China Architectural Engineering Reports $106.3 Million Backlog for 2008
17 Enero 2008 - 8:00AM
Business Wire
China Architectural Engineering, Inc. (CAE) (AMEX:RCH), a leader in
the design, engineering, fabrication and installation of high-end
curtain wall systems, today reported that its backlog for 2008
currently stands at approximately $106.3 million. The backlog
figure consists of 17 separate domestic and international
contracts. Of that amount, the Company said it expects to book
approximately $80.3 million in new revenue in 2008 based on
contracted projects not yet started as of December 31, 2007, with
additional revenue of approximately $26 million from projects
already underway. Ken Yi Luo, China Architectural Engineering�s
Chairman and CEO, commented, �Our current backlog, the highest ever
reported by CAE, is one indication that 2008 should be a banner
year. It is especially worth noting that the growth in orders is
being propelled by a sharp rise in orders from outside China. This
shows that the Company�s strategy of seeking growth with aggressive
expansion beyond its core market is bearing fruit.� CAE said the
increase was due primarily to rapid growth in overseas orders. Of
the 2008 backlog, 36% consists of orders for projects outside CAE�s
home market of China. This is a substantial increase in such orders
from the fourth quarter of 2007, when they comprised about 21% of
the expected revenue total. CAE views backlog as an important
statistic in evaluating its level of sales activity and short-term
sales trends in its business. It also cautions that backlog is only
one indicator and not the most effective indicator of the ultimate
profitability of its revenues. To be added to China Architectural
Engineering's investor lists, please contact Haris Tajyar at
htajyar@irintl.com or at 818-382-9702. About China Architectural
Engineering, Inc. China Architectural Engineering, Inc. (AMEX:RCH),
which began operations in 1992, specializes in the design,
engineering and installation of high-end specialty curtain wall
systems, including glass curtain walls, stone curtain walls, metal
curtain walls, roofing systems, and related products, for public
works projects and commercial real estate. CAE has designed and
installed nearly one hundred projects throughout China, including
the National Grand Theater, Exhibition Conservatory of Beijing
Botanical Garden, The COSCO Tower at Changlian Avenue Beijing, and
the Wumen Exhibition Hall in Beijing�s Forbidden City, and a number
of commercial structures in Southeast Asia. For further information
on China Architectural Engineering please visit
www.caebuilding.com. Forward Looking Statements: In addition to
historical information, the statements set forth above include
forward-looking statements that may involve risk and uncertainties
that could cause actual results to differ materially from those in
the forward-looking statements. Such risks and uncertainties
include, but are not limited to, the Company�s dependence on
government contracts, changes in the laws of the PRC that affect
the Company�s operations, fluctuation and unpredictability of costs
related to the Company�s products and services,�the Company�s
dependence on the steel and aluminum markets, reduction or reversal
of the Company�s recorded revenue or profits due to �percentage of
completion" method of accounting and expenses and costs associated
with the issuance of convertible bonds. The forward-looking
statements are also identified through use of the words �believe,�
�enable,� �may,� �will,� �could,� �intends,� �estimate,�
�anticipate,� �plan,� �predict,� �probable,� �potential,�
�possible,� �should,� �continue,� and other words of similar
meaning. Actual results could differ materially from the
expectations contained in forward-looking statements as a result of
several factors, including regulatory approval requirements and
competitive conditions. These and other factors that may result in
differences are discussed in greater detail in the Company�s
reports and other filings with the Securities and Exchange
Commission.
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