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Share Name | Share Symbol | Market | Type |
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China Solar and Clean Energy Solutions Inc (PK) | USOTC:CSOL | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0111 | 0.0001 | 0.036 | 0.00 | 21:15:17 |
In the news release, "China Solar & Clean Energy Solutions, Inc. Reports First Quarter 2010 Financial Results" issued on May 14 by China Solar & Clean Energy Solutions, Inc. (OTC Bulletin Board: CSOL) over PR Newswire Asia, we are advised by the Company that in the first paragraph of the Outlook for 2010 section, the CEO's quote should read "...the increase in orders received by Tianjin Huaneng this quarter, which has amounted to $5 million (RMB 34 million) in total..." not "...the increase in orders received by Tianjin Huaneng this quarter, which has amounted to $34 million in total..." as was originally issued inadvertently. Full correct release follows:
China Solar & Clean Energy Solutions, Inc. Reports First Quarter 2010 Financial Results
BEIJING, May 14 /PRNewswire-Asia/ -- China Solar & Clean Energy Solutions, Inc. (Formerly known as "Deli Solar (USA), Inc.") (OTC Bulletin Board: CSOL) ("China Solar"), a manufacturer and distributor of solar water heaters, space heating devices and provider of renewable energy solutions in the People's Republic of China ("PRC"), today reported its financial results for the first quarter ended March 31, 2010.
Highlights for the first quarter of 2010: -- Revenue increased 6.6% year-on-year to $3.9 million. -- Gross margin increased to 29.8% from 24.2% for the same period of 2009. -- Net loss decreased 73.3% year-on-year to ($0.3) million. -- Cash and cash equivalents were $3.4 million as of March 31, 2010.
First Quarter 2010 Results
First quarter 2010 revenue was $3.9 million, an increase of $0.2 million, or 6.6%, from $3.7 million for the first quarter of 2009. The increase in sales was primarily attributable to the rise in revenue from our heat pipe related equipments under the management of Tianjin Huaneng Energy Equipment Company ("Tianjin Huaneng"), our subsidiary in the PRC. We expect overall sales revenue for heat pipe related equipments and energy-saving projects to keep growth momentum during the rest of the year.
Gross profit for the first quarter of 2010 increased by 0.3 million, or 31.1%, from $0.9 million for the first quarter of 2009, primarily due to an increase in sales volume and prices of our heat pipe related equipments. Correspondingly, gross margin increased to 29.8% from 24.2% for the first quarter of 2009.
Operating expenses decreased to $1.3 million for the first quarter of 2010, as compared to $1.5 million for the same period of 2009. The decrease in the Company's operating expenses was primarily due to the compression of operation cost.
Operating loss was ($0.2) million for the first quarter 2010, as compared to loss from operations of ($0.7) million a year ago. First quarter 2010 net loss was ($0.3) million, a decrease of $0.9 million, or 73.3%, from ($1.2) million for the same period of 2009. Consequently, net loss per share was
($0.02) for the three months ended March 31, 2010, as compared to ($0.07) for the first quarter of 2009.
Cash and cash equivalents decreased to $3.4 million as of March 31, 2010, compared to $5.0 million as of March 31, 2009. The decrease in cash and cash equivalents is attributable to the increase in other receivables for the first quarter of 2010.
Outlook for 2010
Mr. Deli Du, Chief Executive Officer and President of China Solar, commented, "I'm pleased that our net revenue increased by 6.6% in the first quarter of 2010, and I am especially encouraged by the increase in orders received by Tianjin Huaneng this quarter, which has amounted to $5 million (RMB 34 million) in total, a strong indicator of our capacity for achieving strong revenue growth, reliable profits and cash flows for the year 2010.
"We will continue to focus our resources on China's immense rural areas, which have created substantially higher demand for our solar-related products, and importantly, we are planning to invest in more profitable low-carbon opportunities and effectively leverage our partnerships with leading clean energy institutions in new energy sector to further facilitate our business transition from manufacturer to solutions provider.
"Moreover, our nationwide distribution channels in China and our strong government relationships continue to be our competitive advantage in acquiring additional market share in the rapidly growing new energy market in China. China Solar is well positioned to capture the many attractive opportunities both in China and abroad to explore unique business model and pioneering solutions for the best interests of our supportive shareholders," concluded Mr. Du.
About China Solar & Clean Energy Solutions, Inc.
China Solar & Clean Energy Solutions, Inc. operates through its PRC subsidiaries including Bazhou Deli Solar Energy Heating Co. Ltd.), Beijing Deli Solar Technology Development Co., Ltd. and Tianjin Huaneng Energy Equipment Company. The Company manufactures and distributes solar water heater and space heating devices for residential customers, provides energy-saving solutions for real estate developers and tailor-made solutions for utilization of industrial waste heat for industrial customers in the PRC. For more information, please visit http://www.delienergy.com .
