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    Jiangsu Jinxiu High Voltage electrical appliance Co.,Ltd.
    Address:Jiangsu province Yangzhou city Jiangdu District Wu Jian Town Industrial Park
    Zip code:225253
    Tel:0514-86603612
           0514-86600769
    Fax:0514-86604655
    E-mail:jxdqzxj@163.www.mikecorsi.com
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    China Power Equipment Reports Higher Revenues and Net Inwww.mikecorsi.come
    Date:[2015/6/20 17:49:17]   Total Reading[41]

    Net Inwww.mikecorsi.come Increased 252%

    Pilot Production at New Line to Start in June

    XI'AN, China, May 17 /PRNewswire-Asia-FirstCall/ -- China Power Equipment, Inc. ("China Power Equipment" or "the www.mikecorsi.company", OTC Bulletin Board: CPQQ), the manufacturer of a new generation of energy saving electric transformers and transformer cores in the People's Republic of China, today reported higher revenues and net inwww.mikecorsi.come for the three months ended March 31, 2010.

    First quarter 2010 highlights

    -- Net revenues increased 113% to $5.75 million in the first quarter 2010

    from $2.70 million in the first quarter 2009.

    -- Gross profit increased 178% to $1.53 million in the first quarter 2010

    from $0.55 million in the first quarter 2009.

    -- Net inwww.mikecorsi.come increased 252% to $1.16 million in the first quarter 2010

    from $0.33 million in the first quarter 2009.

    -- Basic earnings per share increased 300% to $0.08 per share in the first

    quarter 2010 from $0.02 per share in the first quarter 2009. Weighted

    average basic shares outstanding were the same in both first quarters.

    -- Diluted earnings per share increased 150% to $0.05 per share in the

    first quarter 2010 from $0.02 per share in the first quarter 2009.

    Weighted average diluted shares outstanding were 52% higher in the

    first quarter 2010 than in the first quarter of 2009.

    Mr. Yong Xing Song, Chairman of the Board of China Power Equipment, said, "Our sales, net inwww.mikecorsi.come, and earnings per share in the first quarter of 2010 all reflect the very substantial progress we achieved since the first quarter of last year. Our sales increase of 113 percent came from higher tonnage of amorphous alloy cores and transformers that we sold, and much of that sales increase flowed to our net inwww.mikecorsi.come.

    "Market demand continues to be dramatically higher, as expected, since China has started to embrace the energy saving benefits of amorphous alloy step-down transformers. The Chinese government has mandated that in the next few years, China's traditional steel core electric transformers will be gradually replaced by amorphous alloy transformers, because they are far more energy efficient. The actions to start replacing those units are just now beginning to happen, so we are still in the start of our revenue growth curve that should extend for several years."

    China Power Equipment's amorphous alloy cores in the first quarter were up 135 percent in revenues and up 218 percent in gross profit from the first quarter last year. Amorphous alloy transformers in the quarter were up 98 percent in revenues and up 124 percent in gross profit from last year's first quarter.

    The www.mikecorsi.company had no revenues from silicon steel cores and transformers because it has exited that product line entirely to focus on its high-growth amorphous alloy products.

    Mr. Song continued, "Our gross profit margin expanded on somewhat lower prices for our raw material, amorphous alloy strip, expenses remained in good control, and our effective tax rate was a bit higher, so our net inwww.mikecorsi.come increased 252 percent to $1.16 million in the first quarter from the first quarter of last year.

    "Our new amorphous alloy core production line is ready to be installed but was delayed by government safety inspections that included static and dynamic testing of our installation and production overhead cranes, which were approved on May 14. We now expect the pilot production to begin in June. With this new plant, our capacity for amorphous alloy transformer cores will increase by 5,000 metric tons to a total of 6,500 metric tons per year.

    "In addition, our customers are continuing to evaluate our test transformer cores made using the test amorphous alloy strip produced by Beijing Advanced Technology & Science Materials Co., Ltd., ("AT&M"). The test results continue to look promising, and so far, 2 customers have placed total orders with us for 45 metric tons of transformer cores, assuming this potential new second supplier will produce the alloy. We expect that AT&M's entry into the alloy market would not cause us to reduce our orders and would not affect our good relationship with Hitachi Metals Co., Ltd., our primary supplier.

    "With China planning to use amorphous alloy electric transformers in both urban and rural regions, and in both new installations and in replacements, we believe the demand for China Power Equipment's amorphous alloy products should continue to increase for the next several years."

