Clean Diesel Technologies, Inc. Joins Russell Microcap Index
VENTURA, Calif., June 29, 2011-- Clean Diesel Technologies, Inc. (Nasdaq: CDTI) ("Clean Diesel"), a cleantech emissions reduction company, announced today that it has been included in the Russell Microcap Index according to the final list of additions posted June 27, 2011 on www.russell.com/indexes.
According to Russell Investments, membership in the Russell Microcap Index, which remains in place for one year, means automatic inclusion in the appropriate growth and value style indexes. Russell Investments determines membership for its equity indexes primarily by objective, market-capitalization rankings and style attributes.
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies.
About Clean Diesel Technologies, Inc.
Clean Diesel is a vertically integrated global manufacturer and distributor of emissions control systems and products, focused on the heavy duty diesel and light duty vehicle markets. Clean Diesel utilizes its proprietary patented Mixed Phase Catalyst (MPC) technology, as well as its ARIS selective catalytic reduction, Platinum Plus fuel-borne catalyst, and other technologies to provide high-value sustainable solutions to reduce emissions, increase energy efficiency and lower the carbon intensity of on- and off-road engine applications. Clean Diesel is headquartered in Ventura, California and currently has operations in the U.S., Canada, U.K., France, Japan andSweden. For more information, please visit www.cdti.com.
Sky Power Solutions, Corp. (OTCBB: SPOW) Declares Energy Independence Day on the 4th of July by Releasing Video Presentation in Response to Positive Media Reports on the Development of Its Stand Alone, Residential Solar Power Generation System Capable of Producing Over 2 Kilowatts of Electricity With Zero Emissions Using Sun Light as the Only Fuel
MOORESVILLE, NC -- 06/29/11 -- Sky Power Solutions, Corp. (OTCBB: SPOW) (www.skypowersolutions.com), an emerging leader in the development and marketing of next-generation lithium-powered batteries worldwide, and developer of residential concentrated solar collector power systems able to produce 2 Kilowatts (kw) of electric power with ZERO emissions and only Sun Light as the fuel, is pleased to release a video presentation outlining the reasoning behind and the development of Sky Power's residential, stand alone, solar concentrating generation system. This is in response to all the positive media and questions that resulted from previous news releases, and to institute celebration of the 4th of July as Energy Independence Day. "The goal of Sky Power Solutions is to give every energy consumer the opportunity to gain independence from the major power suppliers within their communities, reduce pollution, and help prevent black-outs across the US. We are doing this by providing a solar power generation unit that is environmentally friendly, affordable, compact, and extremely efficient. Every watt produced by solar energy is a watt that has nothing but positive effects on society as a whole," says Steven Edelen, Project Development Manager, Sky Power Solutions Corp.
The residential solar power station will have the ability to reduce the average user's monthly electric grid consumption by up to 30-40% with ZERO emissions and a ZERO carbon footprint using only the power of the Sun. Visually appealing, the Sky Power Solutions system can easily be installed in most backyards taking less than one third of the space of conventional Solar panels. The entry level price point for a Sky Power Solutions' Concentrated Solar electric system is estimated to be $5,000 at release. Multiple units can be combined for increased capacity.
Electric consumption in the United States is increasing while the Energy Information Administration reports that the growth of electric generating capacity is expected to decline significantly after 2012 and remain below 7 gigawatts per year until 2025. Sky Power Solutions has identified this and is geared to respond with the development and potential sales of the Residential Stand-Alone, Solar concentrating, electric generation systems for Residential Electric Power Generation to allow end users to generate and return their substantial surplus electric usage back to the grid using "Net-Metering" and the Sky Power System.
Sky Power Solutions, the exclusive provider of advanced Lithium Ion battery technology to Li-ion Motors Corp. for use in their all electric, zero emission automobiles, sees the growth in consumer acceptance of all electric cars and the increased burden that will place on the US Electric Grid as electrical capacity is expected to decline. The Residential Solar Generation System will augment the Electric Grid by lowering the grid consumption of the users, producing and sending electricity from the residential user's surplus back into the grid causing the user's electric meter to run backwards. This not only reduces their electric bill, but more importantly adds needed power to a stressed grid benefiting everyone.
This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ.
Highway Holdings Reports Fiscal 2011 Fourth Quarter/ Year-End Results
Sales Climb 43.3 Percent for Year; Earnings Up Sharply
HONG KONG, June 29, 2011 -- Highway Holdings Limited (Nasdaq: HIHO) today reported strong results for the fourth quarter and fiscal year ended March 31, 2011, with annual sales almost reaching pre-global recessions levels and record profitability.
Net income for the fiscal fourth quarter climbed almost five-fold to $789,000, or $0.21 per diluted share, from $161,000, or $0.04 per diluted share, a year earlier. Net sales for the same period increased 31.8 percent to $7.9 million from $6.0 million a year earlier.
Net income for fiscal year 2011 climbed sharply to $1.7 million, or $0.44 per diluted share, from $420,000, or $0.11 per diluted share, in fiscal 2010. Net sales for fiscal 2011 increased 43.3 percent to $31.1 million from $21.7 million a year ago.
"Results for fiscal 2011 reflect a strongly improved business environment and the benefits of streamlining operations to enhance operating efficiencies," said Roland Kohl, president and chief executive officer ofHighway Holdings.
He highlighted the two key strategic initiatives implemented during the past few years that have greatly enhance profitability; reducing the company's operations from four factories to one, and the utilization of automation in its manufacturing process. "As a consequence, the company was able to further improve its balance sheet and increase its cash position to take advantage of future strategic growth opportunities," Kohl said.
