Record Revenue and Gross Profit Highlight Strong Fiscal 2017 Results for Thermal Energy International

About this update from Thermal Energy International Inc.

[{"type":"text","content":"Record Revenue and Gross Profit Highlight Strong Fiscal 2017 Results for Thermal Energy International(via TheNewswire)\n \n \n\n\n\nClick Image To View Full Size\n\n\n\n \n \nOTTAWA, ONTARIO / TheNewswire / September 25, 2017 - Thermal Energy International Inc. (\"Thermal Energy\" or the \"Company\") (TSXV: TMG), a global provider of proprietary energy efficiency solutions to the industrial, commercial and institutional sectors, today announced its financial results for the three-month (\"Q4\" or the \"quarter\") and twelve-month (the \"year\") periods ended May 31, 2017. All figures are in Canadian dollars. \n\n \n \nHighlights:\n\n \n \n\n\n-Revenue for the year increased 6.4% to $13.2 million;\n\n\n\n-Gross profit for the year increased 9.5% to $7.4 million;\n\n\n\n-EBITDAS for the year increased 32.9% to $750 thousand;\n\n\n\n-Net income for the year increased 51.7% to $393 thousand;\n\n\n\n-The Company had an order backlog of $9.0 million as at September 22, 2017.\n\n\n\n \n \n\"Our record highs in revenue and gross profit in fiscal 2017 are the result of the successful execution of our strategy on multiple fronts,\" said William Crossland, CEO of Thermal Energy. \"We gained new customers; sold more to existing customers; and continued to develop our corporate accounts. We also launched our new 'Super-Efficient Cogeneration(TM)' service offering during the year, subsequently announcing our first project under this offering at the end of August. Importantly, this provides us with another complementary service to sell to both existing and prospective customers. We look to build on our momentum and capitalize on the very favourable market conditions we have been witnessing around the world for emission reduction and energy efficiency solutions.\"\n\n\n \nSummary Financial Results\n\n \n\nIn thousands except \n\n\n\n% data\n\n\n\n\n3 months ended\n\n\n\nMay 31, 2017\n\n\n\n\n3 months ended\n\n\n\nMay 31, 2016\n\n\n\n\n12 months ended\n\n\n\nMay 31, 2017\n\n\n\n\n12 months ended\n\n\n\nMay 31, 2016\n\n\n\n\nRevenue\n\n\n\n\n$4,754\n\n\n\n\n$4,123\n\n\n\n\n$13,192\n\n\n\n\n$12,402\n\n\n\n\nGross profit\n\n\n\n\n$2,379\n\n\n\n\n$2,048\n\n\n\n\n$7,439\n\n\n\n\n$6,794\n\n\n\n\nGross margin\n\n\n\n\n50.0%\n\n\n\n\n49.7%\n\n\n\n\n56.4%\n\n\n\n\n54.8%\n\n\n\n\nOperating expenses\n\n\n\n\n$1,960\n\n\n\n\n$1,728\n\n\n\n\n$6,858\n\n\n\n\n...

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