HE Hanwei Energy Services Corp

Hanwei Energy Services Corp. (TSX:HE) ("Hanwei" or the "Company"), today
reported its financial results for the three months ending June 30, 2012. All
amounts are in Canadian Dollars unless otherwise noted. 


Hanwei is pleased to announce continued and very positive advancements in its
operating results for the first quarter of Fiscal 2013 (the three months ending
June 30, 2012). These results continue the positive trend from the Company's
enhanced operating performance and financial results from Fiscal 2012 (for the
year ended March 31, 2012). Specific financial highlights for the three months
ending June 30, 2012 include:




--  Revenue doubled to $9.6 million as compared to revenues for the same
    period of the prior year of $4.9 million. Of this increase: sales to
    clients in the China market were $5.6 million versus $3.2 million for
    the same period of the prior year representing a 77% increase; sales to
    clients in the Middle Asia market for Kazakhstan were $3.2 million
    versus $1.3 million for the same period of the prior year representing a
    146% increase; and sales to clients in the Middle East market were
    $786,000 versus $428,000 for the same period of the prior year
    representing an 84% increase. 
--  Of the above noted revenues 59% were to clients in the China market and
    41% to clients outside of China in international markets. 
--  Gross profit was $3.3 million or 34% of revenues consistent with the
    Company's goal of maintaining a minimum annualized gross profit margin
    of 30% and primarily driven by continued focus on manufacturing
    processes and logistics; 
--  Positive EBITDA (earnings before interest, income taxes, depreciation
    and amortization) was $1.7 million, or 18% of revenues, and representing
    a $2.3 million improvement as compared to negative EBITDA of
    approximately $600,000 for the same period of the prior year. The
    substantial increase in EBITDA from continuing operations was primarily
    driven through efficiencies in sales and marketing and reductions in
    general and administrative expenses. 
--  The EBITDA gain also translated into a net profit of $900,000 as
    compared to a net loss of $1.4 million for the same period of the prior
    year representing a net profit increase of $2.3 million.  
--  The Company generated positive cash flow from operations of $1.7 million
    for the period. 
--  Income from continuing operations was $900,000 for the three months
    ended June 30, 2012 as compared to loss from continuing operations of
    $1.3 million for the same period in 2011, representing an improvement of
    $2.2 million. The Company had basic and diluted earnings per share from
    continuing operations of $0.01 for the three months ended June 30, 2012
    as compared to basic and diluted loss per share from continuing
    operations of $0.02 for the same period of 2011. 
--  The Company continues to effectively manage its debt facilities. Total
    principal amount of all bank loans reduced to $19.5 million as of June
    30, 2012 compared to a total principal amount of $20.8 million as of
    March 31, 2012 and $23.4 million as at June 30, 2011. Bank loans have
    successfully been repaid, renewed or extended when they became due. 



Hanwei will host a conference call to discuss its operational and financial
results for the three months ended June 30, 2012. Graham Kwan, Executive Vice
President and Rick Huang, Chief Financial Officer of Hanwei will host the call.
Management invites analysts and investors to participate on the conference call:




Date:              Friday, August 10, 2012                                  
Time:              11:00 a.m., Eastern Time                                 
Dial in number:    1-888-401-4668 or 1-719-325-2429                         
Taped Replay:      1-877-870-5176 or 1-858-384-5517 (available for 14 days) 
Taped Replay Pass                                                           
 Code:             6844781                                                  
Live Webcast Link: http://public.viavid.com/index.php?id=101337             



About Hanwei Energy Services Corp. 

Hanwei Energy Services Corp. is a world leader in the manufacturing of high
pressure, fiberglass reinforced plastic ("FRP") pipe products, and associated
technologies and services, for the international oil and gas and infrastructure
industries. Hanwei serves major energy customers in the Chinese and global
energy markets. 


www.hanweienergy.com

FORWARD-LOOKING INFORMATION AND NON-GAAP MEASURES 

Certain information in this press release is forward-looking within the meaning
of certain securities laws, and is subject to important risks, uncertainties and
assumptions a description of which is set out in the risk factors section of the
Company's Annual Information Form dated June 20, 2012 and Management Discussion
and Analysis for the year ended March 31, 2012 both of which are filed with
Canadian securities regulators and available on SEDAR at www.sedar.com. The
forward-looking information in this press release describes the Company's
expectations as of the date of this press release.


THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE PRESENTS THE
EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND,
ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE
UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS
INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, THE COMPANY
DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME, EXCEPT AS
REQUIRED BY APPLICABLE SECURITIES LEGISLATION.

Grafico Azioni Hanwei Energy Services (TSX:HE)
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Da Dic 2024 a Gen 2025

Grafico Azioni Hanwei Energy Services (TSX:HE)
Storico
Da Gen 2024 a Gen 2025