Home / Knowledge / News / Textiles / Cleantech Solutions sales rise 2.8% in 2012
Cleantech Solutions sales rise 2.8% in 2012
02
Apr '13
Cleantech Solutions International, Inc., a manufacturer of metal components and assemblies, primarily used in the wind power, solar and other clean technology industries and dyeing and finishing equipment to the textile industry, 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.

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.

About Cleantech Solutions International

Cleantech Solutions is a manufacturer of metal components and assemblies, primarily used in clean technology industries. The Company supplies forging products, fabricated products and machining services to a range of clean technology customers, primarily in the wind power sector and supplies dyeing and finishing equipment to the textile industry.

Cleantech

Must ReadView All

Courtesy: Aptos

Information Technology | On 25th Feb 2017

Tailored Brands selects Aptos sales audit solution

Aptos, Inc., a market leader in retail technology solutions, has...

Information Technology | On 25th Feb 2017

One Jeanswear Group deploys Centric PLM suite

Centric Software, the leading PLM solution for fashion, retail,...

Courtesy: Applied DNA Sciences

Apparel/Garments | On 24th Feb 2017

SigNatureT DNA can help prevent apparel counterfeiting

SigNatureT DNA is forensic molecular tag by Applied DNA Sciences...

Interviews View All

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search