For the year ended December 31, 2009, revenue increased an estimated 26%, to approximately $53.4 million from $42.3 million in the year ended December 31, 2008. Revenue from the sale of wind energy components exceeded 40% of total revenue in fiscal 2009 and exceeded 52% of total revenues for the fourth quarter of 2009.
For 2009, the non-GAAP net income available to common shareholders increased an estimated 33% to approximately $7.7 million, or $0.34 per diluted share, from $5.8 million, or $0.27 per diluted share, for the year ended December 31, 2008. Non-GAAP fiscal 2009 net income excludes approximately $32,000 of interest expense related to amortization of debt discount from convertible debt and warrants, approximately $462,000 related to a deemed preferred stock dividend, and $128,000 related to interest expense from another debt conversion.
Non-GAAP fiscal 2008 net income excludes $2.3 million of interest expenses related to amortization of debt discount related to convertible debt and $2.9 million related to a deemed preferred stock dividend, and $21,000 related to amortization of debt issuance costs. Full year 2009 preliminary net income available to common shareholders was approximately $7.1 million, or $0.31 per diluted share, up 1,087% from $598,000, or $0.03 per diluted share, for the year ended December 31, 2008.
"In fiscal 2009, our financial performance was primarily driven by the growth in our forged products segment, which increased 91% to $37.9 million from $19.8 million in fiscal 2008. We remain confident in our growth prospects, as we prepare to launch our electro-slag remelted forged product line in March 2010."
China Wind Systems supplies forged rolled rings and shafts to the wind power and other industries and industrial equipment in China.
