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China Power Equipment, Inc (CPQQ)

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Last Post: 2/13/2019 2:34:48 PM - Followers: 21 - Board type: Free - Posts Today: 0

 Welcome to the China Power Equipment board.  


China Power Equipment, Inc.(OTCBB:CPQQ), through its subsidiary, Xi'an Amorphous Zhongxi Co., Ltd., utilizes proprietary, patented technology to produce 10kV and 35 kV traditional transformers, amorphous alloy cores and 10kv amorphous alloy transformers, which are a new generation of energy saving transformers. The Company produces 55 different models of transformers in four product series which are sold throughout China.
The Company was formed in 2005 as a U.S. corporation, and in February 2006, was granted a license as a privately held, Wholly-Owned Foreign Enterprise, or "WOFE", by the Chinese government.

The Company currently has two patents for the production technology of amorphous alloy transformers and one patent for equipment for the production of amorphous alloy cores in China. Leveraging the properties of amorphous alloy materials and its advanced manufacturing process, China Power's transformers reduce up to 80% of the no-load loss generated by transformers with a silicon steel core.

As China continues its rapid transition from an agricultural to an industrial economy the drain on the nation's existing power grid is substantial. In response to this and the PRC's increasing attempt to reduce its impact on the environment, the Chinese government has issued a series of measures demanding improved efficiency and decreased emissions from its corporations, thus making it a priority to use energy-saving products and equipment. These regulations specify new energy codes for the manufacturers and sale of transformers and require enterprises which utilize transformers required to give priority to energy-saving transformers, such as those produced by the Company.

Meanwhile, the Company is the only enterprise that can manufacture amorphous products in the western region on a large-scale.


China Power Equipment, Inc. Reports Record Revenue and Net Income

--Energy Efficient Transformer Manufacturer Earns $0.11 Per Share in the First Six Months of 2009 as Compared to $0.06 in the Prior Year

NEW YORK, Aug 18, 2009 /PRNewswire-Asia-FirstCall via COMTEX/ -- China Power Equipment, Inc. ("China Power") (OTC Bulletin Board: CPQQ) today reported its operating results for the second quarter of 2009.

Net revenues for the six months were $8,590,671, an 88% increase over the first six months of 2008. Net income for the period nearly doubled to $1,634,383, or $0.11 per share, as compared to $822,141, or $0.06 per share for the first six months of 2008. These improvements were largely due to the Company's strong performance in the second quarter. Revenue for the period was $5,888,375, more than double the $2,236,584 earned in the second quarter of 2008. Net income for the second quarter of 2009 was $1.3 million, or $0.09 per share, as compared to $310,746, or $0.02 per share, for the same period in 2008.

The increases to net income as a percent of sales reflect a decrease in the selling, general and administrative expenses, which were 4% of revenues in the second quarter of 2009 as compared to 8% of revenues for the same period in 2008.

Yong Xing Song, Chairman of the Board of the Company, stated, "We are quite pleased with the Company's performance during the second quarter. The improved results reflect the investment we have made in our product line and sales effort. We expect these trends will continue as China's economy continues to expand, and with it, the demand for efficient, clean transfer of energy. We look forward to building on the strong foundation we have built with many of the regional utilities and government agencies as they continue to increase and improve China's power grid."



