China Crescent Enterprises, Inc. CEO Reviews $19.2 Million YTD Revenue and Fourth Continuous Profitable Quarter Driving Toward 2008 $50 Million Profitable Revenue Goal
DALLAS, TX -- (Marketwire) -- 08/20/08 -- China Crescent Enterprsies, Inc. (OTCBB: CCSE)
CEO Paul K. Danner conducted a Webcast yesterday to review second quarter
and year-to-date financials for 2008. An archive of the Webcast is
available at: http://www.investorcalendar.com/IC/CEPage.asp?ID=133303.
Last week, the Company filed SEC Form 10-Q for the second quarter of 2008.
As part of the second quarter results, the Company reported $19.2 million
in revenue for the first six months of 2008, reflecting an 11% increase in
revenue over the first six months of 2007. Notably, net income for the
first six months of 2008 was $321 thousand compared to a loss of $22
thousand for the same period last year. These results also represent four
continuous quarters of profitability for the Company with continued revenue
growth. The Company's forecasted revenue for 2008 is $50 million.
Additional Highlights from the Webcast Include:
-- Revenue for 2nd quarter 2008 increased 5% from 2nd quarter 2007
($10.7m v. $10.2m)
-- Net income (before currency translation) for 2nd quarter 2008 was
$265k compared to loss of $5k for 2nd quarter 2007
-- Stockholders' equity increased 45% from same quarter last year ($3.7m
v. $2.6m)
-- Focus on higher margin business sectors, including managed services
and hardware repair
-- Continuing fundamental financial maturity and momentum towards $50
million 2008 revenue goal
Further Information on China Crescent Enterprises
China Crescent is a U.S. corporation currently providing Information
Technology infrastructure in China to both the private and public sector.
The Company recently changed its name to better position itself in the
Chinese market, and a Fact Sheet on the Company's updates and operations is
now available.
If you are interested in receiving a copy of the Fact Sheet, please email
or call China Crescent Investor Relations at ir@chinacrescent.com or
214-722-3065, with your full name, telephone number, e-mail address, city,
state and country.
Corporate E-mail Updates
To be added to China Crescent's e-mail database to receive company updates
or to obtain more information on the Company, please send an e-mail to
ir@chinacrescent.com or call 214-722-3065.
China Crescent Enterprises, Inc. is a technology leader in the rapidly
developing Chinese market specializing today in software engineering, high
quality software development and digital multimedia outsourcing services
delivered to customers globally. At the same time, the firm is a systems
integrator and value added reseller of major global hardware brands in the
Chinese domestic market.
Headquartered in Dallas with operations in Shanghai and Beijing, China
Crescent bridges the gap between Western and Eastern business cultures to
assist western clients in realizing the advantages of the high quality, low
cost technology products and services available from China. China Crescent
also assists Western clients in localizing products and services to realize
the tremendous growth potential available by expanding into the Chinese
Market.
"SAFE HARBOR STATEMENT" UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995
This press release contains forward-looking statements that involve risks
and uncertainties. The statements in this release are forward-looking
statements that are made pursuant to safe harbor provision of the Private
Securities Litigation Reform Act of 1995. Actual results, events and
performance could vary materially from those contemplated by these
forward-looking statements. These statements involve known and unknown
risks and uncertainties, which may cause China Crescent's actual results in
future periods to differ materially from results expressed or implied by
forward-looking statements. These risks and uncertainties include, among
other things, product demand and market competition. You should
independently investigate and fully understand all risks before making
investment decisions.
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