VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 02/06/13 — Hanwei Energy Services Corp. (TSX: HE) –
Hanwei Energy Services Corp. (“Hanwei” or the “Company”) today reported its financial results for the quarter ended December 31, 2012 (the “Reporting Period”). All amounts are in Canadian Dollars unless otherwise noted.
Financial Highlights
For the three months ended December 31, 2012:
For the nine months ended December 31, 2012:
Bank debt as of December 31, 2012 was $16.8 million versus $24.5 million as of December 31, 2011 and $21.2 million as of September 30, 2012.
Operational Highlights
The aforementioned financial highlights indicate significant improvements across the Company–s key operating metrics. The Company remains focused on increasing sales, stringent management of costs, and continued commitment to manufacturing processes and quality assurance, to drive profitability. Operational highlights in this regard are as follows:
Graham Kwan, Executive Vice President and Rick Huang, Chief Financial Officer of Hanwei will host a conference call to discuss its operational and financial results for the quarter ended December 31, 2012. Management invites analysts and investors to participate on the conference call:
Date: Thursday, February 7, 2013
Time: 1:00 p.m., Eastern Time
Dial in number: 1-888-364-3109 or 1-719-325-2469
A replay of the conference call will be available on the Company–s website .
About Hanwei Energy Services Corp.
Hanwei Energy Services Corp. is a leading manufacturer of high and low pressure, fiberglass reinforced plastic 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.
FORWARD-LOOKING INFORMATION
The forward-looking information in this press release presents the Company–s expectations as of the date of this press release and accordingly is subject to change after such date. Readers are cautioned that reference to “orders” hereto are not recognized under IFRS and should not be construed to be indicators of performance or purported to be an alternative to sales or any other financial measures under IFRS. 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.
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Hanwei Energy Services Corp.
Graham Kwan
Executive VP, Strategic Development and Corporate Affairs
604-685-2239 x108
Hanwei Energy Services Corp.
Yucai (Rick) Huang
Chief Financial Officer
604-685-2239 x106