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Article Excerpt
BEIJING, June 1 /PRNewswire-Asia-FirstCall/ -- China Solar & Clean Energy Solutions, Inc. ("CSOL" or "China Solar" or the "Company") (OTC Bulletin Board: CSOL), a premier manufacturer and distributor of solar water heaters, renewable energy solutions, and space heating devices in the People's Republic of China, last Thursday reported its financial results for the first quarter ended March 31, 2009.
Mr. Deli Du, Chief Executive Officer and President of CSOL, commented, "As the first quarter is the solar industry's seasonally slowest in terms of manufacturing and sales, we focused our corporate efforts on completing our planned business transition. We undertook company-wide efforts to improve our operating efficiency and internal controls. We began to implement a company-wide ERP system as part of our accounting systems upgrade to ensure CSOL will be fully compliant with strict requirements by the Sarbanes-Oxley Act ("SOX") and other pertinent financial regulations. We engaged our staff in ongoing training led by experienced consultants to help standardize our financial reporting. We hired an excellent financial executive, as we are very pleased with the arrival of Ms. Yinan Zhao as our Acting Chief Financial Officer. We welcome her solid knowledge of financial systems and markets, extensive experience in accounting, taxation, and asset valuation functions, and impressive professional certifications including Certified Public Accountant (CPA), Certified Tax Administrator (CTA) and Certified Valuation Analyst (CVA). To that extent, although our broad efforts to upgrade our systems and internal controls caused our delayed quarterly filing, I am satisfied with our visible progress during the first quarter, as we continue to lay a strong foundation for the remainder of 2009 and beyond."
First Quarter 2009 Results
First quarter 2009 revenue of $6.2 million decreased by $2.1 million, or 25.4%, from $8.3 million in the first quarter of 2008, primarily...
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