Shengkai Innovations, Inc. announced unaudited consolidated financial results for the fourth quarter and year ended June 30, 2012. For the quarter, the company reported revenues of $5.3 million compared with approximately of $27.3 million. GAAP net loss was approximately $0.2 million compared with net income of approximately $24.4 million in the fourth quarter of 2011. Diluted losses per share were $0.01 compared to diluted earnings per share of $1.42 in the fourth quarter of 2011. Non-GAAP earnings were $0.01 per diluted share compared with $0.51 per diluted share in the fourth quarter of 2011. Operating loss in the fourth quarter of 2012 was approximately $0.6 million compared with an operation income of approximately $6.9 million for the comparable period in 2011.

For the year, the company reported revenues of $32,317,525 against $93,451,373 a year ago. Income from operations was $731,801 against $29,586,263 a year ago. Income before income taxes was $4,019,614 against $99,857,613 a year ago. Net income was $2,421,921 or $0.13 per diluted share against $93,470,759 or $5.34 per diluted share a year ago. Net cash provided by operating activities was $3,911,220 against $28,581,816 a year ago. Purchase of property, plant and equipment was $51,927 against $63,816 a year ago. Non-GAAP net income was approximately $5.1 million, or $0.28 non-GAAP earnings per diluted share after adjusting for non-cash share-based compensation and changes in the fair value of instruments compared with $33.452 million or $1.91 per diluted share in 2011.