China Power Equipment, Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011
March 28, 2012 at 04:15 pm
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China Power Equipment, Inc. reported consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company's net revenues increased 19.6% to $9.3 million compared to $7.8 million a year ago, primarily attributable to increased sales of amorphous alloy cores and high capacity amorphous alloy transformers. Net income increased 49.5% to $1.4 million or $0.06 in diluted EPS compared to $1.0 million or $0.04 per diluted EPS a year ago, despite the higher operating income was offset by higher income taxes.
For the year, the company's revenue, net was $37,001,893 compared to $29,657,846 a year ago, primarily attributable to higher tonnage of amorphous alloy cores sold, offset in part by lower average selling prices of amorphous alloy cores. Net income from operations was $7,152,128 compared to $6,256,170 a year ago. Net income before income taxes was $7,203,107 compared to $6,603,538 a year ago. Net income was $5,925,981 or $0.25 per diluted share compared to $5,496,145 or $0.25 per diluted share a year ago. Net cash provided by operating activities was $6,296,412 compared to $6,719,135 a year ago. Addition in plant and equipment was $2,057,209 compared to $2,534,692 a year ago.
China Power Equipment, Inc. (China Power) is a China-based company engaged in designing, manufacturing, and distributing amorphous alloy transformer cores and amorphous alloy transformers. The Companyâs devices are used to step down voltage at the final phase of the distribution of electricity to consumers, businesses, and industry. The Company conducts its business through its operating company, Xiâan Amorphous Alloy Zhongxi Transformer Co., Ltd. (Zhongxi), a Peopleâs Republic of China (PRC) Company that is controlled through its wholly owned PRC-based subsidiary An Sen (Xi'an) Power Science & Technology Co., Ltd. (An Sen), a wholly foreign-owned enterprise (WOFE). The Companyâs transformers consume 70% less electricity to operate than traditional transformers. Its products generate fewer pollutants, while retaining more electricity.