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China Solar & Clean Energy Solutions, Inc. Reports Second Quarter 2009 Financial Results.

Article Excerpt
BEIJING, Aug. 11 /PRNewswire-Asia/ -- China Solar & Clean Energy Solutions, Inc. (Formerly known as "Deli Solar (USA), Inc.") (BULLETIN BOARD: CSOL) ("China Solar"), a premier manufacturer and distributor of solar water heaters, space heating devices and provider of renewable energy solutions in the People's Republic of China ("PRC"), today reported its financial results for the second quarter ended June 30th, 2009.

Second Quarter 2009 Results

Second quarter 2009 net revenue was $9.66 million, a decrease of $6.18 million, or 39%, from $15.84 million for the same period last year. As the Company shifted its focus to winning larger energy-saving projects, the sales revenues for the heat-pipe equipments and energy-saving projects increased by $2.35 million, or 40.2%, to $8.2 million due to the completion of several large projects in the quarter; while the sales revenue for solar heaters, biomass stoves and boiler related products decreased by 85.4% to $1.46 million due to intensive competition in the market of solar heaters.

Net income was $1.1 million for the three months ended June 30, 2009, with diluted earnings per share (EPS) of $0.07, primarily due to the disposal of Shenzhen Pengsangpu Solar Industrial Products Corporation ("SZPSP") and an increase in the sales of heat-pipe equipments and energy-saving projects. For the first quarter of 2009, the net loss was $0.94 million with diluted loss per share at $(0.07).

Cash and cash equivalents increased to $2.7 million as of June 30, 2009, compared to $1.4 million as of March 31, 2008. The...