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Legend Power Systems Announces Financial Results for the Three and Nine Months Ended June 30, 2015
VANCOUVER , Aug. 24, 2015 /CNW/ - Legend Power Systems Inc. (TSX: LPS) ("Legend" or ...
About this update from Legend Power Systems Inc.
[{"type":"text","content":"\n\nVANCOUVER, Aug. 24, 2015 /CNW/ - Legend Power Systems Inc. (TSX: LPS) (\"Legend\" or the \"the Company\") today announced its unaudited financial results for the three and nine month periods ended June 30, 2015. A copy of the unaudited condensed interim consolidated financial statements for the three and nine month periods ended June 30, 2015 prepared in accordance with International Financial Reporting Standards (the \"Financial Statements\") and the corresponding management's discussion and analysis (\"MD&A\") will be available under the Company's profile on www.sedar.com. All amounts are in CAD dollars unless otherwise noted.\n\nQ3 2015 Highlights\n\n\nAt the end of the quarter, the Company has a committed order backlog exceeding $2 million;\nSales funnel grew from $2 million to over $12 million as the new sales team developed additional territories;\nRevenue for the three months ended June 30, 2015 was $150,824 million, compared to $114,328 for the three months ended March 31, 2015; \nGross margins were higher for the three and nine months ended June 30, 2015 as compared to the same periods the previous year and remain strong at 53.4% for the nine months ended June 30, 2015; \nDuring the quarter, the Company built an experienced and proven sales team. Aaron Arsenault, a successful ex-Enernoc sales executive is now our Director of Sales. Aaron has added three experienced and highly successful business development people who are based in Ontario; \nDuring the quarter the Company announced new customer wins, and the successful installation of a Harmonizer at our 100th customer location. \n\n\"We are very pleased with the increasing demand for the Company's new products indicating acceptance of our technology in the market place.   In the last 30 days we have assessed over 100 customer locations alone.\" commented Randy Buchamer, President and CEO of the Company.  \"Energy costs have increased annually by 5 percent the last few years and it is expected to continue. There is an urgent need to reduce energy costs and Legend's solutions are a strong consideration\", Buchamer added.\n\nFinancial Summary\n\nThe following table is a summary of the financial information presented in the Financial Statements:                &...