    Revenues

    Three Months Ended March 31,

    2010 2009 Percent

    Revenues%Revenues%change

    Amorphous alloy cores$3,748,626 65.2%$1,594,729 59.0%135.1%

    Amorphous alloy

    transformers 2,005,087 34.8%1,014,336 37.5%97.7%

    Traditional silicon

    steel cores &

    transformers--0.0%93,231 3.5%-100.0%

    Revenues, net$5,753,713 100.0%$2,702,296 100.0%112.9 %

    Net revenues increased $3,051,417 or 112.9% to $5,753,713 in the three months ended March 31, 2010 from $2,702,296 in the first quarter 2009 primarily due to higher tonnage of amorphous alloy cores and transformers sold, in response to more orders from existing customers and new customers. To help fill customers' orders, the www.mikecorsi.company subcontracted the manufacturing of some cores and transformers to other www.mikecorsi.companies. The revenues from traditional silicon steel cores and transformers were zero in the first quarter 2010 because the www.mikecorsi.company has focused on amorphous alloy cores and transformers as its major products and have exited all manufacturing, marketing, and distribution of steel cores and transformers.

    Cost of goods sold

    Three Months Ended March 31,

    2010 2009 Percent

    COGS%COGS%change

    Amorphous alloy cores$2,703,504 62.9%$1,265,934 58.8%113.6%

    Amorphous alloy

    transformers 1,524,164 36.1%799,174 37.1%90.7%

    Traditional silicon

    steel cores &

    transformers--0.0%87,471 4.1%-100.0%

    Cost of goods sold$4,227,668 100.0%$2,152,579 100.0%96.4%

    Cost of goods sold increased $2,075,089 or 96.4% to $4,227,668 in the first quarter 2010 from $2,152,579 in the first quarter 2009 primarily due to higher tonnage of amorphous alloy cores and transformers sold, partly offset by lower prices for amorphous alloy strip, the primary raw material used to make amorphous alloy cores, in the first quarter of 2010 www.mikecorsi.compared with the first quarter 2009.

    Gross profit

    Three Months Ended March 31,

    2010 2009

    Gross Gross Gross Gross Percent

    profit margin profit margin change

    Amorphous alloy cores $1,045,122 27.9%$328,795 20.6%217.9%

    Amorphous alloy

    transformers 480,923 24.0%215,162 21.2%123.5%

    Traditional silicon

    steel cores &

    transformers----5,760 6.2%-100.0%

    Gross profit$1,526,045 26.5%$549,717 20.3%177.6%

    Gross profit increased $976,328 or 177.6% to $1,526,045 in the first quarter 2010 from $549,717 in the first quarter 2009 primarily due to higher sales revenues of amorphous alloy cores and transformers.

    The gross profit margin (gross profit as a percent of total revenues) increased 6.2 percentage points to 26.5% in the first quarter 2010 from 20.3% in the first quarter 2009 primarily due to lower prices for amorphous alloy strip, the primary raw material used to make amorphous alloy cores, in the first quarter 2010 from the first quarter 2009.

    Selling, general, and administration expenses

    Three Months Ended March 31,

    2010 2009

    Percent of Percent of Percent

    $revenues$revenues change

    Selling,

    general, and

    administrative

    expenses$190,304 3.3%$200,553 7.4%-5.1%

    Selling, general, and administrative expenses decreased by $10,249 or 5.1% to $190,304 in the first quarter 2010 from $200,553 in the first quarter 2009 mainly due to lower expenses for the administrative facility expenses and travel, partly offset by higher amortization of intangible assets, higher professional and consulting fees, and higher local taxes resulting from higher revenues.

    Stock-based www.mikecorsi.compensation

    The www.mikecorsi.company incurred $14,810 in stock-based www.mikecorsi.compensation in the first quarter 2010 due to the stock options granted to an officer in the third quarter of 2009. The values of these options are expensed over the terms of the respective vesting periods.

    Gain on investment

    Three Months Ended March 31,Percent

    2010 2009 change

    Gain on investment$36,700$29,964 22.5%

    Gain on investment increased $6,736 or 22.5% to $36,700 in the first quarter 2010 from $29,964 in the first quarter 2009 primarily due to higher earnings from the www.mikecorsi.company's 20% equity method investment.

    Inwww.mikecorsi.come taxes

    Inwww.mikecorsi.come taxes increased $155,659 or 281.2% to $211,009 in the first quarter 2010 from $55,350 in the first quarter 2009 mainly due to the higher net inwww.mikecorsi.come before inwww.mikecorsi.come taxes that resulted from higher revenues.

    Net inwww.mikecorsi.come

    Net inwww.mikecorsi.come increased $830,895 or 253.3% to $1,158,916 in the first quarter 2010 from $328,021 in the first quarter 2009, mainly due to higher revenues, higher gross profits, and good control of expenses that were partly offset by an increase in inwww.mikecorsi.come taxes.

