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The Company said revenues in the 2009 second quarter declined 46.7% to $8,165,000 compared to $15,282,000 in the same period last year. Net income decreased from $1,755,000 or $0.019 per share in the second quarter last year on 93,000,000 weighted average shares outstanding to $476,000, or $0.004 per share, in the second quarter of 2009 on 120,000,000 weighted average shares outstanding.
Through the first six months of 2009, the Company's revenues decreased by $12,312,000 or 33.15% to $24,829,000 from $37,141,000 in the first six months of 2008. Net income in the first six months of 2009 was $4,387,000, or $0.037 per share, down from $5,913,000 or $0.064 per share in the comparable period last year. The weighted average number of shares outstanding in the first six months of 2008 was 93,000,000 and 120,000,000 in the same period in 2009.
Mr. Zhao Guosong, Chairman of the Board, President and CEO of the Company commented, "The effects of the world recession were felt mainly in our international business. They were mitigated somewhat by the fact that this business consists mostly of "made to order" products for which we do not have to carry much of an inventory, although we do carry significant amounts for our domestic customers to ensure rapid delivery. Further, our customers generally may not return merchandise and we do not provide them extended payment terms."
"During the quarter," Mr. Zhao said, "our income was affected by price reductions we offered generally in the 5% to 10% range. At the same time, we initiated a cost control program which led to a reduction in general and administrative expenses. Going forward, cost reduction will remain a focus of our attention."
He concluded, "We believe that the many strengths of the Company, including our balance of domestic and international business, advanced technology and product lines focused on energy saving lighting, will permit us to emerge from this difficult period in a strong competitive position domestically and around the world."
About the Company
Based in Jinhua, China, CH Lighting International Corporation, founded in 1994, is a diversified designer, manufacturer and exporter of more than 1,000 types of fluorescent lighting and related products. It is the leader in China in environmentally friendly special lighting products such as Air Cleaning Lamps, Power Saving Lamps and Plant Growth, Vision Improvement and Performance Improvement Lighting Products. Additionally, its General Light Products, which account for approximately 8% of China's linear fluorescent lamp manufacturing, make it the third largest manufacturer of these products in the country. While exports of the Company's products around the world have grown rapidly, it is increasingly focused on domestic sales, encouraged and supported by government policies aimed at reducing power consumption and improving the environment. Additional product information is available at http://chlighting.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations or beliefs, including, but not limited to, statements concerning the Company's operations, financial performance and condition. For this purpose, statements that are not statements of historical fact may be deemed to be forward-looking statements. The Company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, but not limited to, the impact of competitive products, pricing and new technology; changes in consumer preferences and tastes; and effectiveness of marketing; changes in laws and regulations; fluctuations in costs of production, and other factors as those discussed in the Company's reports filed with the U.S. Securities and Exchange Commission from. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof. No securities regulatory authority has either approved or disapproved the contents of this news release.
CH Lighting International Corporation (formerly Sino-Biotics, Inc.)
Unaudited Condensed Consolidated Statements of Operations and Other
Comprehensive Income For the six months ended March 31, 2009
Three months ended Six months ended
March 31, March 31,
---------------------- ----------------------
2009 2008 2009 2008
US$'000 US$'000 US$'000 US$'000
Operating revenues:
Net sales to third
parties 8,165 15,282 24,829 37,141
Cost of sales (6,123) (10,395) (17,110) (25,348)
----------- ----------- ----------- -----------
Gross income 2,042 4,887 7,719 11,793
Operating expenses:
Selling, marketing
and distribution
expenses (619) (350) (2,473) (995)
General and
administrative
expenses (822) (1,824) (2,049) (2,685)
----------- ----------- ----------- -----------
Operating income 601 2,713 3,197 8,113
Government subsidies
income 223 147 1,941 295
Other income 10 7 20 31
Interest income 610 102 1,853 243
Interest expense (1,004) (1,393) (2,092) (2,246)
----------- ----------- ----------- -----------
Income before income
taxes and minority
interests 440 1,576 4,919 6,436
Income taxes expenses 36 179 (532) (523)
Minority interests - - - -
----------- ----------- ----------- -----------
Net income 476 1,755 4,387 5,913
Other comprehensive
income
Foreign currency
translation adjustment 34 473 37 836
----------- ----------- ----------- -----------
Comprehensive
income 510 2,228 4,424 6,749
=========== =========== =========== ===========
Earnings per share
Shares Shares Shares Shares
Weighted average number
of common stocks
outstanding, basic and
diluted 120,000,000 93,000,000 120,000,000 93,000,000
=========== =========== =========== ============
US$ US$ US$ US$
Net income per share
of common stock
outstanding, basic
and diluted 0.004 0.019 0.037 0.064
=========== =========== =========== ============
CONTACTS: Liya Wu lwu@mccgroupusa.com Tel: 646-5737654 Fax: 905-7559434 Ken Donenfeld donfgroup@aol.com Tel: 212-425-5700 Fax: 646-381-9727
SOURCE: CH Lighting International Corp.
mailto:lwu@mccgroupusa.com mailto:donfgroup@aol.com
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