NF Energy Saving Corporation Announces 2013 Annual Financial Results
SHENYANG, China, March 28, 2014 /PRNewswire/ -- 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 fiscal year ended December 31, 2013.
2013 Annual Results Highlight:
- Total revenues were $5.67 million for the fiscal year ended December 31, 2013.
- Gross profit was $1.54 million for the fiscal year ended December 31, 2013.
- Net loss was $0.18 million for the fiscal year ended December 31, 2013.
The total revenues and the gross profit for the year decreased as compared with 2012. Highlights in the business operations of the Company during 2013 include:
- In 2013, research and development expenses increased by 55% over the prior period in 2012.
- In 2013, the proportion of steel cast valves over iron cast valves increased by 50% as compared with 2012.
- In 2013, total revenue included revenue derived from environmental programs, such as desulfurization and dedusting projects.
In addition, during 2013 the Company's recoverability of accounts receivable improved.
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 efficacy of investment in research and development 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