China Wind Power Generates Stronger First Quarter Results
September 28 2011 - 3:00PM
Marketwired
China Wind Power International Corp. (TSX VENTURE: CNW) ("China
Wind Power" or the "Company"), an independent wind power producer
in China, achieved strong growth in revenue and adjusted EBITDA for
the three month period ended June 30, 2011. All amounts are in
Canadian dollars unless otherwise indicated.
"Our higher revenue and adjusted EBITDA for the quarter are the
result of Phase I approaching designed capacity," said Mr. Jun Liu,
Chief Executive Officer of China Wind Power. "While pleased by our
improved financial results, we are still in the early stages of our
Company's history. With an installed capacity of 49 MW, Phase I is
just a fraction of the total 800 MW development we have planned for
Du Mon County. Our recently announced engineering, procurement and
construction contract and subsequent breaking of ground at Phase
III move us closer to realizing our vision to be the largest
independent developer, owner and operator of wind farms to provide
clean energy in China."
Selected First Quarter Financial Highlights
(In thousands except per share or percentage data)
June 30, 2011 June 30, 2010 Change
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Revenue 2,177 1,206 +80.6%
Adjusted EBITDA 1,625 599 +171.4%
Net loss 127 1,405 -91.0%
Net loss per share - diluted 0.002 0.02 -90.0%
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June 30, 2011 March 31, 2011
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Cash & cash equivalents 390 635 -38.6%
Total assets 142,207 139,401 +2.0%
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Growth in revenue and adjusted EBITDA were attributable to an
increase in power generated during the quarter. Phase I generated
more than 28 million KWh of electricity during the quarter, up from
15 million KWh in the first quarter of last year. The increase in
power generated was the result of the wind farm having approached
designed capacity and the first quarter of last year being impacted
by the re-calibration and fine-tuning of turbine equipment. The
improved bottom line for the quarter was the result of the higher
revenue achieved and a $0.3 million decrease in stock-based
compensation.
Effective for the first quarter ended June 30, 2011, China Wind
Power began reporting its financial results in accordance with
International Financial Reporting Standards (IFRS), including
comparative information. The adoption of IFRS did not result in any
material changes to the Company's net loss; statements of cash
flows; nor financial covenants and existing lending agreements.
About China Wind Power International Corp.
China Wind Power International Corp. is an Ontario company that
is uniquely positioned to capitalize on the growing demand for wind
power in China. The Company indirectly holds the exclusive rights
for wind energy development in Du Mon County, Heilongjiang
Province, which has a demonstrated potential installed capacity of
1,150 MW of wind energy developable over an area of 612 square km.
While 1,150 MW represents the Company's long-term potential for
wind power in the area, its current plans are for building out
approximately 800 MW over five development phases. The Company's
common shares are listed on the TSX Venture Exchange under the
symbol "CNW". The Company has approximately 63.9 million shares
outstanding.
For more information and the latest updates on China Wind Power
International Corp., visit our investor relations blog at
http://chinawindpower.posterous.com or follow our updates on
Twitter at http://twitter.com/ChinaWindPower.
Caution Regarding Forward-Looking Statements
Certain statements that are not historical facts made in this
press release may be forward looking statements subject to risks
and uncertainties. Statements containing words such as "will",
"could", "expect", "may", "anticipate", "believe", "intend",
"estimate", "plan" and other similar expressions are
forward-looking statements that represent management's beliefs at
the time the statements are made and are based on certain factors
and assumptions including wind farm construction and commercial
production schedule, output and capacity, revenue and earnings
expectations and market potential. These forward-looking statements
are subject to a variety of risks and uncertainties and other
factors that could cause actual events to differ materially from
those projected in forward-looking statements. Important factors
that could cause actual results to differ materially from the
Company's expectations include uncertainties involving the
availability of financing; fluctuations in currency exchange rates;
uncertainties relating to economic and market conditions;
uncertainty of estimates of capital and operating costs; the need
to obtain additional financing to develop the projects and
uncertainty as to the availability and terms of future financing;
the possibility of delay in construction projects and uncertainty
of meeting anticipated program milestones; uncertainty as to timely
availability of permits and other governmental approvals; and other
risks and uncertainties disclosed in the information circular dated
November 5, 2010, which is available at www.sedar.com under the
Company's profile. Except as required by applicable securities
laws, the Company undertakes no obligation to update any forward
looking statement to reflect events or circumstances after the date
on which such statement is made.
(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 IFRS accounting principles and may be
calculated differently by other companies. China Wind Power
reconciles EBITDA to its net earnings (loss). Adjusted EBITDA
excludes stock-based compensation.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: China Wind Power International Corp. Wendell Zhang
Chief Financial Officer 416-916-4205
wzhang@chinawindpowerinternational.com Cinaport Financial Services
Inc. Trevor Heisler Director, Investor Relations (416) 213-8118 ext
216 theisler@cinaport.com
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