NF Energy Announces Unaudited Preliminary Results for Fiscal
Year 2010, Provides Initial Guidance for 2011
- Revenues and Operating Income up 25% and 2% Respectively
Shenyang, Liaoning Province, China, March 3, 2011 NF Energy Saving Corp. (NASDAQ: NFEC) ("NF Energy" or the "Company"), a leading provider of energy management services and producer of energy efficiency products, today announced unaudited preliminary results for the fiscal year ended December 31, 2010. The Company will release full financial results on or before March 25, 2011.
Total unaudited revenue for the fiscal year ended December 31, 2010 was approximately $25.3 million, an increase of 24.8% from the year ended December 31, 2009. Full year 2010 operating income increased 2% to $5.6 million. Full year 2010 unaudited net income was approximately $4.3 million, down 9.9% for the year ended December 31, 2009 due to a one-time non-cash, non-operating accounting charge related to convertible securities issued by the Company in 2010.
Although fourth quarter revenues were $7.3 million, an increase of 42.0% compared to the fourth quarter of 2009, net income dropped to $0.5 million compared with $1.3 million in the fourth quarter of 2009. This was primarily due to a decline of gross margin from 33% in the fourth quarter of 2009 to 18% in the fourth quarter of 2010 that was caused by the Company transitioning production from its old facility to its newly constructed facility.
All the foregoing results are preliminary and subject to revision based upon review by the Company’s independent auditor.
"We are happy of our overall performance in 2010.” said Mr. Gang Li, Chairman and Chief Executive of the Company. He added “Our new facilities, to which we moved production in late 2010, will more than triple our available capacity and allow us to expand more rapidly in future years. In 2011, we expect continued strong revenue growth and a return to growth in profitability, driven by increased market demand for both our energy management services and our intelligent flow control systems.”
The following information was filed by Nf Energy Saving Corp (NFEC) on Tuesday, March 8, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: NFEC CIK: 1213660 Form Type:10-K Annual Report Accession Number: 0001144204-11-017031 Submitted to the SEC: Fri Mar 25 2011 9:02:55 AM EST Accepted by the SEC: Fri Mar 25 2011 Period: Friday, December 31, 2010 Industry: Miscellaneous Fabricated Metal Products