                                                                                                                                                                                          461,634     Prepaid expenses and other receivables          320,256           257,700     Total Current Assets                          5,841,874         4,575,084      Related party receivables                        23,781            97,248     Property, plant and equipment, net            3,693,776         3,116,422     Intangible assets, net                          423,388           220,742     Long-term investment                            244,245           236,384     Deposit on contract rights                    1,314,867         1,313,064     Prepaid capital lease                           114,106           116,694     Total Assets                                $11,656,037        $9,675,638      Liabilities and Stockholders' Equity     Current Liabilities     Accounts payable                               $943,584          $710,480     Accrued liabilities and other payables          499,359           409,040     Advance from customers                           33,242           142,156     Lease payable - current portion                   1,947             1,944     Note payable                                     58,439            58,358     Value-added tax payable                          72,609            64,686     Income taxes payable                            348,550           235,262     Related party payable                             1,169             1,167     Total Current Liabilities                     1,958,899         1,623,093      Long-term Liabilities     Lease payable - non current portion             117,489           117,327     Total Long-term Liabilities                     117,489           117,327      Stockholders' Equity     Preferred stock: par value $0.001 per      share, 10,000,000 shares authorized;      None issued and outstanding at March      31, 2009 and December 31, 2008                      --                --     Common stock: par value $0.001 per      share, 100,000,000 shares authorized;      14,908,313 shares issued and      outstanding at June 30, 2009 and      December 31, 2008                               14,908            14,908     Additional paid in capital                    7,176,041         7,176,041     Statutory surplus reserve fund                  202,665           202,665     Retained earnings/(Accumulated deficit)       1,171,412          -462,971     Accumulated other comprehensive income        1,014,623         1,004,575     Total stockholders' equity                    9,579,649         7,935,218     Total Liabilities and Stockholders'      Equity                                     $11,656,037        $9,675,638                               China Power Equipment, Inc.                       Consolidated Statements of Operations                                    (Unaudited)                                    Three Months Ended,      Six Months Ended,                                         June 30,                June 30,                                     2009        2008        2009        2008      Revenue, net               $5,888,375  $2,236,584  $8,590,671  $4,566,249     Cost of goods sold         -4,510,872  -1,727,023  -6,663,451  -3,312,075     Gross profit                1,377,503     509,561   1,927,220   1,254,174      Selling, general and      administrative expenses      224,650     176,589     425,217     335,793      Net income (loss) from      operations                 1,152,853     332,972   1,502,003     918,381      Other income (expenses)     Gain on investment             21,409      40,045      51,373      62,253     Other income                  350,881          --     350,881      13,936     Interest income                 1,441         235       5,815       2,467     Interest expense                   --     -56,214        -117     -79,516     Foreign exchange loss              --          --          --      -2,712     Total other income            373,731     -15,934     407,952      -3,572      Net income before income      taxes                      1,526,584     317,038   1,909,955     914,809      Income taxes                  220,222       6,292     275,572      92,668      Net income after income      taxes                     $1,306,362    $310,746  $1,634,383    $822,141      Earnings per share - basic      $0.09       $0.03       $0.11       $0.08     Earnings per share - diluted    $0.09       $0.02       $0.11       $0.06      Weighted average common      shares outstanding:     Basic                      14,908,313  10,886,413  14,908,313  10,879,246     Diluted                    14,908,313  14,908,313  14,908,313  14,901,146         


China Power Equipment, Inc., through its wholly-owned subsidiary, Xi'an Amorphous Zhongxi Co., Ltd., has developed a proprietary, patented technology to produce a new generation of energy saving transformers and transformer cores. The Company currently manufactures 55 different models of transformers in four product series which are sold throughout China. The Company was formed in 2006 as a U.S. corporation, and in November 2006, formed a Chinese subsidiary which was granted a license as a privately held, Wholly-Owned Foreign Enterprise, or "WOFE", by the Chinese government.

Safe Harbor

Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the success of our investments, risks and uncertainties regarding fluctuations in earnings, our ability to sustain our previous levels of profitability including on account of our ability to manage growth, intense competition, wage increases in China, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, our ability to successfully complete and integrate potential acquisitions, withdrawal of governmental fiscal incentives, political instability and regional conflicts and legal restrictions on raising capital or acquiring companies outside China. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings, including our Prospectus dated November 7, 2008, and 10-K filed on March 31, 2009 and our other recent filings. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in our filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statements that may be made from time to time by or on our behalf.

For More Information on China Power Equipment, Inc., visit the website at: http://www.chinapower-equipment.com



         For more information, please contact:       Tel:   +1-866-374-1957 (US)      Email: xa-fj@xa-fj.com       

SOURCE China Power Equipment, Inc.



