posted
China America Holdings, Inc. Reaches Profitability in Second Quarter of 2008 Tuesday August 19, 8:51 am ET Revenue reaches $10.5 million, up over 60% sequentially from the first quarter of 2008
FT LAUDERDALE, Fla.--(BUSINESS WIRE)--China America Holdings, Inc., (OTCBB: CAAH - News), a holding company operating in both the United States and China announced today the results of operations for the second quarter of 2008 ending June 30, 2008. The Company reports revenue of $10,457,430 in the second quarter of 2008 as compared to $19,673 in the second quarter of 2007. ADVERTISEMENT
Net income for the second quarter of 2008 was $233,561 compared to a loss of $(490,080) for the second quarter of 2007. This represents the first quarter of profitability in the history of the company and more importantly since the company’s decision to move forward with its acquisition plan in China which began in 2007. The increase in revenue and profitability for 2008 was mainly attributable to the acquisition of Shanghai Aohong Chemical in 2007. In addition, China America reported its second straight quarter of record revenue. Management expects that the company will continue this trend for the remainder of 2008.
Commenting on the results Dore Perler, CEO of China America Holdings, Inc. stated, “We are extremely pleased to have reached this important milestone in the history of our company. When we embarked on our focused plan forged in early 2007, we were confident and have been tireless in our efforts to reach the goal of profitability in 2008. We are happy to have achieved that goal in this quarter and we expect to attain profitability for the full year. We recognize it is only the first step in building our company for the future. As we continue to expand Aohong and search for additional drivers to fuel continued growth, we remain committed to achieving further improvements in our top and bottom line performance for the benefit of our shareholders.”
Posts: 1101 | From: Georgia | Registered: Apr 2006
| IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
