WUXI, Jiangsu Province, China, Nov. 14, 2011 /PRNewswire-Asia-FirstCall/ -- Cleantech Solutions International, Inc. ("Cleantech Solutions" or "the Company") (NASDAQ: CLNT), a manufacturer of metal components and assemblies, primarily for the wind power industry as well as solar and other industries, today announced that Fernando Liu will step down as chief financial officer for personal reasons effective upon the expiration of his employment agreement on December 31, 2011. Following his departure, Mr. Liu will continue serving as a consultant to continue contributing his knowledge and expertise to the Company in its efforts to expand in the solar, LED and other clean technology industries. The Company plans to initiate a search for a qualified chief financial officer with international management and U.S. capital markets experience. Ms. Xu Wan Fen, financial controller of Wuxi Huayang Electrical Power Equipment Co., Ltd and Wuxi Huayang Dyeing Machinery Co., Ltd., will serve as interim chief financial officer until a successor is named. Ms. Xu has been the financial controller of Wuxi Huayang Electrical Power Equipment Co., Ltd and Wuxi Huayang Dyeing Machinery Co., Ltd. between 2009 to 2011, and she was also the a senior finance manager and financial controller of Wuxi Huayang Dyeing Machinery Co., Ltd. between 2000 to 2009. Wuxi Huayang Electrical Power Equipment Co., Ltd and Wuxi Huayang Dyeing Machinery Co., Ltd. are variable interest entities whose financial statements are included in the Company's consolidated financial statement. "Mr. Liu has been a valuable member of our team and I would like to personally thank him for his contribution to Cleantech Solutions," said Mr. Jianhua Wu, Chairman and CEO of Cleantech Solutions. "We will continue to benefit from Fernando's industry and capital markets knowledge as a consultant to the Company. In the mean time, with his background and history with Cleantech Solutions, we are confident that Ms. Xu is prepared to serve as interim chief financial officer as we initiate our search for a permanent replacement." "It has been a great experience serving as Cleantech Solutions' CFO this year. I look forward to continue working with the management team in a consulting role," commented Mr. Liu. "I will work closely with Ms. Xu and the rest of the management team to ensure a smooth transition."
Cleantech Solutions (CLNT) soared Monday after the metal components manufacturer reported its fourth-quarter results. Revenue increased 29.4% year over year to $22.8 million from $17.6 million mostly due to sales of the company's dyeing and finishing equipment thanks to the demand for Cleantech's low-emission airflow dyeing machines. Net income increased to $2.1 million, or 60 cents per basic and diluted share, from $0.5 million, or 17 cents per basic and diluted share, in the same period one year earlier. Operating expenses decreased 10.7% year over year to $3.1 million from $3.5 million, while operating income increased to $2.8 million from $0.7 million. Operating margin was 12.2% compared to 4.1% in the same period one year earlier. Adjusted EBIDTA rose year over year to $7.3 million from $4.8 million.