WUXI, China, March 31, 2015 /PRNewswire/ -- Cleantech
Solutions International, Inc. ("Cleantech Solutions" or "the
Company") (NASDAQ: CLNT), a manufacturer of metal components and
assemblies used in various clean technology and manufacturing
industries and textile dyeing and finishing machines, today
announced its financial results for the three months and year ended
December 31, 2014.
"We recorded modest revenue growth in 2014, driven by our dyeing
and finishing equipment business due to our marketing efforts and
the effects of Chinese government's policies that are encouraging
textile manufacturers to upgrade equipment with more
environmentally friendly models. Net income was impacted by a
$3.8 million impairment loss related
to equipment held for sale and a $1.2
million reduction of previously recorded deferred tax assets
related to that equipment. We generated positive cash flow from
operations and closed the year with $7.8
million in cash and equivalents. We introduced new styles of
dyeing machines and upgraded our facilities to serve customers in
the oil and gas and petrochemical industries, allowing us to obtain
several purchase orders that will contribute to our revenue growth
in 2015," said Mr. Jianhua Wu,
Chairman and CEO of Cleantech Solutions.
Fourth Quarter 2014 Results
Revenue for the fourth quarter of 2014 decreased by 9.9% to
$20.5 million, compared to
$22.8 million for the same period of
2013.
The Company experienced lower sales of forged products to
non-wind customers and dyeing and finishing equipment customers
compared to the comparable quarter last year, when the Company
generated record sales from these two segments:
- Revenue from the dyeing and finishing equipment segment
decreased by 9.0% to $11.3 million,
compared to $12.5 million for the
fourth quarter of 2013.
- Revenue from the sale of forged rolled rings to industries
other than wind power fell by 17.2% to $5.0
million, compared with $6.0
million for the comparable period of the prior
year.
- Revenue from the sale of forged rolled rings for the wind power
industry fell by 2.2% to $4.2
million, compared to $4.3
million for the comparable period last year.
Gross profit for the fourth quarter of 2014 decreased by 20.6%
to $4.7 million, compared to
$5.9 million for the same period in
2013. Gross margin was 22.9% during the fourth quarter of
2014 compared to 26.0% for the same period a year ago. The decline
in gross margin for the 2014 fourth quarter was primarily
attributable to (i) lower selling prices in our forged products and
components segment, which was necessary to meet competition, and
(ii) the relatively higher costs of revenue associated with the
introduction of new models of dyeing and finishing equipment with
an initial low production run resulting in fixed costs being
allocated over a smaller number of units.
Operating expenses increased by 84.2% to $5.8 million, compared to $3.1 million in the comparable period last
year. The increase was primarily due to a $3.8 million non-cash impairment loss related to
electro-slag re-melted ("ESR") equipment in the fourth quarter of
2014, compared to a $2.6 million
non-cash impairment loss on the same equipment in the same period
last year. The Company does not expect any material
impairment charges associated with the ESR equipment in the
future. Selling, general and administrative expenses
increased by 276.4%, primarily due to the recording of bad debt
expense of $0.5 million in the fourth
quarter of 2014, compared with a $0.6
million bad debt recovery in the fourth quarter of 2013
resulting from the collection of a previously reserved
receivable.
Operating loss was $1.1 million,
compared to operating income of $2.8
million in the same period of 2013. Operating margin was
negative 5.2% compared to 12.2% in the same period of 2013.
Adjusted EBITDA, a non-GAAP measurement, which adds back to net
income include the interest expense, income tax, depreciation and
amortization and impairment loss on ESR equipment, was $5.0 million, compared to $7.3 million in the fourth quarter last
year. The calculation of adjusted EBITDA is shown in a table
following the financial statements.
Net loss for the fourth quarter of 2014 was $3.0 million, or $(0.79) per basic and diluted share, compared to
net income of $2.1 million, or
$0.60 per basic and diluted share, in
the fourth quarter of 2013. Non-GAAP adjusted net
income, which adds back to net income include the impairment loss
on ESR equipment and a reduction in previously recorded deferred
tax assets related to the ESR equipment, was $2.0 million, or $0.51 per basic and diluted share, compared with
$4.7 million, or $1.34 per basic and diluted share, in the fourth
quarter of 2013. The calculations of non-GAAP adjusted net
income and earnings per share are shown in a table following the
financial statements.
