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China Electric Motor, Inc. (Nasdaq: CELM) today announced its unaudited financial results for the third quarter ended September 30, 2010 and the first nine months of fiscal year 2010.
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Third Quarter 2010 Financial Highlights
- Total revenue increased by 48.9% year-over-year to $32.9 million.
- 61.0% of revenue was from sales to original equipment manufacturers ("OEMs").
- Gross profit increased by 44.9% year-over-year to $9.4 million.
- The Company granted 1.2 million shares to employees on August 31, 2010. $2.4 million of the total grant-date fair value of $5.5 million was recorded as a non-cash expense in the third quarter of 2010.
- Operating income, including the stock-based compensation expense, was $4.2 million, a 3.8% year-over-year increase. Non-GAAP operating income, which excludes a stock-based compensation expense of $2.4 million, was $6.7 million.
- Net income, including the stock-based compensation expense of $2.4 million, was $2.7 million, a 15.6% year-over-year decrease. Non-GAAP net income, which excludes a stock-based compensation expense of $2.4 million, was $5.1 million, a 61.0% increase.
- Basic and diluted earnings per share were $0.13 each, based on 20,908,863 and 20,947,303 weighted average shares outstanding, respectively. Non-GAAP basic and diluted earnings per share, which excludes a stock-based compensation expense of $2.4 million, were $0.25 each, based on 20,908,863 and 20,947,303 weighted average shares outstanding, respectively. In the third quarter of 2009, basic and diluted earnings per share were $0.25 and $0.24, respectively, based on 12,926,571 and 13,553,465 weighted average shares outstanding, respectively.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.