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China Recycling Energy Corporation Reports Record Second Quarter 2010 Results

2010-08-17 17:43
Revenues Increase 102%, Fully Diluted EPS up 43%

Company Enters Biomass Renewable Energy Market with Multi Million Dollar Agreement

    XI'AN, China, Aug. 17 /PRNewswire-Asia-FirstCall/ -- China Recycling Energy Corp. (Nasdaq: CREG; "CREG" or "the Company"), a leading industrial waste-to-energy solution provider in China, today announced its second quarter 2010 financial results.

    Highlights:

    For the quarter ended June 30, 2010

    -- Revenues grew 102% to $22.54 million for the quarter ended June 30, 
       2010 from $11.14 million for the quarter ended June 30, 2009.
    -- Income from operations grew 140% to $9.06 million for the quarter ended 
       June 30, 2010 from $3.83 million for the quarter ended June 30, 2009.
    -- Net income grew to $5.04 million for the quarter ended June 30, 2010 
       from $3.23 million for the quarter ended June 30, 2009.
    -- Fully diluted earning per share ("EPS") of $0.10 for the quarter ended 
       June 30, 2010 compared to $0.07 for the quarter ended June 30, 2009.
    -- On an adjusted Non-GAAP basis, as defined below, the Company reported 
       Non-GAAP net income of $7.42 million, or non-GAAP fully diluted EPS of 
       $0.15 for the quarter ended June 30, 2010, compared to $3.44 million, 
       or fully diluted EPS of $0.08, for the same period in 2009.

    For the six months ended June 30, 2010

    -- Revenues grew 113% to $32.66 million for the six months ended June 30, 
       2010, compared to $15.46 million for the six months ended June 30, 
       2009.
    -- Income from operations grew 129% to $14.48 million for the six months   
       ended June 30, 2010 from $6.33 million for the six months ended June 
       30, 2009.
    -- Net income grew 67% to $7.18 million for the six months ended June 30, 
       2010 from $4.31 million for the six months ended June 30, 2009.
    -- The company reported fully diluted earning per share ("EPS") of $0.15 
       for the six months ended June 30, 2010, compared to $0.10 for the six 
       months ended June 30, 2009.
    -- On an adjusted Non-GAAP basis, the Company reported Non-GAAP net income 
       grew to $11.30 million, and Non-GAAP fully diluted EPS rose to $0.23, 
       for the six months ended June 30, 2010 compared to $4.90 million, or 
       fully diluted EPS of $0.11, for the same period of 2009.



    Summary of Financial Results  

    (In '000s of U.S. Dollars,       SIX MONTHS ENDED     THREE MONTHS ENDED  
    except for per share data)            JUNE 30,              JUNE 30,       
                                        2010      2009       2010       2009 
    Revenue                           32,664    15,460     22,538     11,137 
    Gross profit                       8,064     3,994      5,736      2,692 
    Total Operating Income            14,482     6,327      9,060      3,827 
    Net income                         7,181     4,310      5,038      3,234 
    Diluted EPS                         0.15      0.10       0.10       0.07 
    Non-GAAP net income (1)           11,301     4,901      7,424      3,436 
    Non-GAAP diluted EPS (1)(2)        $0.23     $0.11      $0.15      $0.08 


    (1) CREG provides net income and earnings per share on a non-GAAP basis 
        that excludes non-cash, share-based compensation expense and non-cash 
        interest expense on the amortization of the beneficial conversion 
        feature for the convertible notes and non-cash deferred income tax 
        expenses, as described below, to enable investors to better assess the 
        Company's operating performance. The non-GAAP measures are described 
        below and reconciled to the corresponding GAAP measure in the section 
        below titled "Non-GAAP Financial Measures";
    (2) Non-GAAP diluted weighted average shares outstanding were calculated 
        based on outstanding shares, issued options, and estimated shares 
        under the assumption that they would be converted from our convertible 
        debentures based on CREG's 2009's net income.


