China Redstone Announces Cemetery Plot Sales for December 2010
-- Plots sales decreased 37.5% year-over-year vs. unusually strong comps in December 2009 to $3.4 million
-- Average sales price per plot increased 29.0% to $6,680
-- Revenues for the first nine months of FY11 (ending December 31, 2010) were approximately $36.5 million, a 33.5% increase over the year ago period
CHONGQING, China, Jan. 28, 2011 /PRNewswire/ -- China Redstone Group, Inc. (OTC Bulletin Board: CGPI) ("China Redstone" or the "Company"), the largest private provider of cemetery products and services in Chongqing, China, today reported the sales of the cemetery plots for December 2010.
China Redstone sold 503 cemetery plots in December 2010, representing a decrease of 51.5% from the same period last year. The average selling price was $6,680 per plot, an increase of 29.0% from $5,180 last year. During 2009, the main road to the cemetery was closed for repair and re-opened at the beginning of December 2009. This led to a spike in China Redstone's plot sales for the 2 month period starting in December 2009.
For the first nine months of fiscal 2011, which ended December 31, 2010, the Company recorded unaudited revenues of approximately $36.5 million, an increase of 33.5% from the year ago period. Average plot sales increased 30.1% to $6,958 during the period while 5,262 total plots were sold compared to 5,127 for the same period in fiscal 2010.
"We closed a successful calendar 2010 with solid results," stated Mr. Yivou Ran, Chairman and Chief Executive Officer of China Redstone. "Our strong pricing and customer inquiries reflect the positive impact from marketing investments we have made over the past two quarters."
The following summarizes the Company's recent cemetery plot sales trends:
(Fiscal year ending March 31) |
October 2010 |
November 2010 |
December 2010 |
FY11 YTD |
FY 2011 Guidance |
|
Cemetery Plot Sales |
643 |
536 |
503 |
5,262 |
7,000 |
|
Average Sales Per Plot |
$7,341 |
$7,380 |
$6,680 |
$6,958 |
$5,250-$6,250 |
|
Mr. Ran continued, "Unlike many of our competitors in Chongqing, we have an ample supply of land. With the license from the Chongqing Civil Administration Bureau in 2006, we can develop and operate cemeteries in Chongqing for the next 50 years. As we bring on more high quality cemetery plots, we remain optimistic about our ability to generate strong sales and cash flows."
China Redstone Group, Inc.
China Redstone is a cemetery developer and provider of cemetery products and services in Chongqing, China, through its contractually controlled affiliate Chongqing Foguang Tourism Development (Group) Co., Ltd. Founded in 2002, the Company provides a complete range of funeral merchandise and services, including cemetery property, both at the time of need and on a preneed basis. Its cemeteries are highly regarded in terms of a number of factors such as tradition, reputation, physical size, capacity of business, available supply, name recognition, aesthetics and potential for development or expansion.
Safe Harbor Statement
Certain statements set forth in this press release constitute "forward-looking statements." Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate," "project," "intend," "forecast," "anticipate," "plan," "planning," "expect," "believe," "will likely," "should," "could," "would," "may" or words or expressions of similar meaning. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's limited operating history, the limited financial resources, domestic or global economic conditions -- especially those relating to China, activities of competitors and the presence of new or additional competition, and changes in Federal or State laws, restrictions and regulations on doing business in a foreign country, in particular China, and conditions of equity markets. More information about the potential factors that could affect the Company's business and financial results is included in the Company's filings, available via the United States Securities and Exchange Commission.
Contacts: |
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HC International, Inc. |
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Ted Haberfield, Executive VP |
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Tel: +1-760-755-2716 |
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Email: [email protected] |
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SOURCE China Redstone Group, Inc.
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