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Hanwei Energy Services Reports Third Quarter Fiscal 2013 Financial and Operational Results

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© Marketwire 2013
2013-02-07 01:22:18 -

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/07/13 -- Hanwei Energy Services Corp. (TSX:HE) -

--  Revenue increases 87% to $8.6 million for the three-month period 
--  EBITDA increases 580% to $2.7 million for the nine-month period 
--  Confirmed pipe orders to be completed approximately $9.8 million 

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:

--  Revenues were $8.6 million, representing an increase of $4.0 million (or
    an 87% improvement) as compared to $4.6 million for the same period of
    the prior year. 
--  Gross profit was $3.0 million, representing an increase of $1.4 million
    (or an 88% improvement) as compared to $1.6 million for the same period
    of 2011. Gross margin as a percentage of sales was 35.4% as compared to
    35.1% for the same period of the prior year. The Company aims to
    maintain a minimum gross profit margin of not less than 30% on an
    annualized basis. 
--  EBITDA from continuing operations was $0.7 million, representing an
    increase of $0.6 million (or a 633% improvement) as compared to $0.1
    million for the same period of the prior year. 
--  Earnings per share was $0.00 as compared to a loss per share of $0.01
    for the same period of the prior year. 

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.


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.


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 : .. width="1" height="1" alt=" " border="0" />

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