8-14-13 9:30 AM EDT | Email Article

Net Income increased by 205% for Second Quarter and 116% for Half Year to June 2013.

XI'AN, China, Aug 14, 2013 /PRNewswire-FirstCall/ -- China Recycling Energy Corp. (NASDAQ: CREG; "CREG" or "the Company"), a leading industrial waste-to-energy solution provider in China, today announced its financial results for the 2013 Second quarter ended June 30, 2013.

Second Quarter 2013 Financial Highlights (Comparison data is for the same period Year-over-Year)

  • Total sales was $13.91 million, an increase of 13.51 million as compared to $0.4 million;
  • Income from operations was $7.5 million, increased 74.2% as compared to income from operations of $4.3 million;
  • The net income increased 205% to  $3.7 million from $1.2 million;
  • Fully diluted EPS of $0.07, as compared to $0.03;
  • Completion and Delivery of Datong Phase I 6MW BPRT Systems.

Summary of Financial Results:

(In '000s of U.S. Dollars,

except for per share data)

Three Months Ended

June 30

Six Months Ended

June 30


2013

2012

2013

2012

Total Sales (1) + (2)

$13,913

$403

$28,253

$551

(1) System Sales

13,623

-

27,703

-

(2) Contingent Rental Income

290

403

550

551

Gross Profit

3,411

375

6,850

508

Interest income on sales-type leases

4,729

4,714

8,554

9,528

Total Operating Income

8,139

5,089

15,404

10,036

Net Income

3,733

1,224

7,032

3,247

Basic EPS

0.07

0.03

0.14

0.07

Diluted EPS

0.07

0.03

0.14

0.07

Adjusted Net Income in non-GAAP (1)

4,402

2,235

8,451

3,966

Adjusted EPS in Non-GAAP (1) (2)

0.09

0.05

0.17

0.09


(1) CREG provides adjusted net income and earnings per share on a non-GAAP basis that excludes non-cash, share-based compensation expense and non-cash interest expense on the amortization of the beneficial conversion feature for the convertible notes and non-cash deferred income tax expenses, as described below, to enable investors to better assess the Company's operating performance. The non-GAAP measures are described below and reconciled to the corresponding GAAP measure in the section below titled "Non-GAAP Financial Measures";


(2) Non-GAAP diluted weighted average shares outstanding were calculated based on outstanding shares, issued options, and estimated shares under the assumption that they would be converted from our convertible debentures.

Mr. Guohua Ku, Chairman and Chief Executive Officer of China Recycling Energy, discussed quarterly financial results, current projects and the company's growth potential, "The second quarter 2013 showed significant increase in system sales and income as compared to last year's second quarter. The increase in system sales was anticipated since we have Datong Phase I project – two 3 MW BPRT power generation system completed during the second quarter.

Mr. Ku continued, "In terms of projects under construction, currently we have two projects,  Shanxi Datong Coal Group Power Generation Project and Jilin Ferroalloys Power Generation Project, with a total capacity of 33.5 megawatts. The company expects to complete the Shanxi Datong Phase II project by the end of 2013. As for Jilin Ferroalloys Project, it is scheduled to be completed by the end of third quarter of 2013."

"Recently we established an energy recycling fund to invest in coke dry quenching (CDQ) energy recovery and waste heat power generation projects with Hongyuan Huifu Venture Capital Co., Ltd. This fund can provide additional finance to our new projects and improve our competitiveness in energy recycling business." Mr. Ku continued, "Therefore, we are confident that CREG will gain a lead position in CDQ market in China and achieve great success in recycling energy industry."

Financial Results for Three Months Ended June 30, 2013

Total sales, including system sales and contingent rental income, for the three months ended June 30, 2013 was $13.91 million while total sales for the comparable period of 2012 was $0.40 million, an increase of $13.51 million as a result of increases in the sales of systems. Of the total sales, sales of systems for the three months ended June 30, 2013 was $13.62 million, as compared to $0 million for the comparable period of 2012, an increase of $13.62 million. For the three months ended June 30, 2013, Shanxi Datong Phase I project - two 3MW BPRT power generation systems were completed and sold. In comparison, in the same period of 2012, none of the Company's power generation system were completed and sold. For the three months ended June 30, 2013, the Company received contingent rental income of $0.29 million from the usage of electricity in addition to the minimum lease payments, compared to $0.40 million for the comparable period in 2012. For the sales-type lease, sales and cost of sales ("COS") are recorded at the time of leases; interest income from the sales-type leases is our other major revenue source in addition to sales revenue.

