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China Recycling Energy Corporation Reports Results for the Full Year 2018
XI'AN, China, April 15, 2019 (GLOBE NEWSWIRE) -- China Recycling Energy Corporation. (Nasdaq:CREG) ("CREG" or "the Company"), a leading industrial
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[{"type":"text","content":"XI'AN, China, April 15, 2019 (GLOBE NEWSWIRE) -- China Recycling Energy Corporation. (Nasdaq:CREG) (\"CREG\" or \"the Company\"), a leading industrial waste-to-energy solution provider in China, today reported certain highlights of its audited operating results for the full year ended December 31, 2018.Full Year 2018 Financial Highlights:Cash and cash equivalent were $53.22 million at December 31, 2018, an increase of $3.39 million compared to $49.83 million cash and cash equivalents at December 31, 2017. Net sales were $0.49 million, a decrease of 24.68% compared to the prior year.Interest income on sales-type leases was $3.31 million, a decrease of 49.89% compared to the prior year.Total operating income was $8.20 million, a decrease of 37.40% compared to the prior year.Total operating expenses were $66.19 million, an increase of 807.54% compared to the prior year. The increase was mainly due to an increase in bad debt expense of $30.46 million, resulting from delaying the payment for Zhongtai System, Shenqiu Systems and Pucheng Systems; an increase in assets impairment loss on fixed assets and construction in progress of $28.43 million, resulting from the management's conservative estimates about the systems' fair value.For the full year 2018, GAAP-Net loss attributable to the Company was $(66.00) million, or $(7.62) per fully diluted share, compared to a net loss of $(7.34) million or $(0.88) per diluted share in the prior year period. The decrease in 2018 was mainly resulted from management's conservative approach on bad debts allowance estimates and systems' fair value estimates. The Company's Chairman & CEO, Mr. Guohua Ku, commented, \"cash flow provided by operating activities was $2.17 million during the year ended December 31, 2018, compared to $0.29 million cash used in operating activities during the year ended December 31, 2017. Despite this improvement, we had increased net loss of $66.0 million for 2018, which included $32.21 million in non-cash charges of bad debt expense and $28.43 million in non-cash charges of assets impairment loss; while in 2017, we had net loss of $7.34 million, which included $1.74 million in bad debt expense and $0 in assets impairment loss. We also had an increase in net cash inflow of $3.39 million in 2018.\"\"As of December 31, 2018, we had cash and cash equivalents of $53.22 million, ...