FUQING CITY, China, March 8, 2011 /PRNewswire-Asia-FirstCall/ -- China Clean Energy Inc. (OTC Bulletin Board: CCGY) ("China Clean Energy", the "Company"), a producer of biodiesel fuel and environmentally-friendly specialty-chemical products made from renewable resources in China, today announced selected preliminary unaudited financial results for the fourth quarter and fiscal year ended December 31, 2010. Please note that these estimates remain subject to change based upon, among other things, completion of the full-year reporting process, and audited results could differ from the estimates provided below.
Fourth Quarter 2010 Highlights
- Revenue is expected to be in the range of $17.8 million to 18.2 million, compared to previous guidance of $17.3 million, and up from $4.9 million in the fourth quarter of 2009.
- Operating income is expected to be in the range of $3.6 million to $3.8 million, compared to previous guidance of $3.5 million, and up from $0.3million in the fourth quarter of 2009.
- Adjusted earnings per share, excluding non-cash charges associated with changes in the fair value of warrant liabilities, impairment of fixed assets, as well as stock-based compensation, is expected to be in the range of $0.08 to $0.10.
Fiscal Year 2010 Highlights
- Revenue is expected to reach between $58.1 million to $59.1 million compared to previous guidance of $58.1 million and to revenue of $15.9 million in 2009.
- Operating income is expected to be in the region of $9.9 million to $10.2 million, compared to previous guidance of $9.8 million and operating income of $0.9 million in 2009.
- Adjusted earnings per share, excluding non-cash charges associated with changes in the fair value of warrant liabilities, impairment of fixed assets, as well as stock-based compensation, to be in the range of $0.22 to $0.25.
"We are pleased to report another quarter of results that exceeded our expectations. Clearly, by any measure, the ramp-up of our Jiangyin plant has been a tremendous success and positions us well to benefit from the positive macro-economic environment in China as well as from the on-going recovery in the global economy," said Mr. Tai-ming Ou, China Clean Energy's Chairman and CEO. "We look forward to provide additional detail and to share our plans and strategies for the quarters ahead at our earnings conference call to be held at the end of March 2011."
About China Clean Energy
China Clean Energy, through its wholly-owned subsidiaries, Fujian Zhongde Technology Co., Ltd. and Fujian Zhongde Energy Co., Ltd, is engaged in the development, manufacturing, and distribution of biodiesel and specialty chemical products made from renewable resources. For additional information please visit: http://www.chinacleanenergyinc.com
Safe Harbor Statement
This announcement contains forward-looking statements. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the effectiveness, profitability, and the marketability of the Company's products; the future trading of the common stock of the Company; the ability of the Company to capitalize on its expanded production capacity; the period of time for which its current liquidity will enable the Company to fund its operations; the Company's ability to protect its proprietary information; general economic and business conditions; the volatility of the Company's operating results and financial condition resulting from changes in raw material prices, international oil prices and price controls imposed by the Chinese government; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that the Company's expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
China Clean Energy Inc.
CCG Investor Relations Inc.
William Chen, CFO
Ed Job, CFA
SOURCE China Clean Energy Inc.