Full Year Results
For the year ended December 31,
2014, revenue increased by 5.3% to $76.0 million from $72.1
million in 2013. Gross profit was $17.7 million unchanged from last year. Gross
margin in 2014 was 23.4%, compared to 24.5% in 2013.
Operating income decreased 21.8% to $8.9
million from $11.4 million in
2013. Adjusted EBITDA, a non-GAAP measurement, was $21.4 million, compared to $20.9 million in 2013. Net income was
$4.3 million, compared to
$8.2 million in 2013. Net
income per basic and diluted share was $1.15 compared to $2.55 in 2013. Non-GAAP adjusted net income
was $9.3 million, compared to
$10.8 million in 2013. Non-GAAP
adjusted earnings per basic and diluted share was $2.50 compared to $3.35 in 2013. The calculations of adjusted
EBITDA and non-GAAP adjusted net income and earnings per share are
shown in a table following the financial statements.
Financial Condition
As of December 31, 2014, Cleantech
Solutions held cash and cash equivalents of $7.8 million compared to $1.1 million at December
31, 2013. Accounts receivable were $20.3 million compared to $15.2 million at December
31, 2013. Inventories were $4.2
million compared to $4.7
million at December 31,
2013. Total current assets were $34.1
million as of December 31,
2014. The Company had $3.1
million in short-term bank loans payable at December 31, 2014, relatively unchanged from
December 31, 2013.
Stockholders' equity was $97.3
million at December 31,
2014.
In 2014, the Company generated $12.2
million in cash flow from operations and spent approximately
$7.1 million in capital expenditures
to expand production capabilities which included the acquisition of
new machinery and molds to be used in the production process and
the expansion of factory space and employee dormitory facilities,
and for improvements to existing office facilities.
Recent Events
In January 2015, Cleantech
Solutions' operating company, Wuxi Huayang Dyeing Machinery Co.,
Ltd. ("Huayang Dyeing"), a variable interest entity, received a
purchase order worth RMB7.0 million
($1.1 million) for 12 units of its
newly developed air-fluid, dual-use dyeing machine from a leading
weaving and dyeing enterprise based in Shaoxing, China. The Company expects to begin delivering
the equipment in May 2015.
Business Outlook
"We expect revenue growth to continue in 2015, driven primarily
by sales of forged products and components to customers in the
petroleum and chemical industries. We are pleased that after
receiving the certifications needed to serve these markets in
mid-2013, we now have several orders in hand that will generate
meaningful revenue in 2015. We see room for additional growth
as a number of our customers in the petroleum and chemical
industries are benefiting from anticipated closer energy trade
relations between Russia and
China," said Mr. Jianhua Wu, Chairman and CEO of Cleantech
Solutions. "We also expect a significant revenue contribution from
our dyeing equipment segment as textile manufactures continue to
upgrade equipment in an effort to comply with China's more aggressive pollution control
requirements. We are hopeful our new air-fluid, dual-use
dyeing machine will be well received at the upcoming Shanghai
International Textile Industry Expo in June 2015."
Conference Call
Cleantech Solutions will conduct a conference call at
9:00 a.m. Eastern Daylight Time on
Tuesday, March 31, 2015 to discuss
financial results for the fourth quarter and year ended
December 31, 2014.
To participate in the live conference call, please dial the
following number five to ten minutes prior to the scheduled
conference call time: (888) 346-8982. International callers should
dial (412) 902-4272 and ask to join the Cleantech Solutions
International call.
If you are unable to participate in the conference call at this
time, a replay will be available through April 7, 2015 at 9:00 am
EDT. To access the replay, dial (877) 344-7529 or (412)
317-0088 for international callers and enter pin code:
10062749.
