Cleantech (CLNT) Net Income Nearly Halved in FY12
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Cleantech Solutions International, Inc. (Nasdaq: CLNT) announced preliminary results for the full year ended December 31, 2012 and provided an update on the filing status of its Annual Report on Form 10-K with the US Securities and Exchange Commission ("SEC"). 2012 Preliminary Results For the full year ended December 31, 2012, the Company expects to report: * Revenues of approximately $57.2 million, as compared with approximately $55.6 million for 2011. * Income from operations of approximately $6.3 million, as compared with approximately $8.2 million for 2011, which primarily reflects an impairment loss of approximately $2.2 million relating to equipment which is no longer used by the Company in its business and which is classified as equipment held for sale. * Net income of approximately $4.2 million, or $1.65 per share (basic) and $1.58 per share (diluted), as compared with net income of approximately $5.8 million, or $2.94 per share (basic) and $2.30 per share (diluted) for 2011. * Cash flow from operating activities of approximately $10.6 million, as compared with approximately $10.4 million for 2011. * Cash flow used in investing activities, representing the purchase of property and equipment of approximately $10.7 million, as compared with approximately $11.1 million in 2011. * Cash flow from financing activities of approximately $0.4 million, as compared with $0.8 million in 2011. * Working capital of approximately $7.3 million at December 31, 2012, as compared with approximately $4.3 million at December 31, 2011. Status of 10-K Filing On January 3, 2013, the Company was informed by its independent registered public accounting firm, Sherb & Co., LLP, that it has combined its practice with RBSM LLP ("RBSM") effective January 1, 2013. The personnel who were responsible for the Company's account prior to January 1, 2013 were no longer responsible for conducting the audit of the Company's financial statements. RBSM has advised the Company that it was not able to complete its audit in sufficient time to enable the Company to make a timely filing of its Form 10-K for the year ended December 31, 2012. The Company knows of no unresolved issues concerning the financial statements for the year ended December 31, 2012 and expects to file its Annual Report on Form 10-K on or before the 15th calendar day following April 1, 2012. The Company also intends to hold a conference call to discuss its full year financial results and will issue a press release with the details of the call once the timing is confirmed.
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