HONG KONG, Nov. 21 /PRNewswire-FirstCall/ -- China Premium Lifestyle
Enterprise, Inc. (OTC Bulletin Board: CPLY) today reported its 2008 fiscal
third quarter results for the quarter ended September 30, 2008.
For the quarter ended September 30, 2008, the Company reported net sales
increased approximately $6,601,000 or 24.7% to approximately $33,362,000,
compared with approximately $26,761,000 for the same period of 2007. The
increase was primarily attributable to the increased sales from our new
vehicle trading segment. This increase in sales of vehicles was primarily due
to the launch of the Ferrari 8-cylinder sports car, the "430 Scuderia," and an
increase in deliveries of the Maserati 8-cylinder, two-door 2+2 coupe, the
"GranTurismo," which was launched in the last quarter of 2007. The increase in
parts and service sales was mainly attributed to the increase in deliveries of
Ferrari and Maserati cars to customers during the last few years.
Gross profit margin for the three months ended September 30, 2008
increased by approximately $1,048,000 to approximately $5,306,000. This
increase is mainly attributed to the new and used vehicle trading segments.
Net total sales for the nine months ended September 30, 2008 increased by
approximately $17,169,000 or 24.9% to approximately $86,057,000, compared with
approximately $68,888,000 for the same period of 2007. This increase was
primarily attributable to the increased sales from our new vehicle trading
segment. Gross profit margin for the nine months ended September 30, 2008
increased by 1.0% from 15.2% for the same period of 2007 to 16.2% for the
current period and gross profit increased by approximately $3,497,000 to
approximately $13,968,000 for the nine months ended September 30, 2008.
Joseph Wong, Chief Financial Officer Stated, "We continue to have strong
cash flow, our operation generating cash resources of approximately $2,083,000
for the first nine months of 2008." He added, "The Company had repaid
approximately $579,000 debt in this period, and this will further lower the
finance costs of the company."
Richard Lee, Chairman and CEO, stated: "I am again pleased to report
continued revenue growth and profitability. We continue to show high growth in
our sales of new models and current cars as well as the beginning of growth in
parts sales and service as a consequence. This strong foundation continues to
enable us to incorporate other high end brands into our platform as we
continue to develop China Premium Lifestyle Enterprise, Inc."
China Premium Lifestyle Enterprise, through its 49%-owned entity, has
established itself as a leading Ferrari and Maserati importer, distributor and
dealer in Hong Kong and dealer in China, having been affiliated with Ferrari
and Maserati since 1992 and 1994 respectively. The company is expanding its
offerings to include other luxury brands and goods from around the world,
which it markets to its already established base of wealthy Chinese
individuals.
The Private Securities Litigation Reform Act of 1995 provides a safe
harbor for forward-looking statements made on behalf of the Company and its
subsidiaries. All such forward-looking statements are, by necessity, only
estimates of future results and actual results achieved by the Company may
differ materially from these statements due to a number of factors. Any
forward-looking statements speak only as of the date made. Statements made in
this release that are not purely historical are forward-looking statements,
beliefs, plans, expectations or intentions regarding the future. Risk factors
that may cause results to differ from projections include, without limitation,
loss of suppliers, loss of customers, inadequate capital, competition, loss of
key executives, declining prices, and other economic factors. The Company
assumes no obligations to update these forward-looking statements to reflect
actual results, changes in assumptions or changes in other factors affecting
such statements. Investors should independently investigate and fully
understand all risks before making investment decisions.
Contact:
Jason Assad
C&H Capital Inc.
678-570-6791
jasona@chinapremiumlifestyle.com
SOURCE China Premium Lifestyle Enterprise, Inc.