China Clean Energy

Seite 1 von 1
neuester Beitrag: 07.07.10 16:34
eröffnet am: 13.03.08 09:51 von: _bbb_ Anzahl Beiträge: 8
neuester Beitrag: 07.07.10 16:34 von: buran Leser gesamt: 3078
davon Heute: 1
bewertet mit 0 Sternen

13.03.08 09:51

5662 Postings, 5998 Tage _bbb_China Clean Energy

China Clean Energy Announces Record Fourth Quarter and Fiscal Year 2007 Results
FUQING CITY, China, March 12 /Xinhua-PRNewswire-FirstCall/ -- China Clean Energy Inc. (OTC Bulletin Board: CCGY) ('China Clean Energy', the 'Company'), a leading producer of biodiesel fuel and environmentally-friendly specialty chemical products made from renewable resources in The People's Republic of China ('PRC'), today reported record financial results for the fourth quarter and fiscal year ended December 31, 2007.

   Fourth Quarter 2007 Highlights
    -- Total revenues increased to $6.9 million, up 87.1% from the fourth
       quarter of 2006
    -- Gross Profits reached $1.9 million, up 73.9% from the fourth quarter
       of 2006
    -- Operating Income totaled $1.4 million, up 895% from the fourth quarter
       of 2006
    -- Net Income was $1.3 million, or $0.06 per share
    -- Completed private placement financing and raised $15 million to build
       new biodiesel plant
    -- Initiated construction for new a 100,000 metric ton facility on
       December 19, 2007

   Full Year 2007 Highlights
    -- Total revenues increased 61.3% in 2007 to $21.8 million
    -- Operating Income increased 60.8% in 2007 to $3.5 million
    -- Net income increased 164.6% in 2007 to $3.4 million

'This was a very successful quarter for China Clean Energy, both in terms of financial performance and the execution of our expansion strategy. We achieved double-digit sequential growth in net revenues, driven by strong demand of our biodiesel and specialty chemical products. The rise of international oil price has also increased the company's margin and net income from operations,' said Mr. Tai-ming Ou, China Clean Energy's Chairman and CEO. 'In addition, the successful completion of our private placement was an important milestone for our company, and provided us with the capital necessary to complete our expansion strategy to build a 100,000 metric ton annual capacity biodiesel plant.'

Fourth Quarter 2007 Results

China Clean Energy's net revenues in the fourth quarter were $6.9 million, an increase of 26.4% from the third quarter of 2007 and an increase of 87% year-over-year. The increase from the third quarter of 2007 was due to increased demand for the company's biodiesel and specialty chemical product lines, increased sales volume, higher sales prices, as well as greater sales volume due to our increased sales force.

Gross profit in the fourth quarter of 2007 was $1.9 million, an increase of 31% since the third quarter of 2007 and an increase of 73.9% year-over-year. Gross margins were 27.1% in the fourth quarter of 2007, down from 29.1% during the same period in 2006. The increase in gross profit was the result of higher sales prices and sales volume. The decrease in gross margin, however, was the result of a decrease in Chinese government export tax rebates from 13% to 5%, effective on July 1, 2007, for our exported specialty chemical products.

Operating expense in the fourth quarter of 2007 was $507,346 for the fourth quarter of 2007, a 45.9% decrease from $937,559 in the fourth quarter of 2006 which included a one time 'reverse merger' charge. The Company's operating income was up 58% from the third quarter of 2007 and up 895% year- over-year. The Company recorded a 20% increase in operating margin in the fourth quarter of 2007, representing a 400 basis point improvement compared to the third quarter of 2007 as well as the fourth quarter of 2006. This was due to the increase in production capacity and benefits from economies of scale.

Net income for the fourth quarter of 2007 was $1.3 million or $0.06 per basic and diluted share, compared to a loss of $3,606 in the fourth quarter of 2006. The increase in net income was driven by the increase of sales and the improvement in operating margins.

