WUXI, Jiangsu Province,
China, May
11 /PRNewswire-Asia-FirstCall/ -- China Wind Systems, Inc.
(Nasdaq: CWS), ("China Wind Systems" or the "Company"), a leading
supplier of forged rolled rings and other forged components to the
wind power and other industries and industrial equipment primarily
to the textile industry in China,
today announced guidance for fiscal year 2010.
The Company expects 2010 revenues to be in the range of
$76.5 million to $85 million,
representing a 43% to 59% increase from $53.5 million in fiscal 2009. Earnings before
interest, tax, depreciation and amortization, which is generally
referred to as EBITDA and is a non-GAAP financial measure, is
expected to be in the range of $22.7 million
to $25.2 million, representing a 106% to 129% increase
compared to $11.0 million in fiscal
2009. Adjusted net income, which excludes non-cash expenses related
to convertible securities and warrants, is anticipated to be
between $15.5 million and $16.3
million, representing an increase between 99% and 109%,
compared to $7.8 million in fiscal
2009.
The Company anticipates stronger demand for both its traditional
forged products and ESR forged products in 2010, as management
expects stronger sales of precision forged products used in large
wind turbines. The Company anticipates revenue contributed by its
wind industry segment will increase by approximately 75%. In
addition, the Company expects its dye machine segment to recover in
2010, given the industry's recovery in early 2010.
"We are pleased to see a healthy flow of customer orders in
early 2010," commented Mr. Jianhua
Wu, Chairman and Chief Executive Officer. "As our forging
facility becomes more efficient, we anticipate improvement in our
profit margins. We believe we have the right strategy in place to
cater to the rapidly growing wind power industry in China."
About China Wind Systems, Inc.
China Wind Systems supplies precision forged components such as
rolled rings, shafts and flanges to the wind power and other
industries and industrial equipment primarily to the textile
industry in China. With its newly
finished state-of-the-art production facility, the Company has
increased its production and shipment of high-precision rolled
rings and other essential components primarily to the wind power
and other industries. For more information on the Company, visit
http://www.chinawindsystems.com . Information on the Company's Web
site or any other Web site does not constitute a portion of this
release.
Safe Harbor Statement
This release contains certain "forward-looking statements"
relating to the business of the Company and its subsidiary and
affiliated companies. These forward looking statements are often
identified by the use of forward-looking terminology such as
"believes," "expects" or similar expressions. Such forward looking
statements involve known and unknown risks and uncertainties that
may cause actual results to be materially different from those
described herein as anticipated, believed, estimated or expected.
Investors should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
The Company's actual results could differ materially from those
anticipated in these forward-looking statements as a result of a
variety of factors, including those discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on its website (www.sec.gov). All
forward-looking statements attributable to the Company or to
persons acting on its behalf are expressly qualified in their
entirety by these factors other than as required under the
securities laws. The Company does not assume a duty to update these
forward-looking statements.
For more information, please contact:
Company Contact:
Ms. Teresa Zhang
Chief Financial Officer
China Wind Systems, Inc.
Tel: +1-877-224-6696 x705
Email: teresa.zhang@chinawindsystems.com
Web: http://www.chinawindsystems.com
Investor Relations Contact:
Mr. Shaun Smolarz
Financial Writer
CCG Investor Relations
Tel: +1-646-701-7444
Email: shaun.smolarz@ccgir.com
Mr. Athan Dounis
Account Manager
CCG Investor Relations
Tel: +1-646-213-1916
Email: athan.dounis@ccgir.com
Web: http://www.ccgirasia.com
SOURCE China Wind Systems, Inc.