PyroGenesis Announces 2013-Q3 Results: Revenues Increase 170%, Gross Margins exceed 40%

About this update from Pyrogenesis Inc.

[{"type":"text","content":"\n\n\nMONTREAL, Nov. 29, 2013 /CNW Telbec/ - PyroGenesis Canada Inc. (\"PyroGenesis\" or the \"Company\") (TSXV: PYR), today announced its\n financial and operational results for the third quarter of fiscal 2013,\n ending September 30, 2013   (\"2013-Q3\").\n\n\nThird Quarter Highlights: \n\n\nDuring the third quarter of 2013, PyroGenesis has:\n\n\n\nIncreased its revenues by 170% to $1,394,255;\n\n\nIncreased gross margin (before amortization of licenses) to over 40%;\n\n\nTotal comprehensive loss decreases by 47% to $915,156\n\n\nEBITDA loss decreases by 65% to $275,859\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 nine months ended September 30, 2013\n\n\nRevenues\n\n\nRevenues for 2013-Q3 were $1,394,255, an increase of 170% over revenues\n of $516,595 reported during the same period in fiscal 2012. On a\n year-to-date (\"YTD\") basis revenues for fiscal 2013 increased 84% to\n $3,877,216 (9 months 2012: $2,101,735). This increase in revenue in\n 2013 reflects the end of the \"gap period\" the Company has been faced\n with while securing its first reorder from its established client base.\n In 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-Q3 were\n primarily impacted by the recognition of the revenue on this new major\n contract.\n\n\nCost of Sales\n\n\nCost of Sales and Services before amortization of licenses, posted an\n increase of 6% over net costs of $772,008 reported for 2012-Q3. On a\n YTD basis, cost of sales before amortization of licenses decreased 14...

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