Full Year 2007 Results

For the full year 2007, net revenues were $21.8 million, up 61.5% from $13.5 million in 2006. 26.54% of revenue came from biodiesel sales and 73.46% came from specialty chemical sales. Gross profit for the full year 2007 was $5.9 million, an increase of 55.3% from $3.8 million in 2006. The increase was attributed to a significant increase in selling price and sales volume of the Company's biodiesel and specialty chemical export business. Gross margin decreased slightly from 28.2% in 2006 to 27.0% in 2007 due to the decrease in Chinese government export tax rebates from 13% to 5% effective on July 1, 2007 for the Company's exported specialty chemical products. Operating income for the full year 2007 was $3.5 million, up 59% from $2.2 million in 2006. Operating margin remained the same at 16% in 2006 and 2007. Net Income for 2007 increased 164.6% to $3.4 million from $1.3 million in 2006. Earnings per share also increased 128.5% to $0.16 per basic and diluted share in 2007 from $0.07 in 2006. Cash flow from operations for 2007 totaled $2.1 million, compared to $1.4 million in 2006. Capital expenditures for 2007 totaled $3.8 million, including a partial payment for initial construction and land-usage rights related to the Company's new 100,000 ton-per-annum biodiesel plant.

Financial Condition

As of December 31, 2007, China Clean Energy had $1.1 million in total cash, approximately $4.3 million in working capital, and $1.5 million in debt. Stockholders' equity at December 31, 2007 stood at $14.8 million, a 13.8% increase over the $13.0 million recorded at September 30, 2007.

Additional Information

In connection with the private placement financing, certain stockholders and officers of the Company deposited an aggregate of 1.5 million shares of common stock into an escrow account, which shares shall be disbursed, pro rata, among the investors should (i) the Company fail to begin the production of biodiesel at its currently proposed production facility in Jiang Yin, People's Republic of China on or before January 1, 2009 or (ii) the Company fail to achieve at least $14,000,000 of adjusted net income during 2009. The Company plans to provide investors with regular updates as it makes progress on its Jiang Yin production facility construction. At this time the Company reaffirms its belief that it will commence biodiesel production from the new facility by January 1, 2009 and achieve at least $14,000,000 of adjusted net income during 2009.

In addition, over the next several quarters the Company plans to recruit independent directors to join its Board and take all additional actions necessary to fulfill the requirements to support an application to list on a national stock exchange.

Conference Call

To participate in the live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: 888- 552-2116. International callers should dial 706-645-9795 or 706-758-9965. When prompted by the operator, mention Conference Passcode 38344624. If you are unable to participate in the call at this time, a replay will be available for seven days starting on Wednesday, March 12 at 12:30 p.m. Eastern Time. To access the replay, dial 800-462-1687, international callers dial 706-645-9291, and enter the passcode 38344624.

This conference call will also be broadcast live over the Internet and can be accessed by all interested parties on China Clean Energy's website at http://www.chinacleanenergyinc.com. To listen to the live webcast, please go to China Clean Energy's website at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software. For those unable to participate during the live broadcast, a replay will be available shortly after the call on China Clean Energy's website for 90 days.

About China Clean Energy:

China Clean Energy, through its wholly-owned subsidiary, Fujian Zhongde Technology Co., Ltd., is engaged in the development, manufacturing, and distribution of biodiesel fuel and specialty chemical products made from renewable resources. Since its inception, the Company has been engaged in the manufacture of high-quality specialty chemical products from renewable resources. Through its research and development efforts, the Company developed a proprietary process for refining biodiesel fuel from waste grease and certain vegetable oil-based waste. Using this proprietary process, China Clean Energy began producing biodiesel in 2005 and commenced selling biodiesel commercially starting in December 2005.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance the Company's activities; the effectiveness, profitability, and the marketability of its products; legal and regulatory risks associated with the share exchange; the future trading of the common stock of the Company; the ability of the Company to expand its 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; 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, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

