Rising Stocks - (NASDAQ:CHLN) Skyrockets after Reporting Earnings

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China Housing & Land Development, Inc. (NASDAQ:CHLN) soared 30.16% to $4.89  in early morning session after  today announced its unaudited financial results for the third quarter ended September 30, 2009.

 Total revenues increased 215% to $23.8 million compared to $7.5 million in the third quarter of 2008, and increased 5.3% sequentially from $22.6 million in the second quarter of 2009. Gross profit increased 403% to $7.4 million compared to $1.5 million in the third quarter of 2008.  Third quarter gross margin increased to 31.2% compared to 19.5% in the third quarter of 2008.  Operating income was $4.0 million, compared to a net loss of ($3.2 million) in the third quarter of 2008 and income of $5.1 million in the second quarter of 2009. Net income increased 779% to $12.7 million, compared to $1.4 million in the third quarter of 2008 and a net loss of ($10.0 million) in the second quarter of 2009.  Third quarter net income included a $5.7 million, or $0.17 per share non-cash gain associated with the    revaluation of derivatives and warrants.  Excluding this gain, non-GAAP net income would have been $7.2 million.

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