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CleanTech Innovations, Inc. Announces Record 3rd Quarter 2010 Financial Results
NEW YORK, Nov. 3, 2010 /PRNewswire-FirstCall/ --
- Revenue of $13.06 million, compared to $0.71 million, an increase of 1,749% from Q3/2009
- Net income of $2.32 million, compared to $0.19 million, an increase of 1,112% from Q3/2009
- Earnings per Share (EPS) of $0.10 on a fully diluted basis, compared to $0.01, an increase of 900% from Q3/2009
- Stable and reliable repeat customer base which consists of China's largest utility companies
- Anticipates earnings growth momentum to continue throughout the rest of 2010
CleanTech Innovations, Inc. (OTC Bulletin Board: EVCP; website: www.ctiproduct.com; "CleanTech"), a U.S. company and a market leader in China's clean technology solutions in the wind tower industries, announced today record 3rd quarter financial results for the quarter ended September 30, 2010.
3rd Quarter Financial Highlights:
CleanTech reported 3rd quarter revenue of $13.06 million, compared to $0.71 million, an increase of 1,749% from Q3/2009. Net income of $2.32 million, compared to $0.19 million, an increase of 1,112% from Q3/2009. Earnings per Share (EPS) of $0.10 on a fully diluted basis, compared to $0.01, an increase of 900% from Q3/2009. Significant revenues and earnings increase was attributed to satisfying customer orders from some of China's largest utility companies.
Management Comments:
Ms. Bei Lu, Chairman & CEO of CleanTech commented: "CleanTech is pleased with our record 3rd quarter financial results. Our financial performance reflects continued strength in our wind tower business as China implements nationwide policies towards supporting clean energy products. CleanTech is a direct beneficiary of a favorable market environment in China's wind industry, an environment we believe will continue for years to come. We anticipate strong earnings growth momentum to continue throughout 2010 and into 2011."
About CleanTech Innovations, Inc.
CleanTech Innovations, Inc. (OTCBB: EVCPD.ob; website: www.ctiproduct.com) is a U.S. registered public company with primary operations in China. CleanTech designs and manufactures high performance clean technology products that promote renewable energy generation, energy savings and pollution reduction. CleanTech's products include wind turbine towers, bellows expansion joints and pressure vessels, which are broadly used in the wind power, steel, coking, petrochemical, high voltage electricity transmission and thermoelectric industries. CleanTech's longstanding customers include Toshiba, China Guodian, HuaNeng Energy, Sinosteel and other industrial leaders.
Safe Harbor Statement
All statements in this press release that are not historical are forward-looking statements made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. There can be no assurance that actual results will not differ from the company's expectations. You are cautioned not to place undue reliance on any forward-looking statements in this press release as they reflect CleanTech's current expectations with respect to future events and are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated. Potential risks and uncertainties include, but are not limited to, the risks described in CleanTech's filings with the Securities and Exchange Commission.
Corporate Contact: | |
CLEANTECH INNOVATIONS, INC. AND SUBSIDIARIES | ||||
CONSOLIDATED BALANCE SHEETS | ||||
September 30, 2010 | December 31, 2009 | |||
ASSETS | ||||
CURRENT ASSETS: | ||||
Cash and equivalents | $ 397,876 | $ 1,295,145 | ||
Restricted cash | 1,344,235 | - | ||
Accounts receivable | 11,056,451 | 1,320,899 | ||
Other receivables and deposits | 2,471,361 | 550,469 | ||
Retentions receivable | 2,000,807 | 57,088 | ||
Advance to suppliers | 270,719 | 11,245 | ||
Inventories | 1,029,778 | 169,707 | ||
Notes receivable | 89,538 | - | ||
Total current assets | 18,660,765 | 3,404,553 | ||
NON CURRENT ASSETS: | ||||
Long term investment | 89,538 | 87,872 | ||
Retentions receivable | 832,152 | 63,234 | ||
Prepayments | 313,308 | 254,940 | ||
Construction in progress | 997,194 | 2,326,460 | ||
Property and equipment, net | 6,699,289 | 52,864 | ||
Intangible assets | 3,623,595 | 3,536,894 | ||
Total non current assets | 12,555,076 | 6,322,264 | ||
TOTAL ASSETS | $ 31,215,841 | $ 9,726,817 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
CURRENT LIABILITIES: | ||||
Accounts payable | $ 4,116,853 | $ 518,392 | ||
Other payables and accrued liabilities | 400,541 | 747,759 | ||
Unearned revenue | 239,617 | 202,812 | ||
Short term loans | 3,969,498 | 3,221,932 | ||
Taxes payable | 1,835,777 | 466,593 | ||
Total current liabilities | 10,562,286 | 5,157,488 | ||
