Hanwei Energy Services Corp. reported financial results for the third quarter and nine months ended December 31, 2012. For the quarter, the company reported revenues were CAD 8.6 million, representing an increase of CAD 4.0 million (or an 87% improvement) as compared to CAD 4.6 million for the same period of the prior year. EBITDA from continuing operations was CAD 0.7 million, representing an increase of CAD 0.6 million (or a 633% improvement) as compared to CAD 0.1 million for the same period of the prior year. Earnings per share were CAD 0.00 as compared to a loss per share of CAD 0.01 for the same period of the prior year. For the nine months, the company’s revenues were CAD 21.8 million, representing an increase of CAD 0.9 million (or a 4% improvement) as compared to CAD 20.9 million for the same period of the prior year. EBITDA from continuing operations was CAD 2.7 million, representing a CAD 2.3 million increase (or a 580% improvement) as compared to EBITDA from continuing operations of CAD 0.4 million for the same period of the prior year. Earnings per share were CAD 0.01 as compared to a loss per share of CAD 0.05 for the same period of the prior year, or an improvement of CAD 0.06 per share. Bank debt as of December 31, 2012 was CAD 16.8 million versus CAD 24.5 million as of December 31, 2011 and CAD 21.2 million as of September 30, 2012. The improvement in revenues coupled with expense savings generated improvement in EBITDA for the first nine months of the fiscal year.

Hanwei Energy Services Corp. announced that it has been awarded a new order of approximately $4.6 million for the supply of the company's high pressure, glass reinforced epoxy pipes and fittings to a client in Kazakhstan. At least one quarter of this order is expected to be produced and shipped within the company's current 2013 fiscal year ending March 31, 2012.

Hanwei Energy Services Corp., Q3 2013 Earnings Call, Feb 07, 2013