    Mr. Guohua Ku, Chairman and CEO of CREG commented, "Our Company continues to deliver superior financial and operating results on every level. I am very pleased to report tremendous growth on both our top and bottom line results. All of our projects are at or ahead of schedule, including Phase II and III of the Erdos Power Generation Project, which is expected to be completed in 2010." 
    Mr. Ku continued, "I am also pleased to announce that we expanded our energy recycling efforts to include Biomass Power Generation Systems (BPGS) which we recently acquired. Biomass is an important renewable energy resource and is one of the main strategic energy alternatives to conventional energy sources. It contains all the features of high power generation efficiency while protecting and improving the environment and benefiting from strong government incentive programs. To this extent, we successfully executed a new contract with Pucheng Biomass Power Generation Company. The agreement will allow us to have a minimum of $3.3 million per year in cash inflow for the next 15 years. BPGS will play an important role in our revenue growth going forward and expand our existing waste-to-energy business model to now include agriculture waste-to-energy." 

    Financial Results for the Second Quarter Ended June 30, 2010
    Net sales for the three months ended June 30, 2010 was approximately $22.54 million compared to net sales for the three months ended June 30, 2009 of $11.14 million, an increase of approximately $11.4 million. The increase in sales is attributed to the sale of the Pucheng BPGS system compared to the same period of 2009 in which sales for the Jin Yang CHPG system and operating leasing income occurred. Also during the second quarter of 2010 the Company recorded a contingent rental income of $0.74 million from actual usage of the electricity that was in addition to the minimum lease payments from previous projects.
    Gross profit was approximately $5.74 million for the three months ended June 30, 2010 as compared to $2.69 million for the same period in 2009, representing a gross margin of approximately 25% and 24% for the second quarter of 2010 and 2009, respectively. The increase in gross profit was mainly from the profit of the sales-type leases of Pucheng BPGS and additional contingent rental income.
    Operating income was approximately $9.06 million for the three months ended June 30, 2010 compared to operating income for the same period in 2009 of $3.83 million, an increase of approximately $5.23 million. The growth in operating income was mainly due to the sales of the Pucheng BPGS and the increase in interest income from selling and leasing our sales-type lease systems which were two TRT systems, two CHPG systems, one WGPG system and two waste heat power generating systems associated with the Erdos Phase I project. The interest income for the three months ended June 30, 2010 was $3.32 million, an increase of $2.19 million compare to interest income of $1.13 million in the same quarter of 2009 when there were two TRT systems and one CHPG system only.  
    Operating expenses totaled approximately $1.39 million for the three months ended June 30, 2010 as compared to approximately $0.56 million for the same period in 2009, an increase of $0.83 million or 148%. This increase was mainly due to proportional increases in payroll, travel and marketing expenses as a result of increased sales and expansion of the business. In addition, we recorded $0.67 million compensation expense for stock options and warrants during the three months ended June 30, 2010, compared to $52,815 for the same period in 2009.
    Net income for the three months ended June 30, 2010 was approximately $5.04 million as compared to an approximately $3.23 million for the comparable period in 2009, an increase of approximately $1.81 million. For the quarter ended June 30, 2010, GAAP diluted EPS was $0.10, compared with $0.07 in the same period of 2009.

