Message #9 From:
NewsBot Date: April 13, 2008 11:08:48 PM
China Premium Lifestyle Enterprise Inc. Reports Record Year End Results
Company Reports Year over Year Profits Increased 47% on Year over Year Sales Growth of 49%
HONG KONG, April 1, 2008 /PRNewswire-FirstCall/ -- China Premium Lifestyle
Enterprise, Inc. (OTC Bulletin Board: CPLY) today reported its 2007 fiscal
year end results for the year ended December 31, 2007.
For the year ended December 31, 2007, the Company reported net sales
increased 49% to approximately $106.5 million compared to $71.5 million for
the same year ended December 31, 2006. For the same period, the Company
reported a net profit increase of 47% to approximately $822,000 or
approximately $.03 in diluted earnings per share, compared to $559,000 or $.02
in diluted earnings per share.
The company attributed the growth in sales to its new and used vehicle
trading segment, with significant increases in deliveries of Ferrari's 8-
cylinder models, the F430 and F430 Spider, together with the sellout
performance of the new Ferrari 12-cylinder, the 599 GTB Fiorano. The launch of
the Maserati GranTurismo also fueled the growth of sales in 2007.
Vehicle sales were approximately $100 million for 2007 compared to
approximately $65.6 million in the similar period of 2006. Sales of parts and
service increased in 2007 to approximately $6.5 million as compared to
approximately $5.9 million for the preceding period. The increase in parts and
service sales was attributed to significant growth of both Ferrari and
Maserati customers during the last few years, now requiring parts and service
for regular maintenance.
Richard Lee, Chairman and CEO, stated: 'I am delighted to report our
record fiscal year end 2007 results. We continue to show high growth in our
sales of new models and current cars as well as the beginning of growth in
parts sales and service as a consequence. This strong foundation continues to
enable us to incorporate other high end brands into our platform as we
continue to develop China Premium Lifestyle Enterprise Inc. We are very
optimistic about 2008, having recently added additional significant brands
like Richmond clothing and AgustaWestland helicopters to our growing portfolio
of ultra-luxury offerings.'
China Premium Lifestyle Enterprise, through its 49%-owned entity, has
established itself as a leading Ferrari and Maserati importer, distributor and
dealer in Hong Kong and dealer in China, having been affiliated with Ferrari
and Maserati since 1992 and 1994 respectively. The company is expanding its
offerings to include other luxury brands and goods from around the world,
which it markets to its already established base of wealthy Chinese
individuals.
The Private Securities Litigation Reform Act of 1995 provides a safe
harbor for forward-looking statements made on behalf of the Company and its
subsidiaries. All such forward-looking statements are, by necessity, only
estimates of future results and actual results achieved by the Company may
differ materially from these statements due to a number of factors. Any
forward-looking statements speak only as of the date made. Statements made in
this release that are not purely historical are forward-looking statements,
beliefs, plans, expectations or intentions regarding the future. Risk factors
that may cause results to differ from projections include, without limitation,
loss of suppliers, loss of customers, inadequate capital, competition, loss of
key executives, declining prices, and other economic factors. The Company
assumes no obligations to update these forward-looking statements to reflect
actual results, changes in assumptions or changes in other factors affecting
such statements. Investors should independently investigate and fully
understand all risks before making investment decisions.
Contact: Jason Assad C&H Capital Inc. 678-570-6791 jasona@chinapremiumlifestyle.com