     URL:              http://www.chinapower-equipment.com www.prnewswire.com      
     Copyright (C) 2009 PR Newswire. All rights reserved      
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#368   Anyone have a update in the lawsuit here? Big Poppa Pump 02/13/19 02:34:47 PM
#367   Added at .10 molecularcd 06/23/14 02:52:00 PM
#366   Wiggle me timbers. Wake up CPQQ! molecularcd 05/31/14 10:38:01 PM
#365   That oughta get things wigglin molecularcd 04/09/14 11:28:52 PM
#364   Good for them lol NathanH 04/09/14 11:20:15 PM
#363   Barron Partners notifies China Power Equipment Inc. ("CPQQ") z_deville 04/09/14 07:31:24 PM
#362   Added today. .30 avg molecularcd 03/31/14 04:56:14 PM
#361   I'm in this @.54 molecularcd 03/14/14 02:41:38 PM
#360   I sold yesterday, but I agree. B.E. and out eom7 02/28/14 01:37:32 PM
#359   I think Roberts starting to nibble again $2,500 pappy 02/28/14 01:03:18 PM
#358   You don't see an activist investor in Penny eom7 01/10/14 10:20:25 AM
#357   According to yahoo= BV $2.39 & cash per pappy 01/10/14 10:18:36 AM
#356   Company rejected a $.50 buy out offer from eom7 01/10/14 08:39:17 AM
#355   I just added a small position... I hate chasing. eom7 01/09/14 01:43:36 PM
#354   Strong upward volume the last couple of days pappy 01/09/14 01:40:03 PM
#353   Some day this one moves BIG - I eom7 12/11/13 10:04:18 AM
#352   Another good post, RSI 30! mauiguy2 08/27/13 07:47:17 PM
#351   CPQQ must be the most undervalued stock RSI 30 08/27/13 04:02:54 PM
#350   Q2 should be coming out like clockwork mauiguy2 07/17/13 04:50:19 PM
#349   CPQQ China Power Equipment Inc. RSI 30 07/17/13 04:31:45 PM
#348   I like what im seeing in this yearend pappy 04/05/12 12:02:26 PM
#347   China Power Equipment Announces Fourth Quarter and Full eom7 03/28/12 05:04:28 PM
#346   The ISO Certification is excellent news. This sailor61270 03/21/12 07:33:30 PM
#345   After allowing for a increased tax-rate eps were pappy 11/14/11 10:04:25 AM
#344   CPQQ~~NEWS~~China Power Equipment Retains MZ-HCI as Its Investor m1999 08/02/11 09:52:48 PM
#343   CPQQ~~~Contractual Obligations m1999 07/09/11 01:21:21 AM
#342   The following table summarizes our liquidity and capital m1999 07/09/11 01:20:04 AM
#341   CPQQ~~~Common stock: par value $0.001 per share, 100,000,000 m1999 07/09/11 01:14:17 AM
#340   CPQQ~~~As of May 12, 2011, 19,382,013 shares of m1999 07/09/11 01:13:01 AM
#339   I didn't listen to the cc. pappy 05/17/11 02:49:15 PM
#338   What did you think? eom7 05/17/11 02:34:03 PM
#337   CPQQ will host its 1stQ cc @ 7am pappy 05/12/11 10:10:58 AM
#336   this has been rough over the entire year. Scandle34 04/20/11 08:03:18 PM
#335   China stocks have been rough over these last Obi_Trend_Kenobi 04/17/11 11:19:10 PM
#334   why did I buy this again?? Scandle34 04/17/11 11:16:35 PM
#333   CPQQ Chart: Obi_Trend_Kenobi 04/17/11 10:02:42 PM
#332   China Power Equipment Sees No Disruption in Alloy Florinda 03/29/11 01:30:37 PM
#331   China Power Equipment to Host Year 2010 Conference Florinda 03/29/11 01:25:24 PM
#330   Why does cpqq upgrading to a top 10 pappy 02/04/11 11:29:10 AM
#329   Is this a SHAM.....(?) 'cautiously concerned' CHA$E 02/04/11 10:02:33 AM
#328   Here's a posts from Yahoo: Florinda 11/17/10 12:01:38 PM
#327   Steve, I've always liked CPQQ. But, just like mauiguy2 11/08/10 02:40:47 PM
#326   Yeah, Mauiguy, I was happy to find that Florinda 11/08/10 02:35:40 PM
#325   Great info, Florinda. Thanks! mauiguy2 11/08/10 12:14:37 PM
#324   Nice Yahoo update from poster: Florinda 11/08/10 12:03:43 PM
#323   Pappy, you beat me to it......I was just mauiguy2 10/09/10 09:11:58 AM
#322   Quite board but cpqq had a nice increase pappy 10/09/10 01:27:03 AM
#321   China Power Equipment Offers Two Amorphous Alloy Sources luisalmeidapt 07/27/10 08:40:21 AM
#320   Chinese energy policy 1hothand 07/21/10 11:22:02 PM
#319   CNBC strategy session. today, Bankers Flock 1hothand 07/21/10 01:53:41 PM