Sungwon Pipe Reports Financial Results for First Nine Months of FY 2010

Company reports consolidated revenue growth of approximately 70% year-over-year compared to first nine months of 2009

News provided by

Dec 09, 2010, 08:30 ET

SEOUL, Republic of Korea, Dec. 9, 2010 /PRNewswire-FirstCall/ -- Sungwon Pipe Co. Ltd. ("Sungwon Pipe" or the "Company") (Pink Sheets: SNGWY), Korea's leading provider of stainless steel pipes, announced today its unaudited financial results for the first nine months ended September 30, 2010.

This earnings release reflects both pro forma and actual financial results due to Sungwon Pipe's acquisition of MS Metal Global Service ("MS Metal") in December 2009. The financial results of both entities have been consolidated beginning January 1, 2010.

Highlights For Nine Months Ended September 30, 2010:

Consolidated Revenues of 128.5 million
Consolidated EBITDA of $7.7 million
Consolidated net income of $6.5 million, or $0.47 per common share based on 130,675,518 shares outstanding


(unaudited) Nine months Ended Sept 30, 2010	SWP	MS Metal	Consolidated
Total Revenues	$84.3 M	$44.2M	$128.5M
EBITDA	$3.2M	$4.5M	$7.7M
Net Income	$3.3M	$3.2M	$6.5M

"We are very pleased to be reporting our first nine months of financial results to the US capital markets," said Mr. Chung Keun Kim, Chief Executive Officer of Sungwon Pipe. "We have achieved some very exciting milestones this year with the listing of our ADRs onto the US markets and completing our first major road show with institutional and retail investors. This year has not only demonstrated our continued leadership in the Korean stainless steel pipe market, but also how we can more effectively capture growth opportunities on the horizon. Year to date, we have delivered EBITDA growth of approximately 70%. We believe this is just the beginning and look forward to updating our shareholders on the progress with our international initiatives and the higher margin businesses that will continue to drive top and bottom line growth."

Management's Discussion & Analysis

Sungwon Pipe's unconsolidated revenues for the first nine months of 2010 were $84.3 million compared to revenues of $77.5 million for the same period in 2009. The increase in revenues does not include revenues in the amount of approximately $9.5 million, which has been deferred to the first quarter of 2011.

Sungwon Pipe's EBITDA for the nine months of 2010 was $3.2 million, up 77% compared to $1.8 million for the same period in 2009. The increase in EBITDA was driven primarily by management's strategic shift to focus on producing higher margin products and outsourcing production of lower margin stainless steel pipes. In addition, the acquisition of MS Metal also attributed to effective cost-cutting initiatives.

Net income for the nine months ending in September 30, 2010 was $3.3 million, compared to a net loss of $0.7 million for the same period in 2009. The return to profitability was due to reduction in raw material costs, lower production expenses, and additional pricing and cost saving initiatives.

Consolidated revenues which include MS Metal were $128.5 million for the first nine months of 2010. Consolidated EBITDA and net income for the same period were $7.7 million and $6.5 million respectively.

Recent Company Highlights

In September 2010, Sungwon Pipe became the first Korean Depository Receipt issuer to be listed on the OTCQX premier tier market whereby each ADR represents 10 ordinary shares. To further demonstrate the Company's commitment to its US investors, the management team of Sungwon Pipe followed up in November with an extensive investor road show to meet with key institutional and retail investors in New York, Boston, San Francisco and Los Angeles. Through this marketing trip, the Company reaffirmed its strategic vision to expand its global visibility and shareholder base by making its equity more readily available to investors in the US capital markets.

During the third quarter of 2010, KOSDAQ (Korean Securities Dealers Automated Quotations) reported that only three out of seven companies within Kwangju city have reached a sales surplus, with Sungwon Pipe having the largest of all.

Financial Guidance

The following statements are based on current Company expectations. These statements are forward-looking, and actual results may differ materially. These statements do not give effect to the potential impact of mergers, acquisitions, divestitures or business combinations that may be announced or closed after the date hereof. For the full year 2010, the Company has provided guidance for total consolidated revenues of approximately $170 million and net income to fall in the range of $13.5-$14.5 million.

