currency conveyance elevation 2,195,540 1,188,929 COMPREHENSIVE INCOME $ 13,318,350 $ 9,850,284 Net income per ration - vital $ 0.48 $ 0.38 Net income per split - diluted $ 0.48 $ 0.34 Weighted regular shares payable - fundamental 23,010,842 22,972,301 Weighted mediocre shares important - diluted 23,010,842 25,142,105 CHINA MARINE FOOD GROUP LIMITED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007 (Currency expressed in United States Dollars ("US$")) Years ended December 31, 2008 2007 Cash flows from operating activities: Net income $ 11,122,810 $ 8,661,355 Adjustments to restore harmony between take income to grille hard cash provided by operating activities: Depreciation and amortization 237,400 224,293 Loss on disposal of property, position and furnishings 156,681 -- Stock issued to an directorship 77,136 -- Stock issued for checking 96,420 -- Allowance for vacillating accounts 3,196 14,581 Changes in operating assets and liabilities: Accounts receivable (639,193) (2,908,349) Inventories (5,492,153) (51,249) Prepaid expenses and other in the know assets (161,449) (130,644) Accounts payable, return (20,157) 208,527 Income tribute outstanding 21,232 341,094 Accrued liabilities and other owing 598,575 340,975 Net mazuma provided by operating activities 6,000,498 6,700,583 Cash flows from investing activities: Purchase of property, informant and accoutrements (634,069) (21,079) Proceeds from disposal of property, place and tackle 13,906 -- Cash paid to construction in development (3,558,441) -- Net change cast-off in investing activities (4,178,604) (21,079) Cash flows from financing activities: Repayment of magnitude due to a stockholder (92,297) (383,706) Proceeds from short-term borrowings 8,844,844 772,481 Payment on short-term borrowings (5,388,690) (3,792,640) Proceeds from reclusive placement, earnings of contribution expenses -- 15,925,000 Payment on dividends -- (4,562,044) Net loot provided by financing activities 3,363,857 7,959,091 Effect of securities exchange scold changes in moolah and lolly equivalents 1,977,909 655,813 NET CHANGE IN CASH AND CASH EQUIVALENTS 7,163,660 15,294,408 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 24,476,647 9,182,239 CASH AND CASH EQUIVALENTS, END OF YEAR $ 31,640,307 $ 24,476,647 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash paid for income taxes $ 1,641,529 $ 879,848 Cash paid for vigorish expenses $ 319,229 $ 332,816 SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING TRANSACTIONS Warrant shares granted for sacrifice costs $ -- $ 1,941,014 For more information, divert contact: COMPANY Marco Hon Wai Ku, CFO Suite 815, 8th Floor Ocean Centre, Harbour City Kowloon, HONG KONG Tel: +852-2111-8768 Email: Web: INVESTOR RELATIONS John Mattio HC International, Inc. 56 June Road, North Salem NY Tel: +1-914-669-5340 (U.S.) Email: Web:.
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