XI'AN, China, Aug. 15, 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 second quarter ended June 30, 2016.
Second Quarter 2016 Financial Highlights
- Interest income on sales-type leases decreased 40.28% to US$3.78 million from US$6.33 million for the second quarter of 2015.
- Operating expenses decreased 33% year-over-year to US$0.37 million.
- Net income was US$2.35 million, down 79.17% from US$11.28 million for the second quarter of 2015.
- Basic and fully diluted earnings per share (EPS) was US$0.28, as compared with US$1.36 for the second quarter of 2015.
Mr. Guohua Ku, Chairman and CEO of CREG, commented, “Net income for the quarter decreased 79.17% due to decreased sales of system as there is no completion of new project. Compared with last year, on an on-going basis, we employ our expertise to find more avenues to recycle energy and provide saving to new types of energy intensive industries. We are encouraged by the active market in China for our energy savings and emissions reducing products and services, and we continue to pursue new proposals and opportunities.”
For more information regarding China Recycling Energy Corp.'s financial performance during the quarter ended June 30, 2016, please refer to the Quarterly Report on Form 10-Q, which was filed with the Securities and Exchange Commission on August 15, 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: firstname.lastname@example.org / email@example.com
Source:China Recycling Energy Corporation