China Architectural Engineering Reports Continued Strong Growth in Fiscal Year 2007
Thursday March 27, 9:00 am ET
Revenue Rises 37% for the Year, with 2007 EPS Up 50%
ZHUHAI, China & LOS ANGELES--(BUSINESS WIRE)--China Architectural Engineering, Inc. (CAE) (AMEX:RCH - News), a leader in the design, engineering, fabrication and construction of structural exterior cladding systems, today reported financial results for the fiscal year ended December 31, 2007.
For all of 2007, revenues were $86.6 million, up 37% from $63.3 million in 2006. Net income for 2007 was $12.03 million, or $0.21 per fully diluted share, up 50% on an EPS basis from $6.15 million, or $0.14 per fully diluted share, in 2006.
Earnings for the full year 2007 were negatively impacted by non-cash charges of $2.14 million relating to the Company’s issuance in April 2007 of $10 million of variable rate convertible bonds.
On the balance sheet, CAE reported cash and cash equivalents of $4.64 million as of December 31, 2007. This is an increase of 119% from $2.12 million on December 31, 2006. Long-term debt on December 31, 2007 totaled $3.9 million, compared to $2.5 million on December 31, 2006.
“Today’s report confirms once again that CAE is on a fast growth track,” said Ken Yi Luo, China Architectural Engineering’s Chairman and CEO. “Our ability to achieve another year of record revenues and earnings is a clear reflection of our growing, reputation-driven business in China and our successful efforts to win new business overseas. We expect this trend to continue and look forward to an even stronger year in 2008.”
To be added to China Architectural Engineering’s investor lists, please contact Haris Tajyar at htajyar@irintl.com or at 818-382-9702.
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