China Bio Energy Reports Fourth Quarter and Record 2008 Financi...( XI'AN China March 23 Asia-FirstCa...)

XI'AN, China, March 23 /PRNewswire-Asia-FirstCall/ -- China Bio Energy Holdings Group (OTC Bulletin Board: CBEH), a leading manufacturer and distributor of bio-diesel and distributor of petroleum-related products including gasoline, diesel, and heavy oil in China, today announced its financial results for the fourth quarter and fiscal year 2008.

    SUMMARY FINANCIALS

    Fourth Quarter 2008 Results
                                     Q4 2008        Q4 2007        CHANGE
    -Sales                        $59.1 million  $22.3 million     +165.0 %
    Gross Profit                   $7.5 million   $2.7 million     +176.0 %
    GAAP Net Income (Loss)        ($3.3 million)  $2.1 million     -259.3 %
    Adjusted Net Income*           $6.5 million   $2.1 million     +209.5 %
    GAAP EPS                          ($0.13)        ($0.05)          -60 %
    Adjusted EPS (Fully Diluted)*      $0.17         ($0.05)         +340 %


    Fiscal Year 2008 Results
                                     FY 2008        FY 2007        CHANGE
    -Sales                       $216.5 million  $87.1 million     +149.0 %
    Gross Profit                  $30.6 million  $10.1 million     +203.5 %
    GAAP Net Income               $18.7 million   $8.6 million     +118.0 %
    Adjusted Net Income*          $28.6 million   $8.6 million     +232.7 %
    GAAP EPS                           $0.54          $0.21        +157.1 %
    Adjusted EPS (Fully Diluted)*      $0.84          $0.21        +300.0 %

    * Net Income and EPS in the Q4 2008 and Fiscal Year 2008 are non-GAAP
      calculations and do not include $9.8 million of non-cash, stock-based
      compensation charges related to the ''Make Good'' provision of an
      October 2008 financing agreement.

For more information about the non-GAAP financial measures contained in this press release, please see ''About Non-GAAP Financial Measures" below.

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