China Recycling Energy Corporation Reports First Quarter 2015 Financial Results

XI'AN, China, May 14, 2015 /PRNewswire/ -- China Recycling Energy Corp. (NASDAQ: CREG) ("CREG" or "the Company"), a leading industrial waste-to-energy solution provider in China, today announced its unaudited financial results for the first quarter ended March 31, 2015.

First Quarter 2015 Financial Highlights

• Interest income on sales-type leases increased 3.0% to US$6.49 million from US$6.31 million for the first quarter of 2014.
• Total revenues, including sales of systems, contingent rental income and interest income on sales-type leases, increased 2.8% to US$6.67 million from US$6.48 million for the first quarter of 2014.
• Operating expenses decreased 16.6% year-over-year to US$0.70 million.
• Non-operating expenses decreased 35.5% year-over-year to US$0.82 million.
• Net income was US$4.14 million, up 32.4% from US$3.12 million for the first quarter of 2014.
• Basic and fully diluted earnings per share (EPS) was US$0.05, in line with the first quarter of 2014.

Mr. Guohua Ku, Chairman and CEO of CREG, commented, "We are pleased to report a 32% increase in net income for the quarter thanks to our efforts to reduce expenses selectively. We are making good progress with the development of new projects and expect to complete two of them in the second quarter. Our R&D efforts continue to look for new methods to recycle energy and provide energy while diversifying into new types of energy intensive industries."

For more information regarding China Recycling Energy Corp.'s financial performance during the quarter ended March 31, 2015, please refer to the Quarterly Report on Form 10-Q, which was filed with the Securities and Exchange Commission on May 14, 2015.

About China Recycling Energy Corp.

China Recycling Energy Corp. (NASDAQ: CREG) ("CREG" or "the Company") is based in Xi'an, China and provides environmentally friendly waste-to-energy technologies to recycle industrial byproducts for steel mills, cement factories and coke plants in China. Byproducts include heat, steam, pressure, and exhaust to generate large amounts of lower-cost electricity and reduce the need for outside electrical sources. The Chinese government has adopted policies to encourage the use of recycling technologies to optimize resource allocation and reduce pollution. Currently, recycled energy represents only an estimated 1 percent of total energy consumption and this renewable energy resource is viewed as a growth market due to intensified environmental concerns and rising energy costs as the Chinese economy continues to expand. The management and engineering teams have over 20 years of experience in industrial energy recovery in China. For more information about CREG, please visit http://www.creg-cn.com.

Safe Harbor Statement

This press release may contain certain "forward-looking statements" relating to the business of China Recycling Energy Corp. and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

For more information, please contact:

Christensen

Ms. Xiaoyan Su (China)
Vice President
Tel: +86-10-5900-3429
Email: [email protected]

Mr. Christian Arnell (China)
Vice President
Tel: +86-10-5900-1548
E-mail: [email protected]

SOURCE China Recycling Energy Corp.

Related Links

http://www.creg-cn.com