EAGLE BUILDING TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2002 2001 2002 2001
----------- ----------- ----------- -----------
SALES $ 1,671,162 $ 501,488 $ 2,165,812 $ 2,917,899
COSTS OF SALES 1,280,659 567,705 1,581,182 2,275,285
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GROSS PROFIT 390,503 (66,217) 584,630 642,614
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES 1,253,460 3,832,354 8,591,558 7,215,884
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LOSS FROM OPERATIONS (862,957) (3,898,571) (8,006,928) (6,573,270)
OTHER INCOME (EXPENSES):
Litigation settlement - 230,000 - 230,000
Foreign currency exchange gain - 173,862 - 173,862
Investment income - 142,109 - 460,609
Interest expense (383,145) (263,440) (1,033,355) (322,820)
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LOSS BEFORE INCOME TAXES (1,246,102) (3,616,040) (9,040,283) (6,031,619)
PROVISION FOR INCOME TAXES - - - -
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NET LOSS $(1,246,102) $(3,616,040) $(9,040,283) $(6,031,619)
=========== =========== =========== ===========
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING
- Basic 7,795,000 6,253,000 7,724,000 5,288,000
- Diluted 7,795,000 6,253,000 7,724,000 5,288,000
NET LOSS PER COMMON SHARE
- Basic $ (.16) $ (.58) $ (1.17) $ (1.14)
----------- ----------- ----------- -----------
- Diluted $ (.16) $ (.58) $ (1.17) $ (1.14)
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See accompanying notes to consolidated financial statements.
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Results of Operations
Sales for the three and nine months ended September 30, 2002 were $1,671,162 and $2,165,812 compared with sales of $501,488 and $2,917,899 in the same periods of 2001. The Company experienced a net loss of $1,246,102 for the quarter ended September 30, 2002, and a net loss of $9,040,283 for the nine months ended September 30, 2002 compared to a net loss of $3,616,040 and $6,031,619 for the same periods of 2001. The net losses for the nine months ended September 30, 2002 and 2001 included expenses of $4,232,730 and $5,087,506 due to the issuance of common stock for services and interest. |
