China Sun Group High-Tech Co. Announces Record Results for the Fiscal Year Ended May 31, 2009
August 28 2009 - 3:16PM
PR Newswire (US)
--Revenue Increases 46% to $37 Million; Net Income Up 27% to $8.6
Million-- LIAONING PROVINCE, China, Aug. 28 /PRNewswire-FirstCall/
-- China Sun Group High-Tech Co. (OTC:CSGH) (BULLETIN BOARD: CSGH)
, 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 record financial results for its fiscal
year ended May 31, 2009. Details are provided on the Company's Form
10-KSB filed with SEC and available at http://www.sec.gov/. For the
twelve months ended May 31, 2009, China Sun Group reported record
revenue of $37 million, representing an increase of 46% compared to
revenue of $25.3 million for the same period in 2008. The increase
was primarily attributed to new sales channel partnerships and
increased sales to new customers. Net income for the fiscal year
ended May 31, 2009 was $8.6 million, an increase of 27% compared to
net income of $6.7 million for the fiscal year ended May 31, 2008.
Earnings per diluted share were $0.16 in fiscal 2009 compared to
earnings per diluted share of $0.13 in fiscal 2008, based on a
weighted average number of shares outstanding totaling 53,422,971.
Bin Wang, CEO of China Sun Group, stated, "Fiscal 2009 represented
a year of impressive top- and bottom-line growth. Despite a
challenging economy, we maintained a healthy balance sheet with no
long-term debt and a strong cash position. Our cash grew from $3.9
million at the beginning of fiscal 2009 to $9.2 million at May 31,
2009, representing an increase of 137% year-over-year. Our research
and development efforts have enabled us to reduce our costs and
increase our productivity, while introducing new product
innovations like the alternative battery component material,
lithium iron phosphate ("li-ion")." Wang continued, "Since DLX
produced its first batch of li-ion in April 2009, we have signed
contracts with several key customers in China. These customers are
in various stages of testing this environmentally-sound material.
Li-ion batteries are used in a number of consumer gadgets, such as
mobile phones, PDAs, laptops, and digital cameras, in electric
automobiles and solar and wind energy storage units and have many
government and military applications. We believe that we are
competitively positioned to serve diverse, emerging and large
markets for li-ion battery components in China and worldwide.
Combined with increased sales in our cobalt-based product lines, we
are confident in our growth prospects for fiscal 2010," 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/. 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 8288 9800/8289 2376 (China) Fax: 86
411 8289-2739 e-mail: DATASOURCE: China Sun Group High-Tech Co.
CONTACT: China Sun Group, Thomas Yang, Assistant to the President,
+1-917-432-9350 (U.S.) or +86 411 8288 9800/8289 2376 (China), Fax:
86 411 8289-2739, Web Site: http://www.china-sun.cn/
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