SinoCoking Coal and Coke Chemical Industries, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2014. For the quarter, the company reported income from operations of $523,305 on revenue of $12,677,319 compared to income from operations of $1,540,556 on revenue of $13,208,253 in the like year-ago quarter. Due primarily to a noncash gain of $5,452,865 recorded for the change in fair value on revaluation of its warrant liability, the company's net income was $3,981,858, or $0.17 per basic and diluted share, versus a net loss of $106,658, or $0.01 per basic and diluted share, for the same year-ago period. The 4% decrease in revenue compared to the same period last year resulted primarily from the slowdown in sales of most of the company's traditional coal and coke products. However, the decrease in revenue from these products was offset in part by revenue of $2,139,171 from the company's clean-burning Syngas, generated and sold beginning in October 2014. Income before income taxes was $4,485,449 against $325,274 a year ago.

For the six months, the company reported income from operations of $1,882,688 on revenue of $26,251,155 compared to income from operations of $3,993,402 on revenue of $30,684,223 in the corresponding prior year period. An adjustment of $3,425,703 for change in fair value of warrants in the fiscal 2015 six-month period resulted in net income of $1,428,601, or $0.06 per share, versus net income of $1,054,226, or $0.05 per share, in the comparable year-ago period. Revenue decreased 14.4% year-over-year, as there was no Syngas production and sales during the first quarter of 2015 to help offset declining sales of the company's traditional products. Income before income taxes was $2,422,045 against $2,119,915 a year ago. Payments of construction in progress was $14,497,925 million. Net cash used in operating activities was $4,965,172 against $763,780 a year ago.