Sharing Economy International Inc (SEII)

[I-Man]

China Wind Systems, Inc. Provides Guidance for Fiscal Year 2010
Last update: 5/11/2010 4:00:00 PMWUXI, Jiangsu Province, China, May 11, 2010 /PRNewswire via COMTEX/

-- China Wind Systems, Inc. (CWS), ("China Wind Systems" or the "Company"), a leading supplier of forged rolled rings and other forged components to the wind power and other industries and industrial equipment primarily to the textile industry in China, today announced guidance for fiscal year 2010.

The Company expects 2010 revenues to be in the range of $76.5 million to $85 million, representing a 43% to 59% increase from $53.5 million in fiscal 2009. Earnings before interest, tax, depreciation and amortization, which is generally referred to as EBITDA and is a non-GAAP financial measure, is expected to be in the range of $22.7 million to $25.2 million, representing a 106% to 129% increase compared to $11.0 million in fiscal 2009. Adjusted net income, which excludes non-cash expenses related to convertible securities and warrants, is anticipated to be between $15.5 million and $16.3 million, representing an increase between 99% and 109%, compared to $7.8 million in fiscal 2009.

The Company anticipates stronger demand for both its traditional forged products and ESR forged products in 2010, as management expects stronger sales of precision forged products used in large wind turbines. The Company anticipates revenue contributed by its wind industry segment will increase by approximately 75%.

In addition, the Company expects its dye machine segment to recover in 2010, given the industry's recovery in early 2010. "We are pleased to see a healthy flow of customer orders in early 2010," commented Mr. Jianhua Wu, Chairman and Chief Executive Officer. "As our forging facility becomes more efficient, we anticipate improvement in our profit margins. We believe we have the right strategy in place to cater to the rapidly growing wind power industry in China."