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SHENZHEN CITY, China--(BUSINESS WIRE)--China Ivy School, Inc., (OTBCC: CIVY) a private education institution located in Jiangsu province of China, reported its financial results for the three months ended March 31, 2008.
Highlights of the quarter include:
Sales for the first quarter totaled $1.51 million, an increase of $119,191 versus the same period in 2007. Net income for the first quarter of 2008 was $390,521, compared with $571,759 reported during last year's first quarter. Net income during the first quarter of 2008 was negatively impacted by an increase of approximately $220,000 in depreciation and amortization costs. This increase also had a negative impact on the company's operating margins, which were 43% during the first quarter of 2008, compared with 57% in last year's first quarter. Operating income for the first quarter of 2008 was $647,162 compared with $793,128 reported during the 2007 first quarter.
For the first quarter of 2008, an increase in depreciation and amortization costs affected the company's operating margins, which were 43%, compared with 57% in last year's first quarter. Operating income for the first quarter of 2008 was $647,162 compared with $793,128 reported during the 2007 first quarter.
| CHINA IVY SCHOOL, INC. AND SUBSIDIARIES |
| (FORMERLY CLAREMONT TECHNOLOGIES CORPORATE) |
| CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME |
| FOR THE THREE MONTH PERIODS ENDED MARCH 31, 2008 AND 2007 |
| (UNAUDITED) /FONT> |
|
|
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|
|
|
|
|
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2008 |
|
|
2007 |
|
|
|
|
|
|
|
| Net revenue |
|
$ |
1,506,505 |
|
$ |
1,386,619 |
|
|
|
|
|
|
|
| Operating expenses |
|
|
|
|
|
|
| Depreciation & amortization |
|
|
331,691 |
|
|
110,296 |
| General and administrative expenses |
|
|
527,652 |
|
|
483,195 |
| Total operating expenses |
|
|
859,343 |
|
|
593,491 |
|
|
|
|
|
|
|
| Income from operations |
|
|
647,162 |
|
|
793,128 |
|
|
|
|
|
|
|
| Other (income) expense |
|
|
|
|
|
|
| Interest income |
|
|
- |
|
|
(15,564) |
| Interest expense |
|
|
251,654 |
|
|
236,933 |
| Miscellaneous (income) expense |
|
|
- |
|
|
|
| Forgiveness of debt |
|
|
- |
|
|
- |
| Total Other Expense |
|
|
251,654 |
|
|
221,369 |
|
|
|
|
|
|
|
| Income from continued operations |
|
|
395,508 |
|
|
571,759 |
|
|
|
|
|
|
|
| Loss from operations of the entity to be discontinued |
|
|
(4,987) |
|
|
- |
|
|
|
|
|
|
|
| Net income |
|
|
390,521 |
|
|
571,759 |
|
|
|
|
|
|
|
| Other comprehensive item |
|
|
|
|
|
|
| Foreign currency translation gain |
|
|
263,683 |
|
|
50,404 |
|
|
|
|
|
|
|
| Comprehensive income |
|
$ |
654,204 |
|
$ |
622,163 |
|
|
|
|
|
|
|
| Basic and diluted net income per share from continued operations |
|
$ |
0.01 |
|
$ |
0.01 |
| Basic and diluted net income (loss) per share from operations of the entity to be discontinued |
|
$ |
(0.00) |
|
$ |
0.00 |
| Basic and diluted net income per share |
|
$ |
0.01 |
|
$ |
0.01 |
| Weighted average number of basic and diluted share outstanding |
|
|
61,650,000 |
|
|
61,500,000 | |