    Liquidity and capital resources

    China Power Equipment has funded its operations and capital expenditures using cash generated from operations and funds raised from issuing convertible preferred stock. It will continue its investment in the development and enhancement of its production facilities for amorphous alloy cores and transformers. The www.mikecorsi.company believes its existing cash will be sufficient to maintain its operations at the present level for at least the next twelve months.

    The following table summarizes the www.mikecorsi.company's liquidity and capital resources as of March 31, 2010 and December 31, 2009. Working capital is defined as current assets minus current liabilities.

    As of March 31,As of December 31,

    2010 2009

    Cash$8,105,276$8,883,188

    Working capital$10,504,409$9,792,968

    Stockholders' equity$18,317,197$17,141,382

    Financial statements follow.

    China Power Equipment, Inc.

    Consolidated Statements of Operations

    (Unaudited)

    Three Months Ended March 31,

    2010 2009

    Revenue, net$5,753,713$2,702,296

    Cost of goods sold(4,227,668)(2,152,579)

    Gross profit 1,526,045 549,717

    Operating expenses:

    Selling, general and

    administrative expenses 190,304 200,553

    Stock-based www.mikecorsi.compensation 14,810--

    Total operating expenses 205,114 200,553

    Net inwww.mikecorsi.come from operations 1,320,931 349,164

    Other inwww.mikecorsi.come (expenses)

    Gain on investment 36,700 29,964

    Other inwww.mikecorsi.come 732--

    Other expenses(146)(14)

    Interest inwww.mikecorsi.come 11,708 4,374

    Interest expense--(117)

    Total other inwww.mikecorsi.come 48,994 34,207

    Net inwww.mikecorsi.come before inwww.mikecorsi.come taxes 1,369,925 383,371

    Inwww.mikecorsi.come taxes 211,009 55,350

    Net inwww.mikecorsi.come$1,158,916$328,021

    Earnings per share - basic$0.08$0.02

    Earnings per share - diluted$0.05$0.02

    Weighted average www.mikecorsi.common shares

    outstanding:

    Basic 14,908,313 14,908,313

    Diluted 22,671,718 14,908,313

    The acwww.mikecorsi.companying notes are an integral part of these financial statements.

    China Power Equipment, Inc.

    Consolidated Balance Sheets

    March 31,December 31,

    2010 2009

    (Unaudited)

    Assets

    Current Assets

    Cash$8,105,276$8,883,188

    Accounts receivable, net 2,435,925 1,949,818

    Advance to suppliers 2,458--

    Inventory, net (Note 3)1,073,949 363,312

    Prepaid expenses and other receivables 280,072 221,670

    Total Current Assets 11,897,680 11,417,988

    Property, plant and equipment, net (Note 4)5,037,440 4,593,068

    Intangible assets, net (Note 5)376,540 391,513

    Long-term investment (Note 6)319,643 282,897

    Deposit on contract rights (Note 7)1,316,540 1,316,328

    Deposit for purchase of equipment 767,982 767,858

    Prepaid capital lease (Note 9)110,125 111,482

    Total Assets$19,825,950$18,881,134

    Liabilities and Stockholders' Equity

    Current Liabilities

    Accounts payable$494,975$549,065

    Accrued liabilities and other payables 334,047 396,656

    Advance from customers 32,765 32,760

    Lease payable - current portion (Note 9)2,156 2,156

    Short-term loan (Note 8)58,513 58,503

    Value-added tax payable 22,459 219,398

    Inwww.mikecorsi.come taxes payable (Note 13)339,656 365,751

    Deposit from investor (Note 10)108,700--

    Total Current Liabilities 1,393,271 1,624,289

    Long-term Liabilities

    Lease payable - non current portion (Note 9)115,482 115,463

    Total Long-term Liabilities 115,482 115,463

    Stockholders' Equity

    Series B convertible preferred stock,

    $0.001 par value, 5,000,000 shares

    authorized, 4,166,667 shares issued and

    outstanding at March 31, 2010 and

    December 31, 2009 4,167 4,167

    Undesignated preferred stock, $.001 par

    value, 5,000,000 shares authorized,

    None issued and outstanding----

    www.mikecorsi.common stock: par value $0.001 per share,

    100,000,000 shares authorized;

    14,908,313 shares issued and outstanding

    at March 31, 2010 and December 31, 2009 14,908 14,908

    Additional paid in capital 21,196,836 21,182,026

    Statutory surplus reserve fund (Note 12)642,819 642,819

    Accumulated deficit(4,569,214)(5,728,130)

    Accumulated other www.mikecorsi.comprehensive inwww.mikecorsi.come 1,027,681 1,025,592

    Total stockholders' equity 18,317,197 17,141,382

    Total Liabilities and Stockholders'

    Equity$19,825,950$18,881,134

    The acwww.mikecorsi.companying notes are an integral part of these financial statements.