Long term payable, net of unamortized interest | 1,167,848 | - | ||
Total Liabilities | 11,730,134 | 5,157,488 | ||
CONTINGENCY AND COMMITMENT | ||||
STOCKHOLDERS' EQUITY: | ||||
Preferred stock, $0.00001 par value, 100,000,000 | - | - | ||
Common stock, $0.00001 par value, 100,000,000 | 224 | 151 | ||
Paid in capital | 11,976,664 | 358,939 | ||
Statutory reserve fund | 697,665 | 393,578 | ||
Accumulated other comprehensive income | 684,977 | 289,383 | ||
Retained earnings | 6,126,177 | 3,527,278 | ||
Total stockholders' equity | 19,485,707 | 4,569,329 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 31,215,841 | $ 9,726,817 | ||
CLEANTECH INNOVATIONS, INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||||||
(UNAUDITED) | ||||||||
NINE MONTHS ENDED | THREE MONTHS ENDED | |||||||
2010 | 2009 | 2010 | 2009 | |||||
Net sales | $ 14,739,702 | $ 978,623 | $ 13,056,465 | $ 706,228 | ||||
Cost of goods sold | 10,519,685 | 478,343 | 9,324,522 | 318,407 | ||||
Gross profit | 4,220,017 | 500,280 | 3,731,943 | 387,821 | ||||
Operating expenses | ||||||||
Selling | 207,756 | 15,190 | 100,321 | 7,814 | ||||
General and administrative | 804,446 | 226,446 | 440,053 | 100,953 | ||||
Total operating expenses | 1,012,202 | 241,636 | 540,374 | 108,767 | ||||
Income from operations | 3,207,815 | 258,644 | 3,191,569 | 279,054 | ||||
Non-operating income (expense) | ||||||||
Interest income | 5,436 | 410 | 2,088 | 157 | ||||
Subsidy income | 1,009,940 | 211,788 | 2,644 | 33,820 | ||||
Other expenses | (59,258) | (315) | (15,797) | (170) | ||||
Interest expense | (264,162) | (75,672) | (50,576) | (59,217) | ||||
Total non-operating income (loss) | 691,956 | 136,211 | (61,641) | (25,410) | ||||
Income before income tax | 3,899,771 | 394,855 | 3,129,928 | 253,644 | ||||
Income tax expense | (996,785) | (98,714) | (808,059) | (62,109) | ||||
Net Income | 2,902,986 | 296,141 | 2,321,869 | 191,535 | ||||
Foreign currency translation | 395,594 | 3,362 | 351,325 | 2,191 | ||||
Comprehensive Income | $ 3,298,580 | $ 299,503 | $ 2,673,194 | $ 193,726 | ||||
Basic weighted average shares outstanding | 17,447,008 | 15,122,000 | 22,021,207 | 15,122,000 | ||||
Diluted weighted average shares outstanding | 17,609,141 | 15,122,000 | 22,502,319 | 15,122,000 | ||||
Basic earnings per share | $ 0.17 | $ 0.02 | $ 0.11 | $ 0.01 | ||||
Diluted earnings per share | $ 0.16 | $ 0.02 | $ 0.10 | $ 0.01 | ||||
CLEANTECH INNOVATIONS, INC. AND SUBSIDIARIES | ||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
(UNAUDITED) | ||||
NINE MONTHS ENDED | ||||
2010 | 2009 | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net income | $ 2,902,986 | $ 296,141 | ||
Adjustments to reconcile net income to net cash | ||||
used in operating activities: | ||||
Depreciation and amortization | 150,344 | 56,997 | ||
Stock options expense | 90,007 | |||
(Increase) decrease in current assets: | ||||
Accounts receivable | (9,625,524) | (636,464) | ||
Retentions receivable | (2,668,267) | (39,926) | ||
Other receivables and deposits | (1,880,785) | (1,406,736) | ||
Advance to suppliers | (255,235) | (19,042) | ||
Prepayment | (52,702) | (257,768) | ||
Note receivable | (22,331) | - | ||
Inventories | (843,547) | (339,603) | ||
Restricted cash | (1,323,360) | - | ||
Increase (decrease) in current liabilities: | ||||
Accounts payable | 3,532,902 | 189,496 | ||
Other payables and accrued liabilities | (710,668) | 190,746 | ||
Unearned revenue | 32,447 | 172,729 | ||
Taxes payable | 1,339,210 | 121,901 | ||
Net cash used in operating activities | (9,334,523) | (1,671,529) | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Construction in progress | (876,207) | (195,698) | ||
Acquisition of property & equipment | (2,081,322) | (27,598) | ||
Acquisition of intangible assets | (74,988) | - | ||
Long term investment | - | (87,821) | ||
Net cash used in investing activities | (3,032,517) | (311,117) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Contribution by shareholders | 2,426,287 | - | ||
Issuance of common stock | 8,253,471 | - | ||
Proceeds from short term loans | 9,473,013 | 2,195,518 | ||
Repayment of short term loans | (8,797,218) | - | ||
Net cash provided by financing activities | 11,355,553 | 2,195,518 | ||
EFFECT OF EXCHANGE RATE CHANGE ON CASH & EQUIVALENTS | 114,218 | 118 | ||
NET INCREASE (DECREASE) IN CASH & EQUIVALENTS | (897,269) | 212,990 | ||
CASH & EQUIVALENTS, BEGINNING OF PERIOD | 1,295,145 | 25,855 | ||
CASH & EQUIVALENTS, END OF PERIOD | $ 397,876 | $ 238,845 | ||
Supplemental Cash flow data: | ||||
Income tax paid | $ 869,186 | $ - | ||
Interest paid | $ 264,162 | $ 75,672 | ||
SOURCE CleanTech Innovations, Inc.
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