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"Strongest Results in Company History" - Thermal Energy International Announces Record Revenue and Profit with Latest Quarterly Figures
(via TheNewswire) OTTAWA, ONTARIO - TheNewswire - January 28, 2020 - Thermal Energy Inter...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"\"Strongest Results in Company History\" - Thermal Energy International Announces Record Revenue and Profit with Latest Quarterly Figures(via TheNewswire)\n\n \nOTTAWA, ONTARIO - TheNewswire - January 28, 2020 - Thermal Energy International Inc. (\"Thermal Energy or the \"Company\") (TSXV:TMG) (OTC:TMGEF), an innovative cleantech company and global provider of energy efficiency and emissions reduction solutions, has announced its financial results for the second quarter ended November 30, 2019. All figures are in Canadian dollars.\n\n\n \nSecond quarter and year-to-date highlights:\n\n\n \n\n\n- Quarterly revenue: Increased 51% ($2.6 million) from last year\n\n\n\n- Year to date revenue: Up $820 thousand (7%) from year prior, a record level\n\n\n\n- Year to date profit: Both Net income and EBITDA are the highest ever reported \n\n\n\n- Order backlog: $8.2 million at quarter end, 67% ($3.3 million) higher than the same time last year \n\n\n\n \n \n\"This has been a hugely positive quarter for Thermal Energy. Not only has it delivered the highest revenue for a single quarter in the company's history - an increase of 51% ($2.6 million) from last year - it has also fed into record revenue and profit year to date results.\" said William Crossland, CEO of Thermal Energy. \n\n \n \n\"In line with quarter one, our revenue in quarter two has continued to grow, giving the Company a year-to-date revenue figure of $12.8 million - up $820 thousand (7%) compared to the first two quarters of FY2019. However, when we take into consideration that the results for the same period last year included $6.6 million in revenue from the $11 million Resolute Forest Products order, the figures from this year to date are even more impressive. To put this in perspective, if we were to exclude the Resolute project, the current year-to-date revenue has actually increased by 139% ($7.4 million).\" \n\n \n \n\"In terms of profit, half year net income is $626 thousand and EBITDAS is $1.1 million; that's $788 thousand ahead of net income and $1.3 million ahead EBITDAS from the half year point last year. These figures are three and four times the best half year EBITDAS and net income that the Company has ever recorded. In short, these are by far the strongest results in our company's history and are a clear indication of the success of our growth strategy.\" \n\n\...