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Cleantech Solutions International Management Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: CLNT

In addition, any projections as for the company’s future performance represent management as of today August 15, 2012. Cleantech Solutions International Inc assumes no obligation to update these projections in the future as market conditions change. At this point, I would also like to state on this call we will be discussing non-GAAP financial measures, adjusted EBITDA and non-GAAP net income.

We present these financial measures as a supplement to our GAAP results because we believe it provides useful information in analyzing and benchmarking the performance of our operations, and assist investors in analyzing our year-over-year financial performance. Please visit our earnings press release for a complete reconciliation of adjusted EBITDA and non-GAAP net income to net income.

And now it’s my pleasure to welcome Cleantech Solutions Vice President of Financial Reporting Mr. Adam Wasserman who will deliver management prepared remarks covering operations and financing performance today. Adam, please proceed.

Adam Wasserman

Hey, thank you Elaine. Good morning and thank you for joining us on our call today. We appreciate your continued support in Cleantech Solutions. During the second quarter of 2012, our sales improved 1.8% on year-over-year basis and increased 36.4% compared to the first quarter of 2012. As compared to the first quarter of 2012, our sales increased across all segments probably driven by market demand and due to the decline in sales during the first quarter of 2012 by the result of seasonality related to the Chinese New Year holiday. European growing market demand for our dyeing machines for our solar products. We also pleased to see some modest increases in demand for forged rolled rings to heavy equipment industry.

With the exception of sales in wind industry, sales from our business segment reported year-over-year growth. We believe such revenue growth is in line with the increase in order volume we are seeing from our existing and new customers. This demonstrates the high quality of our products and our technical capabilities.

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