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China HGS Announces First Quarter of Fiscal Year 2010 Results


News provided by

China HGS Real Estate Inc.

Feb 11, 2010, 08:00 ET

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HANZHONG, China, Feb. 11 /PRNewswire-Asia-FirstCall/ -- China HGS Real Estate Inc. (OTC Bulletin Board: CAHS) ("China HGS" or the "Company"), a leading residential property developer in Hanzhong, China, today reported financial results for the first quarter of its 2010 fiscal year ended December 31, 2009.

    First Quarter Highlights
    -- Revenues increased 18.4% year-over-year to $10.4 million
    -- Gross profit increased 21.0% to $4.8 million with gross margin of 46.6%
    -- Net income was $3.6 million, or $0.08 per diluted share

"In the first quarter of fiscal 2010, we witnessed strong demand for the Projects II and III of Yangzhou Pearl Garden as well as continued Mingzhu Xinju, generating net income in line with our expectations. Demand for our residential projects remains strong and we are not materially affected by the Chinese government's recent tight monetary policies," commented Mr. Xiaojun Zhu, Chairman and Chief Executive Officer of China HGS. "In the markets we operate, our average selling price increased 5% to 10% in January 2010, and we expect this trend to continue throughout 2010."

First Quarter Results

Revenues increased 18.4% to $10.4 million, from $8.8 million in the comparable period of fiscal 2009. The revenue growth during this period was attributable to stronger advertising and sales promotions and a larger customer base. Sales from the Company's Yangzhou Pearl Garden project accounted for approximately 100% of the Company's total revenue during the quarter.

Gross profit increased 21.0% to $4.8 million, as compared to $4.0 million in the same period last year. Gross margin expanded almost 100 basis points to 46.6%, as compared to 45.6% in the same period a year ago.

Total operating expenses were $1.1 million, up 274.1% from $0.3 million in the same period a year ago. Selling and distribution expenses rose 130.1% to $0.3 million due to increased advertising expenses to raise the Company's brand awareness among customers in Yang County, a new market. General and administrative expenses ("G&A") were $0.8 million, up 385.1% year-over-year. The increase in G&A expenses was primarily related to legal and professional expenses associated with being a publicly traded company. Operating expenses as a percentage of revenue were 10.7%, as compared to 3.4% in the same period last year.

Operating income was $3.7 million for the three months ended December 31, 2009, flat with the same period a year ago. Operating margin was 35.8%, compared to 42.2% in the same period a year ago.

Net income was $3.6 million, or $0.08 per diluted share, up 1.3% from $3.5 million, or $0.09 per diluted share, in the same period a year ago. Diluted earnings per share was calculated using weighted average shares of approximately 45.1 million in the quarter ended December 31, 2009 compared to 39.0 million a year ago. The increase was the result of increased shares outstanding due to the reverse merger last year.

Financial Condition

As of December 31, 2009, China HGS had $1.9 million in cash and cash equivalents, up from $0.8 million at September 30, 2009. China HGS had working capital of $32.7 million and no long-term debt. Shareholders' equity was $33.4 million. The Company generated $1.2 million of operating cash flow in the first quarter of fiscal 2010.

Business Outlook

Hangzhou, China HGS' key market, is located at the center of China's Grand Western Triangle, which includes some of the most developed cities in China, including Chengdu, Xi'an and Chongqing. As of December 31, 2009, China HGS had approximately $38.9 million of real estate projects under development. The Company's major projects under development include Mingzhu Garden in Hanzhong City and Yangzhou Pearl Garden in Yang County.

China HGS re-affirms its previously issued guidance for fiscal year ended September 30, 2010. The Company expects revenues to be approximately $47.5 million to $49.0 million and net income to be approximately $15.5 million to $16.0 million. The Company expects to generate stronger sales in the second quarter of fiscal 2010 than in the first quarter, as migrant workers return home to celebrate the Spring Festival, which marks the traditional sales season for apartment units.

