NF Energy Saving Corporation Announces 2013 Third Quarter Financial Results
SHENYANG, China, Nov. 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 nine months ended September 30, 2013.
2013 Third Quarter Results Highlight:
- Total revenues were $1.33 million and $4.11 million for the three and nine months ended September 30, 2013, respectively.
- Gross profit was $0.42 million and $1.26 million for the three and nine months ended September 30, 2013, respectively.
- Net (loss) income was ($25,262) and $36,520 for the three and nine months ended September 30, 2013, respectively.
The Company terminated two export contracts derived from South Korea customers because of their low profit margins due to the fluctuations in the market and the Company also terminated other contracts with lower profit margins in order to improve the financial condition of the Company. Revenues for the quarter decreased as compared with the corresponding period in 2012, but the Company increased sales of its large diameter electric butterfly product, which have a higher profit margin than the Company's other products. Therefore, gross profit increased as compared with the corresponding period in 2012.
Along with attention given to the Energy conservation and environmental protection industry by the Chinese government, the Company enhanced and expanded sales efforts in certain industrial fields, including electric power, metallurgy, petrochemical, building materials etc. Currently, the Company secured three projects from Shenyang Forging Industry Ltd., including a cement grinding slag & dust collector project and a coal mill dust collector pre-heater bag dust collector retrofitting project. Meanwhile, in order to generate additional revenues, the Company is looking for the strategic parties that could cooperate with or form a joint venture with the Company in an overseas project.
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