Use of Non-GAAP Financial Measures
The Company has included in this press release certain non-GAAP
financial measures. The Company believes that both management and
investors benefit from referring to these non-GAAP financial
measures in assessing the performance of the Company and when
planning and forecasting future periods. Readers are cautioned not
to view non-GAAP financial measures on a stand-alone basis or as a
substitute for GAAP measures, or as being comparable to results
reported or forecasted by other companies, and should refer to the
reconciliation of GAAP measures with non-GAAP measures also
included herein.
About Cleantech Solutions International
Cleantech Solutions is a manufacturer of metal components and
assemblies, primarily used in clean technology and other industries
and dyeing and finishing equipment for the textile industry and
forged rolled rings and related products, and a supplier of
fabricated products and machining services to a range of clean
technology customers. The Company's website is
www.cleantechsolutionsinternational.com. Any information on the
Company's website or any other website is not a part of this press
release.
Safe Harbor Statement
This release contains certain "forward-looking statements"
relating to the business of the Company and its subsidiary and
affiliated companies. These forward looking statements are often
identified by the use of forward-looking terminology such as
"believes," "expects" or similar expressions. Such forward looking
statements involve known and unknown risks and uncertainties that
may cause actual results to be materially different from those
described herein and in the conference call referred to in this
press release as anticipated, believed, estimated or expected.
Investors should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
The Company's actual results could differ materially from those
anticipated in these forward-looking statements as a result of a
variety of factors, including those discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on its website, including factors
described in "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in our
Form 10-K for the year ended December 31,
2014. All forward-looking statements attributable to the
Company or to persons acting on its behalf are expressly qualified
in their entirety by these factors other than as required under the
securities laws. The Company does not assume a duty to update these
forward-looking statements.
Company Contacts:
Cleantech Solutions International,
Inc.
Adam Wasserman, CFO
E-mail: adamw@cleantechsolutionsinternational.com
Web: www.cleantechsolutionsinternational.com
Compass Investor Relations
Elaine Ketchmere, CFA
Email: eketchmere@compass-ir.com
+1-310-528-3031
Web: www.compassinvestorrelations.com
-Financial Tables Follow-
CLEANTECH SOLUTIONS
INTERNATIONAL, INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarters
Ended
|
|
For the Years
Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
REVENUES
|
|
$
20,548,832
|
|
$ 22,800,321
|
|
$ 75,958,676
|
|
$
72,112,662
|
|
|
|
|
|
|
|
|
|
COST OF
REVENUES
|
|
15,841,731
|
|
16,873,793
|
|
58,217,667
|
|
54,446,324
|
|
|
|
|
|
|
|
|
|
GROSS
PROFIT
|
|
4,707,101
|
|
5,926,528
|
|
17,741,009
|
|
