Solar Power International 2009

• Reyad Fezzani, BP Solar
• John Woolard, BrightSource
• Kevin Law, Long Island Power Authority
• Carlos Domench, SunEdison

Panel 2: Surviving the Solar Shakeout, Thursday, Oct. 29, 8:30 – 10:00 a.m. Moderated by: Anne Thompson, NBC

• Jeffery Wolfe, groSolar
• Tom Werner, SunPower Corp.
• Dr. Zhengrong Shi, Suntech

China Solar & Clean Energy Solutions, Inc. Reports Second Quarter 2009 Financial Results
BEIJING, Aug. 12 /PRNewswire-Asia/ -- China Solar & Clean Energy Solutions, Inc. (Formerly known as "Deli Solar (USA), Inc.") (OTC Bulletin Board: CSOL) ("China Solar"), a premier manufacturer and distributor of solar water heaters, space heating devices and provider of renewable energy solutions in the People’s Republic of China ("PRC"), today reported its financial results for the second quarter ended June 30th, 2009.
Second Quarter 2009 Results
Second quarter 2009 net revenue was $9.66 million, a decrease of $6.18 million, or 39%, from $15.84 million for the same period last year. As the Company shifted its focus to winning larger energy-saving projects, the sales revenues for the heat-pipe equipments and energy-saving projects increased by $2.35 million, or 40.2%, to $8.2 million due to the completion of several large projects in the quarter; while the sales revenue for solar heaters, biomass stoves and boiler related products decreased by 85.4% to $1.46 million due to intensive competition in the market of solar heaters.
Net income was $1.1 million for the three months ended June 30, 2009, with diluted earnings per share (EPS) of $0.07, primarily due to the disposal of Shenzhen Pengsangpu Solar Industrial Products Corporation ("SZPSP") and an increase in the sales of heat-pipe equipments and energy-saving projects. For the first quarter of 2009, the net loss was $0.94 million with diluted loss per share at $(0.07).
Cash and cash equivalents increased to $2.7 million as of June 30, 2009, compared to $1.4 million as of March 31, 2008. The increase in cash and cash equivalents is attributable to the increase in sales of heat pipe related equipments and energy-saving projects and the divestiture of Shenzhen Pengsangpu Solar Industrial Products Corporation (‘SZPSP’), which had been a major drag on profits.
Business Strategy and OuT Look
Mr. Deli Du, Chief Executive Officer and President of China Solar, commented, "Our strategy of business transition from being a product manufacturer and distributor to a services and solutions provider has shown indicators of success," said Mr. Du, "I am satisfied with the improvement of our financial performance and successive winning bids in large projects by Tianjin Huaneng. As we decide to focus our resources on more profitable opportunities and effectively leverage our leading new energy technology, partnerships with leading clean energy institutions, extensive industry experience in new energy sector and nation-wide distribution network, we have discovered greater synergies across our product and service offerings."
"I am also satisfied with the visible progress in our corporate-wide efforts to improve our operating efficiency and internal controls to ensure timely financial reporting and regulatory compliance. We began to implement a company-wide ERP system as part of our efforts to standardize accounting practices and to ensure China Solar is fully in compliance with requirements by the Sarbanes-Oxley Act ("SOX"), laying a strong foundation for a sustainable growth," said Mr. Du.
Looking ahead, "exciting developments are taking place in the solar energy market in China, following the government’s recent policies of a series of solar subsidy programs. As one of the first industry players, we believe our global experience combined with our existing capabilities and nationwide sales network in China, as well as our strong government relationships give us a unique opportunity to gain market share in the rapidly growing Chinese new energy market. I firmly believe that China Solar will soon achieve solid revenue growth and profits.We are dedicated to becoming a strong, profitable and responsible enterprise to serve the best interests of our shareholders," concluded Mr. Du.