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China Wind Power Reports First Quarter FY2011 Financial Results

^{Published on 2010-08-27 09:30:50 - Market Wire}
 

 Selected First Quarter Financial Highlights ------------------------------------------------------------------------- In thousands except share June 30, June 30, Change or % data 2010 2009 ------------------------------------------------------------------------- Total sales $1,206 $629 +91.7% ------------------------------------------------------------------------- Recorded revenue $1,206 - +$1,206 ------------------------------------------------------------------------- Adjusted EBITDA(1) $598 ($383) +$981 ------------------------------------------------------------------------- Net loss $1,405 $403 +$1,002 ------------------------------------------------------------------------- Net loss per share - diluted(2) $0.02 $0.01 +$0.01 ------------------------------------------------------------------------- June 30, March 31, Change 2010 2010 ------------------------------------------------------------------------- Cash and Cash equivalents $3,369 $373 +$2,995 ------------------------------------------------------------------------- Total assets $135,195 114,185 +18.4% ------------------------------------------------------------------------- Total liabilities $87,618 $71,075 +23.3% ------------------------------------------------------------------------- 

 Q1 Operational Highlights - Generated more than 67 million KWh of electricity to the end of June, 2010. - Completed a non-brokered private placement that generated gross proceeds of $4.4 million. - Continued construction of Phase 2, which is expected to be completed in the fourth quarter of calendar 2010 and generate a capacity of 49.5 MW of wind energy output. Highlights subsequent to Quarter-end - In final negotiation with the Agricultural Development Bank of China for additional debt financing that will support the completion of Phase 2 and future wind power projects. 

 ------------------------------------ (1) Earnings before interest, taxes, depreciation and amortization (EBITDA) is often used as a measure of financial performance. However, EBITDA is not a term that has specific meaning in accordance with generally accepted accounting principles and may be calculated differently by other companies. China Wind reconciles EBITDA to its net earnings (loss). Adjusted EBITDA excludes stock-based compensation. (2) China Wind Power's weighted average number of shares at June 30 2010 was 59,612,488 compared to 29,300,000 at June 20 2009.