Business
Thermal Energy International Announces Record Revenue and Profit
(via TheNewswire) OTTAWA, ONTARIO - TheNewswire - May 27, 2020 - Thermal Energy Internati...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"Thermal Energy International Announces Record Revenue and Profit(via TheNewswire)\n \n \nOTTAWA, ONTARIO - TheNewswire - May 27, 2020 - Thermal Energy International Inc. (\"Thermal Energy or the \"Company\") (TSXV:TMG), an innovative cleantech company and global provider of energy efficiency and emissions reduction solutions, has announced its financial results for the third quarter ended February 29, 2020. All figures are in Canadian dollars.\n\n\n \nThird quarter and year-to-date highlights:\n\n\n \n\n\n- Quarterly revenue increased 87% ($2.7 million) compared to last year \n\n\n\n- Year to Date revenue is $18.6 million, up 23% from year prior, to record level\n\n\n\n- Year to Date EBITDA and net profit of $1.9 million and $1.1 million are also at record levels and more than $2 million higher than last year\n\n\n\n- Last twelve months revenue, EBITDA and net income, at $24.6 million, $2.9 million and $1.7 million respectively, are the highest ever reported by the Company \n\n\n\n- Cash balances are $3.8 million and working capital at $2.8 million is the highest it has been in over ten years\n\n\n\n \n \n\"The third quarter was an extremely encouraging and exciting quarter for Thermal Energy. After our previous record breaking results, quarter three has further demonstrated how our growth strategy and investments across the business have delivered results - achieving the highest Year to Date and Last Twelve Months revenue and profit in the Company's history\" said William Crossland, CEO of Thermal Energy. \n\n\n \n\"These quarterly figures have contributed to our standout Year to Date results, with both revenue and profitability up significantly. Revenue continued to grow in the third quarter, giving the Company a Year to Date figure of $ 18.6 million - up $3.5 million (23%) compared to the nine month point of FY2019. In terms of profit, Year to Date net income was $1.1 million with EBITDAS at $1.9 million. These figures are more than $2 million higher than last year for the same time period and have helped the Company accumulate working capital of $2.8 million - a ten year high.\"\n\n\n \n\"Looking at the Last Twelve Months, revenue at the end of the third quarter was the highest it has ever been, and EBITDA and net income are more than double the previous twelve-month record.\"\n\n\n \n\"Our positive results for the quarter a...