PyroGenesis Announces 2013-Q2 Results: Revenues Increase by 57%, Gross Margins exceed 43%

About this update from Pyrogenesis Inc.

[{"type":"text","content":"\n\n\nMONTREAL, Aug. 29, 2013 /CNW Telbec/ - PyroGenesis Canada Inc. (\"PyroGenesis\" or the \"Company\") (TSXV: PYR), today announced its\n financial and operational results for the second quarter of fiscal\n 2013, ending June 30, 2013 (\"2013-Q2\").\n\n\nSecond Quarter Highlights: \n\n\nOver the first six months of 2013 PyroGenesis has:\n\n\nIncreased its revenues by over 57%;\n\n\nDecreased its Cost of Sales and Services by over 23% to $1,395,786; and\n\n\nIncreased gross margin (before amortization of licenses) to over 43% to\n $572,281;\n\n\n\n\n\nResults continue to reflect management's successful restructuring\n measures and its focus on increasing the effectives of its business\n development strategy. The Company continues to benefit from better\n utilization of resources and cost containments, on-time delivery,\n meeting key project milestones, and improved reporting with respect to\n project progress and issues. The changes recently implemented within\n the Company's business development focus are starting to have effect\n and management expects, as a result, further increases in revenues in\n the coming quarters.\n\n\nFinancial Summary for the six months ended June 30, 2013\n\n\nRevenues\n\n\nRevenues for 2013-Q2 were $1,341,818, an increase of 73% over the\n revenue of $777,197 reported during the same period in fiscal 2012. On\n a year-to-date (\"YTD\") basis revenues for fiscal 2013 were $2,482,961,\n an increase of 57% over the revenues of $1,585,140 reported during the\n same period in fiscal year 2012. This increase in revenue in 2013\n reflects the end of the \"gap period\" the Company has been faced with\n while securing its first reorder from its established client base. In\n late November 2012, the Company announced that it had secured a $5.5\n million reorder from Newport News Shipbuilding for a plasma waste\n destruction system to be installed on the CVN-79, the next US Navy\n Ford-class air craft carrier, which is to be delivered and recognized\n into income over the next two years. Revenues in 2013-Q2 are positively\n impacted by the work achieved and recognition of the revenues on this\n new major contract, as well as other projects in progress or completed\n in the quarter.\n\n\nCost of Sales\n\n\nCost of Sales before government grants and research and development tax\n credits for 2013-Q2 was $78...

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