Safe Harbor Statement

The matters discussed in this press release contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release are based on current Company expectations and are subject to numerous risks, uncertainties and assumptions. Any forward-looking statements are not guarantees of future performance and actual results of operations, financial condition and liquidity. The Company undertakes no obligation and disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

About Sungwon Pipe Co. Ltd.

Sungwon Pipe Co., Ltd. is a Korea-based company that is primarily involved in the production and supply of stainless steel pipes used in different industrial applications. Sungwon Pipe Co. Ltd. is Korea's number one stainless steel pipe manufacturing company. In December 2009, it acquired MS Metal, the stockist and distributor as a wholly-owned subsidiary to become Korea's first and largest total stainless steel pipe Company. The Company's products are used in paper manufacturing, petrochemical industry, food processing, heat exchangers, industrial structural products and shipbuilding. Sungwon Pipe distributes its products in domestic markets and recently announced an initiative to focus on the overseas markets with current contracts in the United States and Middle East. Its major customers include Samsung, Hyundai, Daewoo, etc.


Sungwon Pipe
Unaudited Balance Sheets
(Units in USD : 1 USD = 1,120 KWR)
Accounts	FY 2010	FY 2009
Assets
Current Assets	32,724,777	31,765,784
Quick Assets	19,406,783	15,799,590
Cash and Cash Equivalents	534,362	750,484
Government Subsidy for Cash and Cash Equivalents	93,229	116,496
Short-term Financial Instruments	-	32,143
Short-term Investment Assets	897,612	897,674
Available-for-Sale Securities Current	4,754	4,754
Short-term Loans	892,857	892,920
Trade Receivable	13,014,094	14,226,411
Allowance for Doubtful Accounts for Trade Receivables	756,583	701,258
Other Receivables	27,914	13,708
Accrued Income	506,212	303,569
Advance Payments	4,867,293	126,679
Prepaid Expenses Total	12,225	12,660
Prepaid Value Added Tax	-	41,329
Prepaid Income Taxes	5,388	-
Deferred Income Taxes Assets Current	391,497	212,687
Inventories	13,317,994	15,966,194
Merchandises	985,839	710,644
Finished Goods	5,998,888	8,332,290
Works in Process	1,399,403	969,280
Raw Materials	4,852,535	5,876,165
Supplies	81,329	77,815
Non-current Assets	97,560,654	104,252,431
Investment Assets	58,425,549	64,119,820
Long-term Financial Instruments	267,857	535,714
Long-term Investment in Securities	13,013,494	16,351,563
Available-for-Sale Securities in Investment Assets	8,144,414	10,143,197
Held-to-Maturity Securities in Investment Assets	4,869,080	6,208,366
Equity Method Securities	45,070,435	47,137,665
Long-term Loans	42,054	63,170
Investment in Properties	31,709	31,709
Property, Plant and Equipment	37,438,527	38,330,830
Land	23,265,058	23,265,058
Buildings	16,444,529	16,444,529
Accumulated Depreciation for Buildings	4,117,591	3,500,921
Machinery	11,838,018	11,805,340
Accumulated Depreciation for Machinery	10,288,716	9,878,244
Tools	150,905	150,905
Accumulated Depreciation for Tools	150,891	150,891
Office Equipment	1,087,807	1,082,200
Accumulated Depreciation for Office Equipment	1,045,980	1,026,383
Vehicles	390,750	251,799
Accumulated Depreciation for Vehicles	135,380	112,580
Other Property Plant Equipment	444,838	444,838
Accumulated Depreciation for Other Tangible Assets	444,820	444,820
Construction in Progress	-	-
Other Non-current Assets	1,696,578	1,801,781
Deposits Provided	1,494,245	1,437,190
Long-term Trade Receivables	1,731,652	1,525,066
Allowance for Doubtful Accounts for Long-term Trade Receivables	1,529,319	1,160,476
Deferred Income Taxes Assets Non-current	-	-
Total Assets	130,285,431	136,018,215
Liabilities	-	-
Current Liabilities	30,767,264	41,205,282
Trade Payable	14,537,480	7,887,785
Short-term Borrowings	7,410,714	27,232,143
Other Payables	758,322	325,279
Advance for Customers	1,622,432	12,475
Withholdings	53,498	48,493
Accrued Expenses	277,916	281,714
Income Taxes Payable	484,547	5,897
Value Added Tax Withheld	247,353	-
Withholdings Guarantee Deposits	196,429	196,429
Current Portion of Long-term Liabilities	5,178,571	5,178,571
Bonds With Stock Warrants for Current Liabilities	-	37,500
Current Portion of Yield to Maturity Premium on Bonds of Current Portion of Long-term Liabilities	-	3,477
Discount on Bonds of Current Portion of Long-term Liabilities	-	110
Stock Warrants Adjustment for Bonds	-	4,371
Deferred Income Taxes Liabilities Current	-	-
Non-current Liabilities	1,810,846	1,996,542
Long-term Borrowings	-	-
Provisions for Retirement and Severance Benefits	2,156,544	1,763,077
Plan Assets	1,733,799	1,710,010
Deferred Income Taxes Liabilities Non-current	1,388,101	1,943,475
Total Liabilities	32,578,110	43,201,824
Stockholders' Equity	-	-
Capital Stock	58,337,285	53,872,999
Common Stock	58,337,285	53,872,999
Capital Surplus	11,707,017	11,730,429
Additional Paid-in Capital	9,943,466	9,966,878
Other Capital Surplus	1,763,551	1,763,551
Consideration for Stock Warrants in Capital Surplus	1,763,551	1,763,551
Capital Adjustments	- 306,034	83,542
Stock Options in Other Capital Adjustments	1,102,730	939,735
Other Capital Adjustments in Capital Adjustments	-1,408,764	-856,193
Accumulated Other Comprehensive Income	3,547,324	6,016,131
Gains on Valuation of Available for Sale Securities in Capital Adjustments	-	370,538
Losses on Valuation of Available for Sale Securities in Capital Adjustments	3,890,390	2,170,336
Losses on Valuation of Equity Method Securities	1,444,001	1,065,786
Asset Revaluation Reserve Other Comprehensive Income	8,881,715	8,881,715
Retained Earnings or Accumulated Deficit	24,421,728	21,113,289
Appropriated Retained Earnings for Statutory Reserve	650,000	650,000
Appropriated Retained Earnings for Legal Reserve	650,000	650,000
Appropriated Retained Earnings for Voluntary Reserves	23,172,417	24,065,274
Appropriated Retained Earnings for Business Stabilization	47,417	47,417
Other Appropriated Retained Earnings Voluntary Reserves	23,125,000	24,017,857
Retained Earnings Before Appropriations or Accumulated Deficit Before Disposition on Balance Sheet	599,312	-3,601,985
Total Stockholders Equity	97,707,321	92,816,390
Total Liabilities and Stockholders Equity	130,285,431	136,018,215


