CH Lighting International Reports 42.9% Increase in Second Quarter Revenues Compared to the Same Period Last Year
* Reuters is not responsible for the content in this press release.
SHANGYU CITY, CHINA, May 17 (MARKET WIRE) -- CH Lighting International Corporation (OTCBB: CHHN), a leading designer and manufacturer of a wide variety of florescent lighting products and a leader in China in the special light source market, said an improving global economy helped boost revenues in its second quarter ended March 31, 2010. As reported by the Company, revenues in the second quarter ended March 31, 2010 increased 42.9% to $11,982,000, compared to $8,385,000 in the same period in the prior year. However, net income in the second quarter declined to $327,000 from $476,000 in the same period last year, mainly reflecting a decrease in government subsidies (for the sale of energy saving lighting) as well as increased costs for raw materials and higher spending for R&D for product plans in 2010. For the six months ended March 31, 2010, the Company reported revenues increased 7.83% to $28,656,000, from $26,574,000, in the same period in the prior fiscal year. However, net income declined 87% to $565,000 from $4,387,000 in the same period in the prior year, as government subsidies decreased from $4,283,000 to $1,870,000. Mr. Zhao Guosong, Chairman of the Board, President and CEO of the Company, stated, "We experienced growth in revenues in our second quarter, as the global economic turnaround positively affected our business and global sales in the period increased. We are continuing to develop high tech, environmentally friendly lighting products for consumers around the world, and believe there are substantial growth opportunities abroad as well as in China if the world economy strengthens further and concerns about energy conservation continue to escalate." About the Company Based in Shangyu City, China, CH Lighting International Corporation, founded in 1994, is a diversified designer, manufacturer and exporter of more than 1,000 types of fluorescent lighting and related products. It is the leader in China in environmentally friendly special lighting products such as Air Cleaning Lamps, Power Saving Lamps and Plant Growth, Vision Improvement and Performance Improvement Lighting Products. Additionally, its General Light Products, which account for approximately 8% of China's linear fluorescent lamp manufacturing, make it the third largest manufacturer of these products in the country. While exports of the Company's products around the world have grown in recent years, it has increased its focus on domestic sales, encouraged and supported by government policies aimed at reducing power consumption and improving the environment. Additional product information is available at http://chlighting.com. "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations or beliefs, including, but not limited to, statements concerning the Company's operations, financial performance and condition. For this purpose, statements that are not statements of historical fact may be deemed to be forward-looking statements. The Company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, but not limited to, the impact of competitive products, pricing and new technology; changes in consumer preferences and tastes; and effectiveness of marketing; changes in laws and regulations; fluctuations in costs of production, and other factors as those discussed in the Company's reports filed with the U.S. Securities and Exchange Commission from. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof. CH LIGHTING INTERNATIONAL CORPORATION (FORMERLY SINO-BIOTICS, INC.) AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended Six Months Ended March 31, March 31, ------------------------ ------------------------ 2010 2009 2010 2009 (In thousands except net income per share and number of shares) REVENUES $ 11,721 $ 7,194 $ 26,786 $ 22,291 REVENUES FROM GOVERNMENT SUBSIDIES 261 1,191 1,870 4,283 TOTAL REVENUES 11,982 8,385 28,656 26,574 COST OF SALES (9,073) (6,123) (22,494) (17,110) GROSS PROFIT 2,909 2,262 6,162 9,464 Selling, marketing and distribution expenses (691) (619) (1,310) (2,473) General and administrative expenses (970) (822) (2,643) (2,049) TOTAL OPERATION EXPENSES (1,661) (1,441) (3,953) (4,522) INCOME FROM OPERATIONS 1,248 821 2,209 4,942 Amortization of discount on notes receivable 468 - 985 - Interest income 147 610 413 1,853 Interest expense (1,446) (1,004) (2,907) (2,092) Other government subsidies 29 3 63 196 Other (expenses) income (25) 10 (29) 20 ----------- ----------- ----------- ----------- INCOME BEFORE INCOME TAXES 421 440 734 4,919 Income tax (expense) benefit (94) 36 (169) (532) NET INCOME 327 476 565 4,387 OTHER COMPREHENSIVE INCOME Foreign currency translation gain, net of tax - 34 78 37 COMPREHENSIVE INCOME $ 327 $ 510 $ 643 $ 4,424 NET INCOME PER SHARE ATTRIBUTABLE TO CONTROLLING INTEREST, BASIC AND DILUTED $ 0.003 $ 0.004 $ 0.005 $ 0.037 WEIGHTED-AVERAGE SHARES OUTSTANDING, BASIC AND DILUTED 120,000,000 120,000,000 120,000,000 120,000,000 =========== =========== =========== =========== CONTACTS: Mr. Zhao Guosong President, CEO Tel: 86 575 8212 7538 CEO@chlighting.com Mr. Eric Huang Chief Financial Officer firstname.lastname@example.org Ken Donenfeld email@example.com Tel: 212-425-5700 Fax: 646-381-9727 Copyright 2010, Market Wire, All rights reserved. -0-
- Putin dissolves state news agency, tightens grip on Russia media
- North Korea says Kim's powerful uncle dismissed for 'criminal acts'
- Thai PM calls snap election, protesters want power now |
- Record cold, ice grip U.S.; more snow to blanket East
- Protesters fell Lenin statue, tell Ukraine's president 'you're next'