    Financial Results for the Six Months Ended June 30, 2010
    Net sales for the six months ended June 30, 2010 was $32.66 million compared to net sales for the comparable period of 2009 of $15.46 million, an increase of $17.2 million. The increase was due to the completion and sale of the second 9MW capacity power station of the Erdos Phase I project through 
sales-type lease in the first quarter of 2010 and the completion of transformation and sale of Pucheng Biomass Power Generation Station. 
    Gross profit was $8.06 million for the six months ended June 30, 2010 compared to $3.99 million for the comparable period in 2009, representing a gross margin of 25% and 26% for the six months ended June 30, 2010 and 2009, respectively. The gross profit was mainly from the selling of the Erdos Phase I second 9MW capacity power station in the first quarter of 2010 and Pucheng Biomass Power Generation Station in the second quarter of 2010, while in the first quarter of 2009, it was mainly for the selling of the Jinyang Shengwei heat power generation system and the operating lease business in connection with the leasing of two energy recycling power generation equipment systems after April of 2008.
    Operating income was $14.48 million for the six months ended June 30, 2010 compared to operating income for the comparable period in 2009 of $6.33 million, an increase of $8.15 million. The growth in operating income was mainly due to the increase in interest income from selling and leasing of the Company's' energy saving systems through sales-type leasing. Interest income on sales-type leasing for the six months ended June 30, 2010 was $6.42 million, $4.09 million increase from $2.33 million for the comparable period in 2009.
    Operating expenses totaled $2.75 million for the six months ended June 30, 2010 compared to $1.36 million for the comparable period in 2009, an increase of $1.39 million or 102%. The increase was due to proportional increases in payroll, traveling and marketing expenses as a result of continuous expansion of the business. In addition, we recorded $1.41 million compensation expense for stock options and warrants during the six months ended June 30, 2010, compared to $0.44 million for the same period in 2009.
    Net income for the first six months ended June 30, 2010 was $7.18 million compared to $4.31 million for the comparable period in 2009, an increase of $2.87 million. For the six months ended June 30, 2010, GAAP diluted EPS was $0.15, compared with $0.10 in the same period of 2009.
    As of June 30, 2010, the Company had cash and cash equivalents of $5.09 million, compared with $1.11 million at December 31, 2009. Total investments in sales-type leases were $83.07 million, compared with $52.5 million as of the end of December 2009. Total shareholders' equity was $59.3 million, compared with $46.7 million at December 31, 2009.
    Net cash flow provided by operating activities was $11.10 million during the six months ended June 30, 2010, as compared to $8.99 million provided in the comparable period of 2009. The increase in net cash inflow was mainly due to the increase in net income as well as increase in interest payable and tax payable partially offset by a decrease in accounts payable. 
    As of June 30, 2010, the Company had 38,778,035 shares of its common stock outstanding.

    Non-GAAP Financial Measures
    We believe that "adjusted net income" and "adjusted earnings per share" information, when taken in conjunction with reported results, provide a useful measure of financial performance since they eliminate the impact of certain non-recurring, non-cash charges. These non-GAAP measures should not be considered in isolation or as a substitute for the most comparable GAAP measures. Additionally, the non-GAAP financial measures used by CREG may not be comparable to non-GAAP financial measures used by other companies.



    (In '000s of U.S. Dollars,       SIX MONTHS ENDED      THREE MONTHS ENDED  
     except for per share data)          JUNE 30,               JUNE 30,        
    Adjusted Net Income and EPS       2010       2009        2010       2009 
    Net Income attributed to CREG    7,181      4,310       5,038      3,234 
    Adjustments                                                          
    Deferred Income Taxes            1,832        149       1,287        149 
    Interest expense related to                                          
     beneficiary conversion                                               
     feature of convertible                                               
     debentures                        880         --         435         -- 
    Stock based compensation                                             
     expenses                        1,408        442         664         53 
    Adjusted Net Income             11,301      4,901       7,424      3,436 
    Diluted Weighted Average                                             
     Shares Outstanding 
     (Shares)                   48,886,504 43,511,301  48,754,609 44,600,370 
                                                                         
    Adjusted EPS in Non-GAAP         $0.23      $0.11       $0.15      $0.08 


    Non-GAAP net income, as defined above, was $7.42 million, for non-GAAP diluted EPS of $0.15, for the second quarter of 2010, compared with $3.44 million of Non-GAAP net income, or $0.08 in Non-GAAP diluted EPS for the same period ended in 2009.
    For the six months ended June 30, 2010, Non-GAAP net income was $11.30 million, or non-GAAP diluted EPS of $0.23, compared with $4.90 million of 
Non-GAAP net income, or $0.11 in Non-GAAP diluted EPS for the same period ended in 2009

    Subsequent Event
    On August 13, 2010, the Board of Directors authorized the grant of options for an aggregate of 2,200,000 shares of common stock to be issued to 36 employees, including options for 1,460,000 shares granted to Guohua Ku, the Company's Chairman of the Board and Chief Executive Officer, with an exercise price of the closing price on the date of grant. 

