Cleantech (CLNT) Net Income Nearly Halved in FY12
- Top 10 News for 2/1 - 2/5: Payrolls Gain, Unemplment Wanes; Investors Move Out of LinkedIn; Viacom Legend Steps Down
- Technology rout pushes Nasdaq to lowest close since 2014
- Change in Nonfarm Payrolls 151K vs 190K Expected; UE Rate 4.9% vs 5% Expected
- Investors Smell Opportunity in Flint's Stinky Water
- Business services firms' shares bleed as LinkedIn, Tableau crash
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Uranium Resources (URRE) Announces Adjournment of Special Meeting to Allow Vote on Reverse Stock Split
- Corvel Corp (CRVL) Files 625k Common Shelf for Selling Shareholders
- Avinger (AVGR) Files $150M Mixed Securities Shelf, 348k Common Shelf for Shareholders
Create E-mail Alert Related CategoriesCorporate News, Earnings, SEC Filings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!