Business
Final Results
Final Results.
About this update from Mycelx Technologies Corp.
[{"type":"text","content":"\n \nRNS Number : 4047Y MyCelx Technologies Corporation 17 May 2016 \n\n \nMYCELX TECHNOLOGIES CORPORATION (AIM: MYX)\n2015 Financial Results\n \nMYCELX Technologies Corporation (AIM: MYX), the clean water technology company providing patented solutions for commercial industrial markets worldwide, is pleased to announce its audited results for the year ended 31 December 2015 for which highlights are set out below.\n \nFinancial\n• Gross profit margin remained strong at 53.3% (2014: 52.3%)\n• Revenue of $13.6 million (2014: $13.6 million)\n• Adjusted EBITDA of negative $1.7 million (2014: negative $4.1 million)\n• Paid off line of credit balances\n• Cash provided by operating activities of $0.12 million in H2 2015\n• Net cash of $3.7 million (2014: $6.2 million)\n \nOperational\n• Qatar: Successful turnaround project showcased the Company's ability to quickly deploy and treat extremely difficult water streams present during these operations\n• Saudi Arabia: Continuous successful operation of four current installations in petrochemical plants \n• US: Startup of offshore system on new build platform in Gulf of Mexico\n• US: Third system sold to a terminal operator to treat water from operations for discharge into Houston Ship Channel \n• Canada and India: Successful trials for Enhanced Oil Recovery produced water operations\n• Mexico: Successful trial treating upstream produced water\n \nNew Contracts\n• US: Secured lease for recycle and reuse system to treat water for hydraulic fracturing in west Texas \n \nContract Extensions\n• Saudi Arabia: Two lease and service contract extensions with SABIC for process water treatment systems \n \nPost period end events\n• Saudi Arabia: Awarded two year contract with SABIC for total value of $5 million \n• Nigeria: Successful trial offshore platform with local oil producer\n• Oman: Successful trial resulting in a lease to purchase for downstream process water in Oman\n• US: Equipment lease secured for treatment of process water at a refinery in Oklahoma \n• US: Added experienced Business Development personnel with oilfield services and water treatment background to drive sales and strategic alliance formation\n \nOutlook\n• ...