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PyroGenesis Announces 2015 Q1 Results: Revenues increase 38% to $1.1MM; Net Worth > $2MM, Backlog of $16.4MM or 2.8x 2014 Revenues
MONTREAL , May 30, 2015 /CNW Telbec/ - PyroGenesis Canada Inc. ( http://pyrogenesis.com...
About this update from Pyrogenesis Inc.
[{"type":"text","content":"\n\nMONTREAL, May 30, 2015 /CNW Telbec/ - PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSXV: PYR.V), a TSX Venture 50® clean-tech company (the \"Company\" or \"PyroGenesis\") that designs, develops, manufactures and commercializes plasma waste-to-energy systems and plasma torch products, announced today its financial and operational results for the first quarter of fiscal year 2015.\n\nFirst Quarter Highlights\n\nIn Q1 of Fiscal 2015,\n\n\nRevenues increase by 38% to $1,116,477 ($806,425  2014 Q1); \nGross margins of over 27% as expected \nCash on hand: $2,841,734 \nWorking capital of $3,217,262 \nNet Worth: $2,344,280 \nAt May 30, 2015, backlog at $16,369,601 or 2.8x 2014 revenues. \n \n\n2015 Q1 was a strong quarter for PyroGenesis with continuation of the Company's initiatives and continued support by investors in the strategy of the Company.  The Balance Sheet was further strengthened through the successful completion of a private placement, and the Company continued taking positive strides towards the execution of the Company's key initiatives. These key initiatives are:  \n\n\nContinued investment in Business Development \nDiversification by sector \nDiversification by geography \nImproved order structure \n \n\nFinancial Summary\n\nRevenues\n\nThe Company posted revenues of $1,116,477 in 2015 Q1, an increase of 38% as compared to that posted in 2014 Q1 of $806,425.  2015 Q1 revenues primarily resulted from progress achieved on (i) the reorder of the plasma waste destruction system to be installed on the next US Navy Ford-class aircraft carrier; the CVN-79, (ii) work completed under phase 1 of the tactical mobile plasma system for destruction of chemical warfare agents, (iii) the ongoing R&D projects incorporating novel plasma based technologies in the oil and gas industrial sector, and (iv) work completed on the Company's latest project to manufacture ten plasma based powder production systems for 3D printing.   \n\n2015 Q1 saw revenues being generated from a more diverse client, technology and industry base, which was a direct result of the strategic targeting of new high value niche markets by the Company. \n\nThe majority of revenues associated with signed backlog are expected to impact revenues in the 2nd half of 2015.\n\nCost of Sales and Services \n\nCo...