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China Bio Energy Reports Fourth Quarter and Record 2008 Financial Results

of $0.13 per diluted share compared to net income of $2.1 million, and a loss of $.05 per diluted share, in the fourth quarter of 2007. Diluted weighted average shares outstanding were 32.9 million and 25.1 million for the fourth quarter of 2008 and 2007, respectively. Adjusted net income for the fourth quarter of 2008, excluding the $9.8 million charge in stock-based compensation expenses related to the ''Make Good'' provision of an October 2008 financing agreement, was $6.5 million or $0.17 per diluted share, which represented a 209.5% increase, compared to the same period in 2007.

Fiscal Year 2008 Financial Results

Sales - Sales for 2008 were $216.5 million, an increase of 149% compared to $87.1 million in 2007. The increase was mainly due to strong growth in bio-diesel sales with production increasing to 58,701 tons in 2008 from 5,836 tons in 2007, solid increases in the Company's distribution segment to existing and new customers, in addition to sales generated by the four newly leased gas stations, which were not managed during 2007.

    Fiscal Year 2008 Revenue Breakdown
                                       FY 2008         FY 2007        CHANGE
    Distribution of Finished Oil   $143.4 million   $82.9 million     +73.0 %
    % of Sales                           66.3%          95.2%
    Bio-Diesel Production           $50.1 million    $4.2 million   +1092.8 %
    % of Sales                           23.1%           4.8%
    Retail Gas Stations             $23.0 million        N/A            N/A
    % of Sales                           10.6%           N/A
    Total Sales                    $216.5 million   $87.1 million      +149 %

Cost of Sales - Cost of sales for 2008 was $185.9 million compared to $77.0 million in 2007, an increase of $108.9 million, or 141%. The increase was due to the sharp rise in production and sales activities during 2008. Cost of sales as a pe

SOURCE China Bio Energy Holdings Group
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