Home / Knowledge / News / Textiles / Cleantech Solutions sale surges 47.6% in Q1
Cleantech Solutions sale surges 47.6% in Q1
17
May '13
Cleantech Solutions International, Inc., a manufacturer of metal components and assemblies, primarily used in the wind power, solar, dyeing and finishing equipment and other clean technology industries, announced its financial results for the three months ended March 31, 2013.

First Quarter 2013 Results

Revenue for the first quarter of 2013 increased 47.6% to $13.9 million, compared to $9.4 million for the same period of 2012.

Revenue from the sale of forged rolled rings to the wind power industry and other industries increased 16.9% to $6.5 million, compared to $5.6 million in the same period last year.

The increase in revenue was mainly due to improving demand from existing customers in the wind power industry following several quarters of reduced order flow, which was partially offset by lower market demand for capital equipment related to the Company's forged rolled rings and related products for other industries.

The increase in revenue is summarized as follows:

- Revenue from the sale of forged rolled rings for the wind power industry increased by 45.7% to $3.7 million, compared to $2.5 million for the comparable period last year. 

- Revenue from the sale of forged rolled rings to other industries decreased 7.1% to $2.8 million, compared with $3.0 million for the comparable period of the prior year. 

- Revenue from dyeing and finishing equipment segment increased 92.4% to $7.4 million, compared to $3.8 million for the first quarter of 2012.

Gross profit for the first quarter of 2013 increased 66.3% to $3.1 million, compared to $1.9 million for the same period in 2012. Gross margin increased to 22.5% during the first quarter of 2013 compared to 20.0% for the same period a year ago.

The increase in gross margin for the first quarter was primarily attributable to

(i) the increased operational and cost efficiencies for forged rolled rings and related products segment, including the allocation of fixed costs primarily consisting of depreciation, to cost of revenues as the Company operated at higher production levels in response to higher revenues, and

(ii) the significant portion of revenue for the dyeing and finishing equipment segment generated from the sale of airflow dyeing machinery, which generates a higher gross margin than the Company's traditional dyeing machinery.  The principal source of dyeing revenue in the first quarter of 2012 was traditional dyeing machinery.

Operating expenses decreased 18.8% to $0.8 million, compared to $1.0 million in the comparable period last year. The decrease was primarily due to lower depreciation expenses resulting from the classification of certain equipment as held for sale in the fourth quarter of 2012, on which depreciation was taken in the first quarter of 2012 but not in the first quarter of 2013.

Selling, general and administrative expenses for the three months ended March 31, 2013 rose 10.8% to $0.7 million, primarily due to higher travel, entertainment and shipping costs associated with the increase in sales and an increase in stock based compensation cost.

Cleantech Solutions

Must ReadView All

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Textiles | On 25th Mar 2017

MEGlobal to build first ever US MEG plant

Monoethylene glycol (MEG) producer MEGlobal plans to construct a new...

Courtesy: Ulster Carpet

Textiles | On 25th Mar 2017

Ulster Carpets acquires Griffith Textile Machines

Northern Ireland based manufacturer of carpets, Ulster Carpets said...

Interviews View All

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Silvia Venturini Fendi
Fendi s.r.l

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

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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
March 2017

March 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