    2010 Business Guidance
    The Company reaffirms its guidance that revenue for 2010 will be in the range of $68 million to $72 million, with net income, excluding non-cash charges, of $18 million to $20 million. These targets are based on the Company's current views on operating and market conditions, which are subject to change.

    About Non-GAAP Financial Measures
    This press release contains non-GAAP financial measures for earnings that exclude the effect of non-cash, non-operating expenses related to the Convertible Notes issued in April 2008, and the compensation expenses for the fair value of stock options, as well as deferred income tax expenses. The Company uses non-GAAP financial measures when it internally evaluates the performance of its business and makes operating decisions, including internal budgeting and performance measurement. The Company believes that providing the non-GAAP measures is useful to investors for a number of reasons. The non-GAAP measures provide a consistent basis for investors to understand CREG's financial performance in comparison to historical periods, and it allows investors to evaluate CREG's performance using the same methodology and information as that used by the Company's management. However, investors need to be aware that non-GAAP measures are subject to inherent limitations because they do not include all of the expenses included under GAAP, and they involve the exercise of judgment of which charges are excluded from the non-GAAP financial measure.

    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% 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:

    In China:
     Mr. Leo Wu
     Investor Relations
     China Recycling Energy Corp.
     Tel:   +86-29-8765-1096
     Email: tch@creg-cn.com

    In USA:
     Mr. Howard Gostfraud
     American Capital Ventures, Inc.
     Tel:   +1-305-918-7000
     Email: info@amcapventures.com


    Financial Statements
 


                CHINA RECYCLING ENERGY CORPORATION AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                                                                 
                                            June 30, 2010      December 31,  
                                             (Unaudited)           2009        
    ASSETS                                                                   
                                                                             
    CURRENT ASSETS                                                           
      Cash & cash equivalents                $5,089,700         $1,111,943   
      Restricted cash                         1,671,354          1,461,659   
      Investment in sales type                                           
       leases, net                            5,861,246          4,396,395   
      Interest receivable on sales                                    
       type leases                              770,178            437,626   
      Prepaid expenses                          167,310            445,458   
      Other receivables                         206,819            184,355   
      VAT receivables - current                 673,979            383,027   
        Total current assets                 14,440,586          8,420,463   
                                                                             
    NON-CURRENT ASSETS                                                       
      VAT receivables - noncurrent            1,617,203            957,567   
      Investment in sales type                                           
       leases, net                           77,210,405         48,147,738   
      Property and equipment, net               204,606             97,311   
      Construction in progress               46,136,422         34,858,845   
        Total non-current assets            125,168,636         84,061,461   
                                                                             
    TOTAL ASSETS                           $139,609,222        $92,481,924   
                                                                             
    LIABILITIES AND STOCKHOLDERS' EQUITY
                                                                             
    CURRENT LIABILITIES                                                      
      Accounts payable                       $5,602,415         $3,583,219   
      Notes payable - bank acceptances        2,076,308          1,461,659   
      Interest payable                        1,363,584                 --   
      Taxes payable                           1,100,159            681,707   
      Accrued liabilities and                                            
       other payables                         2,632,080          2,785,796   
      Advance from related parties, net       2,503,578            468,475   
      Convertible note, net of                                           
       discount due to beneficial                                              
       conversion feature                     3,564,348                 --   
      Accrued interest on short                                          
       term convertible note                     64,050                 --   
      Deferred tax liability-current             71,833            148,193   
      Loan payable - current                  1,325,304                 --   
        Total current liabilities            20,303,659          9,129,049   
                                                                             
    NONCURRENT LIABILITIES                                                   
      Deferred tax liability, net             4,695,937          2,762,115   
      Convertible notes                       3,000,000          8,000,000   
      Accrued interest on long                                           
       term convertible notes                   285,335            353,024   
      Loans payable                          40,222,944         25,570,429   
        Total noncurrent liabilities         48,204,216         36,685,568   
                                                                             
