SHENYANG, China, May 18 /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 first quarter ended March 31, 2010.
First Quarter 2010 Highlights:
-- Revenues increased to $2.84 million for the three months ended March 31,
2010, up 17% from $2.42 million for the same period last year.
-- Gross Profit was stable at $0.68 million for the three months ended
March 31, 2010, as compared to the same period in 2009.
First Quarter 2010 Results
Revenues were $2.84 million for the three months ended March 31, 2010 as compared to $2.42 million for the three months ended March 31, 2009, an increase of $0.42 million or 17%. Product revenues were $2.51 million in the first quarter 2010, an increase of 20% as compared to the same period last year. Services revenues were $0.33 million in the first quarter of 2010, an increase of 2.5% as compared to the same period in 2009.
Gross profit for the Company was $0.68 million for the three months ended March 31, 2010, relatively flat as compared to overall gross profit $0.68 million for the three months ended March 31, 2009. Net income was $0.37 million for the three months ended March 31, 2010, which decreased from $0.44 million recorded in the same period of 2009. Net income per fully diluted share was $0.03 in the three months ended March 31, 2010, as compared to net income per fully diluted share of $0.03 in the same period of 2009, post 3:1 reverse stock split. The decrease in net income was due to the additional non-cash interest expense attributable to the convertible note financing in first quarter of 2010.
Mr. Gang Li, President & CEO of NF Energy Saving Corporation, commented, "NF Energy has continued to post solid revenue growth despite a traditionally slow first quarter. The sales of our flow control equipment and energy saving services have both experienced significant growth this quarter. With the Chinese government duly committed to supporting energy conservation, we anticipate that the growth of our flow-control equipment and services, and energy-saving projects will continue at an accelerated rate in the quarters ahead."
About NF Energy Saving Corporation
Website: http://www.nfenergy.com
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 225 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
Howard Gostfrand
Tel: +1-305-918-7000
Email: info@amcapventures.com
Web: http://www.amcapventures.com
