Revenue Growth of 124% Drives Thermal Energy's Improved Third Quarter Financial Results

About this update from Thermal Energy International Inc.

[{"type":"text","content":"Revenue Growth of 124% Drives Thermal Energy's Improved Third Quarter Financial Results(via Thenewswire.ca)\n \n \nOTTAWA, ONTARIO / TheNewswire / April 18, 2016 - 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 months (Q3) and nine months (YTD) ended February 29, 2016. All figures are in Canadian dollars. \n\n \n \nHighlights:\n\n \n \n\n\n-Revenue increased 124% for Q3 and 94% YTD;\n\n\n\n-Gross profit increased 185% for Q3 and 95% YTD;\n\n\n\n-Positive EBITDAS and adjusted cash flow for the quarter and YTD;\n\n\n\n-Net income of $418 thousand for Q3 narrowed YTD loss to $9 thousand;\n\n\n\n \n \n\"We had strong sales growth and higher margins in both our heat recovery and GEM steam trap businesses in the third quarter,\" said William Crossland, CEO of Thermal Energy. \"Hospitals continued to be a good source of revenue during the quarter. We also had repeat business from a Fortune 500 food and beverage customer and a leading performance materials company, both of whom we signed corporate supply agreements with last year. The strong year-to-date results are evidence of the efforts we have made to grow our base business and become less susceptible to the timing of occasional larger orders. In fact, when excluding project values of $1.5 million or larger, our revenue over the first nine months has grown at a rate of approximately 23% compounded annually since 2012, and is higher than it was in the first nine months of both fiscal 2012 and fiscal 2014, when we had record and near-record revenue years respectively.\"\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\nFeb. 29, 2016\n\n\n\n\n3 months ended\n\n\n\nFeb. 28, 2015\n\n\n\n\n9 months ended\n\n\n\nFeb. 29, 2016\n\n\n\n\n9 months ended\n\n\n\nFeb. 28, 2015\n\n\n\n\nRevenue\n\n\n\n\n$3,221\n\n\n\n\n$1,441\n\n\n\n\n$8,279\n\n\n\n\n$4,275\n\n\n\n\nGross profit\n\n\n\n\n$2,029\n\n\n\n\n$712\n\n\n\n\n$4,746\n\n\n\n\n$2,434\n\n\n\n\nGross margin\n\n\n\n\n63.0%\n\n\n\n\n49.4%\n\n\n\n\n57.3%\n\n\n\n\n56.9%\n\n\n\n\nOperating expenses\n\n\n\n\n$1,571\n\n\n\n\n$1,431\n\n\n\n\n$4,735\n\n\n\n\n$4,490\n\n\n\n\nEBITDAS\n\n\n...

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