        Total liabilities                    68,507,875         45,814,617   
                                                                             
    SHARES TO BE ISSUED                      11,780,471                 --   
                                                                             
    CONTINGENCIES AND COMMITMENTS                                            
                                                                             
    STOCKHOLDERS' EQUITY                                                     
      Common stock, $0.001 par value;
       100,000,000 shares authorized,
       38,778,035 shares issued and 
       outstanding as of June 30, 2010
       and December 31, 2009, respectively       38,779             38,779   
      Additional paid in capital             42,042,866         38,319,163   
      Statutory reserve                       3,770,192          2,497,724   
      Accumulated other                                                  
       comprehensive income                   4,053,438          3,709,490   
      Retained earnings                       7,393,961          1,485,914   
        Total Company stockholders' equity   57,299,236         46,051,070   
                                                                             
        Noncontrolling interest               2,021,640            616,237   
                                                                             
        Total equity                         59,320,876         46,667,307   
                                                                             
    TOTAL LIABILITIES AND EQUITY           $139,609,222        $92,481,924   



                CHINA RECYCLING ENERGY CORPORATION AND SUBSIDIARIES
            CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
                                     (UNAUDITED)
                                                      
                        SIX MONTHS ENDED JUNE 30,  THREE MONTHS ENDED JUNE 30,           
                               (UNAUDITED)                  (UNAUDITED)        
                            2010          2009           2010          2009  
    Revenue                                                                  
      Sales of                                      
       systems          $31,921,309   $ 9,513,077   $21,795,873    $9,513,077  
      Contingent                                                      
       rental income        742,638            --       742,638            --  
      Rental income from                                                          
       operating lease           --     5,946,892            --     1,623,999  
                                                                             
                                        
    Total revenue        32,663,947    15,459,969    22,538,511    11,137,076  
                                                                               
    Cost of sales                                                              
      Cost of systems    24,600,160     7,317,751    16,801,915     7,317,751  
      Rental expense             --     4,148,572            --     1,126,899  
                                                                               
    Total cost of                               
     sales               24,600,160    11,466,323    16,801,915     8,444,650  
                                                                               
    Gross profit          8,063,787     3,993,646     5,736,596     2,692,426  
                                                                               
    Interest income                                                        
     on sales-type                                                          
     leases               6,418,263     2,333,472     3,323,695     1,134,941  
                                                                               
      Total operating
       income            14,482,050     6,327,118     9,060,291     3,827,367  
                                                                             
    Operating expenses                                                                
      General and                                                     
       administrative                                                       
       expenses           2,746,173     1,355,741     1,386,476       560,303  
                                                                               
      Total operating                                                              
       expenses           2,746,173     1,355,741     1,386,476       560,303  
                                                                               
    Income from                                                   
     operations          11,735,877     4,971,377     7,673,815     3,267,064  
                                                                               
    Non-operating                                                          
     income (expenses)                                                                
      Interest                                                          
       income                21,434            --       (37,705)           --  
      Interest                                                 
       expense           (1,188,449)     (433,768)     (737,075)     (375,549) 
      Other income           (3,568)       (5,153)       92,691        (3,059) 
                                                                             
      Total non-
       operating                                               
       expenses, net     (1,170,583)     (438,921)     (682,089)     (378,608) 
                                                                               
    Income before                                                 
     income tax          10,565,294     4,532,456     6,991,726     2,888,456  
    Income tax                                                             
     expense                                                                
     (benefit)            2,898,043       225,151     1,861,277      (342,960) 
                                                                               
    Net income from                                                        
     operations           7,667,251     4,307,305     5,130,449     3,231,416  
    Less: Income (loss)                                                                 
     attributable to                                                       
     noncontrolling                                                         
     interest               486,573        (3,158)       92,132        (3,198) 
                                                                               
    Net income                                                             
     attributable to                                                        
     China Recycling                                                       
     Energy Corp.         7,180,678     4,310,463     5,038,317     3,234,614  
                                                                             
    Other compre-
     hensive item                                                                    
    Foreign currency                                                             
     translation                                                          
     (gain) loss 
     attributable                                                    
     to China Recycling
     Energy Corp.           343,948        (1,092)      385,866        28,803  
                                                                               
