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Sino Clean Energy, Inc. Announces Full Year 2010 Financial Results
-- FY2010 revenues increased 131% to $106.3 million; adjusted net income increased 154.7% to $27.9 million, with adjusted EPS of $1.46
-- FY2010 gross margins increased 230 bps year-over-year to 39.4%
-- Company generated $26.2 million in operating cash flow for full year 2010
-- Company provides full year 2011 guidance and expects revenues of at least $170 million and adjusted net income of at least $38 million
-- Management to host Earnings Conference Call on April 1, 2011 at 9:00 am ET
XI'AN, China, Mar. 31, 2011 -- Sino Clean Energy Inc. (Nasdaq:SCEI) ("Sino Clean Energy," or the "Company"), a leading producer and distributor of coal-water slurry fuel ("CWSF") in the People's Republic of China ("China"), today announced the Company's unaudited financial results for the fourth quarter and full year of 2010.
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SUMMARY FINANCIALS
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Fiscal Year 2010 Results
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2010
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2009
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CHANGE
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Sales
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$106.3 million
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$46.0 million
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+131.1%
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Gross Profit
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$41.8 million
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$17.1 million
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+144.4%
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Adjusted Earnings (unaudited)
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$27.9 million(1)
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$10.9 million(2)
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+154.7%
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GAAP Net Income (loss)
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$48.0 million
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($34.8) million
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--
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Adjusted EPS (Diluted)（unaudited）
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$1.46(1)
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$0.57(2)
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+156.1%
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GAAP EPS (Diluted)
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$2.70
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($3.56)
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--
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(1) Excludes non-cash gain of $28.4 million related to extinguishment of derivative liability, non-cash gain of $2.2 million for the changes in fair derivative liabilities, $1.9 million fair value of shares issued for bonus interest, and $8.6 million for amortization of notes discount.
(2) Excludes $25 million non-cash cost for private placement, non-cash gain of $7.0 million related to extinguishment of derivative liability, non-cash charges of $12.8 million for the changes in fair value of derivative liabilities, $3.9 million for amortization of notes discount, and $11.1 million related to the shares of common stock placed in escrow in connection with the Company's July 2009 financing.
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2010 Full Year Financial Results
Revenue -- For the full year of 2010 increased 131% to $106.3 million from $46.0 million in the same period of the prior year. For the year ended December 31, 2010, the Company sold 982,167 metric tons of CWSF compared to 456,197 metric tons in the same period one year ago, representing an increase of 115.3%. The Company's annual production capacity at December 31, 2010 was 850,000 metric tons, as compared to 650,000 metric tons at December 31, 2009. As of December 31, 2010, Sino Clean Energy had 43 customers under CWSF supply agreements totaling approximately 980,000 metric tons per year, compared to 30 customers totaling approximately 600,000 metric tons of CWSF per year at December 31, 2009.
The following information was filed by Sino Clean Energy Inc (SCEI) on Friday, April 1, 2011 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.
View differences made from one year to another to evaluate Sino Clean Energy Inc's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Sino Clean Energy Inc.
SCEI Annual Reports
- 10-K Annual Report March 2012
-
10-K Annual Report April 2011
- 10-K Annual Report April 2010
- 10-K Annual Report April 2009
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Sino Clean Energy Inc provided additional information to their SEC Filing as exhibits
SEC Filing Exhibit
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Ticker: SCEI
CIK: 1120096
Form Type: 10-K Annual Report
Accession Number: 0001144204-11-020077
Submitted to the SEC: Tue Apr 05 2011 6:07:20 AM EST
Accepted by the SEC: Tue Apr 05 2011
Period: Friday, December 31, 2010
Industry: Industrial Organic Chemicals
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