17,666,338
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
Depreciation
|
|
344,809
|
|
111,551
|
|
721,449
|
|
573,090
|
Impairment loss
|
|
3,799,947
|
|
2,573,256
|
|
3,799,947
|
|
2,573,256
|
Selling, general and
administrative
|
|
1,603,198
|
|
425,959
|
|
4,193,643
|
|
3,034,189
|
Research and
development
|
|
28,614
|
|
25,957
|
|
116,061
|
|
92,803
|
|
|
|
|
|
|
|
|
|
Total
Operating Expenses
|
|
5,776,568
|
|
3,136,723
|
|
8,831,100
|
|
6,273,338
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM
OPERATIONS
|
|
(1,069,467)
|
|
2,789,805
|
|
8,909,909
|
|
11,393,000
|
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE):
|
|
|
|
|
|
|
|
|
Interest income
|
|
4,841
|
|
6,278
|
|
18,127
|
|
22,287
|
Interest expense
|
|
(59,913)
|
|
(56,090)
|
|
(238,226)
|
|
(300,381)
|
Grant income
|
|
14
|
|
-
|
|
34,835
|
|
-
|
Foreign currency transaction
gain
|
|
(5)
|
|
43,486
|
|
1,263
|
|
27,686
|
Rental income,
net
|
|
33,874
|
|
-
|
|
101,539
|
|
-
|
Other income
|
|
-
|
|
(235)
|
|
-
|
|
42,780
|
|
|
|
|
|
|
|
|
|
Total
Other Income (Expense), net
|
|
(21,189)
|
|
(6,561)
|
|
(82,462)
|
|
(207,628)
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
|
(1,090,656)
|
|
2,783,244
|
|
8,827,447
|
|
11,185,372
|
|
|
|
|
|
|
|
|
|
INCOME
TAXES
|
|
1,956,930
|
|
673,556
|
|
4,561,030
|
|
2,999,795
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
(3,047,586)
|
|
$ 2,109,688
|
|
$ 4,266,417
|
|
$
8,185,577
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE INCOME
(LOSS):
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
$
(3,047,586)
|
|
$ 2,109,688
|
|
$ 4,266,417
|
|
$
8,185,577
|
|
|
|
|
|
|
|
|
|
OTHER COMPREHENSIVE
(LOSS) INCOME:
|
|
|
|
|
|
|
|
|
Unrealized foreign currency translation gain (loss)
|
|
237,441
|
|
590,131
|
|
(408,386)
|
|
2,751,842
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE INCOME
(LOSS)
|
|
$
(2,810,145)
|
|
$ 2,699,819
|
|
$ 3,858,031
|
|
$
10,937,419
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) PER
COMMON SHARE:
|
|
|
|
|
|
|
|
Basic
|
|
$
(0.79)
|
|
$
0.60
|
|
$
1.15
|
|
$
2.55
|
Diluted
|
|
$
(0.79)
|
|
$
0.60
|
|
$
1.15
|
|
$
2.55
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE
COMMON SHARES OUTSTANDING:
|
|
|
|
|
|
|
Basic
|
|
3,859,986
|
|
3,503,502
|
|
3,715,300
|
|
3,210,791
|
Diluted
|
|
3,859,986
|
|
3,503,502
|
|
3,715,300
|
|
3,210,791
|
|
|
|
|
|
|
|
|
|
CLEANTECH SOLUTIONS
INTERNATIONAL, INC. AND SUBSIDIARIES
|
CONSOLIDATED BALANCE
SHEETS
|
|
|
|
|
|
December
31,
|
|
2014
|
|
2013
|
ASSETS
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
Cash and cash equivalents
|
$ 7,835,791
|
|
$ 1,114,873
|
Restricted cash
|
488,719
|
|
687,353
|
Notes receivable
|
114,034
|
|
703,718
|
Accounts receivable, net of allowance for doubtful
accounts
|
20,316,037
|
|
15,234,863
|
Inventories, net of reserve for obsolete inventories
|
4,241,022
|
|
4,733,558
|
Advances to suppliers
|
565,581
|
|
695,254
|
Prepaid VAT on purchases
|
-
|
|
489,302
|
Deferred tax assets - current portion
|
375,744
|
|
253,173
|
Prepaid expenses and other
|
153,260
|
|
74,030
|
|
|
|
|
Total
Current Assets
|
34,090,188
|
|
23,986,124
|
|
|
|
|
PROPERTY AND
EQUIPMENT, net
|
69,628,597
|
|
70,595,138
|
|
|
|
|
OTHER
ASSETS:
|
|
|
|
Deferred
tax assets - net of current portion
