China Power Equipment, Inc. Announces Unaudited Consolidated Financial Results for the Third Quarter and Nine Months Ended September 30, 2013
November 14, 2013 at 04:00 pm EST
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China Power Equipment, Inc. announced unaudited consolidated financial results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported revenue, net of $9,129,507 against 10,675,377 a year ago. Net income from operations was $1,947,226 against 2,499,179 a year ago. Net income before income taxes was $1,966,790 against 2,504,026 a year ago. Net income was $1,631,672 against 2,091,401 a year ago. Earnings per diluted share was $0.07 against $0.09 a year ago. The decrease in Revenue was primarily due to the lower average selling prices of amorphous alloy cores and fewer units of amorphous alloy transformers sold, partly offset by higher average unit prices of amorphous alloy transformers.
For the nine months, the company reported revenue, net of $24,866,878 against $27,421,060 a year ago. Net income from operations was $4,936,657 against $5,809,466 a year ago. Net income before income taxes was $4,961,112 against $5,849,180 a year ago. Net income was $4,081,590 against $4,830,445 a year ago. Earnings per diluted share were $0.17 against $0.20 a year ago. Net cash provided by operating activities was $9,346,692 against net cash provided by used in operating activities of $1,271,725 a year ago. Addition in plant and equipment was $7,183 against $3,557 a year ago.
China Power Equipment, Inc. (China Power) is a China-based company engaged in designing, manufacturing, and distributing amorphous alloy transformer cores and amorphous alloy transformers. The Companyâs devices are used to step down voltage at the final phase of the distribution of electricity to consumers, businesses, and industry. The Company conducts its business through its operating company, Xiâan Amorphous Alloy Zhongxi Transformer Co., Ltd. (Zhongxi), a Peopleâs Republic of China (PRC) Company that is controlled through its wholly owned PRC-based subsidiary An Sen (Xi'an) Power Science & Technology Co., Ltd. (An Sen), a wholly foreign-owned enterprise (WOFE). The Companyâs transformers consume 70% less electricity to operate than traditional transformers. Its products generate fewer pollutants, while retaining more electricity.