--FINANCIAL TABLES FOLLOW--


CHINA CLEAN ENERGY INC. AND SUBSIDIARIES
Consolidated Statements of Operations and Comprehensive Income
(Expressed in US Dollars)


                              Three months ended      Twelve months ended
                                 December 31,             December 31,
                               2007        2006        2007         2006
                           (Unaudited) (Unaudited)    (Audited)    (Audited)

    Revenue:
     Net sales of products  $6,902,916  $3,689,548  $21,756,010  $13,489,710
     Government subsidy             --       1,828           --        9,640
    Total revenue            6,902,916   3,691,376   21,756,010   13,499,350
    Gross Profit             1,868,190   1,074,324    5,873,211    3,800,186
    Gross Margin                 27.1%       29.1%        27.0%        28.2%
    Operating Costs and
     Expenses
     Cost of goods sold      5,034,726   2,617,052   15,882,799    9,699,164
     Selling and marketing      93,074     143,838      695,007      411,850
     General and
      administrative           346,172     278,332    1,456,985      529,377
     Expenses relating to
      the reverse merger of
      CCER                          --     464,550           --      464,550
     Depreciation of
      property, plant and
      equipment                 23,875       9,415       77,818       34,771
     Amortization of
      intangible assets         44,225      41,424      178,635      204,948
    Total operating costs
     and expenses            5,542,072   3,554,611   18,291,244   11,344,660
    Income from Operations   1,360,844     136,765    3,464,766    2,154,690
                                    --          --
    Other Income (Expenses)         --          --
     Interest incomes            3,441         210        9,355        7,001
     Interest expenses         (32,793)    (21,850)    (114,227)     (89,137)
    Total Other Income
     (Expenses)                (29,352)    (21,640)    (104,872)     (82,136)
    Income before Income
     Taxes                   1,331,492     115,125    3,359,894    2,072,554
    Income Taxes                    --    (118,731)          --     (802,694)
    Net Income              $1,331,492     $(3,606)  $3,359,894   $1,269,860
    Other Comprehensive
     Income
     Foreign currency
      translation
      adjustment               411,554     129,597      796,353      421,948
    Comprehensive Income    $1,743,046    $125,991   $4,156,247   $1,691,808

    Earnings per common
     share:
     Basic                       $0.06      $-0.00        $0.16        $0.07
     Diluted                     $0.06      $-0.00        $0.16        $0.07


    Weighted average number
     of common shares:
     Basic                  21,512,269  15,995,000   21,512,269   17,017,580
     Diluted                21,512,269  15,995,000   21,512,269   17,017,580



                   CHINA CLEAN ENERGY INC. AND SUBSIDIARIES
                          Consolidated Balance Sheets
                           (Expressed in US Dollars)


                                              December 31,      December 31,
                                                  2007              2006
                                               (Audited)         (Audited)

   Current Assets
    Cash and cash equivalents                  $1,133,555        $2,241,712
    Accounts receivable, net of
     allowance for doubtful accounts of
     $407,593 and $228,604, respectively        2,795,363         1,768,262
    Other receivable - refundable value
     added taxes                                       --            24,904
    Other receivable - recoverable
     corporate income taxes                       147,485                --
    Inventories                                 1,361,478           941,933
    Advance payments to suppliers                 872,974           194,141
    Prepaid expenses                               32,330            37,696
   Total Current Assets                         6,343,185         5,208,648

   Property, plant and equipment, net           5,820,045         4,692,200

   Intangible assets, net                       4,879,635         2,430,504
   Deposits paid in connection with
    contract for purchase of land use
    rights and related costs                           --            95,033
   Total Assets                               $17,042,865       $12,426,385

   Current Liabilities
    Accounts payable and accrued
     liabilities                                 $781,680          $386,719
    Current portion of bank indebtedness        1,231,020         1,282,462
    Income taxes payable                               --           117,964
    Due to related parties                             --             6,419
   Total current liabilities                    2,012,700         1,793,564

