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HOUSTON--(BUSINESS WIRE)--Eternal Technologies Group, Inc. (OTCBB:ETLT - News) today reported results of operations for the three and nine months ended September 30, 2006.
Revenues for the three months ended September 30, 2006 increased by $2,089,207 or 41.6% to $7,116,175 from $5,026,986 for corresponding period of 2005. For the three months ended September 30, 2006 the company had net income of $1,843,743 or $.05 per share compared to net income of $730,231 or $.02 per share for the corresponding period of the prior year.
For the nine months ended September 30, 2006, the company reported revenues of $21,702,671, an increase of $4,443,288 or 25.7% from the $17,259,383 reported for the nine months ended September 30, 2005. The company had net income of $4,043,242 or $.10 per share for the nine months ended September 30, 2006 compared to net income of $2,560,091 or $.06 per share for the corresponding period of 2005.
The Company continues to be very liquid. As of September 30, 2006, it had cash and cash equivalents of $14,891,671, short term investments of $25,262,732 and working capital of $39,692,110. The company's shareholders equity increased to $53,340,660 or $1.31 per share, substantially above its closing price of $.0467 on November 14, 2006.
Mr. Jijun Wu, Chairman of the company, stated that "the company is performing and continues to perform very well, exceeding its projections in all of its operations. He went on to state that the results of E-Sea are particularly encouraging, as E-Sea has generated $5,761,636 in sales for the first nine months with a gross profit margin in excess of 60%. He concluded by stating that the company expects to have record operating results for the year ended December 31, 2006.
The company's financial statements for the three and nine months ended September 30, 2006 are attached hereto.
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