Fiscal year ended December 31, ------------------------------------ 2004 2003 ---------------- ------------ Revenue from construction of waste water treatment plants $ 9,115,942 $ 2,889,094 Revenue from water treatment services per BOT agreements 250,571 - -- ------------- -- - ---------- - Total revenue 9,366,513 2,889,094 Cost of revenue for construction of waste water treatment plants (5,925,363 ) (1,828,801 ) Cost of revenue for water treatment services per BOT agreements (100,072 ) - -- ------------- -- - ---------- - Total cost of revenue exclusive of depreciation and amortization Shown separately below (6,025,435 ) (1,828,801 ) Depreciation and amortization (66,413 ) (17,941 ) -- ------------- -- - ---------- - Gross profit 3,274,665 1,042,352 General and administrative expenses (1,328,756 ) (337,472 ) -- ------------- -- - ---------- - Income from operations 1,945,909 704,880 Other income 19,295 9,240 Interest expense (2,420 ) (28,590 ) Share of results in XL 91,740 - Gain on disposal of interest in XY 2,029,720 - Impairment loss on other investment - (370,097 ) -- ------------- -- - ---------- - Income before income tax 4,084,244 315,433 Income tax expense (467,911 ) (104,093 ) Minority interests 80,616 (42,993 ) -- ------------- -- - ---------- - Net income 3,696,949 168,347
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China Evergreen Announces Record Revenues and Earnings for Third Quarter 2005 Tuesday November 22, 10:18 am ET
GUANGZHOU, China--(BUSINESS WIRE)--Nov. 22, 2005--China Evergreen Environmental Corporation (), a waste water engineering company in the People's Republic of China, announced its third quarter results on November 15, 2005. The Company reported total revenues of $1.46 million for the quarter ended September 30, 2005 as compared to $70,000 for the quarter ended September 30, 2004. For the nine month period ended September 30, 2005 revenues increased to $5.47 million from $0.26 million in the prior year period. ADVERTISEMENT
Profit margins over these time frames also increased significantly, with gross profit as a percentage of revenue at 93.8% for the third quarter, up from 38.0% for the same quarter last year. The Company's net income for the quarter rose to $316,790 (21.6% net profit), from $1,893 (2.7% net profit), for the third quarter of 2004. For the nine months ended September 30, 2005, net income was $1.15 million, compared to a net loss of $5,395 in the prior year period. The company's 10Q filing is available at http://www.sec.gov.
In announcing the third quarter results, Mr. Pu Chongliang, Chairman of China Evergreen, commented, "The third quarter results were in line with our expectations, with revenues for the year diversified across our three business lines: turnkey engineering projects, build-operate-transfer (BOT) projects, and sales of GM Bio-carriers. We expect results to continue to improve in the fourth quarter as we recognize revenues from some of our turnkey engineering projects based on percentage of completion, and we anticipate increased sales of our GM Bio-carriers."
About China Evergreen Environmental Corporation
China Evergreen Environmental Corporation is a leading designer, engineer and developer of waste water treatment facilities in China. With its proprietary technology resources and project management experience, the Company provides both turnkey and BOT (build-operate-transfer) services to a range of industrial companies and municipalities throughout China. The Company also makes sales of its proprietary GM Bio-carriers, a natural, chemical-free process that improves the efficiency of the waste water treatment process.
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 document that are not purely historical are forward-looking statements, including any statements as to the acquisition, 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. You should independently investigate and fully understand all risks before making investment decisions.
