For the year ended Dec. 31, 2009, CREG posted revenues at $44.2 million, up 130 percent from $19.2 million reported for 2008. Product sales contributed $38.3 million, or 86.6 percent, of the total revenue in 2009, compared with $8 million, or 41.9 percent, of the total revenue in 2008.
For the year ended Dec. 31, 2009, income from operations grew 229 percent to $13.5 million, up from $4.1 million reported for 2008.
Net income increased to $9.7 million for the 2009, or fully diluted EPS of $0.21, up from a net loss of $2.2 million, or a loss of $(0.07) per share reported for the year prior.
Gross profit was $10.63 million for the 2009, as compared to $5.22 million for the same period in 2008, representing a gross margin of approximately 24 percent and 27 percent for the year ended Dec. 31, 2009, and 2008, respectively.
The company attributes the solid results to modifications in its growth strategy and said that the positive results are a trend it plans to continue.
“We are pleased to see that 2009 marked a significant year in the execution of our growth plan. We have been successfully continuing developing our Build-Operate-Transfer (”BOT”) business model, delivering more comprehensive energy recycling solutions, and growing our recurring revenue bases while diversifying the mix of our customers,” Guohua Ku, chairman and CEO of CREG stated in the press release. “Looking ahead, we are more confident in our continued growth in 2010 and beyond, since we are in full swing rolling out our efforts to fulfill the engagement in various phases for all our projects with all partners, including Erdos Metallurgy and Sino Steel Group.”
As of December 31, 2009, CREG reported cash and cash equivalents at $1.1 million, compared with $7.3 million at year-end 2008, a decrease of $6.2 million.
The company also gave guidance for 2010, saying that it expects revenues between $68 million and $72 million, and net income between $18 million and $20 million.