SmartHeat Inc. Announces Record 2009 Annual Results
Anticipates Rapid Earnings Growth in 2010 from Clean Technology Energy Savings
Product Sales
2009 revenue of $82.56 million, up 153% compared to $32.68 million in 2008
2009 net income of $15.44 million, up 144% compared to $6.34 million in 2008
2009 earnings per share (EPS) of $0.58, up 100% compared to $0.29 in 2008
Positive signs of economic growth in China, anticipates earnings growth momentum to continue into 2010

NEW YORK, March 31, 2010 /PRNewswire-Asia/ -- SmartHeat Inc.

(Nasdaq: HEAT; website:, a market leader in China's clean technology energy savings industry announced today record audited 2009 financial results for the fiscal year ended December 31, 2009. SmartHeat's products significantly reduce heat energy costs, increase energy efficiency and reduce air pollution. 

James Jun Wang, Chairman & CEO of SmartHeat, commented, “We are excited to announce our outstanding financial performance for the fiscal year ending in 2009 which exceeded our expectations. Our 2009 financial results are the result of a continued favorable market environment for our industry and the successful execution of our growth strategies. China's energy savings industry continues to be supported by the Chinese government and receives significant funding through government initiatives. In addition, China's economic rebound in the fourth quarter has created a positive environment for growth in 2010 as we expect significant benefits from the continued transition to cleaner technologies and energy saving equipment.”

Fiscal Year 2009 Financial Performance
Revenues were $82.56 million in fiscal year 2009 compared to $32.68 million in 2008, a 153% increase. The significant revenue increase was due to significant sales growth across all product lines as a result of:
Increasing our traditional heat supply sales as a result of growth in the China domestic infrastructure construction industry, accounting for $37.62 million or 45.6% of total sales; and
Adding new customers in the chemical, engineering, electric power and metal smelting industries, accounting for $25.42 million or 30.7% of our total sales; and
Rising heat meter sales, accounting for $7.98 million or approximately 9.7% of total sales.
Gross profit was $29.10 million in fiscal year 2009 compared to $10.96 million in 2008, a 165.51% increase. Gross profit increased primarily due to the decreased cost of goods sold as a percentage of sales while our sales continued to increase.
Operating expenses were $10.92 million in fiscal year 2009 compared to $3.42 million in 2008, a 219% increase. Operating expenses increased because of the higher general and administrative expenses incurred as a result of our growth in sales and production and fees and expenses associated with becoming a public company in 2008.
Operating income was $18.18 million in fiscal year 2009 compared to $7.54 million in 2008, a 141.11% increase. Operating income increased as a result of continued economies of scale in production costs combined with the rapid growth in revenues and improved operating efficiency.
Net income was $15.44 million in fiscal year 2009 compared to $6.34 million in 2008, a 144% increase. Earnings per share were $0.58 in fiscal year 2009 compared to $0.29 in 2008 a 100% increase. In addition to the increased revenue and incomefromoperations, net income and EPS both benefited from a decrease in the tax rate during the year from 18% to 15%.

The following information was filed by Smartheat Inc. (HEAT) on Wednesday, March 31, 2010 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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