   Noncurrent portion of bank
    indebtedness                                  241,097                --
   Total Liabilities                            2,253,797         1,793,564

   Commitments and Contingencies                       --                --
   Stockholders' Equity
    Preferred stock, per value $0.0001
     per share, authorized
     10,000,000 shares; issued and
      outstanding 0 shares
    Common stock, par value $0.0001 per
      share, authorized                                --                --
      90,000,000 shares; issued and
      outstanding 21,512,269
      and 21,512,269 shares,
      respectively                                  2,151             2,151
    Additional paid-in capital                  7,053,834         7,053,834
    Retained earnings                           6,521,641         3,161,747
    Accumulated other comprehensive
     income (loss)                              1,211,442           415,089
   Total stockholders' equity                  14,789,068        10,632,821
   Total Liabilities and Stockholders'
    Equity                                    $17,042,865       $12,426,385



CHINA CLEAN ENERGY INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Expressed in US Dollars)


                                               Year ended December 31,
                                               2007               2006
                                             (Audited)          (Audited)
   Cash Flows from Operating Activities
    Net income                                 $3,359,894         $1,269,860
    Adjustments to reconcile net income
     to net cash provided by (used for)
     operating activities
     Stock-based compensation                          --            178,500
     Depreciation of property, plant and
      equipment                                   542,875            402,138
     Amortization of intangible assets            178,635            204,948
    Changes in operating assets and
     liabilities
     Accounts receivable, net                  (1,705,934)          (433,820)
     Other receivables                           (122,581)           (24,904)
     Due from related parties                          --             14,875
     Inventory                                   (419,545)           358,201
     Prepaid expenses                               5,366            (37,696)
     Accounts payable and accrued
      liabilities                                 394,961           (286,134)
     Income taxes payable                        (117,964)          (248,389)
   Net cash provided by (used for)
    operating activities                        2,115,707          1,397,579
   Cash Flows from Investing Activities
    Property, plant and equipment
     additions                                 (1,342,153)        (2,063,652)
    Intangible assets additions                (2,467,388)          (545,225)
    Deposits paid in connection with
     contract for purchase of land use
     rights                                            --            (95,033)
   Net cash provided by (used for)
    investing activities                       (3,809,541)        (2,703,910)
   Cash Flows from Financing Activities
    Capital stock issued for cash                      --          1,265,000
    Increase (decrease) in bank
     indebtedness                                 189,655             42,850
    Due to related parties                         (6,419)          (296,525)
    Dividends paid                                     --           (753,420)
   Net cash provided by (used for)
    financing activities                          183,236            257,905

   Effect of exchange rate changes on
    cash and cash equivalents                     402,441            115,010
   Increase (decrease) in cash and cash
    equivalents                                (1,108,157)          (933,416)

   Cash and cash equivalents, beginning
    of period                                   2,241,712          3,175,128

   Cash and cash equivalents, end of
    period                                     $1,133,555         $2,241,712


   Supplemental disclosures of cash flow
    information:
    Interest paid                                $114,227            $89,137
    Income taxes paid                                  $-         $1,051,083



   For more information, please contact:

   China Clean Energy Inc.
    Gary Zhao, CFO
    Tel:   +86-138-0133-9172 (China)
    Email: gary.zhao@chinacleanenergyinc.com

   CCG Elite Investor Relations Inc.
    Crocker Coulson, President
    Tel:   +1-646-213-1915 (New York)

    Ed Job, CFA
    Tel:   +1-646-213-1914
    Email: ed.job@ccgir.com

SOURCE China Clean Energy Inc.


 

13.03.08 09:54

5662 Postings, 5998 Tage _bbb_Mehr iInfo gibts hier !

29.06.08 11:59

5662 Postings, 5998 Tage _bbb_News !

China Clean Energy Updates Business Outlook
Date : 06/27/2008 @ 7:00AM
Source : PR Newswire
<< Back

China Clean Energy Updates Business Outlook





FUQING, China, June 27 /Xinhua-PRNewswire-FirstCall/ -- China Clean Energy Inc. (OTC:CCGY) (BULLETIN BOARD: CCGY) ("China Clean Energy", the "Company"), a leading producer of environmentally-friendly specialty chemical products made from renewable resources in The People's Republic of China, today announced that it continues to make progress in finding alternative markets for its specialty chemical products and that it continues to evaluate options that would allow it to resume biodiesel production.

