Hanwei Energy Services Reports Second Quarter Fiscal 2012 Financial and Operational Results
FRP pipe sales increase 41% to $11.4 million for the quarter EBITDA from continuing operations improves by $2.3 million in the quarter and $2.2 million for the six month period
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/15/11 -- Hanwei Energy Services Corp. (TSX: HE) ("Hanwei" or the "Company"), today reported its financial results for the quarter ended September 30, 2011 (the "Reporting Period"). All amounts are in Canadian Dollars unless otherwise noted.
For the three months ended September 30, 2011:
For the six months ended September 30, 2011:
In addition to the $16.3 million of FRP pipe sales recognized during the six months ended September 30, 2011 the Company has confirmed FRP pipe orders of approximately $8.3 million as of October 31, 2011. These further orders are expected to be produced and shipped during the balance of fiscal 2012.
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 September 30, 2011. Management invites analysts and investors to participate on the conference call:
About Hanwei Energy Services Corp.
Hanwei Energy Services Corp. is a leading manufacturer of high pressure, fiberglass reinforced plastic ("FRP") pipe products and associated technologies and services for the international oil and gas infrastructure industries. Hanwei serves major energy customers in the Chinese and global energy markets.
The term EBITDA (earnings before interest, taxes, depreciation and amortization) from continuing operations does not have a standardized meaning prescribed by IFRS and may not be comparable to other similarly titled measures used by other companies. Readers should refer to the Company's Management Discussion and Analysis for the period ending September 30, 2011 available on SEDAR at in regards to the reconciliation between net earnings from operations as determined in accordance with IFRS and EBITDA from continuing operations.
FORWARD-LOOKING INFORMATION
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, 2011 and Management Discussion and Analysis for the period ending March 31, 2011 both of which are filed with Canadian securities regulators and available on SEDAR at . 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.
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
Hanwei Energy Services Corp.
Yucai (Rick) Huang
Chief Financial Officer
604-685-2239
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Datum: 15.11.2011 - 13:00 Uhr
Sprache: Deutsch
News-ID 87917
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contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Oil & Gas
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