-- $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. 13 /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
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
DATASOURCE: NF Energy Saving Corporation
CONTACT: Howard Gostfrand, American Capital Ventures, +1-305-918-7000,
Web site: http://www.nfenergy.com/
NF Energy Saving Corp. (NASDAQ:NFEC)
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