Gross profits improved for both the fiscal 2011 fourth quarter and year -- increasing by $367,000, or 26.16 percent, and $1,853,000, or 39.4 percent, respectively, compared with the same periods in fiscal 2010. Gross profit as a percentage of net sales remained essentially unchanged at approximately 23 percent and 21 percent for the fiscal fourth quarter and fiscal year, respectively, despite initiatives noted above to reduce the company's manufacturing expenses. However, strong increases in the price of raw materials and higher worker salaries throughout the Southern China region off-set many of the company's cost-saving efforts and the increased utilization of automation.
Selling, general and administrative expenses for the fiscal 2011 fourth quarter were essentially flat compared with a year ago, reflecting the elimination of certain items related to the closing of facilities. For the full fiscal year, selling, general and administrative expenses increased by $490,000 compared with fiscal 2010. The increase in selling, general and administrative expenses for the year reflects higher wages noted above and higher expenses to support increased levels of business. Selling, general and administrative expense as a percentage of net sales decreased from 20.1 percent in fiscal 2010 to 15.6 percent in fiscal 2011.
Operating income for the fiscal fourth quarter more than doubled to $775,000 from $364,000 in the same period a year earlier. For the full year, operating income increased more than five-fold to $1.7 million from $331,000, reflecting strong sales growth and improved management of expenses.
The fluctuation of the Euro/U.S. dollar exchange rates have, in the past, resulted in significant currency exchange gains and losses. Compared to prior years, currency exchange gains/losses were relatively minor as the company in fiscal 2011 realized a currency exchange loss of only $7,000. The company does not undertake any currency hedging transactions. The company does, however, have agreements with certain of its European customers that limit the risk of currency fluctuations.
Kohl noted that the company's balance sheet remains strong with total current assets at March 31, 2011 of $17.0 million; working capital of $10.7 million; and long-term debt, net of the current portion, of only $375,000. The company's current ratio was 2.70:1 at March 31, 2011 compared with 3.18 at March 31, 2010.
Kohl highlighted the company's cash position of $1.82 per diluted share and an increase in total shareholders' equity to $12.6 million at March 31, 2011 from $11.7 million a year earlier - representing approximately $3.33 per diluted share.
About Highway Holdings
Highway Holdings produces a wide variety of high-quality products for blue chip original equipment manufacturers -- from simple parts and components to sub-assemblies and finished products. Highway Holdings' administrative offices are located in Hong Kong, and its manufacturing facilities are located in Shenzhen in the People's Republic of China.
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements which involve risks and uncertainties, including but not limited to economic, competitive, governmental, political and technological factors affecting the company's revenues, operations, markets, products and prices, and other factors discussed in the company's various filings with the Securities and Exchange Commission, including without limitation, the company's annual reports on Form 20-F.
(Financial Tables Follow)
HIGHWAY HOLDINGS LIMITED AND SUBSIDIARIES
Consolidated Statement of Income
(Dollars in thousands, except per share data)
Three Months Ended Year EndedMarch 31, March 31,(Unaudited)
2011 2010 2011 2010Net sales $7,862 $5,964 $31,147 $21,739Cost of sales 6,092 4,561 24,594 17,039Gross profit 1,770 1,403 6,553 4,700Selling, general and administrative expenses 1,025 1,037 4,857 4,367Share of profits (loss) of equity investees 30 (2) 30 (2)Operating income 775 364 1,726 331Non-operating items
Interest expenses (17) (9) (57) (47)Exchange (loss) gain, net 62 (167) (7) 173Interest income 1 -- 3 6Other income 14 24 86 46Impairment loss on property, plan and equipment -- (97) (97)Impairment loss on investment in equity investees -- (2) (2)Total non-operating income (expense) 60 (251) 25 79--
Income before income tax and non-controlling Interest 835 113 1,751 410Income taxes credit (expense) (46) 11 (123) (10)Net Income before non-controlling interests 789 124 1628 400Loss attributable to non-controlling Interests -- 37 22 20Net Income attributable to Highway Holdings Limited shareholders $789 $161 $1,650 $420
Net Income attributable to Highway Holdings Limited
Basic $0.21 $0.04 $0.44 $0.11Diluted $0.21 $0.04 $0.44 $0.11Weighted average number of shares
Basic 3,765 3,755 3,765 3,755Diluted 3,777 3,758 3,777 3,758HIGHWAY HOLDINGS LIMITED AND SUBSIDIARIES
Consolidated Balance Sheet
(In thousands, except per share data)
March 31, March 31,2011 2010Current assets:
Cash and cash equivalents $6,864 $6,279Restricted cash 643 771Accounts receivable, net of doubtful accounts 4,797 3,240Inventories 4,236 3,495Prepaid expenses and other current assets 417 507Total current assets 16,957 14,292Property, plant and equipment, (net) 2,411 2,051Intangible assets, (net) -- 8Investments in equity investees 31 1Total assets $19,399 $16,352Current liabilities:
Accounts payable $3,581 $2,389Short-term borrowings 280 793Long-term loans-current portion 253 --Obligations under capital leases - current portion 41 251Accrual expenses and other liabilities 2,057 1,056Income tax payable 71 --Total current liabilities 6,283 4,489Obligations under capital leases-net of current portion 3 44Deferred income taxes 173 147Long-term loans - net of current portion 375 --Total liabilities 6,834 4,680Shareholders' equity:
Common shares, $0.01 par value 38 38Additional paid-in capital 11,335 11,289Retained earnings 1,206 461Accumulated other comprehensive loss -- (13)Treasury shares, at cost - 37,800 shares and 5,049
shares as of March 31, 2010; and 2011 respectively (14) (53)Total Highway Holdings Limited shareholders' equity 12,565 11,722Non-controlling interest -- (50)Total Equity 12,565 11,672Total liabilities and shareholders' equity $19,399 $16,352_______________________________________________________________________
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