Sungwon Pipe
Unaudited Statements of Operation
(Units in USD : 1 USD = 1,120 KWR)
Accounts	FY 2010		FY 2009
Accounts	Quarter ended Sept 30	Nine months ended Sept 30	Quarter ended Sept 30	Nine months ended Sept 30
Sales Revenue	27,481,348	84,389,251	33,098,908	83,097,051
Sales Revenue of Finished Goods	25,791,231	75,297,744	30,779,986	77,433,578
Sales Revenue of Merchandises	1,395,965	8,275,122	1,976,468	4,907,465
Other Sales Revenue	294,152	816,386	342,453	756,007
Costs of Goods and Services Sold	24,876,159	76,480,732	30,031,916	77,983,466
Cost of Finished Goods Sold	23,500,710	68,496,000	28,198,168	73,324,638
Beginning Inventory of Finished Goods	7,930,787	8,332,290	7,956,670	8,474,771
Cost of Finished Goods	21,568,812	66,162,599	27,948,836	72,557,204
Ending Inventory of Finished Goods	5,998,888	5,998,888	7,707,338	7,707,338
Cost of Merchandises Sold	1,352,851	7,945,748	1,803,923	4,592,919
Beginning Inventory of Merchandises	553,178	710,644	567,871	210,550
Cost of Merchandises Purchased	1,785,512	8,220,942	1,714,126	4,860,444
Ending Inventory of Merchandises	985,839	985,839	478,075	478,075
Cost of Other Goods Sold	22,597	38,984	29,826	65,909
Gross Profit or Loss	2,605,189	7,908,519	3,066,992	5,113,584
Selling and Administrative Expenses	1,390,583	4,732,225	1,390,031	3,236,646
Salaries and Wages	497,095	1,487,611	414,814	1,232,689
Retirement and Severance Benefits	29,042	164,079	37,499	91,856
Employee Benefits	80,529	293,095	98,770	220,191
Training Expenses	0	336	0	0
Travel Expenses	86,102	166,813	41,895	99,577
Vehicle Maintenance Expenses	24,506	88,704	37,999	106,413
Communication Expenses	9,020	24,571	7,785	23,439
Utility Expenses	1,600	5,076	2,022	5,895
Supply Expenses	1,874	5,082	5,486	8,082
Publication Expenses	2,710	4,426	887	4,751
Office Supply Expenses	677	2,981	1,842	4,368
Rental Expenses	34,128	90,056	15,356	39,944
Depreciation	70,213	224,574	64,794	194,382
Repair Expenses	0	0	0	0
Development Expenses	-22,392	24,865	8,866	8,866
Insurance Premiums	3,957	15,964	6,887	9,730
Commissions	187,221	342,685	41,866	141,632
Packaging Expenses	64,913	220,668	57,232	125,343
Taxes and Dues	18,568	139,197	22,097	25,869
Entertainment Expenses	82,448	187,760	35,990	121,539
Advertising Expenses	18,571	22,411	11,232	20,250
Freight Expenses	199,801	634,110	476,712	751,828
Expenses of Allowance for Doubtful Accounts	0	424,168	0	0
Compensations Expenses Associated with Stock Options	0	162,995	0	0
Operating Income or Loss	1,214,607	3,176,294	1,676,961	1,876,938
Non-Operating Revenues	159,597	2,805,121	237,022	961,565
Interest Income	12,386	412,155	11,208	219,674
Rental Income	107,255	333,051	107,602	313,883
Gains on Foreign Currency Transactions	3,506	13,392	9,265	40,280
Dividend Income	0	0	0	84,373
Gains on Valuation of Equity Method Securities	0	1,484,484	0	30,399
Gains on Sale of Equity Method Securities	0	472,555	0	0
Gains on Sale of Available for Sale Securities in Investment Assets	0	0	0	12,969
Gains on Sale of Property, Plant and Equipment	0	11,606	0	23,212
Gains on Sale of Investment Assets	0	0	0	0
Gains on Derivatives Transactions	30,938	30,938	62,616	87,902
Gains on Other Derivative Transactions	30,938	30,938	62,616	87,902
Reversal of Allowance for Doubtful Accounts	0	0	0	20,789
Miscellaneous Income	5,511	46,939	46,330	128,086
Non-Operating Expenses	711,330	2,634,023	859,714	3,911,772
Interest Expenses	379,823	1,388,449	425,934	1,536,523
Losses on Sale of Trade Receivable	272,423	844,800	297,348	702,521
Losses on Foreign Currency Transactions	15,346	23,019	119,030	131,169
Losses on Sale of Property, Plant and Equipment	0	0	0	4,123
Losses on Valuation of Equity Method Securities	0	297,517	0	587,926
Losses on Sale of Available for Sale Securities in Investment Assets	0	0	0	0
Losses on Redemption of Bonds	0	0	191	869,526
Losses on Sale of Investment Assets	21,966	21,966	0	0
Miscellaneous Losses	21,772	58,272	17,211	79,984
Income Loss Before Income Taxes Expenses	662,874	3,347,391	1,054,269	-1,073,269
Income Taxes Expenses	0	38,952	0	-322,306
Net Income or Loss	662,874	3,308,440	1,054,269	-750,963
Earnings or Losses Per Share	0	0	0	0
Basic and Diluted Earnings or Losses Per Share	0.01	0.03	0.01	-0.01

