QualityStocks.net News – China Solar & Clean Energy Solutions, Inc. (CSOL.OB) Posts 119% Increase in Q4 Revenues

We would like to highlight China Solar & Clean Energy Solutions, Inc. (OTCBB: CSOL). The company operates through its wholly owned subsidiaries Bazhou Deli Solar Heating Energy Co. Ltd., Beijing Deli Solar Technology Development Co., Ltd. and its 51% ownership in Tianjin Huaneng Energy Equipment Company, all of which are located in the PRC. The Company manufactures and distributes hot water and space heating devices to customers in the PRC, in addition to waste heat recovery systems.

In the Company’s news today,

China Solar & Clean Energy Solutions Inc. announced its financial results for the fourth quarter and fiscal year ended Dec. 31, 2007. The company distributes solar water heaters, renewable energy solutions and space heating devices in the People’s Republic of China, and attributes increases across the board to China-based acquisitions.

“We are encouraged by the successful consolidation of Tianjin Huaneng with our Bazhou facility which will enable us to become one of the leading integrated solution providers of clean and renewable energy to industrial and residential customers in China. During the fourth quarter, we complemented our core solar water heater business with strong growth from Tianjin Huaneng, which enabled us to achieve 72.1 percent revenue growth,” Deli Du, president and CEO of China Solar stated in the press release.

The company announced its fourth-quarter revenues were up 119 percent to $12 million, up from $5.5 million for the same period last year. China Solar attributes the climb to its recent acquisition of Tianjin Huaneng Group Energy Equipment Co. Ltd, which contributed $5.8 million for the fourth quarter of 2007.

For fiscal 2007, revenues were $37.1 million, up 72.7 percent from $21.5 million in 2006; of that, $9.6 million in revenue for the full year 2007 was contributed by Tianjin Huaneng. The company attributes 38 percent of the revenue growth to the organic growth of the company’s solar water heaters and space heating products, resulting from increased marketing efforts, expansion of its distribution network and additional market share gains.

Gross profit in the fourth quarter of 2007 rose 158 percent to approximately $3.1 million, as compared to the year prior. About $1.2 million was contributed by its Bazhou facility, representing 22 percent organic growth. Tianjin Huaneng contributed $1.9 million in the fourth quarter.

Net income in the fourth quarter climbed 479 percent to $1.1 million, from $0.2 million, or 3.5 percent of revenue last year. The higher net income was due primarily to substantially higher revenues.

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