Cautionary Statement Regarding Forward Looking Information
Safe Harbor Statement
Certain statements in this news release may contain forward-looking information about China Solar & Clean Energy Solutions and its subsidiaries business and products within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. The actual results may differ materially depending on a number of risk factors including, but not limited to, the general economic and business conditions in the PRC, market and customer acceptance and demand for products, ability to market products, fluctuations in foreign currency markets, the use of estimates in the preparation of financial statements, the impact of competitive products and pricing, the ability to develop and launch new products on a timely basis, the regulatory environment, fluctuations in operating results, and various other factors beyond its control. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks factors detailed in the Company's reports filed with the Securities and Exchange Commission. China Solar & Clean Energy Solutions undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
For more information, please contact: China Solar & Clean Energy Solutions, Inc. Echo Xia Investor Relations Tel: +86-10-6386-0500 Email: ir@delienergy.com CHINA SOLAR & CLEAN ENERGY SOLUTIONS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Currency expressed in United States Dollars (US$), except for number of shares) Three months ended March 31, 2010 2009 (restated) Revenue, net $3,896,414 $3,653,794 Cost of revenue 2,735,004 2,767,980 Gross profit 1,161,410 885,814 Operating expenses: Depreciation and amortization 122,513 88,621 Selling and distribution 627,069 559,485 General and administrative 596,661 899,626 Total operating expenses 1,346,243 1,547,732 Income(Loss) from operations (184,833) (661,918) Other income (expenses): Other income(expenses) (104) 27,847 Interest income 628 5 Interest expense (72,175) (47,159) Total other income (expenses) (71,651) (19,307) Income(Loss) From Continuing Operations Before Income Taxes (256,484) (681,225) Income tax expense 66,177 25,603 Income(Loss) From Continuing Operations (322,661) (706,828) Income(Loss) From Discontinued Operation (net of tax) -- (512,390) Net Income(Loss) (322,661) (1,219,218) Less: Net Income Attributable To Non- controlling Interest 4,999 10,006 Net Income(Loss) Attributable To China Solar Shareholders $(327,660) $(1,229,224) Basic Earning Per Share Continuing operations $(0.02) $(0.04) Discontinued operation -- (0.03) $(0.02) $(0.07) Weighted average shares outstanding - basic and diluted 15,815,125 16,125,984 CHINA SOLAR & CLEAN ENERGY SOLUTIONS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Currency expressed in United States Dollars (US$), except for number of shares) March 31, 2010 December 31, 2009 ASSETS Current assets: Cash and cash equivalents $3,438,258 $4,980,717 Accounts receivable, net 6,448,108 8,067,944 Inventories 6,416,927 4,547,170 Other receivables and prepayments 3,151,989 1,733,695 Deferred tax assets 588,016 588,016 Total current assets 20,043,298 19,917,542 Property and equipment, net 13,709,943 13,775,554 Goodwill 1,967,545 1,967,153 Land use rights 1,583,578 1,592,140 Investment in Trueframe International Limited 3,812,972 3,812,806 TOTAL ASSETS $41,117,336 $41,065,195 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable, trade $1,979,026 $1,601,002 Taxes payable 998,937 1,278,974 Other payables and accrued liabilities 10,211,109 9,977,178 Loan payable-employee 1,304,799 1,266,747 Total current liabilities 14,493,871 14,123,901 Long-term liabilities: Deferred tax liabilities -- -- Long-term liabilities 156,410 156,410 Total liabilities 14,650,281 14,280,311 Stockholders' equity Common stock, $0.001 par value, 66,666,667 shares authorized, 15,233,652 and 15,233,652 shares issued and outstanding, respectively 15,233 15,233 Additional paid-in capital 22,611,909 22,611,909 Accumulated other comprehensive income 697,848 693,016 Retained earnings 2,772,634 3,100,294 Profit earning reserves -- -- Total stockholders' equity-China Solar 26,097,624 26,420,452 Non-controlling interest in subsidiary 369,431 364,432 Total Stockholder's Equity 26,467,055 26,784,884 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $41,117,336 $41,065,195 CHINA SOLAR & CLEAN ENERGY SOLUTIONS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Currency expressed in United States Dollars (US$)) (Unaudited) Three months ended March 31, 2010 2009 Cash flows from operating activities: Net cash provided by operating activities $(1,433,190) $(366,734) Net effect of discontinued operation (462,855) (1,433,190) (829,589) Cash flows from investing activities: Purchase of property, plant and equipment (110,255) (185,122) Net effect of discontinued operation (95,086) Net cash provided by investing activities (110,255) (280,208) Effect of exchange rate on cash 986 66,643 NET CHANGE IN CASH AND CASH EQUIVALENTS (1,542,459) (1,043,154) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 4,980,717 2,404,996 CASH AND CASH EQUIVALENTS, END OF PERIOD $3,438,258 $1,361,842 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash paid for income taxes $95,658 $63,014 Cash paid for interest expense $72,535 $47,159
SOURCE China Solar & Clean Energy Solutions, Inc.
Copyright y 14 PR Newswire
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