"Despite the fact that many national real estate developers have been impacted by the government's recent tight monetary policy, China HGS has not been materially affected. We believe our projects in Hanzhong City and Yang County have little speculative buying due to strong fundamentals and GDP growth," said Mr. Xiaojun Zhu. "With significant land reserves and a balance sheet with no long-term debt, we believe we will continue to capture opportunities for revenue and profit growth in the year ahead."

Conference Call

China HGS will conduct a conference call at 10:00 a.m. Eastern Time on Thursday, February 11, 2010 to discuss results for the first quarter of fiscal 2010.

To participate in the live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: (877) 883-4655. International callers should dial: (706) 758-4585. When prompted by the operator, enter conference ID number: 56336995.

A replay will be available for 14 days starting at 11:00 a.m. Eastern Time on Thursday, February 11, 2010, and can be accessed by dialing (800) 642-1687. International callers should dial (706) 645-9291. When prompted, please enter conference ID number: 56336995.

About China HGS Real Estate Inc.

China HGS Real Estate Inc., through its wholly-owned subsidiary, Shaanxi Guangsha Investment and Development Group Co., Ltd., specializes in real estate development in China's second-tier and third-tier cities. The Company's real estate properties include multi-layer, sub-high-rise, and high-rise apartment buildings. The Company possesses the national grade II real estate qualification and was ranked as the No. 1 property developer in Hanzhong, Shaanxi Province in terms of market share in 2007 and 2008 successively.

Forward-looking Statements:

This press release contains certain statements that may include 'forward-looking statements'. All statements other than statements of historical fact included herein are 'forward-looking statements'. These forward looking statements are often identified by the use of forward-looking terminology such as 'believes,' 'expects' or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

                         --Financial Tables Follow--


                 CHINA HGS REAL ESTATE INC. AND SUBSIDIARIES
                   CONDENSED CONSOLIDATED BALANCE SHEETS
          AS OF DECEMBER 31, 2009 AND SEPTEMBER 30, 2009 (UNAUDITED)
                              (In U.S. Dollars)

                                              December 31,     September 30,
                                                  2009               2009
                                              (unaudited)         (audited)
                     ASSETS
    Current assets:
      Cash and cash equivalents               $1,942,513           $820,783
      Restricted cash                            613,431           $412,373
      Loans to outside parties, net of
       allowance                               3,956,006         $1,762,022
      Due from related party
      Real estate property development
       completed                               6,067,557          2,392,003
      Real estate property under
       development                            38,906,520         42,522,287
      Other current assets                        88,808             71,985

    Total current assets                      51,574,835         47,981,453

    Property, plant and equipment, net           695,945            713,008

    Total assets                             $52,270,780        $48,694,461

         LIABILITIES AND STOCKHOLDERS' EQUITY
    Current liabilities:
      Short-term loans                          $585,035           $672,751
      Accounts payable                           872,997            730,838
      Other payables                           1,113,839          1,021,147
      Customer deposits                       13,806,359         14,900,334
      Accrued expenses                           763,948            125,742
      Taxes payable                            1,695,482          1,380,694

    Total current liabilities                 18,837,660         18,831,506

    Stockholders' equity:
    Common stock, $.001 par value,
     100,000,000 shares authorized,
     45,050,000 shares issued and
     outstanding as of December 31,
     2009 and September 30, 2009,
     respectively                                 45,050             45,050
      Additional paid-in capital              17,632,348         17,632,348
      Statutory surplus                       11,473,560          7,904,531
      Retained earnings                        3,199,920          3,092,499
      Accumulated other comprehensive
       income                                  1,951,903          1,950,766

    Total stockholders' equity                33,433,120         29,862,955

    Total liabilities and stockholders'
     equity                                  $52,270,780        $48,694,461



                   CHINA HGS REAL ESTATE INC. AND SUBSIDIARIES
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
       FOR THE THREE MONTHS ENDED DECEMBER 31, 2009 AND 2008 (UNAUDITED)
                                 (In U.S. Dollars)

                                           Three months ended December 31,
                                               2009                2008
    Real estate sales, net of sales
     taxes of $663,246 and $545,470,
     respectively                          $10,390,857         $8,776,343

    Cost of real estate sales,
     exclusive of depreciation               5,552,590          4,776,439

