PyroGenesis Benefits from Corporate Realignment: Announces 2013 Q1 Results: Increased Revenues Improved Gross Margins and Enhanced SG&A

About this update from Pyrogenesis Inc.

[{"type":"text","content":"\n\n\nMONTREAL, May 30, 2013 /CNW Telbec/ - PyroGenesis Canada Inc. (\"PyroGenesis\" or the \"Company\") (TSXV: PYR), today announced its\n financial and operational results for the first quarter of fiscal 2013,\n ending March 31, 2013, as well as the grant of options to one of its\n Directors.\n\n\nFirst Quarter Highlights: \n\n\nIn Q1-2013 PyroGenesis has:\n\n\nIncreased revenues by over 41% to $1,141,143;\n\n\nDecreased its Cost of Sales and Services by over 50% to $568,862;\n\n\nIncreased gross margin (before amortization of licenses) to over 50% to\n $572,281; and\n\n\nLowered SG&A expenses as a percentage of revenues.\n\n\nSigned a master service agreement with a multinational petroleum company\n pursuant to which PyroGenesis will be providing engineering services to\n look at optimizing and addressing waste issues related to the clients\n processes.\n\n\n\n\n\nOver the last 18 months, management has undertaken some important\n restructuring measures to focus and increase the effectiveness of its\n finance, operations and business development departments. The results\n have been particularly positive on operations, where the Company has\n benefitted from better utilization of resources and cost containments,\n on-time delivery, meeting key project milestones, and improved\n reporting with respect to project progress and issues. Management\n expects further increases in revenues in the coming quarters as the\n restructuring measure pertaining to the business development department\n start to show results.\n\n\nFinancial Summary for three months ended March 31, 2013\n\n\nRevenues\n\n\nRevenues for 2013-Q1 were $1,141,143, a 41.2% increase over revenues of\n $807,943, reported during the same period in fiscal 2012.  This\n increase in revenue in 2013 reflects the end of the \"gap period\" the\n Company has been faced with while securing its first reorder from its\n established client base. In late November 2012, the Company announced\n that it had secured a $5.5 million reorder from Newport News\n Shipbuilding for a plasma waste destruction system to be installed on\n the CVN-79, the next US Navy Ford-class air craft carrier, which is to\n be delivered and recognized into income over the next two years. To\n date the Company has received the initial funds of $2.1 million of the\n $5.5 million, and the balance is to b...

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