Cost of sales for the three months ended June 30, 2013 was $10.50 million while our COS for the comparable period of 2012 was $28,568,an increase of $10.48 million. This increase was mainly due to the completion and sale of the Shanxi Datong Phase I project.

Gross profit was $3.41 million for the three months ended June 30, 2013 compared to $0.37 million for the comparable period of 2012, a blended gross margin of 25% and 93% for the comparable periods of 2013 and 2012, respectively, the decreased profit margin in the three months ended June 30, 2013 was mainly due to comparison with the absence of systems sales and systems cost in the previous year corresponding quarter.

Interest income on sales-type leases for the three months ended June 30, 2013 was $4.73 million, a $0.02 million increase from $4.71 million for the comparable period of 2012. During the second quarter of 2013, interest income was derived from 12 systems: one TRT system, two CHPG systems, two systems with Erdos Phase I project and three systems of Erdos Phase II project, the Pucheng biomass power generation system, two Shenqiu biomass power generation systems and Zhongbao WHPG system. The Company sold Shanxi Datong Phase I project – two 3MW BPRT power generation systems in June 2013 and started collecting payments in July. In comparison, during the second quarter of 2012, interest income was derived from 11 systems: one TRT systems, two CHPG systems, two systems with Erdos Phase I project and three systems of Erdos Phase II project, the Pucheng biomass power generation system, Shenqiu biomass power generation system and Zhongbao WHPG system.

Operating expenses consisted of selling, general and administrative expenses totaling $0.68 million for the three months ended June 30, 2013 as compared to $0.81 million for the comparable period of 2012, a decrease of $0.13 million or 16%. This was mainly due to a decrease of $0.09 million expense for stock option compensation and $0.04 million for consulting and IR service.

Our net income for the three months ended June 30, 2013 was $3.73 million compared to $1.22 million for the comparable period of 2012, an increase of $2.51 million. This increase in net income was mainly due to the increased system sales, interest income on sales-type lease, and decreased non-operating expenses compared with the same period of 2012.

For the three months ended June 30, 2013, GAAP diluted EPS was $0.07 with approximately 50,770,461 shares of common stock outstanding, as compared with $0.03 in the same period of 2012 when the Company had 51,379,091 million shares of common stock outstanding.

As of June 30, 2013, the Company had cash and cash equivalents of $32.63 million, other current assets were $14.8 million and current liabilities were $62.53 million. Total shareholders' equity was $127.33 million, as compared with $119.36 million as of December 31, 2012.

Net Investment in Sales-Type Leases as of June 30, 2013 

Under sales-type leases, Xi'an TCH leased TRT systems to Zhangzhi with terms of 5 and 13 years, respectively; and leased CHPG systems to Tong Chuan Shengwei, and Jing Yang Shengwei respectively for 5 years, BMPG systems to Pucheng for 15 years, BMPG systems to Shenqiu Phase I for 11 years, Shenqiu Phase II for 9.5 years, a power and steam generating system from waste heat from metal refining to Erdos (five projects) for 20 years, and Datong 2 BPRT systems for 30 years.  

The components of the net investment in sales-type leases as of June 30, 2013 and December 31, 2012 are as follows:


June 30, 2013

December 31, 2012

Total future minimum lease payments receivable

$ 451,595,852

$ 380,608,263

Less: executory cost

(123,200,558)

(113,529,216)

Less: unearned interest income

(174,581,819)

(138,668,584)

Net investment in sales - type leases

153,813,475

128,410,463

Current portion

10,785,754

10,389,028

Noncurrent portion

$ 143,027,721

$ 118,021,435

As of June 30, 2013, the future minimum rentals to be received on non-cancelable sales-type leases by years are as follows: 

2014

$ 39,630,307

2015

31,985,296

2016

31,952,927

2017

31,952,927

2018

31,952,927

Thereafter

284,121,468

Total

$ 451,595,852

Non-GAAP Financial Measures

For the 2013 second quarter, Non-GAAP net income was $4.4 million, as compared with $4.05 million in the 2013 first quarter and $2.23 million in the 2012 second quarter.