MS Metal
Unaudited Balance Sheet
FY 2010 Nine months ended Sept. 30
(Units in USD : 1 USD = 1,120 KWR)
I. Current Assets									36,836,444
						(1)Quick Assets			28,489,919
						1.Cash and Cash Assets			3,845,419
						2.Short-term Deposit			357,143
						3.Marketable securities			-
						4.Trade Accounts Receivables			10,991,203
						5.Short-term loans			13,003,759
						Stockholders Executives Affiliated Company			30,473
						Other			12,973,286
						6.Receivables			68,803
						Receivables from Real-estate Sales			-
						Receivables from Construction Contracts			-
						Other			68,803
						7.Advance Payments			22,442
						8.Deferred Income Tax Assets			-
						9.Other			201,151
						(2)Inventories			8,346,525
								1.Merchandise	8,034,604
								2.Finished Goods	-
								3.Semi-finished Goods	-
								4.Work-in-process	-
								5.Raw Materials	-
								6.Temporary Establishment	-
								7.Supplies	-
								8.Merchandise (materials) in Transition	311,920
								9. Finished Housing	-
								10.Unfinished Housing	-
								11.Land (for Construction)	-
								12.Uncompleted Constructions	-
								13.Other	-
									-
II. Non-current Assets									24,683,384
						(1)Investment Assets			13,036,723
								1.Long-term Deposit	-
								2.Long-term Investment Securities	13,036,723
								3.Securities on Equity Method	-
								4.Long-term Loans	-
								Loans of Affiliated Companies	-
								Loans to Stockholders Executives Employees	-
								Other	-
								5.Investment in Real Estates	-
								6.Other	-
			(2)Tangible Assets						11,066,125
					1.Land				7,425,582
					2.Buildings				3,322,159
					3.Structures				-
					4.Machinery				43,177
					5.Ships Airplanes				-
					6.Construction in progress				-
					7.Vehicles and Transportation Equipment				22,275
					8.Construction in progress				-
					9.Other				252,933
			(3)Intangible Assets						2,113
					1.Goodwill				-
					2.Industrial Property Rights				-
					3.Mining Rights				-
					4.Fishing Rights				-
					5.Land Use Rights				-
					6.Organization Costs				-
					7.R & D Costs				-
					8.Usable and Profitable Donation Assets				-
					9.Business Commencement Costs				-
					10.Debenture Issuance Costs				-
					11.Other				2,113
			(4)Other Non-current Assets						578,422
					1.Long-term Trade Receivables				-
					2.Long-term Receivables				-
					3.Long-term Prepaid expenses				-
					4.Guarantee Deposit				578,422
					5.Deferred Income Tax Assets				-
					6.Other				-
					Total Assets(I+II)				61,519,827

