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.
 
SUMMARY FINANCIALS
   
           
First Quarter 2011 Results
   
 
2011
2010
CHANGE
   
Sales
$33.8 million
$24.5 million
+38%
   
Gross Profit
$12.5 million
$10.1 million
+24%
   
GAAP Net Income (loss)
$12.1 million
$20.5 million
 (41%)
   
Adjusted Earnings (unaudited)
$8.1 million(1)
$6.8 million(2)
+19%
   
GAAP EPS (Diluted)
$0.48
$1.37
 (50%)
   
Adjusted EPS (Diluted) (unaudited)
$0.30(1)
$0.45(2)
 (29%)
   
Weighted Average Shares (Basic)
23,465,794
12,851,265
 +82.6
   
 
(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.

View differences made from one quarter to another to evaluate Sino Clean Energy Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Sino Clean Energy Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account