    Gross profit                             4,838,267          3,999,904

    Operating expenses
      Selling and distribution expenses        299,081            129,953
      General and administrative
       expenses                                817,230            168,474
    Total operating expenses                 1,116,311            298,427


    Operating income                         3,721,956          3,701,477

    Other income (expenses)
      Interest expenses                        (14,752)           (41,571)
      Other expenses                                 0               (309)
    Total other income (expenses)               14,752             41,880

    Income before income taxes               3,707,204          3,659,597

    Provision for income taxes                 138,176            137,250

    Net income                               3,569,028          3,522,347

    Other comprehensive income
      Foreign currency translation
       adjustment                                 1136                978

    Comprehensive income                    $3,570,164         $3,523,325

    Basic and diluted income per
     common share
    - Basic                                      $0.08              $0.09
    - Diluted                                    $0.08              $0.09

    Weighted average common shares
     outstanding:
    - Basic                                 45,050,000         39,000,000
    - Diluted                               45,050,000         39,000,000



                      CHINA HGS REAL ESTATE INC. AND SUBSIDIARIES
                    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
          FOR THE THREE MONTHS ENDED DECEMBER 31, 2009 AND 2008 (UNAUDITED)
                                   (In U.S. Dollars)

                                            Three months ended December 31,
                                               2009                  2008
    Cash flows from operating activities
    Net income                               $3,569,028          $3,522,965
    Adjustments to reconcile net income
     to net cash provided by (used in)
     operating activities:
      Depreciation                               14,246              11,344
      Loss on disposal of fixed assets            2,861                 308

    Changes in assets and liabilities
    (Increase) decrease in
      Restricted cash                          (201,068)             54,437
      Accounts receivable                             0             (14,784)
      Loans to outside parties               (2,194,256)           (350,664)
      Real estate property development
       completed                             (3,676,043)          4,776,439
      Real estate property under
       development                            3,618,875          (2,533,239)
      Due from related party
      Other current assets                      (16,823)           (214,034)
    (Increase) decrease in
      Accounts payables                         142,141            (349,649)
      Other payables                             92,647            (522,620)
      Customer deposits                      (1,095,034)         (6,788,087)
      Accrued expenses                          638,308             (38,501)
      Taxes payable                             314,761             365,454

    Net cash provided by (used in)
     operating activities                     1,209,643          (2,081,245)

    Cash flow from investing activities
      Addition of fixed assets                        0            (343,447)
      Proceeds from disposal of fixed
       assets                                         0                   0

    Net cash used in investing
     activities                                       0            (343,447)

    Cash flow from financing activities
      Proceeds from shareholder loans                 0            (412,360)
      Repayment of short-term loans             (87,770)                  0
      Capital contribution                            0            (437,750)

    Net cash provided by (used in)
     financing activities                       (87,770)           (850,111)

    Effect of changes of foreign
     exchange rate on cash and
     cash equivalents                              (143)               (504)

    Net increase (decrease) in cash and
     cash equivalents                         1,121,730          (1,574,007)

    Cash and cash equivalents, beginning
     of year                                    820,783           2,121,060

    Cash and cash equivalents, end of
     period                                  $1,942,513            $546,983

    Supplemental disclosure of cash flow
     information
    Interest paid                               $13,337             $42,733
    Income taxes paid                           $31,411             $78,430

    Non-cash financing activities
    Capital contribution converted from
     dividend payable                                $0          $5,483,508
    Capital contribution converted from
     retained earnings                               $0         $10,788,349
    Capital contribution converted from
     surplus                                         $0            $799,137


    For more information, please contact:

    Company Contact:
     Mr. Ran Xiong, Deputy GM
     Email: [email protected]
     Phone: +86-916-2622612

    Investor Relations Contact:
     CCG Investor Relations
     Crocker Coulson, President
     Email: [email protected]
     Phone: +1-646-213-1915 (NY office)
     Elaine Ketchmere, Partner
     Email: [email protected]
     Phone: +1-310-954-1345 (LA office)

SOURCE China HGS Real Estate Inc.

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