	I. Current Liabilities								30,340,500
				1.Trade Accounts Payables					7,407,465
				2.Short-term Borrowings					7,811,143
				3.Income Taxes Payables					171,552
				4.Dividends Payable					-
				5.Advances From Customers					3,987,164
							Advances from Construction Contracts		-
							Advances from Real-estate Sales		-
							Other		3,987,164
				6.Current Maturities of Long-term Debts					859,375
				7.Provision for Construction Losses					-
				8.Allowance for Repairs					-
				9.Deferred Income Tax Liabilities					-
				10.Other					10,103,800
	II. Non-current Liabilities								10,662,454
				1.Debentures					3,571,429
				2.New Debentures such as Convertible Bonds					-
				3.Long-term Borrowings					7,098,214
							Affiliated Companies		-
							Stockholders Executives Employees		-
							Other		7,098,214
				4.Long-term Trade Accounts payables					-
				5.Allowance for Retirement Benefits					7,188
				6.Provision for Group Retirement Benefits					-
				7.Long-term Warranty Provision					-
				8.Allowance for Other					-
				9.reserves					-
				10.Deferred Income Tax liabilities					-
				11.Long-term Advances from Construction Contracts					-
				12.Other					-
	Total Liabilities(I+II)								41,002,954

III. Stockholders' Equity									937,500
		1.Common Stock							937,500
		2.Preferred Stock							-
IV. Capital Surplus
		1.Paid-in Capital in Excess of Par Value
		2.Gains on Capital Reduction
		3.Gains from Merger
		4.Assets Revaluation Surplus
		5.Other Capital Surplus
V. Capital Adjustment
		1.Discounts on Stock Issuance							-
		2.Pre-operating Dividends							-
		3.Treasury Stock							-
		4.Unissued Stock Dividends							-
		5.Other							-
VI. Accumulated Other Comprehensive Income									-
		1.Gains(losses) on Valuation of Available-for -sale Securities							-
		2.Overseas Operations Translation Credit (Debit)							-
		3.Valuations of Securities from Using the Equity Method							-
		4.Gains (Losses) on Valuation of Derivatives							-
		5.Other							-
VII. Retained Earnings									19,579,373
		1.Legal Reserve							912,914
		2.Reserve for Business Rationalization							-
		3.Reserve for improvements of Financial Structure							-
		4.Reserve of under Restriction of Special Taxation Act							-
		5.Other Discretionary Appropriated Retained Earnings							-
		6.Retained Earnings of Deficit before Appropriation							18,666,459
Total Stockholders' Equity(III+-VII)									20,516,873
									-
Total Liabilities and Stockholders' Equity									61,519,827


