China Premium Lifestyle Enterprise, Inc. Reports Positive Fiscal Second Quarter Results

2008-08-13 12:42:00

 Company Reports Profit on Year over Year Quarterly Revenues Growth of 24%



    HONG KONG, Aug. 13 /EMWNews/ -- China Premium Lifestyle

Enterprise, Inc. (OTC Bulletin Board: CPLY) today reported its 2008 fiscal

second quarter results for the quarter ended June 30, 2008.



    For the quarter ended June 30, 2008, the Company reported net sales

increased 24% to approximately $31,248,000, compared with approximately

$25,116,000 for the same period of 2007. The increase was primarily

attributable to the increased sales from our new and used vehicle trading

segment. The increase in sales of vehicles was primarily due to the launch

of the Ferrari 8-cylinder sports car, the "430 Scuderia," and an increase

in deliveries of the Maserati 8-cylinder, two-door 2+2 coupe, the

"GranTurismo," which was launched in the last quarter of 2007. The increase

in parts and service sales was mainly attributed to the increase in

deliveries of Ferrari and Maserati cars to customers during the last few

years.



    Gross profit margin for three months ended June 30, 2008 increased by

1.9% from 14.7% for the same period of 2007 to 16.6% for the current period

and the gross profit increased by approximately $1,506,000 to approximately

$5,200,000 for the three months ended June 30, 2008. This increase is

mainly attributed to the new and used vehicles trading segment. Gross

profit margin increase in the second quarter of 2008 was mainly due to

deliveries of the "GranTurismo" and the "430 Scuderia."



    Net total sales for six months ended June 30, 2008 increased by

approximately $10,568,000 or 25.1% to approximately $52,695,000, compared

with approximately $42,127,000 for the same period of 2007. Gross profit

margin for six months ended June 30, 2008 increased by 1.7% from 14.7% for

the same period of 2007 to 16.4% for the current period and the gross

profit increased by approximately $2,449,000 to approximately $8,662,000

for the six months ended June 30, 2008.



    Joseph Wong, Chief Financial Officer, stated: "We continue to have

strong cash flow, our operation generating cash resources of approximately

$588,000 for the first six months of 2008." He added, "The Company had

repaid approximately $1.5 million debt in this period, and this will

further lower the finance costs of the company."



    Richard Lee, Chairman and CEO, stated, "I am pleased to again report

continued revenue growth and profitability on the back of our profitable

2007 fiscal year. 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."



    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

Major Newsire & Press Release Distribution with Basic Starting at only $19 and Complete OTCBB / Financial Distribution only $89

Get Unlimited Organic Website Traffic to your Website 
TheNFG.com now offers Organic Lead Generation & Traffic Solutions