China Solar & Clean Energy Solutions Inc. (CSOL)

[gpg]

Gary - Looks like you're list of questions might have alerted CSOL to an error in their earnings PR. Correction released tonight:



C O R R E C T I O N -- China Solar & Clean Energy Solutions, Inc./

Companies:CHINA SOLAR & CLN EN Topics:Industrial Goods
Press Release Source: China Solar & Clean Energy Solutions, Inc. On Monday May 17, 2010, 10:07 pm
In the news release, "China Solar & Clean Energy Solutions, Inc. Reports First Quarter 2010 Financial Results" issued on May 14 by China Solar & Clean Energy Solutions, Inc. (OTC Bulletin Board:CSOL.ob - News) over PR Newswire Asia, we are advised by the Company that in the first paragraph of the Outlook for 2010 section, the CEO's quote should read "...the increase in orders received by Tianjin Huaneng this quarter, which has amounted to $5 million (RMB 34 million) in total..." not "...the increase in orders received by Tianjin Huaneng this quarter, which has amounted to $34 million in total..." as was originally issued inadvertently. Full correct release follows:
China Solar & Clean Energy Solutions, Inc. Reports First Quarter 2010 Financial Results

BEIJING, May 14 /PRNewswire-Asia/ -- China Solar & Clean Energy Solutions, Inc. (Formerly known as "Deli Solar (USA), Inc.") (OTC Bulletin Board:CSOL.ob - News) ("China Solar"), a manufacturer and distributor of solar water heaters, space heating devices and provider of renewable energy solutions in the People's Republic of China ("PRC"), today reported its financial results for the first quarter ended March 31, 2010.


Highlights for the first quarter of 2010: -- Revenue increased 6.6% year-on-year to $3.9 million. -- Gross margin increased to 29.8% from 24.2% for the same period of 2009. -- Net loss decreased 73.3% year-on-year to ($0.3) million. -- Cash and cash equivalents were $3.4 million as of March 31, 2010.
First Quarter 2010 Results

First quarter 2010 revenue was $3.9 million, an increase of $0.2 million, or 6.6%, from $3.7 million for the first quarter of 2009. The increase in sales was primarily attributable to the rise in revenue from our heat pipe related equipments under the management of Tianjin Huaneng Energy Equipment Company ("Tianjin Huaneng"), our subsidiary in the PRC. We expect overall sales revenue for heat pipe related equipments and energy-saving projects to keep growth momentum during the rest of the year.

Gross profit for the first quarter of 2010 increased by 0.3 million, or 31.1%, from $0.9 million for the first quarter of 2009, primarily due to an increase in sales volume and prices of our heat pipe related equipments. Correspondingly, gross margin increased to 29.8% from 24.2% for the first quarter of 2009.

Operating expenses decreased to $1.3 million for the first quarter of 2010, as compared to $1.5 million for the same period of 2009. The decrease in the Company's operating expenses was primarily due to the compression of operation cost.

Operating loss was ($0.2) million for the first quarter 2010, as compared to loss from operations of ($0.7) million a year ago. First quarter 2010 net loss was ($0.3) million, a decrease of $0.9 million, or 73.3%, from ($1.2) million for the same period of 2009. Consequently, net loss per share was

($0.02) for the three months ended March 31, 2010, as compared to ($0.07) for the first quarter of 2009.

Cash and cash equivalents decreased to $3.4 million as of March 31, 2010, compared to $5.0 million as of March 31, 2009. The decrease in cash and cash equivalents is attributable to the increase in other receivables for the first quarter of 2010.

Outlook for 2010

Mr. Deli Du, Chief Executive Officer and President of China Solar, commented, "I'm pleased that our net revenue increased by 6.6% in the first quarter of 2010, and I am especially encouraged by the increase in orders received by Tianjin Huaneng this quarter, which has amounted to $5 million (RMB 34 million) in total, a strong indicator of our capacity for achieving strong revenue growth, reliable profits and cash flows for the year 2010.

"We will continue to focus our resources on China's immense rural areas, which have created substantially higher demand for our solar-related products, and importantly, we are planning to invest in more profitable low-carbon opportunities and effectively leverage our partnerships with leading clean energy institutions in new energy sector to further facilitate our business transition from manufacturer to solutions provider.

"Moreover, our nationwide distribution channels in China and our strong government relationships continue to be our competitive advantage in acquiring additional market share in the rapidly growing new energy market in China. China Solar is well positioned to capture the many attractive opportunities both in China and abroad to explore unique business model and pioneering solutions for the best interests of our supportive shareholders," concluded Mr. Du.

About China Solar & Clean Energy Solutions, Inc.

China Solar & Clean Energy Solutions, Inc. operates through its PRC subsidiaries including Bazhou Deli Solar Energy Heating Co. Ltd.), Beijing Deli Solar Technology Development Co., Ltd. and Tianjin Huaneng Energy Equipment Company. The Company manufactures and distributes solar water heater and space heating devices for residential customers, provides energy-saving solutions for real estate developers and tailor-made solutions for utilization of industrial waste heat for industrial customers in the PRC. For more information, please visit http://www.delienergy.com .

Cautionary Statement Regarding Forward Looking Information

Safe Harbor Statement

Certain statements in this news release may contain forward-looking information about China Solar & Clean Energy Solutions and its subsidiaries business and products within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. The actual results may differ materially depending on a number of risk factors including, but not limited to, the general economic and business conditions in the PRC, market and customer acceptance and demand for products, ability to market products, fluctuations in foreign currency markets, the use of estimates in the preparation of financial statements, the impact of competitive products and pricing, the ability to develop and launch new products on a timely basis, the regulatory environment, fluctuations in operating results, and various other factors beyond its control. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks factors detailed in the Company's reports filed with the Securities and Exchange Commission. China Solar & Clean Energy Solutions undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.