China Power Equipment, Inc. Reports Consolidated Unaudited Financial Results for the Second Quarter and Six Months Ended June 30, 2012
August 14, 2012 at 09:30 pm
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China Power Equipment, Inc. reported consolidated unaudited financial results for the second quarter and six months ended June 30, 2012. For the quarter, the company reported revenue, net were $9,490,341 against $9,697,532 a year ago. Net income from operations was $2,007,506 against $1,987,879 a year ago. Net income before income taxes was $2,042,790 against $1,996,564 year ago. Net income was $1,696,684 against $1,669,615 year ago. Earnings per share - diluted was $0.07 against $0.07 year ago.
For the six months, the company reported revenue, net were $16,745,683 against $17,427,730 a year ago. Net income from operations was $3,310,287 against $3,362,670 a year ago. Net income before income taxes was $3,345,154 against $3,391,316 a year ago. Net income was $2,968,311 against $3,273,056 a year ago. Earnings per share - diluted was $0.12 against $0.12 a year ago. Net cash provided by operating activities was $1,949,244 against $1,829,357 a year ago. Addition in plant and equipment was $852 against $7,791 a year ago. Net revenues decreased primarily as a result of the lower average selling prices of amorphous alloy cores and transformers and the lower sales volume of amorphous alloy transformers, partly offset by higher tonnage of amorphous alloy cores sold.
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.