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CEO's Letter to Shareholders of Thermal Energy International Provides Progress Update
(via TheNewswire) OTTAWA, ONTARIO / TheNewswire / April 25, 2018 - Thermal Energy...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"CEO's Letter to Shareholders of Thermal Energy International Provides Progress Update(via TheNewswire)\n \n \nOTTAWA, ONTARIO / TheNewswire / April 25, 2018 - Thermal Energy International Inc. (\"Thermal Energy\" or the \"Company\") (TSXV: TMG), a global provider of industrial and institutional energy efficiency solutions, would like to provide a corporate update to shareholders from its CEO, William Crossland. \n\n \n \n\nClick Image To View Full Size\n\n \n \nCEO Letter to the Shareholders of Thermal Energy International\n\n\n \n\n\n\n \nWith our fiscal year end just a little more than a month away, I would like to take this opportunity to briefly discuss our year-to-date financial results, provide an update on our largest project to date, and discuss our recent progress with regards to executing our strategy. \n\n \n \nAs we announced yesterday, our revenue for the first nine months of the fiscal year is up 19.2% compared to the same time last year, and our order book, or backlog, remains near its all-time high. As I mentioned last quarter, this is tracking to be a banner year for us, and given our strong order book, our outlook beyond this fiscal year remains very positive. Certainly supporting these statements, during the third quarter we received the largest order in our history - an $11 million energy efficiency project with Resolute Forest Products. This order did not contribute in any meaningful way to our third quarter revenue, but we will realize the revenue from the project between now and into fiscal 2019, and possibly early fiscal 2020.\n\n \n \nWhile our gross profit for the year-to-date is down from this time last year, this was simply due to differences in product mix, with a higher proportion of our revenue coming from our heat recovery business compared to first nine months of last year. Operating costs for the year-to-date period are higher than this time last year, as result of a number of strategic investments we have made associated with growing our team's capabilities and geographical reach. But the most important take away from our year-to-date financial performance is that, while profitability may have been temporarily impacted, our cash position, order book and outlook remain strong enough for us to make the decision to aggressively invest for future growth. \n\n \n \nUpdate on our largest project to d...