China Architectural Engineering, Inc. (CAE) (AMEX:RCH), a leader in
the design, engineering, fabrication and construction of structural
exterior cladding systems, today reported financial results for the
fiscal year ended December 31, 2007. For all of 2007, revenues were
$86.6 million, up 37% from $63.3 million in 2006. Net income for
2007 was $12.03 million, or $0.21 per fully diluted share, up 50%
on an EPS basis from $6.15 million, or $0.14 per fully diluted
share, in 2006. Earnings for the full year 2007 were negatively
impacted by non-cash charges of $2.14 million relating to the
Company�s issuance in April 2007 of $10 million of variable rate
convertible bonds. On the balance sheet, CAE reported cash and cash
equivalents of $4.64 million as of December 31, 2007. This is an
increase of 119% from $2.12 million on December 31, 2006. Long-term
debt on December 31, 2007 totaled $3.9 million, compared to $2.5
million on December 31, 2006. �Today�s report confirms once again
that CAE is on a fast growth track,� said Ken Yi Luo, China
Architectural Engineering�s Chairman and CEO. �Our ability to
achieve another year of record revenues and earnings is a clear
reflection of our growing, reputation-driven business in China and
our successful efforts to win new business overseas. We expect this
trend to continue and look forward to an even stronger year in
2008.� To be added to China Architectural Engineering�s investor
lists, please contact Haris Tajyar at htajyar@irintl.com or at
818-382-9702. About China Architectural Engineering China
Architectural Engineering, Inc. (CAE) (AMEX:RCH), which began
operations in 1992, has maintained a leading position in the global
commercial construction industry by providing timely, high-quality,
reliable, fully integrated & cost-effective service solutions
to its clients utilizing specialized technical expertise in the
design, engineering, fabrication and construction of structural
exterior cladding systems. It specializes in high-end curtain wall
systems (including glass, stone & metal curtain walls), roofing
systems, steel construction systems, eco-energy saving building
conservation systems and related products, for public works and
commercial real estate projects. CAE has worked with world-renowned
architects and building engineers from China and other countries
and has completed over 100 large, complex and unique projects
throughout China, Hong Kong, Macau, Australia and Southeast Asia,
including numerous award-winning landmark buildings in many of
Asia's major cities. It is now capitalizing on its industry-leading
expertise by expanding aggressively beyond China into some of the
hottest construction markets in the world, including the Middle
East, Central Asia and Eastern Europe. It also plans to set up
operations in New York to expand in the U.S. and Canadian markets.
For further information on China Architectural Engineering please
visit www.caebuilding.com. Forward Looking Statements: In addition
to historical information, the statements set forth above include
forward-looking statements that may involve risk and uncertainties
that could cause actual results to differ materially from those in
the forward-looking statements. Such risks and uncertainties
include, but are not limited to, uncertainty of contract
negotiations and payments under existing contracts, the Company�s
dependence on government contracts, changes in the laws of the PRC
that affect the Company�s operations, fluctuation and
unpredictability of costs related to the Company�s products and
services, the Company�s dependence on the steel and aluminum
markets, reduction or reversal of the Company�s recorded revenue or
profits due to �percentage of completion� method of accounting and
expenses and costs associated with the issuance of convertible
bonds. The forward-looking statements are also identified through
use of the words �believe,� �enable,� �may,� �will,� �could,�
�intends,� �estimate,� �anticipate,� �plan,� �predict,� �probable,�
�potential,� �possible,� �should,� �continue,� and other words of
similar meaning. Actual results could differ materially from the
expectations contained in forward-looking statements as a result of
several factors, including regulatory approval requirements and
competitive conditions. These and other factors that may result in
differences are discussed in greater detail in the Company�s
reports and other filings with the Securities and Exchange
Commission. CHINA ARCHITECTURAL ENGINEERING, INC. CONSOLIDATED
BALANCE SHEETS AS OF DECEMBER 31, 2007 AND 2006 (Stated in US
Dollars) � � 12/31/2007 � � 12/31/2006 ASSETS Current Assets Cash
and cash equivalents $ 4,635,184 $ 2,115,966 Restricted cash -
2,743,142 Contract receivables, net 13,047,559 7,573,913 Costs and
earnings in excess of billings 57,488,693 22,487,792 Job
disbursements advances 2,454,106 5,236,327 Tender and other site
deposits 83,046 3,427,490 Other receivables 6,436,400 213,257
Amount due from subsidiaries 204,465 - Inventories 528,743 23,108
Other current assets � 109,533 � Total current assets � 84,987,729
� 43,820,995 � Non-current assets Plant and equipment, net
2,652,940 474,498 Security deposits - 565,795 Organization cost
92,741 - Goodwill 7,995,896 - Other non-current assets � 7,505 - �
TOTAL ASSETS $ 95,736,811 $ 44,861,288 � LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities Short-term bank loan $
2,578,550 $ - Accounts payable 18,737,771 15,202,029 Amount due to
shareholder 1,334,856 1,735 Other payables 9,193,186 1,091,382
Income tax payable 6,204,315 1,263,491 Business and other taxes
payable 7,663 2,058,327 Customers' deposits 757,079 1,272,312 Job
disbursements payable - - Accruals � 499,685 � 894,329 Total
current liabilities � 39,313,105 � 21,783,605 � Non-current
liabilities Long term liabilities bank loan 443,881 2,564,979
Convertible bond payable, net 3,465,741 - Minority interest �
49,482 � - � TOTAL LIABILITIES $ 43,272,209 $ 24,348,584 �
STOCKHOLDERS' EQUITY � Preferred stock, $0.001 par value,
10,000,000 shares authorized, 0 shares issued and outstanding at
December 31, 2007 and 2006; Common stock, $0.001 par value,
100,000,000 shares authorized, 51,783,416 shares issued and
outstanding at December 31, 2007 and December 31, 2006 $ 51,784 $
50,000 Additional paid in capital 23,665,558 7,074,701 Statutory
reserves 3,040,595 1,437,223 Accumulated other comprehensive income
1,892,829 469,964 Retained earnings � 23,813,836 � 11,480,816 �
52,464,602 � 20,512,704 � TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 95,736,811 $ 44,861,288 CHINA ARCHITECTURAL ENGINEERING,
INC. � � CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED
DECEMBER 31, 2007 AND 2006 � 12/31/2007 12/31/2006 � Contract
revenues earned $ 86,617,239 $ 63,359,174 � Cost of contract
revenues earned � 64,353,915 � 46,796,419 � Gross profit $
22,263,324 $ 16,562,755 � Selling and administrative expenses
5,525,131 5,989,328 Non-recurring general and administrative
expenses - 3,805,608 Finance expense � 208,197 - � Income from
operations $ 16,529,997 $ 6,767,819 � Interest income 108,241 -
Interest expense 2,144,768 - Other income 88,385 700,170 Other
expenses � 127,043 - � Income before taxation $ 14,454,812 $
7,467,989 � Income tax � 2,422,484 � 1,318,221 � � Net income $
12,032,328 $ 6,149,768 � Basic net income per common share $ 0.21 $
0.14 Diluted net income per common share $ 0.21 $ 0.14 � Basic
weighted average common shares outstanding � 50,357,454 �
44,679,990 Diluted weighted average common shares outstanding �
51,088,144 � 44,679,990
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