HUIZHOU, China — China Intelligent Lighting and Electronics, Inc. (“China Intelligent” or “the Company”) (NYSE Amex: CIL), a leading provider of lighting solutions that engages in the design, manufacture, sales and marketing of high-quality LED and other lighting products, today announced its unaudited financial results for the third quarter ended September 30, 2010.
Third Quarter 2010 Financial Highlights
• Total revenue increased year-over-year by $5.41 million, or 36.46%, to $20.25 million.
• Gross profit was $4.68 million, or 23.1% of revenues, compared to $3.39 million, or 22.82% of revenues, for the comparable period in 2009.
• Net income was $2.35 million in the third quarter 2010, an increase of $0.39 million, or 19.90%, compared to a net income of $1.96 million for the third quarter of 2009.
• Diluted net earnings per share were $0.17, based on 13,483,029 weighted-average shares outstanding, compared to diluted earnings per share of $0.28, based on 7,097,748 weighted-average shares outstanding, in the third quarter of 2009.
Ms. Li Xuemei, Chairman and Chief Executive Officer of China Intelligent, said, “Our third quarter results demonstrate progress on our strategy to expand the reach of our OEM and branded lighting product lines. We signed relationships with 10 new distributors during the quarter, and saw our marketing efforts, which leverage our status as a public, NYSE Amex-listed company, result in a steady increase in demand for our Hyundai and CINLE branded products. Our household lighting products also showed strength in the quarter, and we increased the volume and broadened the domestic geographic reach of household lighting product sales. Bolstered by the proceeds from our June 2010 public offering, we have increased our research and development investments, primarily focused on LED technology as it relates to industrial design. Through these investments, we intend to steadily expand our portfolio of lighting products. We are also making strides in our efforts to enhance our production capabilities, increasing the efficiency of production while also implementing procedures that assure product quality. As the lighting industry in China continues its rapid pace of growth, we expect to continue to benefit from increasing urbanization and demand for energy-efficient products.”