China Ritar Power Reports 1Q2007 Results

China Ritar Power Corp. has announced financial results for the first quarter of the company's 2007 fiscal year, ended March 31, 2007.

For the three months ended March 31, 2007, the company reported revenues of $8.8 million, an increase of 33 percent compared to the $6.6 million reported for the same period last year. Gross profits for the three months ended were $1.6 million, or 18.4 percent of sales, compared to gross profits of $1.4 million, or 20.8 percent of sales, for the same quarter last year. Total operating expenses for the three months ended March 31, 2007 were $0.96 million, or 10.9 percent of sales, compared to $0.68 million, or 10.3 percent of sales, for the same period last year. Net income for the three months ended March 31, 2007 was $0.43 million, or $.03 per common share outstanding (based on 16,027,961 fully diluted weighted average shares outstanding), compared to net income of $0.57 million, or $.05 per common share outstanding (based on 11,694,663 fully diluted weighted average shares outstanding) in the same period a year ago.

The company's cash and cash equivalents balances as of March 31, 2007 were $9.5 million, compared to cash equivalents of $1 million as of December 31, 2006. As of March 31, 2007, the company had working capital of $14.7 million. Stockholders' equity increased 207.4 percent to $16.2 million as of March 31, 2007, compared to $5.3 million as of December 31, 2006.