China Ritar Power (OTCBB: CRTP) is one of those relatively big China-based companies whose stock is traded over the counter. The company specializes in what it calls environmentally friendly lead-acid batteries for use in a wide range of areas, including UPS systems, wind energy, and light electric vehicles. China Ritar Power is usually sparing on its press releases, but this week was an exception with two press releases.Today, the company announced that on April 2, 2008 it will participate in the Brean Murray Investor Tour of China at the Marco Polo hotel in Shenzhen, China. And on March 20, the company announced that construction of the first phase of its new technical and manufacturing complex in Hengyang City, Hunan Province has been completed; lead acid battery production is scheduled to begin in April of this year.
"Due to the quality of our batteries and the high growth rate of the markets we serve, demand for our batteries is increasing and the Hengyang facility will enable us to seize the growth opportunity that lays ahead," said Mr. Jiada Hu, Chief Executive Officer of China Ritar.
The company's last SEC-filed accounting is for the period ending September 30, 2007. Assets of $41 million, including almost $7 million in cash, easily offset the liabilities of $20 million. For the nine months ending September 30, 2007, China Ritar's revenue of $49 million with cost of sales of $38 million left the company with a gross profit of almost $11 million. After operating expenses and taxes, the company still had a net income of $4.5 million, which is an improvement over 2006, when the company had net income of $3.2 million.
At the time this article was written, China Ritar Power stock, CRTP, was trading for $2.70 a share, up almost 4% for the day.
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