SOURCE: CH Lighting International Corp.
December 30, 2008 17:18 ET
China Lighting International Corporation Says Domestic Sales Growth Spurred Significant Gains in Fiscal 2008 Revenues and Profits; Sales in China Increased 374% While Overseas Revenue Grew 83%
JINHUA, CHINA--(Marketwire - December 30, 2008) - CH Lighting International Corporation (OTCBB: CHHN), one of the world's leading designers, manufacturers and exporters of
a wide variety of fluorescent lighting products and a leading company in
China in the rapidly growing special light source market, today reported
significant gains in sales and net income for its fiscal year ended
September 30, 2008.
According to the Company, revenues in the year ended September 30, 2008
increased to $90,864,000, from $32,379,000 in the year ended September 30,
2007, a gain of approximately 181%. Reflecting the Company's decision to
expand its innovative, environmentally friendly lighting products in the
domestic Chinese market, sales in China grew 373.72% to $55,000,000
compared with $13,077,000 in the prior fiscal year. Over the same time,
overseas revenue increased more than 83% from $19,302,000 to $35,454,000.
The increase in net income in fiscal 2008 was dramatic, as it grew to
$14,408,000 or $0.15 per share on 98,621,918 shares outstanding from
$1,969,000 or $0.02 per share on 93,000,000 shares outstanding in the
period ended September 30, 2007.
Comprehensive income in the period ended September 30, 2008, reflecting
foreign currency adjustments of $1,551,000 increased to $15,959,000
compared with $2,389,000 in the prior year period.
Describing the Company's outlook for fiscal 2009, Mr. Zhao Guosong,
Chairman of the Board, President and Chief Executive Officer, stated, "In
light of the strong impact of the global economic downturn, we have a
pessimistic and optimistic view of the year ahead. In the worst case,
while we have included the international export market recession in our
plans, the speed, range and depth of the recession is beyond the Company's
strategy. In our optimistic case, with the Chinese domestic market not
impacted by the global economic downturn -- and with the Chinese government
continuing to adhere to the reduction of energy savings policy, then the
Company's performance compared with 2008 will grow 15%."
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 continue to grow 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 time to time. 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.)
Consolidated Statements of Operations and Other Comprehensive Income
Years ended September 30, 2008 and 2007
Year ended September 30,
--------------------------
2008 2007
Note US$’000 US$’000
Operating revenues:
Net sales to third parties 90,864 32,379
Cost of sales (62,340) (23,001)
------------ ------------
Gross income 28,524 9,378
Operating expenses:
Selling, marketing and
distribution expenses (3,071) (2,550)
General and administrative
expenses (6,410) (3,133)
------------ ------------
Operating income 19,043 3,695
Other income 584 401
Interest income 815 586
Interest expense (3,941) (2,518)
------------ ------------
Income before income taxes and
minority interests 16,501 2,164
Income taxes expenses 5 (2,091) (195)
Minority interests (2) -
------------ ------------
Net income 14,408 1,969
Other comprehensive income
Foreign currency translation
adjustment 1,551 420
------------ ------------
Comprehensive income 15,959 2,389
============ ============
Shares Shares
Earnings per share: 3
Weighted average number of common
stocks outstanding, basic and
diluted 98,621,918 93,000,000
============ ============
US$ US$
Net income per share of common
stock, basic and diluted 0.15 0.02
============ ============