The Company believes that "adjusted net income" and "adjusted earnings per share" information, when taken in conjunction with reported results, provide a useful measure of financial performance since they eliminate the impact of certain non-recurring, non-cash charges. These non-GAAP measures should not be considered in isolation or as a substitute for the most comparable GAAP measures. Additionally, the non-GAAP financial measures used by CREG may not be comparable to non-GAAP financial measures used by other companies.


(In '000s of U.S. Dollars, except for per share data)

3 Months

Ended June 30

Adjusted Net Income and EPS

2013

2012

Net Income

3,733

1,224

Adjustments



Deferred Income Taxes

668

340

Interest expense related to beneficiary
conversion feature of convertible debentures

-

584

Stock based compensation expenses

-

87

Interest income from changes in fair value of conversion liability

-

-

Gain on settlement of debt


-

Adjusted Net Income (1)

4,402

2,235

Basic Weighted Average Shares Outstanding (Shares)

50,224,350

46,474,350

Adjusted EPS in Non-GAAP (1)

0.09

0.05


(1) CREG provides adjusted net income and earnings per share on a non-GAAP basis that excludes non-cash, share-based compensation expense and non-cash interest expense on the amortization of the beneficial conversion feature for the convertible notes and non-cash deferred income tax expenses, as described below, to enable investors to better assess the Company's operating performance. The non-GAAP measures are described below and reconciled to the corresponding GAAP measure in the section below titled "About Non-GAAP Financial Measures."

Financial Results Conference Call

The Company will host a conference call at 9:30 a.m. EST on Friday, August 16, 2013, to discuss the Company's second quarter 2013 financial results. Mr. Guohua Ku, Chief Executive Officer, and Mr. David Chong, Chief Financial Officer, will be hosting the call.

Investors are invited to participate on the live call by dialing 1-800-860-2442 for domestic investors. International investors can dial 1-412-858-4600.  

If you are unable to participate in the call at this time, a replay of the call will be available for one hour following the call starting at 10:30 a.m. ET, August 16, 2013 and ending at 9:00 a.m. ET on August 26, 2013. To listen to the replay, domestic investors can dial +1-877-344-7529 and International investors can dial +1-412-317-0088.  The conference number for the replay is: 10032893.

For more information regarding China Recycling Energy Corp.'s financial performance during the quarter ended June 30, 2013, please refer to the Quarterly Report on Form 10-Q, which was filed with the Securities and Exchange Commission on Aug 14, 2013.

About Non-GAAP Financial Measures

This press release contains non-GAAP financial measures for earnings that exclude the effect of non-cash, non-operating expenses related to the Convertible Notes issued in April 2008, and the compensation expenses for the fair value of stock options, as well as deferred income tax expenses. The Company uses non-GAAP financial measures when it internally evaluates the performance of its business and makes operating decisions, including internal budgeting and performance measurement. The Company believes that providing the non-GAAP measures is useful to investors for a number of reasons. The non-GAAP measures provide a consistent basis for investors to understand CREG's financial performance in comparison to historical periods, and it allows investors to evaluate CREG's performance using the same methodology and information as that used by the Company's management. However, investors need to be aware that non-GAAP measures are subject to inherent limitations because they do not include all of the expenses included under GAAP, and they involve the exercise of judgment of which charges are excluded from the non-GAAP financial measure.

About China Recycling Energy Corp.

China Recycling Energy Corp. (NASDAQ: 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://www.creg-cn.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.

For more information, please contact:

Mr. David Chong, Chief Financial Officer
China Recycling Energy Corp.
Tel:   +86-1370-1813139
Email: chongscd@creg-cn.com

 CHINA RECYCLING ENERGY CORPORATION AND SUBSIDIARIES 

 CONSOLIDATED BALANCE SHEETS 

 JUNE 30, 2013 AND DECEMBER 31, 2012  











2013

2012

 ASSETS 


 (UNAUDITED) 






