CHENGDU, China, Aug. 16, 2011 /PRNewswire-Asia-FirstCall/ -- Apollo Solar Energy, Inc. (OTCBB:ASOE.OB - News) ("Apollo" or "the Company"), a vertically integrated refiner and producer of high purity tellurium (Te), tellurium-based compounds and other metals for the solar photovoltaic (PV) industry and specific segments of the electronic materials market worldwide reported its second quarter 2011 earnings in its Form 10-Q filed with the Securities and Exchange Commission on August 15, 2011.
Sales for the three months ended June 30, 2011 were $2,940,118, compared to sales of $1,501,919 in the same period in 2010, an increase of $1,438,199, or approximately 96%. For the three months ended June 30, 2011, the Company had a net loss of $431,385, compared to a net loss of $1,011,002 for the three months ended June 30, 2010. The primary reasons for the decrease in net loss for the three months ended June 30, 2011 was an increase in sales, and the reduction of general and administrative expenses, plus interest income of a loan to related parties.
Sales for the six months ended June 30, 2011 were $6,723,338, compared to the sales of $2,575,965 in the same period in 2010, an increase of $4,147,373, or approximately 161%. For the six months ended June 30, 2011, the Company had net loss of $351,791, compared to a net loss of $2,097,313 for the six months ended June 30, 2010. The primary reasons for the decrease in net loss for the six months ended June 30, 2011 was an increase in sales, and the reduction of general and administrative expenses, plus interest income of a prior year's loan to related parties.
"Apollo improved its financial results in the second quarter of 2011. We believe this improvement in our results of operations strongly indicates we are now on the right track," Dr. Jingong Pan, CEO of Apollo Solar, stated. "Our new marketing strategy to increase three product lines such as material for solar panel glass, material for signal integrated processors, and substrate material for LED panels helped us increase our sales and our effort to cost improvement helped us reduce expenses. We will continue pursuit of these strategies to deliver better results in the further."
About Apollo Solar Energy, Inc.
Apollo Solar Energy, Inc., through its wholly owned subsidiary, Sichuan Apollo Solar Science and Technology Co., Ltd, is primarily engaged in refining and producing high purity tellurium (Te), tellurium-based compounds and other metals for thin film solar PV industry and for specific segments of the electronic materials market worldwide. The Company's products include CdTe thin-film compounds, CIGS thin-film compounds, ultra- high purity metals and commercial-purity metals.
Safe Harbor Statement
The statements contained in this press release that are not historical facts are "forward-looking statements" within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," or "anticipates," or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. In particular, the statements regarding the Company's expectation of its future success and that the Chinese government's support of solar energy development will increase demand for the Company's products, are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including but not limited to, general economic conditions and regulatory developments, not within our control. The factors discussed herein and expressed from time to time in our filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed or implied by such statements. The forward-looking statements are made only as of the date of this press release, and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstance.
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SOURCE Apollo Solar Energy, Inc.