NF Energy Saving Corporation Reports Record 3rd Quarter Results Ahead of Previous Guidance

2009年11月14日 05:11美通社 】 【打印共有评论0

-- $7.6 million of revenue and $2.2 million of net income for the three

montHS ended September 30, 2009, up 65% and 104%, respectively, from

year-ago period

-- $0.16 net earninGS per fully diluted share for the three months ended

September 30, 2009

SHENYANG, China, Nov. 14 /PRNewswire-Asia/ -- NF Energy Saving Corporation (OTC Bulletin Board: NFEC, "NFEC"), a Chinese leader in energy efficient flow control systems, reported financial results for its third quarter ended September 30, 2009.

Third Quarter 2009 Highlights:

-- Revenues increased to $7.57 million and $15.20 million for the three

and nine months ended September 30, 2009, respectively, up 65% and 29%

for the same periods last year.

-- Gross profit increased to $2.72 million and $4.92 million for the three

and nine months ended September 30, 2009, respectively, up 119% from

$1.24 million for the same periods last year.

-- Net income was $2.18 million, or $0.16 per fully diluted share, up 104%

from $1.07 million for the same period in last year.

Third Quarter 2009 Results

Revenues were $7.57 million and $15.20 million for the three and nine months ended September 30, 2009, respectively, as compared to $4.60 million and $11.76 million for the corresponding periods in 2008. Total revenues increased by $2.97 million and $3.44 million, a 65% and 29% increase, for the three and nine months ended September 30, 2009, respectively, as compared to total revenues for the three and nine months ended September 30, 2008.

Revenues were up 45% over Q2 of 2009. The overall gross profit for the Company was $2.72 million and $4.92 million, or 119% and 52%, for the three and nine months ended September 30, 2009, respectively. Net income increased by $1.11 million and $0.75 million to $2.18 million and $3.43 million for the three and nine months ended September 30, 2009, respectively.

"We achieved strong financial performance in the third quarter, beTTer than our previously announced guidance," said Mr. Gang Li, President & CEO of NF Energy Saving Corporation. "We continue to achieve product innovation, which enables us to win important bids against our competition. We also are benefiting from the Chinese government's stimulus program, especially in the area of environmental conservation and emISsions reduction. The sustainable development of our business is driven by our high-quality products, name reputation and growing market share."Mr. Li added about the new manufacturing facility currenTLy under construction, "Phase I of our new facility is anticipated to come online in the fourth quarter, which will greatly add to our production capacity and support our future growth."

Nine Month Results

For the nine months ended September 30, 2009, revenues were $15.20 million, up 29% from $11.76 million from the same period last year. Gross profit was $4.92 million, up 52% from the same period 2008.

At the end of the third quarter 2009, the Company had $12.6 million in cash and accounts receivables, $3.7 million in payables and $1.3 million in other current liabilities, and $0.8 million long term liabilities, which are obligations under finance lease. NF Energy is investing in a new facility to meet the growing demand for its proprietary wind turbine components.

About NF Energy Saving Corporation

Website: http://www.nfenergy.com

NF Energy Saving Corporation (OTCBB: 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 current revenues are primarily from its energy saving flow control products. Headquartered in Shenyang city of China, the Company currently has 220 employees and several proprietary energy saving technologies and patents.

Safe Harbor Statement

This press release contains certain statements that may include "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "EXpects," "anticipate," "optimistic," "intend," "will" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those deSCribed herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with and available from the Securities and Exchange Commission. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

For further information, please contact:

American Capital Ventures

Howard Gostfrand

Tel:+1-305-918-7000

Email: info@amcapventures.com

Web:http://www.amcapventures.com

SOURCE NF Energy Saving Corporation

免责声明:本文仅代表作者个人观点,与凤凰网无关。其原创性以及文中陈述文字和内容未经本站证实,对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺,请读者仅作参考,并请自行核实相关内容。

2009中国网民财富报告调查
欢迎订阅凤凰网财经电子杂志《股市晚报》
  共有评论0条  点击查看
 
用户名 密码 注册
所有评论仅代表网友意见,凤凰网保持中立。
     
作者:    编辑: robot
凤凰网财经
今日热图昨日热图
最热万象VIP
[免费视频社区] 锵锵三人行 鲁豫有约 军情观察室 更多
 
 
·曾轶可绵羊音 ·阅兵村黑里美
·风云2加长预告 ·天亮了说晚安
·入狱贪官菜谱 ·刺陵精彩预告片