Cleantech Solutions Announces Preliminary Results for Full Year 2012, Provides
Status of 10-K Filing
WUXI, China, April 2, 2013
WUXI,China, April 2, 2013 /PRNewswire-FirstCall/-- Cleantech Solutions
International, Inc. ("Cleantech Solutions" or "the Company") (NASDAQ: CLNT), a
manufacturer of metal components and assemblies, primarily used in the wind
power, solar and other clean technology industries and dyeing and finishing
equipment to the textile industry, today announced preliminary results for the
full year ended December 31, 2012 and provided an update on the filing status
of its Annual Report on Form 10-K with the US Securities and Exchange
2012 Preliminary Results
For the full year ended December 31, 2012, the Company expects to report:
oRevenues of approximately $57.2 million, as compared with approximately
$55.6 million for 2011.
oIncome from operations of approximately $6.3 million, as compared with
approximately $8.2 million for 2011, which primarily reflects an
impairment loss of approximately $2.2 million relating to equipment which
is no longer used by the Company in its business and which is classified
as equipment held for sale.
oNet income of approximately $4.2 million, or $1.65 per share (basic) and
$1.58 per share (diluted), as compared with net income of approximately
$5.8 million, or $2.94 per share (basic) and $2.30 per share (diluted) for
oCash flow from operating activities of approximately $10.6 million, as
compared with approximately $10.4 million for 2011.
oCash flow used in investing activities, representing the purchase of
property and equipment of approximately $10.7 million, as compared with
approximately $11.1 million in 2011.
oCash flow from financing activities of approximately $0.4 million, as
compared with $0.8 million in 2011.
oWorking capital of approximately $7.3 million at December 31, 2012, as
compared with approximately $4.3 million at December 31, 2011.
Status of 10-K Filing
On January 3, 2013, the Company was informed by its independent registered
public accounting firm, Sherb & Co., LLP, that it has combined its practice
with RBSM LLP ("RBSM") effective January 1, 2013. The personnel who were
responsible for the Company's account prior to January 1, 2013 were no longer
responsible for conducting the audit of the Company's financial statements.
RBSM has advised the Company that it was not able to complete its audit in
sufficient time to enable the Company to make a timely filing of its Form 10-K
for the year ended December 31, 2012.
The Company knows of no unresolved issues concerning the financial statements
for the year ended December 31, 2012 and expects to file its Annual Report on
Form 10-K on or before the 15th calendar day following April 1, 2012. The
Company also intends to hold a conference call to discuss its full year
financial results and will issue a press release with the details of the call
once the timing is confirmed.
About Cleantech Solutions International
Cleantech Solutions is a manufacturer of metal components and assemblies,
primarily used in clean technology industries. The Company supplies forging
products, fabricated products and machining services to a range of clean
technology customers, primarily in the wind power sector and supplies dyeing
and finishing equipment to the textile industry. Cleantech Solutions is
committed to achieving long-term growth through ongoing technological
improvement, capacity expansion, and the development of a strong customer
base. The Company's website is www.cleantechsolutionsinternational.com. Any
information on the Company's website or any other website is not a part of
this press release.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the
business of the Company and its subsidiary and affiliated companies. These
forward looking statements are often identified by the use of forward-looking
terminology such as "believes," "expects" or similar expressions. Such forward
looking statements involve known and unknown risks and uncertainties that may
cause actual results to be materially different from those described herein as
anticipated, believed, estimated or expected. Investors should not place undue
reliance on these forward-looking statements, which speak only as of the date
of this press release. The Company's actual results could differ materially
from those anticipated in these forward-looking statements as a result of a
variety of factors, including those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission and
available on its website, including factors described in "Risk Factors" in our
Form 10-K for the year ended December 31, 2011 and "Management's Discussion
and Analysis of Financial Condition and Results of Operations" in our Form
10-K for the year ended December 31, 2011 and our Form 10-Q for the quarter
ended September 30, 2012. Any information on the Company's website or any
other website is not a part of this press release. All forward-looking
statements attributable to the Company or to persons acting on its behalf are
expressly qualified in their entirety by these factors other than as required
under the securities laws. The Company does not assume a duty to update these
Company Contact: Investor Relations Contact:
Cleantech Solutions International, Inc. CCG Investor Relations
Mr. Adam Wasserman, Chief Financial Officer Ms. Elaine Ketchmere, CFA
E-mail: Tel: +1-310-954-1345
Web: www.cleantechsolutionsinternational.com firstname.lastname@example.org
SOURCE Cleantech Solutions International, Inc.
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