China Sun Group High-Tech Co. Reports Strong Financial Results for Q1 FY09
October 15 2008 - 9:46AM
PR Newswire (US)
- Revenue Up 194% to $11.0 Million; Net Income Increases 271% to
$2.4 Million - LIAONING PROVINCE, China, Oct. 15
/PRNewswire-FirstCall/ -- China Sun Group High-Tech Co. (OTC
Bulletin Board: CSGH, "China Sun Group"), which through its
wholly-owned subsidiary Dalian Xinyang High-Tech Development Co.
Ltd ("DLX") has the second largest cobalt series production
capacity in the People's Republic of China ("PRC"), today announced
strong financial results for the first fiscal quarter ended August
30, 2008. Full details are available on the Quarterly Report on
Form 10-Q filed with the SEC at http://www.sec.gov/ on October 15,
2008. Revenue for the three months ended August 30, 2008 totaled
$10,986,891, an increase of 194% from $3,735,837 for the comparable
period of 2007. Net income for the three months ended August 31,
2008 was $2,388,787, an increase of 271% from $643,193 for the
comparable period in 2007. For the first quarter of fiscal 2009,
basic and diluted earnings per share were $0.04 compared to $0.01
for the comparable period in fiscal 2008, based on total issued and
outstanding 53,422,971 shares of common stock. Bin Wang, Chief
Executive Officer of China Sun Group, said, "As a result of
continued customer demand and increased sales, we managed to
achieve triple-digit revenue growth in the first quarter of fiscal
2009. A key to our ongoing success is operating on a 'just-in-time'
basis, which keeps inventory low and helps us maintain a healthy
balance sheet. "During the quarter, we also made substantial
developments in our research and development efforts. We completed
commercial testing of our tri-component anode product, which is now
being marketed to customers as the next generation replacement for
lithium cobalt oxide. Our intellectual property portfolio has also
expanded with receipt of patent approval for our high-crystallinity
lithium cobalt oxide preparation. "With profitability increasing by
271% in the first fiscal quarter, we continue to make great strides
in our sales and manufacturing capabilities. We believe we are off
to great start for fiscal 2009," concluded Wang. About China Sun
Group China Sun Group High-Tech Co., ("China Sun Group") produces
anode materials used in lithium ion batteries. Through its
wholly-owned operating subsidiary, Dalian Xinyang High-Tech
Development Co. Ltd ("DLX"), the Company primarily produces
cobaltosic oxide and lithium cobalt oxide. According to the China
Battery Industry Association, DLX has the second largest cobalt
series production capacity in the People's Republic of China.
Through its research and development division, DLX owns a
proprietary series of nanometer technologies that supply
state-of-the-art components for advanced lithium ion batteries.
Leveraging its state-of-the-art technology, high-quality product
line and scalable production capacity, the Company plans to create
a fully integrated supply chain from the primary manufacturing of
cobalt ore to finished products, including lithium ion batteries.
For more information, visit http://www.china-sun.cn/. Safe Harbor
Statement The statements contained herein that are not historical
facts are considered "forward-looking statements." Such
forward-looking statements may be identified by, among other
things, the use of forward-looking terminology such as "believes,"
"expects," "may," "will," "should," or "anticipates" or the
negative thereof or other variations thereon or comparable
terminology, or by discussions of strategy that involve risks and
uncertainties. In particular, statements regarding the potential
growth of the markets are examples of such forward-looking
statements. The forward-looking statements include risks and
uncertainties, including, but not limited to, the effect of
political, economic, and market conditions and geopolitical events;
legislative and regulatory changes that affect our business; the
availability of funds and working capital; the actions and
initiatives of current and potential competitors; investor
sentiment; and our reputation. We do not undertake any
responsibility to publicly release any revisions to these
forward-looking statements to take into account events or
circumstances that occur after the date of this report.
Additionally, we do not undertake any responsibility to update you
on the occurrence of any unanticipated events, which may cause
actual results to differ from those expressed or implied by any
forward-looking statements. The factors discussed herein are
expressed from time to time in our filings with the Securities and
Exchange Commission available at http://www.sec.gov/. DATASOURCE:
China Sun Group High-Tech Co. CONTACT: Thomas Yang, Assistant to
the President of China Sun Group, +1-917-432-9350 (U.S.), or
+86-411-8289-7752 (China), Fax, +86-411-8289-2739, Web Site:
http://www.china-sun.cn/
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