Cleantech Solutions International Reports Second Quarter 2015 Results

Operating income was $1.7 million, compared to operating income of $3.0 million in the same period of 2014. Operating margin was 11.2% compared to 17.3% in the same period of 2014.

EBITDA, a non-GAAP measurement, which adds to net income interest expense, income tax, depreciation and amortization, was $3.8 million, compared to $5.2 million in the second quarter of 2014.  The calculation of EBITDA is shown in a table following the financial statements.

Net income for the second quarter of 2015 was $1.2 million, or $0.31 per basic and diluted share, compared to net income of $2.2 million, or $0.61 per basic and diluted share, in the second quarter of 2014.   

Six Month Results

For the six months ended June 30, 2015, revenue was $30.8 million compared to $35.2 million in the first half of 2014. Gross profit was $5.8 million, down from $8.4 million in the first half of 2014. Gross margin was 18.7%, compared to 23.8% in the first half of 2014.  Operating income was $3.5 million compared to $6.3 million in the first half of 2014. EBITDA, a non-GAAP measurement, was $7.7 million, compared to $10.5 million in the first half of 2014.  Net income was $2.5 million, compared to $4.6 million in the first half of 2014.  Net income per basic and diluted share was $0.63 compared to $1.29 in the first half of 2014. 

Financial Condition

As of June 30, 2015, Cleantech Solutions held cash and cash equivalents of $16.8 million compared to $7.8 million at December 31, 2014.  Accounts receivable were $18.5 million compared to $20.3 million at December 31, 2014.  Inventories were $4.6 million compared to $4.2 million at December 31, 2014.  Total current assets were $41.2 million as of June 30, 2015. The Company had $3.3 million in short-term bank loans payable at June 30, 2015, compared to $3.1 million at December 31, 2014.   Stockholders' equity was $100.9 million at June 30, 2015.  In the first half of 2015, the Company generated $8.7 million in cash flow from operations.

Business Outlook

"Although the Chinese economy is showing some signs of improvement, we expect capital spending by our customers to remain low, particularly in the forged rolled rings and related products business.  Following our participation at the 17^th International Exhibition on Textile Industry in Shanghai, we received several orders for our new air-fluid, dual-use dyeing machine and garment washing machine which will help offset softer demand for our low-emission air-flow dyeing machines in the second half of the year.  We expect our petroleum and chemical equipment segment to make a larger contribution to revenues as we continue to make good progress on fulfilling the orders we have on hand.  We are excited by the growth opportunities available in these industries and are also exploring opportunities to expand into other industries," Mr. Wu concluded.

Conference Call

Cleantech Solutions will conduct a conference call at 9:00 a.m. Eastern Daylight Time on Friday, August 14, 2015 to discuss financial results for the second quarter ended June 30, 2015.

To participate in the live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: 888-346-8982. International callers should dial 412-902-4272 and ask to join the Cleantech Solutions International call.

If you are unable to participate in the conference call at this time, a replay will be available through August 21, 2015 at 9:00 am EDT. To access the replay, dial (877) 344-7529 or (412) 317-0088 for international callers and enter pin code: 10070624.

Use of Non-GAAP Financial Measures

The Company has included in this press release certain non-GAAP financial measures. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the performance of the Company and when planning and forecasting future periods. Readers are cautioned not to view non-GAAP financial measures on a stand-alone basis or as a substitute for GAAP measures, or as being comparable to results reported or forecasted by other companies, and should refer to the reconciliation of GAAP measures with non-GAAP measures also included herein.

About Cleantech Solutions International

Cleantech Solutions is a manufacturer of metal components and assemblies, primarily used in clean technology and other industries and dyeing and finishing equipment for the textile industry and forged rolled rings and related products, and a supplier of fabricated products and machining services to a range of clean technology customers, and a supplier of products for the petroleum and chemical industries.  The Company's website is www.cleantechsolutionsinternational.com. Any information on the Company's website or any other website is not a part of this press release.

Safe Harbor Statement

This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary and affiliated companies. These forward looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein and in the conference call referred to in this press release as anticipated, believed, estimated or expected. 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, including factors described in "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Form 10-K for the year ended December 31, 2014 and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Form 10-Q for the quarter ended June 30, 2015. All forward-looking statements attributable to the Company or to 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.

Company Contacts:
Cleantech Solutions International, Inc.
Adam Wasserman, CFO
E-mail: adamw@cleantechsolutionsinternational.com
Web: www.cleantechsolutionsinternational.com

Compass Investor Relations
Elaine Ketchmere, CFA
Email: eketchmere@compass-ir.com
+1-310-528-3031
Web:  www.compassinvestorrelations.com

CLEANTECH SOLUTIONS INTERNATIONAL, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
		For the Three Months Ended				For the Six Months Ended
		June 30				June 30
		2015		2014		2015		2014
REVENUES		$15,190,600		$17,528,018		$30,837,065		$35,163,289
COST OF REVENUES		12,497,010		13,443,581		25,071,443		26,805,566
GROSS PROFIT		2,693,590		4,084,437		5,765,622		8,357,723
OPERATING EXPENSES:
Depreciation		167,396		118,410		512,092		228,269
Selling, general and administrative		794,441		904,467		1,668,986		1,765,066
Research and development		28,562		31,248		57,260		58,119
Total Operating Expenses		990,399		1,054,125		2,238,338		2,051,454
INCOME FROM OPERATIONS		1,703,191		3,030,312		3,527,284		6,306,269
OTHER INCOME (EXPENSE):
Interest income		12,684		3,905		18,517		9,145
Interest expense		(56,628)		(60,099)		(113,971)		(117,826)
Grant income		-		199		-		32,086
Foreign currency transaction gain/(loss)		-		1,270 Werbung Mehr Nachrichten zur Cleantech Solutions International Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 19.04.24 - ARIVA.DE Redaktion Aktien USA: Dow Jones legt um 0,24 Prozent zu (37.865 Pkt.) 19.04.24 - dpa-AFX Aktien New York: Dow legt zu - Nasdaq-Börse immer stärker unter Druck Auf zur INVEST am 26.+ 27.04.2024    Foto: Landesmesse Stuttgart GmbH - Jetzt kostenloses Ticket sichern! weiterlesen» Anzeige wo-site-teaser-box-16688_site-teaser-box_2024-04-17_09%253A00%253A00_2024-04-22_09%253A00%253A59