SHENZHEN, China, May 22 /Xinhua-PRNewswire-FirstCall/ -- China Ritar Power Corp. ("Ritar" or the "Company") (OTC Bulletin Board: CRTP.OB) today announced financial results for the first quarter of the Company’s 2007 fiscal year, ended March 31, 2007.
Quarter to quarter comparison
For the three months ended March 31, 2007, the Company reported revenues of $8.8 million, an increase of 33.0% compared to the $6.6 million reported for the same period last year. Gross profits for the three months ended were $1.6 million, or 18.4% of sales, compared to gross profits of $1.4 million, or 20.8% of sales, for the same quarter last year. Total operating expenses for the three months ended March 31, 2007 were $0.96 million, or 10.9% of sales, compared to $0.68 million, or 10.3% of sales, for the same period last year. Net income for the three months ended March 31, 2007 was $0.43 million, or $.03 per common share outstanding (based on 16,027,961 fully diluted weighted average shares outstanding), compared to net income of $0.57 million, or $.05 per common share outstanding (based on 11,694,663 fully diluted weighted average shares outstanding) in the same period a year ago.
Balance sheet items
The Company’s cash and cash equivalents balances as of March 31, 2007 were $9.5 million, compared to cash equivalents of $1.0 million as of December 31, 2006. As of March 31, 2007, the company had working capital of $14.7 million. Stockholders’ equity increased 207.4% to $16.2 million as of March 31, 2007, compared to $5.3 million as of December 31, 2006.
About China Ritar Power Corp.
Ritar designs, develops, manufactures and markets environmentally friendly lead-acid batteries with a wide range of applications and capacities, and has a strong presence in the light electrical vehicle segment world wide with high concentration in that product category throughout China. Ritar sells, markets and services 6 series and 197 models of Ritar-branded, cadmium-free valve-regulated lead-acid or VRLA batteries. In addition the company offers a range of batteries for varying applications including Uninterrupted Powers Source devices and equipment used in the harvest of solar and wind energy.
FORWARD LOOKING STATEMENTS
This release contains certain "forward-looking statements" relating to the business of Ritar and its subsidiary companies, which can be 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, including all business uncertainties relating to product development, marketing, concentration in a single customer, raw material costs, market acceptance, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. Ritar is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward looking statements whether as a result of new information, future events or otherwise.