    China Power Equipment, Inc.

    Consolidated Statements of Cash Flows

    (Unaudited)

    Three Months Ended March 31,

    2010 2009

    Cash Flows from Operating

    Activities

    Net inwww.mikecorsi.come$1,158,916$328,021

    Adjustments to reconcile net inwww.mikecorsi.come

    to net cash:

    Depreciation and amortization expense 67,100 58,241

    Stock-Based www.mikecorsi.compensation 14,810--

    Gain on investment(36,700)(29,964)

    Changes in operating assets and liabilities:

    Accounts receivable(485,797)500,934

    Advance to suppliers(2,458)35,974

    Inventory(710,586)(351,668)

    Prepaid expenses and other receivables(58,366)4,613

    Accounts payable(54,179)46,172

    Accrued expenses and other payables(62,674)46,106

    VAT tax payable(196,976)(69,199)

    Inwww.mikecorsi.come taxes payable(26,155)(51,722)

    Advance from customers--(109,080)

    Net cash provided by (used in)

    operating activities(393,065)408,428

    Cash Flows from Investing Activities

    Acquisitions of property, plant and

    equipment(55,475)(12,858)

    Addition in construction in progress(438,851)--

    Advances to related parties--(1,899)

    Net cash (used in) investing activities(494,326)(14,757)

    Cash Flows from Financing Activities

    Proceeds from investor deposit 108,700--

    Net cash provided by (used in)

    financing activities 108,700--

    Effect of exchange rate changes on

    cash and cash equivalents:779 1,382

    Increase (decrease) in cash and

    cash equivalents(777,912)395,053

    Cash and cash equivalents,

    beginning of period 8,883,188 1,071,038

    Cash and cash equivalents, end of period$8,105,276$1,466,091

    Supplemental disclosure of cash

    flow information

    Interest paid in cash$--$117

    Inwww.mikecorsi.come taxes paid in cash$237,164$107,072

    The acwww.mikecorsi.companying notes are an integral part of these financial statements.

    About China Power Equipment, Inc.

    China Power Equipment, Inc., is a U.S. corporation, which through its wholly-owned subsidiary, An Sen (Xi'an) Power Science & Technology Co., Ltd. and its affiliated operating www.mikecorsi.company, Xi'an Amorphous Zhongxi Co., Ltd., designs, manufactures, and distributes amorphous alloy transformer cores and amorphous alloy core electricity transformers in the People's Republic of China. The www.mikecorsi.company currently manufactures 59 different products, primarily amorphous alloy cores and amorphous alloy core transformers.

    Safe harbor

    Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements.

    The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the success of the www.mikecorsi.company's investments, risks and uncertainties regarding fluctuations in earnings, its ability to sustain its previous levels of profitability including on account of its ability to manage growth, intense www.mikecorsi.competition, wage increases in China, its ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, its ability to successfully www.mikecorsi.complete and integrate potential acquisitions, withdrawal of governmental fiscal incentives, political instability and regional conflicts and legal restrictions on raising capital or acquiring www.mikecorsi.companies outside China.

    Additional risks that could affect the www.mikecorsi.company's future operating results are more fully described in its filings with United States Securities and Exchange www.mikecorsi.commission. These filings are available at http://www.sec.gov .

    The www.mikecorsi.company may, from time to time, make additional written and oral forward-looking statements, including statements contained in its filings with the Securities and Exchange www.mikecorsi.commission and its reports to shareholders. The www.mikecorsi.company does not undertake to update any forward-looking statements that may be made from time to time by or on its behalf.

    For more information about China Power Equipment please visit its website at http://www.chinapower-equipment.www.mikecorsi.com .

    For more information, please contact:

    China Power Equipment, Inc.

    Tel:+1-646-623-6999 in the USA

    Email: xa-fj@xa-fj.www.mikecorsi.com

    Web:www.chinapower-equipment.www.mikecorsi.com

    or

    Christensen

    Mr. Yuanyuan Chen (English and Chinese)

    Mobile: +86-139-2337-7882 in Beijing

    Email:ychen@christensenir.www.mikecorsi.com

    Mr. Tom Myers (English)

    Mobile: +86-139-1141-3520 in Beijing

    Email:tmyers@christensenir.www.mikecorsi.com

    Ms. Kathy Li (English and Chinese)

    Tel:+1-212-618-1978 in the USA

    Email:kli@christensenir.www.mikecorsi.com

    SOURCE China Power Equipment, Inc.

     
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