XI'AN, China, Nov. 16, 2015 /PRNewswire/ -- China Recycling Energy Corp. (NASDAQ: CREG) ("CREG" or "the Company"), a leading industrial waste-to-energy solution provider in China, today announced its unaudited financial results for the third quarter ended September 30, 2015.
Third Quarter 2015 Financial Highlights:
- Total revenues, including sales of systems, contingent rental income and interest income on sales-type leases, decreased 29.32% to US$5.17 million from US$7.31 million for the third quarter of 2014.
- Operating expenses decreased 36.52% year-over-year to US$543,078.
- Net income attributable to CREG was US$3.27 million, down 31.48% from US$4.77 million for the third quarter of 2014.
- Basic and fully diluted earnings per share (EPS) was US$0.04, compared with US$0.07 in the third quarter of 2014.
Mr. Guohua Ku, Chairman and CEO of CREG commented, "We do not have project completion during the third quarter hence zero systems sales for the quarter. While we saw a decline in our financial results for this quarter, it should be noted that historically we have experienced non-linear revenue flows on a quarterly basis due to the nature of our business model, and this is not indicative of the long-term growth potential of the company over time. In the thirteenth five-year plan of China, a couple of strategies were determined, which will have good impact on recycling energy projects. During the thirteenth five-year plan, the overall investment in environment protection industry will be about RMB 17 trillion. Furthermore, in the Sino US joint statement on climate change published during President of PRC visits to the US in September, the Chinese government has specified one goal planning to launch the carbon emission trading system in 2017. We will take this great opportunity to develop more new projects and recycling solutions to meet future market demand and bring in more shareholder value."
For more information regarding China Recycling Energy Corp.'s financial performance during the quarter ended September 30, 2015, please refer to the Quarterly Report on Form 10-Q, which was filed with the Securities and Exchange Commission on November 16, 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.