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Thursday, August 18, 2005

China Education Alliance (CEDA)

Yet another Chinese reverse merger (website in Chinese). The company is under-capitalized. It may do well, I don't know. It's profitable, which is more than I can say for most of pink sheets companies.

Latest quarter (June 30, 2005):
$423K cash (nearly all the current assets)
$2.4 million machinery and equip (5% depreciated).
$166K current liabilities
$2.5 million equity
$2.7 million assets

revenues $285K ($78K last Q, ramping up)
gross profit: $254K
total operation expenses: $34K
taxes: $74K
Net Income: $144K
58 million fully diluted shares
$313K operational cash flow (deprec and taxes payable)
no other significant cash flows

58 million shares outstanding
recent stock price 32 cents (market cap $18.6 million)
annualized P/E of 32.3 based on most recent quarter.

(check this one out)

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