MS Metal
Unaudited Statement of Operation
FY 2010 Nine months ended Sept. 30
(Units in USD : 1 USD = 1,120 KRW)
Description		Amount
I. Sales		44,179,631
	1.Sales-Merchandise	44,179,051
	2. Sales-finished goods	-
	3. Construction Revenue	-
	4. Freight Revenue	-
	5. Rental Income	-
	6. Sales -real-estate	-
	7. Other	579
II. Cost of Sales		37,751,696
(1)Cost of Merchandise Sold		37,751,696
	1.Beginning Inventory	4,919,562
	2.Current Cost of Purchase	40,866,738
	3.Ending Inventory	8,034,604
	4.Transfer to Other Accounts	-
(2)Manufacturing, Construction, Lease, Transportation, Other Cost		-
	1.Beginning Inventory	-
	2.Current Cost (a schedule Attached)	-
	3.Ending Inventory	-
	4.Transfer to Other Accounts	-
III. Gross Profit and Losses on Sales		6,427,935
IV. Selling and Administrative Expenses		1,924,832
	1.Salaries	984,559
	2.Retirement Allowance	-
	3.Insurance	-
	4.Other Employee Benefits	215,634
	5.Travel Expenses	73,199
	6.Rental Expenses	128,054
	7.Entertainment Expenses	159,923
	8.Depreciation	-
	9.Amortization on Intangible (or Deferred) Assets	-
	10.Taxes and Dues	19,959
	11.Advertising	3,567
	12.Vehicle Maintenance Expenses	67,854
	13.Research Expenses	-
	14.Ordinary Development Expenses	-
	15.Bad debt Expenses	-
	16.Administrative Expenses for Unsold Houses and Offices	-
	17.Promotional Expenses	-
	18.Other Selling and Administrative Expenses	272,083
V. Operating Profit and Losses		4,503,102
VI. Non-Operating Income		226,302
	1.Interest Income	7,519
	2.Dividend Income	-
	3.Rental Income	48,214
	4.Gains on Disposal of Securities	-
	5.Gains on Valuation of Securities	-
	6.Gains on Foreign Currency Transactions	160,764
	7.Gains on Foreign currency Translations	-
	8.Gains on Valuation of Investment using Equity Method	-
	9.Recovery on Investment Securities impairment Losses	-
	10.Gains on Disposal of Investment Assets	-
	11.Gains on Disposal of Tangible (intangible ) Assets	-
	12.Gains from Redemption of Bonds	-
	13.Income Tax Refunds	-
	14.Reversal of Allowances and Reserves	-
	15.Gains on Prior Period Error Correction	-
	16.Gains from assets Contributes	-
	17.Gains on Exemption of Debts	-
	18.Gains on insurance settlement	-
	19.Other Non-operating Expenses	9,805
			-
			-
			-
			9,805
VII. Non-operating Expenses			1,548,201
	1.Interest Expenses		860,775
	2.Other Bad debt Expenses		-
	3.Losses on Disposal of Securities		-
	4.Losses on Valuation of Securities		-
	5.Losses on Valuation of Inventories		-
	6.Losses on Foreign Currency Transactions		383,841
	7.Losses on Foreign Currency Translations.		-
	8.Losses on Valuation of Investment Securities using Equity Method		-
	9.Losses on Investment Securities Impairment		-
	10.Losses on Disposal of Investment Assets		198,859
	11.Losses on Disposal of Tangible (intangible) Assets		39,738
	12.Donations		-
	13.Losses From Redemption Of Bonds		-
	14.Reimbursed Expenses (Construction)		-
	15.Supplementary payment of income taxes		-
	16.Transfer to Reserves or Others		-
	17.Losses on Prior Period Error Correction		-
	18.Casualty Losses		-
	19.Other		64,988
			-
VIII. Net Income (Losses) before Income Tax			3,181,204
IX. Income Tax Expenses			-
X. Net Income (Net Losses)			3,181,204