Good morning. My name is (inaudible) and I will be your conference operator today. At this time, I would like welcome everyone to the Cleantech Solutions Second Quarter 2012 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers remarks, there will be a question and answer session. (Operator Instructions). Thank you. Ms. Ketchmere, you may begin your conference. Elaine Ketchmere Thank you for your time. Good morning ladies and gentleman and good evening to those of you who joining in from China. I’d like to welcome you to Cleantech Solutions earnings conference call for the second quarter of 2012. Listening today on the call are Cleantech Solutions Vice President of Financial Reporting, Mr. Adam Wasserman, and Vice President of Operations, Mr. Ryan Hua. Also on the call is Mabel Zhang from CCG, Investor Relations, she will provide translation from Mr. Hua. At this time, I remind our listeners that on the call management’s prepared remarks contain forward-looking statements which are subject to risks and uncertainties and that management may make additional forward-looking statements in response to your questions. Therefore, the company claims for protection of the Safe Harbor in these forward-looking statements that is contained in the Private Securities Litigation Reform Act of 1995. Actual results may differ from those expressed today and therefore we refer you to more detailed section of the risk and uncertainties in the company’s filings with the U.S Securities and Exchange Commission particularly in the risk factors in our Form 10-K for the year ended December 31, 2011 and management’s expression and analysis of financial conditions and results of operation in our Form 10-K for the year ended December 31, 2011 and Form 10-Q filed for the quarter ended June 30, 2012.
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.