| Income Statement for Qiao Xing Universal Telephone Inc. (XING) | | | | | | | Income | in Thousands of Dollars | | | 12/2006 | 12/2005 | 12/2004 | 12/2003 | 12/2002 | | | Operating Revenue | 412,759 | 356,166 | 243,953 | 222,025 | 66,421 | | Adjustments to Revenue | - | - | - | - | - | | Cost of Revenue | (336,865) | (293,598) | (214,979) | (189,685) | (61,582) | | Gross Operating Profit | 75,894 | 62,568 | 28,974 | 32,340 | 4,839 | | | Selling/General/Admin Expense | (19,794) | (11,243) | (15,458) | (20,720) | (8,933) | | Research & Development | (3,940) | (2,564) | (1,262) | (533) | - | | EBITDA | 52,160 | 48,761 | 12,254 | 11,087 | (4,094) | | Depreciation & Amortization | (4,823) | (3,228) | (4,011) | (6,680) | (2,204) | | EBIT | 47,337 | 45,533 | 8,243 | 4,407 | (6,298) | | Interest Income | 1,039 | 883 | 59 | 368 | 129 | | Other Income, Net | (16,243) | 1,847 | 5,203 | 935 | 15 | | Total Income Avail For Interest Expense | 26,785 | 47,786 | 13,430 | 2,475 | 3,393 | | Interest Expense | (12,869) | (5,174) | (3,269) | (2,294) | (2,158) | | Pre-Tax Income | 13,916 | 42,612 | 10,161 | 181 | 1,235 | | Income Taxes | (7,457) | (3,446) | (1,257) | - | - | | Minority Interest | (10,824) | (12,747) | (6,140) | (1,115) | 754 | | Net Income from Continuing Operations | (4,365) | 26,419 | 2,764 | (934) | 1,989 | | Net Income from Discontinued Operations | - | - | - | - | - | | Net Income from Total Operations | (4,365) | 26,419 | 2,764 | (934) | 1,989 | | | Normalized Income | 983 | 26,896 | 2,764 | 3,123 | (7,558) | | Extraordinary Income | 1,824 | - | - | - | - | | Special Income/Charges | (5,348) | (477) | - | (4,057) | 9,547 | | Income from Cum. Effect of Acct Change | - | - | - | - | - | | Income from Tax Loss Carryforward | - | - | - | - | - | | Other Gains | - | 4,397 | - | - | - | | Total Net Income | (2,541) | 30,816 | 2,764 | (934) | 1,989 | | | Results | in Dollars (Preferred Dividends in Thousands) | | | 12/2006 | 12/2005 | 12/2004 | 12/2003 | 12/2002 | | | Dividends Paid Per Share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | Preferred Dividends | - | - | - | - | - | | | Basic EPS from Continuing Operations | -0.19 | 1.44 | 0.17 | -0.06 | 0.14 | | Basic EPS from Discontinued Operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | Basic EPS from Total Operations | -0.19 | 1.44 | 0.17 | -0.06 | 0.14 | | | Diluted EPS from Continuing Operations | -0.26 | 1.44 | 0.17 | -0.06 | 0.11 | | Diluted EPS from Discontinued Operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | | Diluted EPS from Total Operations | -0.26 | 1.44 | 0.17 | -0.06 | 0.11 | | | |
