SHENZHEN, China, Dec. 8, 2010 /PRNewswire-Asia-FirstCall/ -- New
Energy Systems Group (NYSE Amex: NEWN) ("New Energy" or the
"Company"), a vertically integrated original design manufacturer
and distributor of lithium ion batteries and backup power systems,
today raised its full year 2010 guidance as illustrated below:
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Previous 2010 Guidance
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Revised 2010 Guidance
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Revenue
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$88.0
million
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$95.0
million
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Adjusted Net Income (1)
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$15.6
million
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$18.0
million
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Adjusted EPS (1)(2)
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$1.23
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$1.40
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(1) Adjusted Net Income and
Adjusted EPS exclude the effect of non-cash amortization and
stock-based compensation.
(2) Assumes 12.9 million
weighted average fully-diluted shares.
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"We are pleased to be able to raise our 2010 guidance," began
Mr. Jack Yu, Chairman of New Energy.
"We are experiencing good momentum as the use of portable
electronics devices such as those made by Apple and RIM drive
demand across all our product lines. To a small extent our
increased guidance also reflects the accretive impact of the Kim
Fai acquisition which we closed on November
10, 2010. However, since that acquisition will only be
reflected in our 2010 consolidated results for less than two
months, the earnings per share accretion from this acquisition will
not be fully evident until 2011. While we have increased our 2010
guidance significantly, we believe the revised guidance is
conservative."
OUTLOOK FOR 2011
Mr. Jack Yu, Chairman of New
Energy, continued, "We are currently engaged in our planning
process for next year and will provide specific guidance for 2011
during the first quarter of 2011. As we introduce new
products and further expand our distribution, we are confident that
we will sustain strong growth in 2011. We expect our core
business to grow significantly next year, especially the Anytone®
product line and our suite of products 'Made for iPhone, iPod and
iPad'. As previously stated, we also expect the Kim Fai
acquisition to contribute approximately $5.0
million of net income in 2011. We currently have
approximately 14.5 million fully diluted shares outstanding, which
includes the 1.9 million shares issued for the Kim Fai acquisition.
As a result of our healthy balance sheet and strong cash
flow, we have no near-term need to raise equity to finance our
current operations."
About New Energy Systems Group
New Energy Systems Group is a vertically integrated original
design manufacturer and distributor of lithium ion batteries and
backup power systems for mobile phones, laptops, digital cameras,
MP3s and a variety of other portable electronics. The Company's
end-user consumer products are sold under the Anytone® brand in
China, and the Company has begun
expanding its international sales efforts. The fast pace of new
mobile device introductions in China combined with a growing middle class
make it fertile ground for New Energy's end-user consumer products,
as well as its high powered, light weight lithium ion batteries. In
addition to historically strong organic growth, New Energy is
expected to benefit from economies of scale, broader distribution,
and greater production capacity and higher profit margins.
Additional information about the Company is available at:
www.newenergysystemsgroup.com.
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 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
(www.sec.gov). 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.
For more information, please
contact:
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COMPANY
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New Energy Systems
Group
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Ken Lin, VP of Investor
Relations
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Tel: +1-917-573-0302
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Email:
klin1330@hotmail.com
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Web:
www.newenergysystemsgroup.com/
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INVESTOR
RELATIONS
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John Mattio, SVP
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HC International,
Inc.
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Tel: US
+1-203-616-5144
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Email:
john.mattio@hcinternational.net
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Web:
www.hcinternational.net
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SOURCE New Energy Systems Group