Very bullish. May be time to quietly buy back a few shares at year end tax selling. This is still a very low volume quite stock, with a large buy/ask spread. I still have my base of shares. Glad I held them.
China Energy Recovery Inc. (CGYV.PK) ("CER"), an international leader in the design, fabrication and installation of waste heat recovery systems, today announced financial results for the third quarter and the nine months of fiscal 2011, ended September 30, 2011, as compared with the figures for the same period in 2010. CER also announced the detailed arrangement of the 2011 Annual Meeting of Stockholders.
Highlights for the 3rd quarter 2011, compared with the same quarter 2010:
* Revenues increased 378% to $29.4 million. * Gross profit increased 265% to $5,088,000. * Net income of $2,605,000, compared to net loss of $854,000, an absolute increase of 405%.
Highlights for the nine months of year 2011, compared with the same period of year 2010:
* Revenues increased 215% to $55.0 million. * Gross profit increased 215% to $9,469,000. * Net income of $3,285,000, compared to net loss of $394,000, an absolute increase of 934%.
Nine months of year 2011 results
Revenues for the nine months ended September 30, 2011, were $55.0 million, up from $17.4 million in the same period a year ago.
Gross profit in the nine months increased to $9,469,148 or 17.2 percent of sales, compared to $3,002,802 or 17.2 percent of sales in the same period a year ago. The company achieved an operating gain of $3,102,778 compared to loss of $1,092,300 in the same period a year ago.
Benefitting from increases in income from operations, net income increased to $3,285,399 compared to loss of $394,105 in the same period a year ago.
"Revenue growth in the third quarter and the nine months of the year reflects our marketing efforts and new manufacturing facility and, in particular, one significant EPC contract," CER Chief Executive Officer Qinqhuan Wu said. Mr. Wu continued, "In the nine months of 2011, with our new manufacturing facility in operation and our ability to perform more EPC contracts, we achieved great improvements in our revenues and gross profits. For the last quarter of 2011, based on our current contracts and production schedule, we anticipate positive results in line with the third quarter of the year."
Notice to hold AGM in November
China Energy Recovery will hold its 2011 Annual Meeting of Stockholders on 9:00 AM (local time), Monday, November 28, 2011 at its head office in Shanghai. The purpose of the meeting is:
1. To elect five directors to serve for one-year terms ending in the year 2012; 2. To ratify the appointment of PricewaterhouseCoopers ZhongTian CPA's Limited Company as the accounting firm for the fiscal year ending December 31, 2011; and 3. To approve the China Energy Recovery 2011 Performance Equity Plan
"We are looking forward to holding the meeting, and we encourage all shareholders who can to show up at the meeting in person," CER Chief Executive Officer Qinqhuan Wu said. Mr. Wu continued, "The Board may consider holding the meeting in the United States next year."
Ambition with out knowledge is like ship in dry dock. Going nowhere fast!