|
-
|
|
1,222,216
|
Equipment held for sale/operating lease
|
422,540
|
|
4,751,206
|
Land use
rights, net
|
3,672,420
|
|
3,786,051
|
|
|
|
|
Total
Assets
|
$ 107,813,745
|
|
$ 104,340,735
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
Short-term bank loans
|
$ 3,095,219
|
|
$ 3,109,453
|
Bank acceptance notes payable
|
488,719
|
|
687,353
|
Accounts payable
|
4,322,275
|
|
4,961,555
|
Accrued expenses
|
1,059,579
|
|
899,816
|
Advances from customers
|
495,461
|
|
1,455,740
|
VAT and service taxes payable
|
500,569
|
|
126,349
|
Income taxes payable
|
531,120
|
|
1,623,603
|
|
|
|
|
Total
Current Liabilities
|
10,492,942
|
|
12,863,869
|
|
|
|
|
Total
Liabilities
|
10,492,942
|
|
12,863,869
|
|
|
|
|
STOCKHOLDERS'
EQUITY:
|
|
|
|
Preferred stock ($0.001 par value; 10,000,000 shares authorized; 0
share issued and
|
|
|
|
outstanding at December 31, 2014 and 2013)
|
-
|
|
-
|
Common stock ($0.001 par value; 50,000,000 shares authorized;
3,859,986 and 3,503,502
|
|
|
|
shares
issued and outstanding at December 31, 2014 and 2013,
respectively)
|
3,860
|
|
3,503
|
Additional paid-in capital
|
33,517,857
|
|
31,532,308
|
Retained earnings
|
50,039,267
|
|
46,322,329
|
Statutory reserve
|
3,294,199
|
|
2,744,720
|
Accumulated other comprehensive income - foreign currency
translation adjustment
|
10,465,620
|
|
10,874,006
|
|
|
|
|
Total
Stockholders' Equity
|
97,320,803
|
|
91,476,866
|
|
|
|
|
Total
Liabilities and Stockholders' Equity
|
$ 107,813,745
|
|
$ 104,340,735
|
|
|
|
|
|
|
CLEANTECH SOLUTIONS
INTERNATIONAL, INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
For the Years
Ended
|
|
|
|
|
|
December
31,
|
|
|
|
|
|
2014
|
|
2013
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
Net income
|
|
|
$
4,266,417
|
|
$
8,185,577
|
|
Adjustments to
reconcile net income from operations to net cash
|
|
|
|
|
provided by operating
activities:
|
|
|
|
|
|
Depreciation
|
|
8,469,771
|
|
6,704,386
|
|
|
Amortization of land
use rights
|
96,226
|
|
95,491
|
|
|
Increase in inventory
reserve
|
-
|
|
41,381
|
|
|
Increase (decrease)
in allowance for doubtful accounts
|
521,928
|
|
(628,188)
|
|
|
Increase in allowance
for deferred tax assets
|
2,165,677
|
|
-
|
|
|
Loss on impairment of
equipment held for sale/operating lease
|
3,799,947
|
|
2,573,256
|
|
|
Loss on disposal of
fixed assets
|
-
|
|
11,391
|
|
|
Stock-based
compensation
|
375,989
|
|
423,112
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
Notes
receivable
|
|
586,014
|
|
(604,798)
|
|
|
Accounts
receivable
|
|
(5,668,901)
|
|
(4,126,440)
|
|
|
Inventories
|
|
470,509
|
|
1,303,519
|
|
|
Prepaid value-added
taxes on purchases
|
486,689
|
|
70,059
|
|
|
Prepaid and other
current assets
|
(94,718)
|
|
91,666
|
|
|
Advances to
suppliers
|
126,394
|
|
(81,120)
|
|
|
Deferred tax
assets
|
|
(1,080,469)
|
|
-
|
|
|
Accounts
payable
|
|
(872,178)
|
|
(1,809,914)
|
|
|
Accrued
expenses
|
|
164,465
|
|
(112,797)
|
|
|
VAT and service taxes
payable
|
374,512
|
|
(86,004)
|
|
|
Income taxes
payable
|
(1,077,373)
|
|
(129,378)
|
|
|
Advances
from customers
|
(952,885)
|
|
(452,658)
|
|
|
|
|
|
|
|
|
NET CASH PROVIDED BY
OPERATING ACTIVITIES
|
12,158,014
|
|
11,468,541
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
Purchase of property