 CURRENT ASSETS 




      Cash & equivalents  


$32,631,238

$45,004,304

      Restricted cash 


890,155

2,725,002

      Notes receivable 


809,232

-

      Accounts receivable 


65,807

81,819

      Current portion of investment in sales type leases, net  


10,785,754

10,389,028

      Interest receivable on sales type leases 


663,529

912,467

      Prepaid expenses  


50,002

49,581

      Other receivables 


173,267

121,109

      Advance to related party 


449,490

440,987

      Prepaid interest on trust loans 


830,272

816,164

      Prepaid loan fees - current 


81,714

81,139





         Total current assets 


47,430,460

60,621,600





 NON-CURRENT ASSETS 




      Prepaid loan fees - noncurrent 


165,911

202,848

      Investment in sales type leases, net 


143,027,721

118,021,435

      Long term investment 


647,385

-

      Long term deposit 


395,224

388,508

      Property and equipment, net 


67,059

68,305

      Construction in progress 


18,080,155

22,993,905





         Total non-current assets 


162,383,455

141,675,001





 TOTAL ASSETS 


$209,813,915

$202,296,601





 LIABILITIES AND STOCKHOLDERS' EQUITY 








 CURRENT LIABILITIES 




      Accounts payable 


$487,040

$239,722

      Notes payable - bank acceptances 


1,618,463

3,659,216

      Taxes payable  


1,552,456

1,372,535

      Accrued liabilities and other payables 


3,328,610

1,534,829

      Deferred tax liability  


2,682,262

2,471,925

      Bank loans payable - current 


13,271,400

13,523,188

      Trust loans payable  


31,964,653

31,421,526

      Interest payable on trust loans 


2,308,319

317,962

      Cinda note payable 


3,766,694

3,766,694

      Accrued interest on Cinda note  


180,954

383,929

      Current portion of long term payable 


1,367,192

1,292,185





          Total current liabilities 


62,528,043

59,983,711





 NONCURRENT LIABILITIES 




       Deferred tax liability, net 


7,945,696

6,565,618

       Refundable deposit from customers for systems leasing 


841,601

588,656

       Long term payable  


3,078,793

3,711,658

       Bank loans payable 


8,092,317

12,091,321





          Total noncurrent liabilities 


19,958,407

22,957,253





          Total liabilities 


82,486,450

82,940,964





 CONTINGENCIES AND COMMITMENTS 


-

-





 STOCKHOLDERS' EQUITY 




      Common stock, $0.001 par value; 100,000,000 shares  

            authorized, 50,224,350 shares issued and outstanding 


50,225

50,225

      Additional paid in capital 


61,457,837

58,501,642

      Statutory reserve 


8,597,232

7,766,002

      Accumulated other comprehensive income 


13,914,760

11,554,225

      Retained earnings  


43,307,411

37,107,107





          Total Company stockholders' equity  


127,327,465

114,979,201





          Noncontrolling interest 


-

4,376,436





          Total equity 


127,327,465

119,355,637





 TOTAL LIABILITIES AND EQUITY 


$209,813,915

$202,296,601

 

CHINA RECYCLING ENERGY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(UNAUDITED)

















SIX MONTHS ENDED JUNE 30, 


THREE MONTHS ENDED JUNE 30, 



2013

2012


2013

2012

Revenue







     Sales of systems


$27,702,800

$-


$13,623,004

$ -

     Contingent rental income


550,334

550,973


289,559

403,420








Total revenue


28,253,134

550,973


13,912,563

403,420








Cost of sales







     Cost of systems


21,402,848

42,951


10,501,936

28,568








Total cost of sales


21,402,848

42,951


10,501,936

28,568








Gross profit


6,850,286

508,022


3,410,627

374,852








Interest income on sales-type leases


8,553,546

9,527,977


4,728,706

4,713,727








     Total operating income


15,403,832

10,035,999


8,139,333

5,088,579








Operating expenses







     General and administrative 


1,766,560

1,588,695


684,114

809,140








Income from operations


13,637,272

8,447,304


7,455,219

4,279,439








Non-operating income (expenses)







     Interest income 


153,232

72,311


60,644

45,405

     Interest expense 


(2,787,689)

(5,115,547)


(1,293,193)

(2,514,313)

     Changes in fair value of conversion feature liability



1,127,400


-

-

     Other income (expenses)


2,873

(93,762)


3,853

(1,716)








     Total non-operating expenses, net


(2,631,584)

(4,009,598)


(1,228,696)

(2,470,624)








