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With its subsidiary having signed three major agreements in March, China America Holdings (OTCBB: CAAH) should have investors monitoring the stock closely. Friday, the company issued a press release announcing that its 56% owned China-based subsidiary Shanghai Aohong Chemical Co., Ltd. announced today the Company's financial results for the full year of 2008.

Here are the financial highlights as stated in the release:

Revenues for the full year of 2008 increased to $34.97 million as compared to revenues of $16.20 million in 2007. Income from operations in 2008 was $860,000 as compared to a loss of ($406,000) in 2007. After including a loss of ($232,000) for its discontinued Biometric segment, the Company recorded a net loss the full year of 2008 of ($561,000) or $0.00 per basic share, a significant improvement from the loss of ($1.11 million) or ($0.01) per basic share in the fiscal year 2007.

At December 2008, total assets were $13.71 million as compared to $11.27 million at December 31, 2007. At December 31, 2008, cash and cash equivalents were $2.23 million as compared to cash and cash equivalents of $2.01 million at December 31, 2007. Shareholder equity at December 31, 2008 was $3.72 million with 135.8 million shares outstanding.

The increase in revenue for 2008 was attributable to a full year of operating results from its Shanghai Aohong subsidiary. In 2007, China America Holdings recognized approximately 6 months of revenue from Shanghai Aohong. During 2008 management elected to discontinue its Biometric segment and believes this will result in a substantial reduction in overhead for 2009 and beyond.

Mr. Shaoyin Wang, CEO of China America Holdings, stated, "We are very pleased with the overall results in our fiscal year 2008. We believe the performance of our Aohong subsidiary demonstrates that our growth strategy in China has improved our results significantly and we continue to look for opportunistic acquisition targets. Aohong's strong performance in fiscal 2008 has allowed us to reduce our net loss by 50% as compared to the previous year and generate income from operations. We look forward to further improvement and growth for our operations in China as we seek to further reduce our general and administrative expenses. We remain committed to our growth strategy in China and are working diligently to grow our company for the benefit of our shareholders.

The stock closed yesterday at around Two cents a share.

For an in-depth profile of China America Holdings, visit: http://www.wallstreetnewsalert.com/view-company-profiles.php?profile=CAAH_042109.

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