SHENYANG, China, Nov. 13, 2015 /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, 2015.
2015 Third Quarter Results Highlights:
- Total revenues were $2,621,074 and $5,112,078 for the three and nine months ended September 30, 2015, respectively, compared to $2,943,947 and $6,290,346 for the corresponding three and nine months in 2014, respectively, a decrease of $322,673 and $1,178,268, or 57% and 27%.
- The overall gross profit for the Company was $373,127 and $1,006,305 for the three and nine months ended September 30, 2015, respectively, compared to $886,034 and $1,396,869 for the corresponding three and nine months in 2014, respectively, a decrease of $512,907 and $390,564, or 57.89% and 27.96%.
- As far as the accounts receivable is concerned, up to October 31 2015, the Company has subsequently recovered approximately 5.5% of accounts receivable and retention receivables increased by more than 100% as compared with 2% for the same period last year. The main reason was due to the enhanced collection of accounts receivable.
Generally speaking, the overall financial results of the third quarter have decreased when compared with the same period last year, which is due to some product revenues that could not be recognized in the third quarter due to delayed shipments. However, these revenues will be recognized in the fourth quarter along with the final delivery between November and December as planned for under the previous order from the LXB Water Supply 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.
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SOURCE NF Energy Saving Corporation