Sino Clean Energy, Inc. Announces First Quarter 2011 Financial Results
Q1 2011 revenues increased 38% to $33.8 million; adjusted net income increased 19% to $8.1 million, with adjusted EPS of $0.30
Company generated $5.1 million in operating cash flow for first quarter of  2011
Company reaffirms 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 May 18, 2011 at 10:00 am ET
XI'AN, China, May 17, 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 first quarter of 2011.
First Quarter 2011 Results
$33.8 million
$24.5 million
Gross Profit
$12.5 million
$10.1 million
GAAP Net Income (loss)
$12.1 million
$20.5 million
Adjusted Earnings (unaudited)
$8.1 million(1)
$6.8 million(2)
GAAP EPS (Diluted)
Adjusted EPS (Diluted) (unaudited)
Weighted Average Shares (Basic)
(1) Excludes non-cash gain of $4.0 million for the changes in fair derivative liabilities.
(2) Excludes non-cash gain of $28.4 million related to extinguishment of derivative liability, non-cash charges of $4.2 million for the changes in fair value of derivative liabilities, $8.6 million for amortization of notes discount and $1.9 million change in value of shares issued for bonus interest.
First Quarter 2011 Financial Results
Revenue -- For the first quarter 2011 increased 38% to $33.8 million from $24.5 million in the same period of the prior year, primarily due to the increased production from the 300,000 metric ton production line added in January 2011 in Guangdong which led to an increase in sales to customers.  For the quarter ended March 31, 2011, the Company sold 290,934 metric tons of CWSF compared to 225,031 metric tons in the same period one year ago, representing an increase of 29%. The Company's annual production capacity at March 31, 2011 was 1,150,000 metric tons, as compared to 850,000 metric tons at March 31, 2010. As of March 31, 2011 Sino Clean Energy had 47 customers under CWSF supply agreements totaling approximately 1,200,000 metric tons per year, compared to 30 customers totaling approximately 600,000 metric tons of CWSF per year at March 31, 2010.
Cost of Goods Sold -- Cost of goods sold was $21.3 million for the quarter ended March 31, 2011, compared to $14.4 million for the first quarter of 2010, representing an increase of 48%, which was in line with the corresponding increase in sales.

The following information was filed by Sino Clean Energy Inc (SCEI) on Wednesday, May 18, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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