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NF Energy Saving Corporation Announces 2017 First Quarter Financial Results

2017-05-15 21:10
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SHENYANG, China, May 15, 2017 /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 its financial results for the three months ended March 31, 2017.

2017 First Quarter Results Highlight:

  • Total revenues were $1,036,041 and $1,560,660 for the three month ended March 31, 2017 and 2016, respectively, which decreased by $524,619, or 33.61% if compared total revenues for the three month ended March 31, 2016.
  • The gross profit was $125,782 and -$148,175 for the three month ended March 31, 2017 and 2016, respectively, which increased by $273,957, or 184%, if compared to gross profit for the three month ended March 31, 2016.
  • The net loss was $424,239 and $543,148 for the three month ended March 31, 2017 and 2016, respectively, which decreased by $118,909 if compared to net loss for the three month ended March 31, 2016.

Speaking on behalf of the Company, Mr. Gang Li, Chairman and CEO, said "The decrease of the total revenues in first quarter 2017 were mainly due to the postponement in construction of the Client's Project, which delayed the delivery of the Company's products. According to the schedule discussed with our client, the delivery should be completed in next following six months. Therefore, we anticipate that these inventories will be accrued to product revenue in following quarters."

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.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/nf-energy-saving-corporation-announces-2017-first-quarter-financial-results-300457279.html

Source: NF Energy Saving Corporation

Related stocks: NASDAQ-SMALL:NFEC

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