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China Bio Energy Reports Fourth Quarter and Record 2008 Financial Results
Date:3/23/2009

ons by the management with emphasis on cost control. Fully diluted GAAP earnings per share were $0.54 compared to $0.21 based on 32.9 million and 25.1 million diluted shares outstanding. Excluding the non-cash charge of stock-based compensation, the Company would have reported fiscal year 2008 fully diluted earnings of $0.84 per share.

Liquidity and Capital Resources

Cash and cash equivalents were $23.1 million on December 31, 2008, which includes $14 million from financing completed in October 2008), compared to $1.4 million on December 31, 2007. The Company had working capital of $67.5 million on December 31, 2008 and a current ratio of 7.3 to 1. Inventories were $22.3 million and the accounts receivable balance was $8.2 million on December 31, 2008, compared to $12.0 and $0.3 million on December 31, 2007, respectively. The annualized days sales outstanding for the fiscal year 2008 were 7 days. Net cash provided by operations was $8.7 million in 2008, compared to $5.1 million used by operations in 2007. The net cash inflow increased during 2008 was primarily due to a large increase in net income, excluding $10.9 million in non-cash charges.

Financial Outlook for 2009

Management expects to report fiscal year 2009 revenues of at least $240.7 million and net income of at least $33.7 million, representing an increase of 11% and 18% compared to 2008 revenue and adjusted net income, respectively. Guidance includes the addition of 50,000 tons of incremental bio-diesel production capacity expected to come online during Q3 2009 and does not include the planned acquisition or lease of additional retail services stations.

Business Outlook for 2009

China Bio Energy's management plans to focus on growing its bio-diesel production, its distribution business, and expanding the footprint of its retail service stations. On the distribution and retail side, the Company b
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SOURCE China Bio Energy Holdings Group
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