GC China Turbine Provides Financial and Operational Update
12 Octobre 2010 - 3:22PM
Marketwired
GC China Turbine Corp. (OTCBB: GCHT) (the "Company" or "GC China"),
a leading Chinese manufacturer of twin blade wind turbines, today
announced a shareholder update on financial and operational
performance.
Mr. Hou Tie Xin, Chairman of the Board of GC China, said that,
"We are pleased to announce that GC China remains on track to meet
its financial guidance, as provided in our second quarter
conference call, with revenues of $58 million and net income of
$8.2 million for the current fiscal year. As of the end of this
year, the Company will accomplish the shipments of a total of 100
units of wind turbines to two of our key customers which we
anticipate to be grid-connected as well by year end."
For the third quarter ended September 30, 2010, GC China has
completed production of 30 units of wind turbines, and with this
progress, it expects to report revenues in the range of $16 million
to $18 million, with gross margins approximately 25%. It expects to
report income of $1.6 to $1.8 million, or about $0.03 per diluted
share.
For the nine month period ended September 30, 2010, GC China
expects to report revenues of $40 to $41 million, with gross
margins of approximately 25%. It expects to report net income for
this period of $5 to $5.2 million, or approximately $0.09 per
diluted share.
As of September 30, 2010, GC China estimates it had $3.85
million in cash and cash equivalents, and available working capital
of $1.03 million. The Company anticipates reporting that it has
collected $5.91 million of receivables in the third quarter.
"We are comfortable that our existing working capital is
sufficient to support our planned turbine production and shipments
through year end, and we expect to announce in the coming weeks
that we will receive an additional $7.35 million in receivables
from Guodian group, in addition to receivables from other customers
that have been previously reported by the Company. We have also
obtained a credit of $4.41 million from the China Merchants Bank,
and we are coordinating additional working capital access of $8.82
million through another Chinese bank. We look forward to providing
further disclosure in the future to our shareholders with respect
to these developments," Mr. Hou added.
The financial information presented above for the quarter ended
September 30, 2010, are preliminary estimates by Company
management. As such they are subject to final revision by Company
and have not been reviewed and approved by our independent
accounting firm, Deloitte Touche Tohmatsu. Investors should not
place undue reliance on such estimates as actual results may differ
significantly from such estimates after review by the Company's
independent accountants as a result of revenue recognition
principles, accounting adjustments and other factors.
About GC China Turbine Corp. GC China is a
leading manufacturer of state-of-the-art 2-bladed wind turbines
based in Wuhan City of Hubei Province, China. The Company holds a
license to manufacture a groundbreaking technology which meets
rigorous requirements for low-cost and high reliability. The
technology was developed through a 10 year European research
project costing over US$75 million. GC China's launch product is a
1.0 megawatt ("MW") utility scale turbine with designs for a 2.5MW
and 3.0MW utility scale turbine in development. For more
information visit: www.gcchinaturbine.com
Notice Regarding Forward-Looking
Statements This news release contains "forward-looking
statements" as that term is defined in Section 27A of the United
States Securities Act of 1933, as amended and Section 21E of the
Securities Exchange Act of 1934, as amended. Statements in this
press release which are not purely historical are forward-looking
statements and include any statements regarding beliefs, plans,
expectations or intentions regarding the future. Such
forward-looking statements include, among other things, completion
of definitive agreements with local and provincial governments,
wind farms and utility companies, number of wind turbine systems
ordered, manufactured, delivered and installed, the Company's
future strategic plans, the outlook for the Company's markets and
the demand for its products, estimated sales, the development,
costs and results of new business opportunities. Actual results
could differ from those projected in any forward-looking statements
due to numerous factors. Such factors include, among others, the
inherent uncertainties associated with new projects and development
stage companies. These forward-looking statements are made as of
the date of this news release, and we assume no obligation to
update the forward-looking statements, or to update the reasons why
actual results could differ from those projected in the
forward-looking statements. Although we believe that any beliefs,
plans, expectations and intentions contained in this press release
are reasonable, there can be no assurance that any such beliefs,
plans, expectations or intentions will prove to be accurate.
Investors should consult all of the information set forth herein
and should also refer to the risk factors disclosure outlined in
our annual report on Form 10-K for the most recent fiscal year, our
quarterly reports on Form 10-Q and other periodic reports filed
from time-to-time with the Securities and Exchange Commission.
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Investor Relations Todd M. Pitcher Aspire Clean Tech
Communications Hayden Communications, International Phone:
760-798-4938 Email Contact
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