May 16, 2016 - 9:30 AM EDT
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NF Energy Saving Corporation Announces 2016 First Quarter Financial Results

SHENYANG, China, May 16, 2016 /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 months ended March 31, 2016.

2016 First Quarter Results Highlight

  • The total revenues were $1,560,660 for the three months ended March 31, 2016, as compared to $1,181,075 for the corresponding period in 2015, Total revenues increased by $379,585, a 32.14%.
  • Gross loss was $148,175 for the three months ended March 31, 2016.

Speaking on behalf of the Company, Mr. Gang Li, Chairman and CEO, said "The increase in total revenues was due to the delivery of the products from the earlier postponed LXB Water Supply Project. However, due to the longer production cycle of the LXB Water Supply Project, uneven material inputs, coupled with the increased depreciation of the property and equipment, the gross margin is lower in the period. We think the situation will improve if production is increased. In 2016, the Company received contracts from 2*600 MW ultra supercritical air coding generating unit relating to "Sinkiang's electric power transmission construction", the 2*660MW project of a subsidiary of State Grid, Shanxin, a 2*660MW low calorific coal power generation project and the Hubei Huanggang cogeneration project. All of those products should be delivered to our customers in the second and third quarters of this year. Thanks to its high quality products and reputable customer service, NF Energy received several new orders lately, despite the current slowing down of China's economy.

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.

CONTACT:

Andy Gao 
Phone Number: +86-24-25609775
Email: [email protected]

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/nf-energy-saving-corporation-announces-2016-first-quarter-financial-results-300268825.html

SOURCE NF Energy Saving Corporation


Source: PR Newswire (May 16, 2016 - 9:30 AM EDT)

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