XI'AN, China, Aug. 14, 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 second quarter ended June 30, 2015.
Second Quarter 2015 Financial Highlights
- Sales of systems increased 29.2% to US$24.47 million from US$18.95 million for the second quarter of 2014.
- Interest income on sales-type leases increased 3.5% to US$6.33 million from US$6.12 million for the second quarter of 2014.
- Total revenues, including sales of systems, contingent rental income and interest income on sales-type leases, increased 22.3% to US$30.91 million from US$25.27 million for the second quarter of 2014.
- Operating expenses decreased 27.6% year-over-year to US$0.55 million.
- Total non-operating income, net was US$3.68 million, compared with total non-operating expenses, net of US$1.35 million for the second quarter of 2014. This is mainly due to US$4.59 million of gain on systems repurchase from Jitie project and two BPRT systems for Datong Tianjian in the second quarter of 2015.
- Net income attributable to CREG was US$11.28 million, up 71.2% from US$6.59 million for the second quarter of 2014.
- Basic and fully diluted earnings per share (EPS) was US$0.14, compared with US$0.11 in the second quarter of 2014.
Mr. Guohua Ku, Chairman and CEO of CREG commented, "We are pleased with our strong performance this past quarter that produced a substantial increase in our profitability. As industrial consolidation continues in China, we experienced the early terminations of two projects during the second quarter, including one newly completed Waste Gas Power Generation ("WGPG") system for Datong Tianjian. By the end of the quarter, we finished the construction of a Coke Dry Quenching ("CDQ") system for Boxing County Chengli Gas Supply Co. , Ltd. This new system is currently being tested, and we expect full completion in coming months. The cash we received from the early terminations will help us fund new projects, develop new energy recycling solutions, and explore new operating and revenue models to meet market demand and maximize shareholder value."
For more information regarding China Recycling Energy Corp.'s financial performance during the quarter ended June 30, 2015, please refer to the Quarterly Report on Form 10-Q, which was filed with the Securities and Exchange Commission on August 14, 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.