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Despite Devastating Earthquake, Apollo Solar Reports Sales, Profit Increases.

ENERGY RESOURCE-15 April 2009-Despite Devastating Earthquake, Apollo Solar Reports Sales, Profit Increases(C)2009 JeraOne - http://www.jeraone.com

Apollo Solar Energy today reported that net sales increased 248% in 2008 to $6.9 million, compared to $2.0 million in the previous year.

A vertically integrated miner, refiner and producer of tellurium (Te) and high-purity tellurium based metals for specific segments of the global electronic materials market, Apollo Solar also announced that gross profit for 2008 increased 164% to $1.8 million compared to $1.1 million in the prior year.

The figures cover the 12 months ending December 31, 2008. Also included in the financial results issued today:

-- Total operating expenses for 2008 were $1.5 million, or 21.7% of net sales, compared to $0.2 million, or 9.7% of net sales, in the prior year.

-- Operating profit for 2008 was $0.29 million compared to $0.49 million in the prior year.

-- Net income for 2008 was $18,592, or $0.001 per diluted share, compared to $493,922, or $0.01 per diluted share in the prior year

"We are excited about our operating results for 2008, especially in light of the current economic conditions. It has been a challenging year as we had the earthquake in May that in addition to being devastating, stopped all our production," said Hou Renyi, CEO and Chairman of Apollo Solar Energy. "We were also in transition for a majority of the year, building a new production facility and moving from the old production facility to the new facility. We are now well positioned to take advantage of this modern facility and make use of the capacity to produce more products to sell to our customers."

The company also noted that on April 10, it signed a variable interest entity agreement with Sichuan Xinju Mineral Resources Development Corporation and certain of its shareholders holding a majority of its voting stock.

Under the terms of the VIE, Apollo Solar was granted the exclusive exploration rights to the Dashuigou area and mining rights to the tellurium mine in Majiagou owned by Xinju in accordance with a license granted by the Chinese government, which extends through January, 2013, subject to potential renewal thereafter.

The company's products include CdTe thin-film compounds, CIGS thin-film compounds, Ultra-high purity metals, and commercial-purity metals.

((Comments on this story may be sent to newsdesk@jeraone.com))

((Distributed via M2 Communications Ltd - http://www.m2.com))
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Publication:Energy Resource
Article Type:Financial report
Date:Apr 15, 2009
Words:408
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