NF Energy Saving Corporation Announces 2013 Annual Financial Results
SHENYANG, China, March 28, 2014
SHENYANG, China, March 28, 2014 /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, 2013.
2013 Annual Results Highlight:
oTotal revenues were $5.67 million for the fiscal year ended December 31,
oGross profit was $1.54 million for the fiscal year ended December 31,
oNet loss was $0.18 million for the fiscal year ended December 31, 2013.
The total revenues and the gross profit for the year decreased as compared
with 2012. Highlights in the business operations of the Company during 2013
1.In 2013, research and development expenses increased by 55% over the prior
period in 2012.
2.In 2013, the proportion of steel cast valves over iron cast valves
increased by 50% as compared with 2012.
3.In 2013, total revenue included revenue derived from environmental
programs, such as desulfurization and dedusting projects.
In addition, during 2013 the Company's recoverability of accounts receivable
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
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