china housing & land develop (CHLN) Snapshot

China Housing and Land Development, Inc. announced that the Company has engaged MNP LLP as its independent auditor. China Housing was informed by its independent registered public accounting firm, MSCM LLP, that it has combined certain of its practice with MNP LLP effective June 1, 2013. As a result, MNP LLP became the Company's independent registered public accounting firm. On June 3, 2013, the Company's Board of Directors approved the appointment of MNP as MSCM's successor to continue as the Company's independent registered public accountant for the fiscal year ending 2013.

China Housing and Land Development, Inc. announced unaudited consolidated financial results for the first quarter ended March 31, 2013. For the quarter, the company reported total revenue of $54,373,695 against $23,501,771 a year ago. Income before provision for income taxes was $4,283,194 against $3,484,290 a year ago. Net income was $3,080,687 or $0.09 basic and diluted per share against $2,235,413 or $0.06 basic and diluted per share a year ago. Operating income was $4.8 million in the first quarter of 2013 compared to $14.8 million in the fourth quarter of 2012, and $3.6 million in the first quarter of 2012. The year-over-year increase in operating income was mainly due to increased sales revenue from new projects. The year-over-year increase in total revenue was due to the revenue contribution from the construction of low income residential buildings for the company's Ankang project. Net debt outstanding (total debt less cash and restricted cash) as of March 31, 2013 was $85.5 million compared with $85.9 million on December 31, 2012. For the second quarter of 2013, the company expects revenue to reach $34 million to $36 million, compared to $54.4 million in the 2013 first quarter and $35.0 million in the second quarter of 2012.

China Housing and Land Development, Inc., Q1 2013 Earnings Call, May 15, 2013