NF Energy Saving Corporation Announces 2013 Second Quarter Financial Results
SHENYANG, China, Aug. 14, 2013 /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 three and six months ended June 30, 2013.
2013 First Quarter Results Highlight:
- Total revenues were $1.47 million and $2.77 million for the three and six months ended June 30, 2013, respectively.
- Gross profit was $0.43 million and $0.84 million for the three and six months ended June 30, 2013, respectively.
- Net income was $52,017 and $61,782 for the three and six months ended June 30, 2013, respectively.
The decrease in total revenues for the second quarter as compared with the corresponding period last year was primarily was due to the decrease in service revenues, however, net profit increased as compared with the corresponding period last year based upon a decrease in total cost and expense. On the other hand, for the three month period ended June 30, 2013, net profit showed a significant increase of $9,765 from the three month period ended March 31, 2013, as a result of the increase in production capacity as the new manufacturing facility approached completion. The Company anticipates that both revenue and profit will continue to increase in the future as a result of both the gradual increase of orders and the resumption of normal production.
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.
Contact Person: Andy Gao
Phone Number: 0086-24-25609775
SOURCE NF Energy Saving Corporation