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HANWEI ENERGY SERVICES REPORTS SECOND QUARTER FISCAL 2011 FINANCIAL AND OPERATIONAL RESULTS

^{Published on 2010-11-09 20:21:14 - Market Wire}
 

 Summary Financial Results: For the For the For the For the three- three- six- six- month month month month (in thousands of period period period period Canadian dollars ended ended ended ended except for per September September September September share data) 30, 2010 30, 2009 30, 2010 30, 2009 ------------------------- ------------------------- Revenue $ 8,119 $ 16,346 $ 11,386 $ 28,979 Operating expenses 4,075 4,772 7,182 9,052 Operating income (loss) (3,370) 2,541 (6,675) 3,382 Total non-operating expenses (549) (2,027) (1,465) (2,951) Recovery of/(provision for) future income taxes 200 (755) 214 (782) Loss from continuing operations (3,719) (241) (7,926) (351) Net income (loss) from discontinued operations (2,913) (17) (3,905) 250 ------------------------- ------------------------- Net loss $ (6,632) $ (258) $ (11,831) $ (101) ------------------------- ------------------------- Net loss per share (Basic and Diluted) (0.09) (0.00) (0.17) (0.00) Weighted average number of shares outstanding (Basic and Diluted) 71,056 60,786 69,018 60,773 Balance Sheet Key Indicators: (in thousands of Canadian September 30, March 31, dollars except for ratios) 2010 2010 ------------------------------------------------------------ ------------ Current Ratio(1) 1.0: 1 1.1: 1 Free Cash $1,596 $2,820 Working Capital(2) $2,249 $5,839 Total Assets $132,717 $135,037 Total Debt(3) $52,628 $52,787 Total Equity(4) $40,595 $46,944 Total Debt to Total Equity Ratio 1.3 1.12 (1) Current ratio is defined as total current assets divided by total current liabilities (2) Working capital is defined as total current assets less total current liabilities (3) Debt is defined as short-term loans and amounts due to related parties (4) Total equity is equal to the total shareholders' equity 

 Date: Wednesday, November 10th, 2010 Time: 10:30 am Eastern Standard Time Dial in number: 1-877-340-7912 or 1-719-325-4840 Taped Replay: 1-877-870-5176 or 1-858-384-5517 (available for 14 days) Taped Replay Pass Code: 3064810 Live Webcast Link: [ http://viavid.net/dce.aspx?sid=00007953 ]