China Clean Energy Inc. (CCGY)

[wisconsinstock2]

China Clean Energy Announces Third Quarter 2009 Results
6:00a ET November 13, 2009 (PR NewsWire)
China Clean Energy Inc. (OTC Bulletin Board: CCGY) ("China Clean Energy", the "Company"), a producer of biodiesel fuel and environmentally-friendly specialty-chemical products made from renewable resources in The People's Republic of China ("PRC"), today reported financial results for the third quarter ended September 30, 2009.


Third Quarter 2009 Highlights

-- Revenue totaled $4.0 million
-- Gross profit totaled $769,041
-- Operating income was $282,931
-- Net loss was $731,672, or $0.02 per fully-diluted share
-- Adjusted net income (Non-GAAP) was $317,323, or $0.01 per fully-diluted
share


"We are pleased with our results for the quarter as we were able to deliver higher operating margin and relatively stable revenue, compared to the same quarter of 2008. Excluding the effect of warrant revaluation and employee stock-based compensation (non-cash charges), we also delivered positive adjusted net income," said Mr. Tai-ming Ou, China Clean Energy's Chairman and CEO. "We are also very pleased to have finished the construction of the Jiangyin plant. This is a major milestone for China Clean Energy, as it will significantly expand our production capacity and improve our ability to compete in the market place. As we discussed in the past, our new plant is capable of producing up to 30,000 tons per year of specialty chemicals and 40,000 tons per year of biodiesel for a combined output of 70,000 tons per year. We expect to begin commercial operations at the Jiangyin plant in December 2009, with gradual ramp up to approximately 50% of capacity over the next 6 months, and reach full capacity in the next 12 months. "