Income before income tax


11,005,688

4,437,706


6,226,523

1,808,815

Income tax expense 


3,726,870

942,081


2,366,816

454,689








Income before noncontrolling interest


7,278,818

3,495,625


3,859,707

1,354,126

Less: Income attributable to noncontrolling interest


247,284

248,938


126,363

130,004








Net income attributable to China Recycling Energy Corp


7,031,534

3,246,687


3,733,344

1,224,122








Other comprehensive items







     Foreign currency translation gain
     attributable to China Recycling Energy Corp


2,360,535

(462,726)


2,035,201

(585,612)

     Foreign currency translation gain
     attributable to noncontrolling interest


78,153

(17,956)


66,379

(22,975)








Comprehensive income attributable to China Recycling Energy Corp


$9,392,069

$2,783,961


$5,768,545

$638,510








Comprehensive income attributable to noncontrolling interest


$325,437

$230,982


$192,742

$107,029








Basic weighted average shares outstanding


50,224,350

46,474,350


50,224,350

46,474,350

Diluted weighted average shares outstanding *


50,857,523

51,285,245


50,770,461

51,379,091








Basic earnings per share 


$0.14

$0.07


$0.07

$0.03

Diluted earnings per share *


$0.14

$0.07


$0.07

$0.03















*   Interest expense accrued on convertible notes is added back to net income for the computation of diluted EPS. 

CHINA RECYCLING ENERGY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)











SIX MONTHS ENDED JUNE 30,



2013

2012





CASH FLOWS FROM OPERATING ACTIVITIES:




            Income including noncontrolling interest


$7,278,818

$3,495,625

            Adjustments to reconcile income including noncontrolling




            interest to net cash provided by (used in) operating activities:




            Changes in sales type leases receivables 


(27,702,800)

-

            Depreciation and amortization


23,143

26,518

            Amortization of prepaid loan fees


40,857

40,429

            Amortization of discount related to conversion feature of convertible note

-

1,167,300

            Changes in fair value of conversion feature liability


-

(1,127,400)

            Stock options and warrants expenses


-

112,814

            Changes in deferred tax


1,419,815

567,071

                         Changes in assets and liabilities:




                                   Interest receivable on sales type leases


262,055

1,698,382

                                   Collection of principal on sales type leases


4,751,915

4,278,032

                                   Prepaid expenses


433

60,883

                                   Accounts receivable


17,251

18,954,315

                                   Other receivables


(49,562)

407,148

                                   Construction in progress


5,257,935

(200,136)

                                   Accounts payable


(1,842,164)

(697,805)

                                   Taxes payable


154,630

(2,368,767)

                                   Interest payable


1,964,953

2,142,313

                                   Accrued liabilities and other payables


255,153

295,943

                                   Accrued interest on convertible notes


(202,975)

(100,182)

                                   Long term refundable deposit from customer


240,335

-





            Net cash provided by (used in) operating activities


(8,130,208)

28,752,483





CASH FLOWS FROM INVESTING ACTIVITIES:




            Changes in restricted cash


1,863,073

(679,757)

            Acquisition of property & equipment


(20,741)

(262)

            Long term investment


(640,892)

-





            Net cash (provided by) used in investing activities


1,201,440

(680,019)





CASH FLOWS FROM FINANCING ACTIVITIES:




            Notes receivable - bank acceptances


(801,115)

(76,101)

            Proceeds from loans 


4,806,691

4,756,318

            Repayment of loans


(9,453,159)

(1,902,527)

            Long term payable


(637,889)

(583,506)

            Repayment of advance from related parties


-

(3,418,368)





            Net cash used in financing activities


(6,085,472)

(1,224,184)





EFFECT OF EXCHANGE RATE CHANGE ON CASH & EQUIVALENTS

641,174

(149,031)





NET INCREASE (DECREASE) IN CASH & EQUIVALENTS


(12,373,066)

26,699,249

CASH & EQUIVALENTS, BEGINNING OF PERIOD


45,004,304

14,949,253





CASH & EQUIVALENTS, END OF PERIOD


$32,631,238

$41,648,502





Supplemental Cash flow data:




   Income tax paid


$2,203,339

$2,700,191

   Interest paid


$1,518,052

$1,887,443

 

SOURCE China Recycling Energy Corp.

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Morningstar - 2013/8/14 - China Recycling Energy Corporation 2013 Second Quarter Financial Results
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