NF Energy Saving Corporation Announces 2013 Third Quarter Financial Results

 NF Energy Saving Corporation Announces 2013 Third Quarter Financial Results

PR Newswire

SHENYANG, China, Nov. 14, 2013

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:

  oTotal revenues were $1.33 million and $4.11 million for the three and nine
    months ended September 30, 2013, respectively.
  oGross profit was $0.42 million and $1.26 million for the three and nine
    months ended September 30, 2013, respectively.
  oNet (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.

Andy Gao
Tel: +86-24-25609775
Email: info@nfenergy.com

SOURCE NF Energy Saving Corporation

Website: http://www.nfenergy.com
 
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