11:46 AM EST - Boyuan Construction Group Inc. : reported that its first-quarter net loss was $200,000 or $0.04 per share, compared to net income of $2.0 million or $0.08 per share in the year-ago quarter. The net loss was as a result of a non-cash stock-based compensation charge of $3.2 million related to the fair value transfer of shares under the make good provision of a financing agreement signed in July 2009. Excluding the make-good provision charge, adjusted net income for the latest quarter was $3.0 million or $0.12 per share. Revenue for the first quarter was $35.0 million, up 64.5% from $21.2 million in the year-ago quarter. The company expects to generate adjusted after-tax net income of $12.4 million for fiscal 2010 as specified in its make-good provision. Boyuan Construction Group Inc.
shares V.BOY are trading even at $2.95.
