Business
Record Revenue Highlights Strong Fiscal 2018 Results for Thermal Energy International
(via TheNewswire) OTTAWA, ONTARIO / TheNewswire / September 28, 2018 - Thermal En...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"Record Revenue Highlights Strong Fiscal 2018 Results for Thermal Energy International(via TheNewswire)\n \n \nOTTAWA, ONTARIO / TheNewswire / September 28, 2018 - Thermal Energy International Inc. (\"Thermal Energy\" or the \"Company\") (TSXV: TMG), an innovative cleantech company providing proprietary and proven energy efficiency and emissions reduction solutions to the industrial, commercial and institutional sectors worldwide, today announced its financial results for the three- month (\"Q4\" or the \"quarter\") and twelve-month (the \"year\") periods ended May 31, 2018. All figures are in Canadian dollars.\n\n \n \nHighlights:\n\n\n \n\n\n- Revenue for the year increased 32.0% to $17.4 million;\n\n\n\n- Three-year compound annual revenue growth of 21% \n\n\n\n- Gross profit for the year increased 12.0% to $8.3 million;\n\n\n\n- Higher operating expenses as a result of continued strategic investment in growing the Company plus onetime expenses related to the acquisition of Boilerroom Equipment Inc.\n\n\n\n- EBITDAS for the year decreased 17.7% to $617,000. However, EBITDAS would have been $1.2 million, up 64%, excluding investments in growth and onetime expenses noted above;\n\n\n\n- Net income for the year increased 57.7% to $619,000;\n\n\n\n- The Company had an order backlog of $12.7 million as at September 26, 2018. Compared to $9.0 million as at September 22, 2017\n\n\n\n \n \n\"I am proud to report yet another record-breaking fiscal quarter and year due to the hard work and determination of our team in the execution of a well-defined growth strategy.\" said William Crossland, CEO of Thermal Energy.\n\n \n \n\"Over the last three years we have invested significantly in our team and capabilities with staff additions in Ottawa, Bristol, Texas, Poland and Germany. We have also expanded our product offerings and expertise and these investments are now starting to pay off. Growing our sales, marketing and technical capabilities and expanding our portfolio of complimentary energy efficiency solutions are key parts of a strategy that has resulted in our revenue almost tripling over the last three years.\n\n \n \n\"In June, just after year end, we announced the acquisition of Boilerroom Equipment Inc., adding further to our product portfolio, distribution networks, engineering and project management expertise. The addition of Boi...