China Sun Group High-Tech Co. Reports Continued Growth in Q2 FY09
January 13 2009 - 8:00AM
PR Newswire (US)
- Quarterly Revenue Up 42% to $7.6 Million; Net Income Increases
145% to $1.8 Million - LIAONING PROVINCE, China, Jan. 13
/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
its financial results for the second fiscal quarter ended November
30, 2008. Full details are available on the Company's Quarterly
Report filed on Form 10-Q with the SEC at http://www.sec.gov/ on
January 12, 2009. Revenue for the three months ended November 30,
2008 totaled $7,606,217, an increase of 42% from revenue of
$5,357,190 for the comparable period in 2007. Net income for the
three months ended November 30, 2008 was $1,809,975, an increase of
145% from $738,482 for the comparable period in 2007. For the
second quarter of fiscal 2009, basic and diluted earnings per share
were $0.03 compared to $0.01 for the comparable period in fiscal
2008, based on total issued and outstanding 53,422,971 shares of
common stock. Revenue for the six months ended November 30, 2008
was $18,593,108, an increase of 104% from revenue of $9,093,027 for
the comparable period in 2007. Net income for the six months ended
November 30, 2008 was $4,198,762, an increase of 204% from
$1,381,675 for the comparable period in 2007. For the six months
ended November 30, 2008, basic and diluted earnings per share were
$0.08 compared to $0.03 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,
"We are pleased to report that DLX has continued on an upward
growth trend in the second fiscal quarter. While other
manufacturers had been scaling down production last quarter, DLX
showed continued strength and was able to fill new orders from its
inventories on a 'just in time' basis." "In the first half of
fiscal 2009, our net profits grew 204%. Despite the great
challenges faced by companies in a depressed economy, DLX has
forged ahead and proven its ability to capitalize on new growth
opportunities emerging in China and other developing nations. We
believe DLX will continue to outperform its competitors in 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/. Contact:
China Sun Group Thomas Yang Assistant to the President Tel:
917-432-9350 (U.S.) or 86 411 8289-7752 (China) Fax: 86 411
8289-2739 e-mail: 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), or
Fax: +86-411-8289-2739, or Web Site: http://www.china-sun.cn/
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