CSIQ EPS analysis and prediction

For the 2nd quarter in 2008
--Revenue $212.58million
--Gross profit $33.07 million, gross margin 15.5%
--operating expenses: $9.78 million, admin overhead, 29.5%,
   operating income, $23.29 million, operating margin 10.9%
--net income excluding one-time debt conversion expense is $20.71million, net-income margin is 9.7%

Outlook of 2008:
--revenue $850-970
--net income will be about revenue x 9.7% -$10million debt charge = $72.45-$78 million
--#share 29.4million, eps 2.46-2.65
--At the current price of $31.8, p/e ratio is 12-12.9

Comments
--The first two quarter has net income about $30million, even if the next two quarter has $20million net income each, the annual income is going to closer to the lower end estimation.
-- Some item in ER is strange, why the tax can be positive (gain) ?
-- The management overhead nearly 30% of the gross profit is very high, compared to 10% for LDK.