Asia Carbon Industries, Inc.

CIK:0001491479|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Net Sales	$ 5,487,310	$ 13,194,534	$ 11,451,255	$ 25,776,226
Cost of Sales	4,187,517	10,257,861	8,762,206	19,913,601
Gross Profit	1,299,793	2,936,673	2,689,049	5,862,625
Operating Expenses:
Selling	114,990	93,297	196,775	184,988
General and administrative	266,669	247,402	885,377	557,790
Total Operating Expenses	381,659	340,699	1,082,152	742,778
Income From Operations	918,134	2,595,974	1,606,897	5,119,847
Other Income and (Expense)
Interest income	0	7,044	0	18,104
Interest expense	(35,198)	(49,247)	(69,449)	(94,881)
Total Other Income and (Expense)	(35,198)	(42,203)	(69,449)	(76,777)
Income Before Provision for Income Tax	882,936	2,553,771	1,537,448	5,043,070
Provision for income tax	260,414	682,294	524,973	1,364,512
Net Income	622,522	1,871,477	1,012,475	3,678,558
Other comprehensive income (loss)	551,412	(268,325)	345,623	(283,736)
Comprehensive Income	$ 1,173,934	$ 1,603,152	$ 1,358,098	$ 3,394,822
Net Income Per Share - Basic (in Dollars per share)	$ 0.01	$ 0.04	$ 0.02	$ 0.07
Net Income Per Share - Diluted (in Dollars per share)	$ 0.01	$ 0.04	$ 0.02	$ 0.07
Weighted Average Shares Outstanding - Basic (in Shares)	55,624,316	52,315,538	54,248,333	51,755,060
Weighted Average Shares Outstanding - Diluted (in Shares)	55,624,316	52,315,538	54,248,333	51,755,060

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Cash Flows from Operating Activities:
Net Income	$ 1,012,475	$ 3,678,558
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Provision for doubtful accounts	90,638	13,284
Depreciation and amortization	938,554	892,165
Stock-Based Compensation	358,240	225,000
Changes in operating assets and liabilities:
Accounts receivable	1,069,778	(947,564)
Inventories	692,591	(248,528)
Prepaid expenses and other receivable	173	4,842
Accounts payable	(610,076)	(865,476)
Accrued expenses	12,831	31,646
Taxes payable	(476,717)	202,247
Net Cash Provided by Operating Activities	3,088,487	2,986,174
Cash Flows from Investing Activities:
Additions to construction in progress	(1,580,504)	(5,351,940)
Acquisitions of property, plant and equipment	(3,052,822)	(933,441)
Net Cash Used in Investing Activities	(4,633,326)	(6,285,381)
Cash Flows from Financing Activities:
Repayment of short term debt	0	(1,370,012)
Proceeds from short term debt	0	1,358,938
Proceeds from issuance of common stock	150,000	149,955
Net Cash Provided by Financing Activities	150,000	138,881
Effect of Exchange Rate Changes on Cash	48,088	(127,351)
Net Decrease in Cash and Equivalents	(1,346,751)	(3,287,677)
Cash and Equivalents - Beginning of the Period	6,664,444	8,092,411
Cash and Equivalents - End of the Period	5,317,693	4,804,734
Supplemental Cash Flow Information:
Interest Paid	67,655	95,032
Income taxes	728,753	1,266,291
Non-cash Investing and Financing Activities:
Issuance of stocks for stock-Based Compensation	2,165	0
Transfer from construction in progress to plant and equipment	$ 4,991,192	$ 0

CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2013	Dec. 31, 2012
Current Assets:
Cash and equivalents	$ 5,317,693	$ 6,664,444
Accounts receivable, net	2,479,290	3,622,644
Inventories	1,710,831	2,393,121
Prepaid expenses and other receivable	6,480	6,420
Total Current Assets	9,514,294	12,686,629
Property, Plant and Equipment, net	30,896,251	26,906,929
Other Assets:
Land use rights, net	213,815	214,356
TOTAL ASSETS	40,624,360	39,807,914
Current Liabilities:
Short term debt	1,376,596	1,364,014
Accounts payable	1,401,725	1,962,695
Accrued liabilities	146,969	169,302
Taxes payable	235,047	714,413
Due to shareholder	26,820	26,625
Total Current Liabilities	3,187,157	4,237,049
Commitments and Contingencies
Stockholders' Equity:
Common stock, $0.001 par value, 100,000,000 authorized, 56,056,858 and 52,857,052 issued and outstanding at June 30, 2013 and December 31, 2012, respectively	56,057	52,857
Additional paid-in capital	7,195,501	6,690,461
Statutory reserves	2,757,200	2,757,200
Retained earnings	23,872,373	22,859,898
Accumulated other comprehensive income	3,556,072	3,210,449
Total Stockholders' Equity	37,437,203	35,570,865
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	40,624,360	39,807,914
Convertible Preferred Stock [Member]
Stockholders' Equity:
Preferred stock, value	0	0
Preferred Stock [Member]
Stockholders' Equity:
Preferred stock, value	$ 0	$ 0