中国循环能源公布2016年第一季度财务业绩China Recycling Energy Corporation Reports First Quarter 2016 Financial Results · XI'AN, China, May 16, 2016 -- China Recycling Energy Corp. (CREG) ("CREG" or"the Company"), a leading industrial waste-to-energy solutionprovider in China, today announced its unaudited financial results for thefirst quarter ended March 31, 2016. First Quarter 2016 FinancialHighlights l Interest income onsales-type leases decreased 24.8% to US$4.88 million from US$6.49 million forthe first quarter of 2015. l Total revenues, includingsales of systems, contingent rental income and interest income on sales-typeleases, decreased 26.7% to US$4.89 million from US$6.67 million for the firstquarter of 2015. l Operating expenses decreased30.3% year-over-year to US$0.49 million. l Non-operating expensesdecreased 402% year-over-year to -US$4.14 million. l Net income was US$93 thousand,down 97.8% from US$4.14 million for the first quarter of 2015. Mr. Guohua Ku, Chairman and CEO of CREG, commented, "Net incomefor the quarter decreased 97.8% due to decreased contingent rental income andinterest income on sales-type leases which resulted from the downturn anddecline of iron and steel enterprises in China.In this quarter we transferred Zhongtai CDQ project to Zhongtai as it plannedintegration by repurchasing all its outsourced projects.Wefurther strengthened our operations and increased operational efficiencies,while maintaining our fiscal discipline and cost controls. " For more information regarding China Recycling Energy Corp.'s financialperformance during the quarter ended March 31, 2016, please refer to theQuarterly Report on Form 10-Q, which was filed with the Securities and ExchangeCommission on May 16, 2016. About China Recycling Energy Corp. China Recycling Energy Corp. (CREG)("CREG" or "the Company") is based in Xi'an, China andprovides environmentally friendly waste-to-energy technologies to recycleindustrial byproducts for steel mills, cement factories and coke plants inChina. Byproducts include heat, steam, pressure, and exhaust to generate largeamounts of lower-cost electricity and reduce the need for outside electricalsources. The Chinese government has adopted policies to encourage the use ofrecycling technologies to optimize resource allocation and reduce pollution.Currently, recycled energy represents only an estimated 1 percent of totalenergy consumption and this renewable energy resource is viewed as a growthmarket due to intensified environmental concerns and rising energy costs as theChinese economy continues to expand. The management and engineering teams haveover 20 years of experience in industrial energy recovery in China. For moreinformation about CREG, please visit http://www.creg-cn.com. Safe Harbor Statement This press release may contain certain "forward-lookingstatements" relating to the business of China Recycling Energy Corp. andits subsidiary companies. All statements, other than statements of historicalfact included herein are "forward-looking statements." Theseforward-looking statements are often identified by the use of forward-lookingterminology such as "believes," "expects" or similarexpressions, involve known and unknown risks and uncertainties. Although theCompany believes that the expectations reflected in these forward-lookingstatements are reasonable, they do involve assumptions, risks anduncertainties, and these expectations may prove to be incorrect. Investorsshould not place undue reliance on these forward-looking statements, whichspeak only as of the date of this press release. The Company's actual resultscould differ materially from those anticipated in these forward-lookingstatements as a result of a variety of factors, including those discussed inthe Company's periodic reports that are filed with the Securities and ExchangeCommission and available on its website at http://www.sec.gov. All forward-looking statementsattributable to the Company or persons acting on its behalf are expresslyqualified in their entirety by these factors. Other than as required under thesecurities laws, the Company does not assume a duty to update theseforward-looking statements. For more information,please contact: Mr. Jackie Shi, Chief Financial Officer & Board Secretary Email: shi723910@163.com /shi723@creg-cn.com
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