CHENGDU, China / May 12, 2014 / Apollo Solar Energy, Inc. (OTCQB:ASOE - News) ("the Company"), a vertically integrated refiner and producer of high purity tellurium (Te), tellurium-based compounds and other metals for the solar photovoltaic (PV) industry and specific segments of the electronic materials market worldwide reported 2013 earnings in its Form 10-K filed with the Securities and Exchange Commission on May 8, 2014.
Sales for the twelve months ended December 31, 2013 were $16,838,764, compared to sales of $4,082,303 in the same period in 2012, an increase of $12,756,461, but the sales included $11,982,786 from a special trade project that only made a net profit of $19,016. Therefore, sales in 2013 were $6,127,868, compared to the sales of $4,082,303 in the same period in 2012, an increase of $2,135,565, or approximately 52.31%.
For the twelve months ended December 31, 2013, the Company had a net loss of $2,518,130, compared to a net loss of $5,227,750 for the same period in 2012. But net cash loss, deducting non-cash items and US listing expenses, was $768,852, compared with $2,431,147 in the same period in 2012. The primary reasons for the decrease in net loss in 2013 included an increase in sales, reduction of administrative expenses, plus a government grant.
The 10K disclosed the following important issues about the Company's operation. On June 17, 2013 the Company filed a charge with the local bureau of economic criminal investigation at Chengdu City against Mr. Renyi Hou, who was the CEO of Apollo Solar until 2010. The charge alleged that, between 2007 and 2010, Mr. Hou caused improper loans of 132 million RMB to be made by Sichuan Apollo to Sichuan Xinju Mineral Resources Development Co., Ltd. an entity in which Mr. Hou owns the majority interest but that is party to the VIE Agreements with our subsidiary, Sichuan Xinlong. There is a 59.818 million RMB account receivable from Xinju Mineral by the end of December 2013. The charge also alleged that in 2009 Mr. Hou caused Sichuan Apollo to make excess payments to the construction company that was constructing the new facility for Sichuan Apollo. On November 19, 2013 the local bureau dismissed the charge. Sichuan Apollo appealed the dismissal in December 2013.
"Apollo improved its financial results in 2013. We believe this improvement in our results of operations strongly indicates we are now on the right track," Dr. Jingong Pan, CEO of Apollo Solar, stated. Dr. Pan added, "Our new marketing strategy to increase three product lines such as material for solar panel glass, material for signal integrated processors, and substrate material for LED panels helped us increase our sales and we also reduced expenses. We will continue pursuit of these strategies to deliver better results in the further. Besides, Apollo expects to solve its historical problems and will become profitable as soon as possible."
About Apollo Solar Energy, Inc.
Apollo Solar Energy, Inc., through its subsidiary, Sichuan Apollo Solar Science and Technology Co., is primarily engaged in refining and producing high purity tellurium (Te), tellurium-based compounds and other metals for thin film solar PV industry and for specific segments of the electronic materials market worldwide. The Company's products include CdTe thin-film compounds, CIGS thin-film compounds, ultra- high purity metals and commercial-purity metals.
Safe Harbor Statement
The statements contained in this press release that are not historical facts are "forward-looking statements" within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," or "anticipates," or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. In particular, the statements regarding the Company's expectation of its future success and that the Chinese government's support of solar energy development will increase demand for the Company's products, are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including but not limited to, general economic conditions and regulatory developments, not within our control. The factors discussed herein and expressed from time to time in our filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed or implied by such statements. The forward-looking statements are made only as of the date of this press release, and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstance.
For more information, please contact:
Mr. Simon Li, Assistant President,
Apollo Solar Energy, Inc.
SOURCE: Apollo Solar Energy, Inc.
Release ID: 44146