SHENYANG, Liaoning Province, China, March 30, 2016 /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, 2015.
2015 Annual Results Highlights:
- Total revenue was $6.71 million for the fiscal year ended December 31, 2015.
- Gross profit was $1.17 million for the fiscal year ended December 31 2015.
Highlights in the business operations of the Company during 2015 include:
- The LXB sale contract signed by the Company was completed by the end of 2015 and is being installed according to its schedule. Unfortunately, the part of the product manufacturing for this project cannot be shipped to them, which led to an inability to recognize revenues in 2015 of $3 million due to the schedule related to this project having been changed.
- There was no defect or complaint with respect to our shipments, the quality of the product was significantly improved in 2015.
- The dual way sealed butterfly valve and "M type high torque flow control device" manufactured by the Company was very popular in the Chinese domestic market in 2015.
- Currently, the number of signed contracts increased by 50% when compared with the corresponding period in 2015, and the number of exported contracts also increased. The Company guarantees the product's quality and seeks competitive pricing for our clients. On the other hand, the Company would like to improve the capital turnover so as to ensure the steady operation.
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.
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SOURCE NF Energy Saving Corporation