Condensed Consolidated Statements of Income and Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2011 | Sep. 30, 2010 | |
NET SALES | $ 53,673,933 | $ 31,935,974 | $ 149,805,810 | $ 81,178,018 |
COST OF SALES | 42,478,209 | 25,583,832 | 119,141,327 | 64,888,871 |
GROSS PROFIT | 11,195,724 | 6,352,142 | 30,664,483 | 16,289,147 |
OPERATING EXPENSES | ||||
Selling expenses | 4,257,401 | 2,283,606 | 11,613,276 | 6,032,491 |
General and administrative expenses | 3,443,713 | 2,501,565 | 9,772,868 | 6,160,865 |
Total operating expenses | 7,701,114 | 4,785,171 | 21,386,144 | 12,193,356 |
INCOME FROM OPERATIONS | 3,494,610 | 1,566,971 | 9,278,339 | 4,095,791 |
OTHER INCOME (EXPENSES) | ||||
Interest income | 214,814 | 11,802 | 361,688 | 105,549 |
Interest expense | (411,206) | (93,470) | (932,381) | (326,290) |
Change in fair value of derivative liability | 15,500 | 621,600 | 345,800 | 692,800 |
Other income | 36,058 | 4,076 | 60,192 | 36,870 |
Gain on sale of investment | 0 | 0 | 0 | 346,188 |
Total other income(expense) | (144,834) | 544,008 | (164,701) | 855,117 |
INCOME BEFORE INCOME TAX EXPENSE | 3,349,776 | 2,110,979 | 9,113,638 | 4,950,908 |
INCOME TAX EXPENSE | (646,793) | (284,914) | (1,539,790) | (689,694) |
NET INCOME | 2,702,983 | 1,826,065 | 7,573,848 | 4,261,214 |
LESS: NET INCOME ATTRIBUTABLE TO THE NON CONTROLLING INTEREST | 0 | 0 | 0 | (58,701) |
NET INCOME ATTRIBUTABLE TO THE COMPANY | 2,702,983 | 1,826,065 | 7,573,848 | 4,202,513 |
NET INCOME | 2,702,983 | 1,826,065 | 7,573,848 | 4,261,214 |
Foreign currency translation loss | 332,262 | 575,350 | 1,048,757 | 747,798 |
COMPREHENSIVE INCOME | 3,035,245 | 2,401,415 | 8,622,605 | 5,009,012 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE NONCONTROLLING INTEREST | 0 | 0 | 0 | (58,721) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY | $ 3,035,245 | $ 2,401,415 | $ 8,622,605 | $ 4,950,291 |
EARNINGS PER SHARE Attributable to the Company's common stockholders | ||||
Basic | $ 0.18 | $ 0.12 | $ 0.51 | $ 0.29 |
Diluted | $ 0.18 | $ 0.12 | $ 0.51 | $ 0.29 |
Weighted average number of shares outstanding | ||||
Basic | 14,758,944 | 14,750,294 | 14,756,122 | 14,734,919 |
Diluted | 14,758,944 | 14,750,294 | 14,756,122 | 14,734,919 |
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- Definition The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to noncontrolling interests, if any. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the economic entity, including both controlling (parent) and noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, including any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Aggregate net gain (loss) on all derivative instruments recognized in earnings during the period, before tax effects. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain (loss) of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Additionally, this item would include any gains (losses) realized during the period from the sale of investments accounted for under the cost method of accounting and losses recognized for other than temporary impairments (OTTI) of the subject investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Represents the portion of interest incurred in the period on debt arrangements that was charged against earnings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The portion of net Income or Loss attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.
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- Definition The net result for the period of deducting operating expenses from operating revenues.
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- Definition Change in the balance sheet adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into functional currency of the reporting entity for the period being reported, net of tax. If an entity's functional currency is a foreign currency, translation adjustments result from the process of translating that entity's financial statements into the reporting currency. Includes gain (loss) on foreign currency forward exchange contracts. Includes foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements. Includes the gain (loss) on a derivative instrument or nonderivative financial instrument that may give rise to a foreign currency transaction gain (loss) and that have been designated and have qualified as hedging instruments for hedges of the foreign currency exposure of a net investment in a foreign operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate amount of other income amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) profits on securities (net of losses), and (d) miscellaneous other income items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Expenses recognized in the period that are directly related to the selling and distribution of products or services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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