China Keli Electric Co., Ltd. Announces the Financial and Operating Results for the Six Months Ended October 31, 2010
24 Décembre 2010 - 12:06AM
Marketwired
China Keli Electric Co. Ltd. (TSX VENTURE: ZKL) ("Keli" or the
"Company") today announced the financial and operating results for
the three and six months ended October 31, 2010. The Company
completed its qualifying transaction with Creative Grace Limited
("Creative Grace") resulting in a merger of the two companies on
May 5, 2010. The financial and operating results for the six months
ended October 31, 2010 include the results of operations of the
Company and Creative Grace. The financial and operating results for
the six months ended October 31, 2009 include the results of
operations of Creative Grace only. The functional currency of the
Company and its subsidiaries is Chinese Yuan (also known as
"Renminbi" or "RMB"). The financial and operating results of the
relevant periods have been translated into Canadian dollars.
Depending on the magnitude of changes in foreign currency exchange
rates, the impact on the financial and operating results may or may
not be material.
For the six months ended October 31, 2010, reported total
revenue was $7,106,658, an increase of 4.8% over the same period in
2009 ($6,780,315), with gross profit $3,204,302, an increase of
13.9% ($2,812,198 for the same period in 2010); excluding the
negative impact of foreign exchange, increases in both revenues and
gross profit would have been greater. The Company incurred
operating expenses for the six months ended October 31, 2010 of
$2,708,875 ($1,303,648 for the same period in 2009). Among the
operating expenses, there was a one-time charge of $359,723 for
stock-based compensation expense (nil for the same period in 2009),
and some expenses related to the improvement of the quality of
management and listing related expenses. Net income for the six
months ended October 31, 2010 was $260,022 ($1,248,961 for the same
period in 2009) and the basic and diluted earnings per share were
$0.004 and $0.003 respectively ($0.020 for the same period in
2009). Reduced net income and EPS were due primarily to one-time
charges and the negative effect of foreign exchange rates. After
accounting for an unrealized foreign exchange translation gain of
$312,478, the Company ended the first half of FY2011 with a total
comprehensive income of $572,500, compared with a total
comprehensive income of $397,370 for the first half of FY2010. The
Company's unrealized foreign exchange gains (losses) on translation
of the Group's functional currency to reporting currency are
subject to fluctuations in the exchange rate between the RMB and
the Canadian dollar in each reporting period.
As of October 31, 2010, the Company had total cash and cash
equivalents of $2,076,323 compared with $678,682 as of April 30,
2010. Accounts receivable were $6,275,316 as at October 31, 2010,
an increase of $1,777,207 compared with $4,498,109 as at April 30,
2010. The Company's working capital was $9,282,263 as at October
31, 2010, increased from $4,640,028 as at April 30, 2010.
Full financial results of the Company for the six months ended
October 31, 2010 are available on SEDAR at www.sedar.com.
About China Keli Eletric Company Ltd.
China Keli Electric Company Ltd. specializes in the
manufacturing of electrical components and equipments, including
pre-assembled mini substations, electrical controllers, pressurized
and vacuumed switchgears and circuit breakers in the
manufacturing.
CHINA KELI ELECTRIC COMPANY LTD.
For further company information please access our website:
www.zkl.cc
This press release contains forward-looking statements based on
current expectations. These forward-looking statements entail
various risks and uncertainties that could cause actual results to
differ materially from those reflected in these forward-looking
statements. Risks and uncertainties about Keli's business are more
fully discussed in the Company's disclosure materials filed with
the securities regulatory authorities in Canada. All amounts are
stated in Canadian dollars unless noted otherwise.
Neither the 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 press release.
Contacts: China Keli Electric Company Ltd. George Dorin
Independent Director (604) 831-2114 www.zkl.cc
China Keli Electric Company Ltd. (TSXV:ZKL)
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