NF Energy Saving Corporation Announces
2012 First Quarter Financial Results
Shenyang, Liaoning Province, China, May 10, 2012 ¨C 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 its financial results for the three months ended March 31, 2012.
2012 First Quarter Results Highlight
For the three months ended March 31, 2012, the total revenues were $1.2 million.
Gross profit was $0.42 million for the three months ended March 31, 2012.
Net income was $111 for the three months ended March 31, 2012.
Speaking on behalf of the Company, Mr. Gang Li, Chairman and CEO, said ¡°The decrease of revenues from the prior period was primarily due to the decline of production impacted by the moving to the new manufacturing facility. However, in connection with the construction of third and fourth phases of the plant, which are expected to be completed by May 30, 2012 and June 30, 2012, respectively, five new workshops should be coming into service. With this , the state of the Company¡¯s business should be improving over the course of the year. Furthermore, the Company¡¯s annual shareholders meeting will be held around the end of third quarter/beginning of the fourth quarter in Tieling city, Liaoning province, PRC. As the chairman and CEO of the Company, I invite every shareholder to attend and visit our new business and industrial park; we will put in our best efforts to grow our business for the benefit of our shareholders¡±.
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.