XI'AN, China, May 16, 2016 (GLOBE NEWSWIRE) -- China Recycling Energy Corp. (CREG) ("CREG" or "the Company"), a leading industrial waste-to-energy solution provider in China, today announced its unaudited financial results for the first quarter ended March 31, 2016.
First Quarter 2016 Financial Highlights
- Interest income on sales-type leases decreased 24.8% to US$4.88 million from US$6.49 million for the first quarter of 2015.
- Total revenues, including sales of systems, contingent rental income and interest income on sales-type leases, decreased 26.7% to US$4.89 million from US$6.67 million for the first quarter of 2015.
- Operating expenses decreased 30.3% year-over-year to US$0.49 million.
- Non-operating expenses decreased 402% year-over-year to -US$4.14 million.
- Net income was US$93 thousand, down 97.8% from US$4.14 million for the first quarter of 2015.
Mr. Guohua Ku, Chairman and CEO of CREG, commented, "Net income for the quarter decreased 97.8% due to decreased contingent rental income and interest income on sales-type leases which resulted from the downturn and decline of iron and steel enterprises in China. In this quarter we transferred Zhongtai CDQ project to Zhongtai as it planned integration by repurchasing all its outsourced projects. We further strengthened our operations and increased operational efficiencies, while maintaining our fiscal discipline and cost controls."
For more information regarding China Recycling Energy Corp.'s financial performance during the quarter ended March 31, 2016, please refer to the Quarterly Report on Form 10-Q, which was filed with the Securities and Exchange Commission on May 16, 2016.
About China Recycling Energy Corp.
China Recycling Energy Corp. (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://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. Jackie Shi, Chief Financial Officer & Board Secretary China Recycling Energy Corporation Tel: +86- 139 9287 0723 Email: email@example.com / firstname.lastname@example.org
Source:China Recycling Energy Corporation