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SmartHeat
Inc. Announces Record 2008 Annual Results - Revenues Up 146%, Net Income Up203%,
EPS of $0.29, Anticipates Rapid Earnings Growth in 2009 from Clean Technology
Energy Savings Product Sales
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2008 revenue of $32.7 million,
up 146% compared to $13.3 million in
2007
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2008 net income of $6.34
million, up 203% compared to $2.09 million in
2007
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2008 earnings per share (EPS)
of $0.29, up 164% compared to $0.11 in
2007
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Benefits from China’s national
economic stimulus plan towards clean technology energy savings
industry
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Anticipates growth momentum to
continue in 2009
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NEW YORK,
March 18 /PRNewswire-Asia/ -- SmartHeat Inc. (Nasdaq: HEAT
- News; website: www.smartheatinc.com),
a market leader in China's clean technology energy savings industry today
announced audited 2008 financial results for the fiscal year ended December 31,
2008. SmartHeat is a US company with its primary operations in China. SmartHeat
was the first China based company listed on NASDAQ in 2009.
In 2008,
SmartHeat experienced continued rapid growth in a favorable market environment.
Increased product sales were directly attributed to strong brand name, broader
market acceptance of the Company’s products and services, deeper market
penetration as well as economic expansion in China’s energy savings industry.
SmartHeat’s advanced clean technology energy savings products significantly
reduce heat energy waste, lower heat energy costs and reduce air
pollution.
Record
2008 Revenue
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Revenue
of $32.7 million, up 146% compared to $13.3 million in
2007.
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Revenue
increase was primarily due to the significant increase in sales to new and
existing customers.
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Record
2008 Earnings
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Net
income of $6.34 million, up 203% compared to $2.09 million in
2007.
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Net
income increase was primarily due to rapid growth in revenue and
reductions in costs from improved economies of scale and continuing
efforts to increase the efficiency of
operations.
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Anticipates
Significant Sales Growth in 2009 in a Favorable Market Environment
In
addition to anticipated new customer orders through organic growth, SmartHeat is
a beneficiary of China’s favorable environmental policies. China has allocated
significant resources within its national economic stimulus plan to increase
government spending on environmental protection related products and technology.
SmartHeat stands to greatly benefit from these initiatives as the Company’s
products directly address efficient energy use and reduction in air
pollution.
Management
Comments: 2008 Financial Results and 2009 Market Guidance
James Jun
Wang, CEO of SmartHeat, commented: “Our audited 2008 financial results exceeded
management’s financial performance targets as we laid out in early 2008.
SmartHeat expects to experience significant product sales in 2009 as China has
made reduction in air pollution a national priority through stronger
environmental protection measures, greater funding efforts and broad mandates
for clean technology energy savings equipment use. Based on significantly
increased product orders received in the first two months in 2009 compared to
the same period in 2008, SmartHeat anticipates strong product sales and earnings
growth in 2009 from all sectors of our customer base: government, industrial,
commercial and consumers. We look forward to another year of record earnings in
2009.”
The following information was filed by Smartheat Inc. (HEAT) on Wednesday, March 18, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Smartheat Inc. provided additional information to their SEC Filing as exhibits
SEC Filing Exhibit
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Ticker: HEAT
CIK: 1384135
Form Type: 10-K Annual Report
Accession Number: 0001144204-09-014718
Submitted to the SEC: Wed Mar 18 2009 7:30:45 AM EST
Accepted by the SEC: Wed Mar 18 2009
Period: Wednesday, December 31, 2008
Industry: Heating Equipment Except Electric And Warm Air Furnaces
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