XI'AN, China, January 22, 2015 /PRNewswire-FirstCall/ -- China Recycling Energy Corp. (NASDAQ: CREG; "CREG" or "the Company"), a leading industrial waste-to-energy solution provider in China, today issued preliminary financial highlights for the fourth quarter and full year 2014 ended December 31, 2014.
Interest income on sales-type leases, the major and consistent regular revenue for the Company, is anticipated to be US$6.9 million for the fourth quarter of 2014, an increase of 23.3% from US$5.6 million for the same period of 2013. For the full year of 2014, interest income on sales-type leases is anticipated to be US$26.4 million, an increase of 36.3% from US$19.3 million in 2013.
Sales of systems are anticipated to be US$0 for the fourth quarter of 2014, compared with US$12.9 million in the same period of 2013, as the Company did not recognize any system sales revenues since no projects were completed in the fourth quarter of 2014. The Shandong Boxing project, which was expected to be completed in the fourth quarter of 2014, was delayed because suppliers could not deliver some equipment in a timely manner. The Company now expects that the Shandong Boxing project will be completed in the second quarter of 2015. For the full year of 2014, sales of systems are anticipated to be US$18.9 million, as compared to US$62.0 million in 2013.
Net income for the fourth quarter of 2014 is anticipated to be US$3.6 million, a decrease of 14.3% as compared with US$4.2 million for the same period of 2013. For the full year of 2014, net income is anticipated to be US$18.0 million, an increase of 15.2% as compared with US$15.6 million in 2013.
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; +65-9721 6163
E-mail: chongscd@creg-cn.com
Christensen
Ms. Xiaoyan Su (China)
Vice President
Tel: +86-10-5900-1548
E-mail: xsu@christensenir.com
Mr. Christian Arnell (China)
Vice President
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com
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