and equipment
|
(11,058,530)
|
|
(14,633,745)
|
|
|
Refund of previously
purchased property and equipment
|
3,991,405
|
|
-
|
|
|
|
|
|
|
|
|
NET CASH USED IN
INVESTING ACTIVITIES
|
(7,067,125)
|
|
(14,633,745)
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
Principal payments on
capital lease
|
-
|
|
(391,963)
|
|
|
Proceeds from bank
loans
|
3,906,759
|
|
5,653,824
|
|
|
Repayments of bank
loans
|
(3,906,759)
|
|
(4,846,135)
|
|
|
Decrease (increase)
in restricted cash
|
195,338
|
|
(678,459)
|
|
|
(Decrease) increase
in bank acceptance notes payable
|
(195,338)
|
|
678,459
|
|
|
Net proceeds from
sale of common stock
|
1,623,691
|
|
2,388,589
|
|
|
|
|
|
|
|
|
NET CASH PROVIDED BY
FINANCING ACTIVITIES
|
1,623,691
|
|
2,804,315
|
|
|
|
|
|
|
|
|
EFFECT OF EXCHANGE
RATE ON CASH AND CASH EQUIVALENTS
|
6,338
|
|
30,034
|
|
|
|
|
|
|
|
|
NET INCREASE
(DECREASE) IN CASH AND CASH EQUIVALENTS
|
6,720,918
|
|
(330,855)
|
|
|
|
|
|
|
|
|
CASH AND CASH
EQUIVALENTS - beginning of year
|
1,114,873
|
|
1,445,728
|
|
|
|
|
|
|
|
|
CASH AND CASH
EQUIVALENTS - end of year
|
$
7,835,791
|
|
$
1,114,873
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
Cash paid
for:
|
|
|
|
|
|
|
|
Interest
|
|
|
$
238,226
|
|
$
300,381
|
|
|
Income
taxes
|
|
$
4,553,195
|
|
$
3,129,174
|
|
|
|
|
|
|
|
|
NON-CASH INVESTING
AND FINANCING ACTIVITIES:
|
|
|
|
|
Property and
equipment acquired on credit as payable
|
$
256,082
|
|
$
1,121,719
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net
Income (Loss) to Adjusted EBITDA
|
(Amounts expressed in
US$)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
December 31,
|
|
For the Years
Ended
December 31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Net income
(loss)
|
$
|
(3,047,586)
|
|
2,109,688
|
|
4,266,417
|
|
8,185,577
|
Add: income
tax
|
|
1,956,930
|
|
673,556
|
|
4,561,030
|
|
2,999,795
|
Add: interest
expense
|
|
59,913
|
|
56,090
|
|
238,226
|
|
300,381
|
Add: impairment loss
for ESR equipment
|
3,799,947
|
|
2,573,256
|
|
3,799,947
|
|
2,573,256
|
Add: depreciation and
amortization
|
2,248,133
|
|
1,845,717
|
|
8,565,997
|
|
6,799,877
|
Adjusted
EBITDA
|
$
|
5,017,337
|
|
7,258,307
|
|
21,431,617
|
|
20,858,886
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Non-GAAP Adjusted Net Income and EPS
|
(Amounts expressed in
US$)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
December 31,
|
|
For the Years
Ended
December 31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$ (3,047,586)
|
|
$
2,109,688
|
|
$ 4,266,417
|
|
$ 8,185,577
|
Add: impairment loss
for ESR equipment
|
$ 3,799,947
|
|
$
2,573,256
|
|
$ 3,799,947
|
|
$ 2,573,256
|
Add: allowance for
prior deferred tax asset on ESR
equipment
|
1,215,690
|
|
-
|
|
1,215,690
|
|
-
|
Non-GAAP adjusted net
income
|
|
$ 1,968,051
|
|
$
4,682,944
|
|
$ 9,282,054
|
|
$ 10,758,833
|
|
|
|
|
|
|
|
|
|
Weighted average
shares - diluted
|
|
3,859,986
|
|
3,503,502
|
|
3,715,300
|
|
3,210,791
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjusted
diluted EPS
|
|
$
0.51
|
|
$
1.34
|
|
$
2.50
|
|
$
3.35
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cleantech-solutions-international-reports-fourth-quarter-and-full-year-2014-results-300058306.html
SOURCE Cleantech Solutions International, Inc.