    Comprehensive                                                          
     income                                                                 
     attributable to                                                        
     China Recycling
     Energy Corp.       $ 7,524,626   $ 4,309,371    $5,424,183    $3,263,417  
                                                                               
    Comprehensive                                                          
     income                                                                 
     attributable to                                                       
     noncontrolling                                                         
     interest           $   509,913   $        --    $  112,927    $       --  
                                                                               
    Basic weighted                                                         
     average shares                        
     outstanding         38,778,035    37,348,071    38,778,035    38,260,905  
    Diluted weighted                                                       
    average shares                        
     outstanding         48,886,504    43,511,301    48,754,609    44,600,370  
                                                                               
    Basic net                                                              
     earnings per                                                           
     share              $      0.19   $      0.12    $     0.13    $     0.08  
    Diluted net                                                          
     earnings per                                                         
     share              $      0.15   $      0.10    $     0.10    $     0.07  



               CHINA RECYCLING ENERGY CORPORATION AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (UNAUDITED)

                                                       SIX MONTHS ENDED     
                                                           JUNE 30,          
                                                      2010          2009  
    CASH FLOWS FROM OPERATING ACTIVITIES:                                    
      Income including noncontrolling interest   $ 7,667,251    $4,307,305  
      Adjustments to reconcile income including
       noncontrolling interest to net cash 
       provided by operating activities: 
      Depreciation and amortization                   25,323        15,018  
      Amortization of discount related                         
       to conversion feature of convertible note     880,466            --  
      Stock options and warrants                   1,407,547       442,191  
      Accrued interest on convertible notes           (3,639)      167,342  
      Changes in deferred tax                      1,832,221       123,438  
        (Increase) decrease in current assets:
          Interest receivable on sales type lease   (258,972)      230,051  
          Prepaid expenses                           279,184     3,899,203  
          VAT receivable and other receivables      (973,351)       (1,708) 
          Inventory                                       --      (299,355) 
        Increase (decrease) in current liabilities:
          Accounts payable                        (1,362,890)    2,055,791  
          Taxes payable                              412,624    (1,041,599) 
          Interest payable                         1,356,732            --  
          Accrued liabilities and other payables    (166,058)     (906,267) 
                                                                             
      Net cash provided by operating                           
       activities                                 11,096,438     8,991,410  
                                                                             
    CASH FLOWS FROM INVESTING ACTIVITIES:                                    
      Gross investment in sales type leases       (6,122,391)   (8,988,974) 
      Restricted cash                               (200,653)           --  
      Acquisition of property & equipment           (131,547)      (14,297) 
      Construction in progress                   (18,201,622)     (766,900) 
      Net cash used in investing                 (24,656,213)   (9,770,171) 
       activities                                                          
                                                                             
    CASH FLOWS FROM FINANCING ACTIVITIES:                                    
      Insurance of common stock                            --     2,000,000  
      Insurance of convertible notes                       --     3,000,000  
      Cash contribution from                                             
       noncontrolling interest                        908,279       263,439  
      Proceeds from loans                          15,757,780     2,927,101  
      Advance from (repayment to)                                        
       related parties                                850,408        (3,440) 
                                                                             
      Net cash provided by financing                           
       activities                                  17,516,467     8,187,100  
                                                                             
    EFFECT OF EXCHANGE RATE CHANGE ON CASH 
     & CASH EQUIVALENTS                                21,065       (13,479) 
                                                                             
    NET INCREASE IN CASH & CASH EQUIVALENTS         3,977,757     7,394,860  
    CASH & CASH EQUIVALENTS, BEGINNING OF PERIOD    1,111,943     7,267,344  
                                                                             
                                                                   
    CASH & CASH EQUIVALENTS, END OF PERIOD        $ 5,089,700   $14,662,204  
                                                                             
    Supplemental Cash flow data:                                             
      Income tax paid                             $   945,165    $1,074,560  
      Interest paid                               $   201,635    $  261,858


Source: China Recycling Energy Corp.

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