China Recycling Energy Corp. Reports Unaudited Financial Results for First Quarter 2009
XI'AN, China, May 14 -- China Recycling Energy Corp. (OTC Bulletin Board: CREG - News; "CREG" or "the Company"), a leading industrial waste-to-energy solution provider in China, today announced unaudited financial results for the first quarter of 2009 ended March 31, 2009.
First Quarter 2009 Highlights
-- Revenue was $4.3 million, vs. zero in the same period of 2008
-- Gross margin was 30.2% vs. 25.5% in the fourth quarter of 2008
-- Interest income from sales-type leases was $1.2 million vs. $565,000 in
the same quarter of 2008
-- Net income was 1.1 million, Diluted EPS $0.02 vs. net loss $888,000,
diluted EPS (0.04) in the same quarter of 2008
-- Non-GAAP net operating income, as defined below, was $2.1 million;
Non-GAAP diluted EPS $0.03
-- Cash on hand at March 31, 2009 was $10.2 million, vs. $7.3 million at
year-end 2008
-- Net cash flow provided by operations in the first quarter of 2009 was
$4.4 million, compared with net cash used in operation of $279,000 in
the same period of 2008
"I am pleased with our continued profitability since the third quarter of last year and our steady revenue streams from operational rental business and interest income from sales-type leases," Mr. Guohua Ku, Chairman and CEO of CREG, said. "Our business model is working and our cash flow has continued to be positive since late last year. If the macro economic environment continues to improve and the Chinese government continues to induce more clean energy generation, with the recent $7.9 million capital raise and our electricity- generation Joint Venture with Inner Mongolia Erdos Metallurgy Co., Ltd., the largest iron-alloy production facilities in China, we are confident to apply our financial resources and our engineering prowess to pursue large-scale, clustered power system projects."
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