- Net Income increased 1865% to $4.3 million for the quarter ended September 30, 2008 compared to $0.22 million for the same period in 2007.
- Net Income for the first nine months in 2008 reached $5.53 million, an increase of 1335% over the $0.39 million reported for the comparable 2007 period.
- Earnings per Share were $0.18 and $0.26, respectively, for the three and nine months ended September 30, 2008, increases of approximately 1700% and 1200% as compared to $0.01 and $0.02 for the same periods in 2007.
- Revenues for the three and nine months ended September 30, 2008 were $20.7 million and $29.3 million, respective increases of 587% and 436% period to period.
SmartHeat Inc. (Website: www.smartheatinc.com ) (OTC Bulletin Board: SMHT), a market leader in China's "green" technology, environmentally friendly energy savings industry, today announced record financial results for the quarter ended September 30, 2008.
SmartHeat generated revenue of $20.7 million in the quarter compared to $3.01 million in the same period in 2007, an increase of approximately 587%. This increase was primarily due to increased customer recognition and acceptance of SmartHeat brand quality products, deeper market penetration and strong customer demand as China mandates that businesses and municipalities adopt energy saving programs. SmartHeat expects this momentum to continue in 2008 and 2009.
Net income for the quarter was $4.3 million compared to $0.22 million for the corresponding 2007 period. The year to year increase in SmartHeat's earnings was attributable in large part to larger economies of scale, combined with the growth in revenues and significantly improved operating efficiency.
James Jun Wang, SmartHeat's CEO, commented: "We are pleased with our 3rd quarter financial results which demonstrate continued rapid growth in our business and the industry in general that we anticipated in early 2008. Our strong financial performance reflects execution of our growth strategies in a favorable market environment as China embraces more energy efficient products and mandates the use of environmentally friendly energy saving equipment. As a market leader, SmartHeat stands to benefit greatly from China's "green" movement towards a clean environment. Our products reduce heat consumption and lower heating bills by as much as 50%. We are committed to delivering quality products to customers while creating greater value for our shareholders."
$4.7 (11/17/08)
