XI'AN, China, March 29, 2016 /PRNewswire/ -- China Recycling Energy Corp. (NASDAQ: CREG) (" CREG " or " the Company "), a leading industrial waste-to-energy solution provider in China, today announced its financial results for the full year ended December 31, 2015.
Full Year 2015 Audited Financial Highlights
- Interest income on sales-type leases decreased 13.08% to US$23.00 million from US$26.46 million in 2014;
- Total sales increased 23.89% to US$24.36 million from US$19.66 million in 2014;
- Net income was US$18.40 million, down 7.14% from US$19.81 million in 2014;
- Basic and fully diluted earnings per share (EPS) was US$0.22, as compared with US$0.28 in 2014.
Mr. Guohua Ku, Chairman and CEO of CREG commented, "In consideration of the downturn and decline of iron and steel enterprises in China in recent years as well as the restructure and change in ownership interest of certain clients, the company transferred Jitie Project, Datong Project and Zhongtai CDQ project in 2015. Taking into consideration the time value of money and the opportunity to deploy the cash to fund some of the numerous projects in our pipeline, we believe that the early termination fee more than compensates the Company for the loss of future income but further strengthens our financial position and will spur a new round of business development. We continue to invest in our R&D efforts to explore new solutions to be used in more energy intensive industries."
For more information regarding China Recycling Energy Corp.'s financial performance during the full year December 31, 2015, please refer to the Yearly Report on Form 10-K, which was filed with the Securities and Exchange Commission on March 29, 2015.
About China Recycling Energy Corp.
China Recycling Energy Corp. (NASDAQ: CREG) ( " CREG " or " the Company " ) is based in Xi'an, China and provides environmentally friendly waste-to-energy technologies to recycle industrial byproducts for steel mills, cement factories and coke plants in China. Byproducts include heat, steam, pressure, and exhaust to generate large amounts of lower-cost electricity and reduce the need for outside electrical sources. The Chinese government has adopted policies to encourage the use of recycling technologies to optimize resource allocation and reduce pollution. Currently, recycled energy represents only an estimated 1 percent of total energy consumption and this renewable energy resource is viewed as a growth market due to intensified environmental concerns and rising energy costs as the Chinese economy continues to expand. The management and engineering teams have over 20 years of experience in industrial energy recovery in China. For more information about CREG, please visit http://creg-cn.investorroom.com.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of China Recycling Energy Corp. and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes", "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
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SOURCE China Recycling Energy Corp.