NF Energy Saving Corporation Announces 2012 Second Quarter Financial Results
SHENYANG, China, Aug. 13, 2012 /PRNewswire-Asia/ -- NF Energy Saving Corporation. (NASDAQ: NFEC) ("NF Energy" or the "Company"), a leading energy saving services and solutions provider for China's power, petrochemical, coal, metallurgy, construction, and municipal infrastructure development industries, today reported financial results for the three and six months ended June 30, 2012.
2012 Second Quarter Results Highlight
- For the three and six months ended June 30, 2012, the total revenues were $3,302,624 and $4,500,995, respectively.
- For the three and six months ended June 30, 2012, gross profit was $509,758 and $930,289, respectively.
- For the three and six months ended June 30, 2012, net income was $18,854 and $18,965, respectively.
Speaking on behalf of the Company, Mr. Gang Li, the Company's Chairman and Chief Executive Officer, said, "Compared with the first quarter of this year, the increase of total revenues was due to the increase of production because the move to the new manufacturing facility was completed and the facility was partly operational in the second quarter. Also, Phase II of the project is expected to be fully completed in October, 2012. As a result, we believe that the production and the revenues will continue to increase in both the third quarter and fourth quarter, as compared to the first and second quarters of this year." Mr. Li went on to say that, "The annual shareholders meeting will be held in November in Tieling city, Liaoning province, PRC. As the Chairman of the Company, I invite every shareholder who can to visit our new manufacturing facility; we will try our best to grow our business and bring greater value to our shareholders through greater profitability."
About NF Energy Saving Corporation
NF Energy Saving Corporation (NASDAQ: NFEC) is a China-based provider of integrated energy conservation solutions utilizing energy-saving equipment, technical services and energy management re-engineering project operations to provide energy saving services to clients. The Company's customers are mainly concentrated in the electrical generation (large-scale thermal power generation, hydroelectric power, and nuclear power), water supply, and heat supply industries. The majority of revenues are from energy efficient flow control solutions including equipment and energy efficiency project services. For more information, visit http://www.nfenergy.com.
Safe Harbor Statement
The statements contained herein that are not historical facts are considered "forward-looking statements." Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. In particular, statements regarding the completion of Phase II of the Company's new manufacturing facility are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the effect of political, economic, and market conditions and geopolitical events; legislative and regulatory changes that affect our business; the availability of funds and working capital; the actions and initiatives of current and potential competitors; investor sentiment; and our reputation. We do not undertake any responsibility to publicly release any revisions to these forward-looking statements to take into account events or circumstances that occur after the date of this report. Additionally, we do not undertake any responsibility to update you on the occurrence of any unanticipated events, which may cause actual results to differ from those expressed or implied by any forward-looking statements. The factors discussed herein are expressed from time to time in our filings with the Securities and Exchange Commission available at http://www.sec.gov.
SOURCE NF Energy Saving Corporation
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