Business
Strong Revenue Growth Continues to Drive Thermal Energy’s Improved Financial Results in the Second Quarter
(via Thenewswire.ca) OTTAWA, ONTARIO / TheNewswire / January 21, 2016 - Thermal Ener...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"Strong Revenue Growth Continues to Drive Thermal Energy’s Improved Financial Results in the Second Quarter(via Thenewswire.ca)\n\n \n\n\n\n \nOTTAWA, ONTARIO / TheNewswire / January 21, 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 (Q2) and six months (YTD) ended November 30, 2015. All figures are in Canadian dollars. \n\n \n \nHighlights:\n\n \n \n-Revenue increased 50% for Q2 and 78% YTD;\n\n\n \n-Gross profit increased 59% for Q2 and 58% YTD;\n\n\n \n-EBITDAS, net income and adjusted cash flow returned to positive in Q2 and losses narrowed YTD;\n\n\n \n-$5.7 million in orders received during Q2, including $3.4 million from hospitals;\n\n\n \n-$586 thousand in orders received subsequent to Q2;\n\n\n \n-Order backlog was approximately $6.9 million as at January 20, 2016 compared to $3.5 million a year ago.\n\n \n \n\"Stronger GEMTM and FLU-ACE(R) heat recovery sales contributed to our much improved financial results for the second quarter and year-to-date,\" said William Crossland, CEO of Thermal Energy. \"We had a good mix of orders from both new and existing customers, which included several large, multi-site companies. In addition to corporate accounts and other repeat business opportunities, our sales and marketing team is focused on executing sector-based strategies. One sector in particular that has been strong for us this year is hospitals, with revenue plus orders received being more than quadruple our revenue from hospitals in all of fiscal 2015. \"\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\nNov. 30, 2015\n\n\n\n\n3 months ended\n\n\n\nNov. 30, 2014\n\n\n\n\n6 months ended\n\n\n\nNov. 30, 2015\n\n\n\n\n6 months ended\n\n\n\nNov. 30, 2014\n\n\n\n\nRevenue\n\n\n\n\n$2,502\n\n\n\n\n$1,663\n\n\n\n\n$5,058\n\n\n\n\n$2,834\n\n\n\n\nGross profit\n\n\n\n\n$1,617\n\n\n\n\n$1,019\n\n\n\n\n$2,717\n\n\n\n\n$1,722\n\n\n\n\nGross margin\n\n\n\n\n64.6%\n\n\n\n\n61.3%\n\n\n\n\n53.7%\n\n\n\n\n60.8%\n\n\n\n\nOperating expenses\n\n\n\n\n$1,596\n\n\n\n\n$1,599\n\n\n\n\n$3,163\n\n\n\n\n$3,059\n\n\n\n\nEBITDAS\n\n\n\n\n$84\n\n\n\n\n$(487...