Since halting biodiesel production in March 2008, the Company has been seeking alternative markets in China for its specialty chemical products, including selling standard monomer acid, a biodiesel substrate, to environmentally friendly paint producers. Monomer acid has a very similar chemical composition to biodiesel and benefits from the fact that its pricing is not regulated by the government, thus allowing the Company to pass on any increases in raw material costs to its customers.

With respect to the Company's suspended biodiesel operations, the Chinese government's recent decision to increase the selling price of diesel by RMB 1,000 per metric ton to RMB 7,300 per metric ton (including 17% Value Added Tax) has not been sufficient to allow the Company to restart biodiesel production due to the current prices of waste cooking oil and waste vegetable oil, which have risen from RMB 3,600 per ton to around RMB 5,000 per ton since March 2008. The Company, however, is currently seeking to secure these raw materials from suppliers in Malaysia and Indonesia, where prices have yet to increase as dramatically as they have in China (currently RMB 4,300 per ton). These discussions, however, remain preliminary, and no assurances can be given that the Company will be able to secure any raw materials from these suppliers at prices that would allow the resumption of biodiesel production.

"We are hopeful with the possibility of restarting our biodiesel production in the near future by leveraging lower waste palm oil feedstock supplies as we benefit from higher diesel prices in China. We expect biodiesel to continue to represent an attractive long-term opportunity for our business both at our current refinery and the new Jiangyin Plant if margin structures return to profitable levels," said Mr. Tai-Ming Ou, Chairman and CEO of China Clean Energy. "We remain hopeful that we will be able to restore our biodiesel margins, and that we will be successful in expanding our specialty chemicals business to deliver value to our shareholders in the years ahead," concluded Mr. Ou.

China Clean Energy has also completed the installation and testing of its high purity dimer-acid production facility at its current refinery and started production in June 2008. The Company expects its new high purity dimer-acid capacity to enhance future earnings and profitability.

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 specialty chemical products made from renewable resources.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's ability to raise additional capital to finance the Company's activities; the effectiveness, profitability, and the marketability of its products; legal and regulatory risks associated with the share exchange; the future trading of the common stock of the Company; the ability of the Company to expand its production capacity; Company's ability to secure raw material feedstock supplies; 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; 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, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

For more information, please contact:

China Clean Energy Inc.

Gary Zhao, CFO Tel: +86-138-0133-9172 (China) Email:

CCG Elite Investor Relations Inc.

Crocker Coulson, President Tel: +1-646-213-1915 (New York)

Ed Job, CFA Tel: +1-646-213-1914 Email:

DATASOURCE: China Clean Energy Inc.


CONTACT: Gary Zhao, CFO of China Clean Energy Inc., +86-138-0133-9172

(China), or ; Crocker Coulson, President of

CCG Elite Investor Relations Inc., +1-646-213-1915 (New York); Ed Job, CFA of

CCG Elite Investor Relations Inc., +1-646-213-1914, or , all

for China Clean Energy Inc.  

29.06.08 12:30

31 Postings, 5724 Tage Endspiel2008na, mal schauen,

wie tief das Messer noch fällt!  

29.06.08 12:45

5662 Postings, 5998 Tage _bbb_hm..

hast du die form 4's gesehen...erst gedumped der Jeff und dann wieder eingekauft der Jeff. :)

http://www.sec.gov/cgi-bin/...e=&SIC=&owner=include&action=getcompany  

07.07.10 16:34

246516 Postings, 6759 Tage buranist denn ausser mir noch wer interessiert auf

diesen Titel ?  

   Antwort einfügen - nach oben