China Recycling Energy Corporation Reports Record Second Quarter 2010 Results

Revenues Increase 102%, Fully Diluted EPS up 43%

Company Enters Biomass Renewable Energy Market with Multi Million Dollar Agreement

XI'AN, China, Aug. 17 /PRNewswire-Asia-FirstCall/ -- China Recycling Energy Corp. (Nasdaq: CREG; "CREG" or "the Company"), a leading industrial waste-to-energy solution provider in China, today announced its second quarter 2010 financial results.

Highlights:

    For the quarter ended June 30, 2010

    -- Revenues grew 102% to $22.54 million for the quarter ended June 30,
       2010 from $11.14 million for the quarter ended June 30, 2009.
    -- Income from operations grew 140% to $9.06 million for the quarter ended
       June 30, 2010 from $3.83 million for the quarter ended June 30, 2009.
    -- Net income grew to $5.04 million for the quarter ended June 30, 2010
       from $3.23 million for the quarter ended June 30, 2009.
    -- Fully diluted earning per share ("EPS") of $0.10 for the quarter ended
       June 30, 2010 compared to $0.07 for the quarter ended June 30, 2009.
    -- On an adjusted Non-GAAP basis, as defined below, the Company reported
       Non-GAAP net income of $7.42 million, or non-GAAP fully diluted EPS of
       $0.15 for the quarter ended June 30, 2010, compared to $3.44 million,
       or fully diluted EPS of $0.08, for the same period in 2009. 

Source: http://www.prnewswire.com/news-releases/china-recycling-energy-corporation-reports-record-second-quarter-2010-results-100872934.html

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