Business
Thermal Energy International Announces Strongest First Quarter Profit in Company's History
(via TheNewswire) OTTAWA, ONTARIO - TheNewswire - October 30, 2019 - Thermal Energy Inter...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"Thermal Energy International Announces Strongest First Quarter Profit in Company's History(via TheNewswire)\n\n \nOTTAWA, ONTARIO - TheNewswire - October 30, 2019 - Thermal Energy International Inc. (\"Thermal Energy or the \"Company\") (TSXV: TMG), an innovative cleantech company and global provider of proprietary, energy efficiency and emissions reduction solutions, has announced its financial results for the first quarter ended August 31, 2019. All figures are in Canadian dollars.\n\n\n \nHighlights:\n\n\n \n\n\n-13% increase in gross profit to $2.2 million, compared with the first quarter of FY2019\n\n\n\n-Strongest first quarter in Company's history as evidenced by:\n\n\n\n\n\n-EBITDAS of $472 thousand; and, \n\n\n\n-Net income of $241 thousand\n\n\n\n\n\n-Record $12.8 million order backlog - 75% higher than it was at the same period last year \n\n\n\n\n \n\"Record profitability and order backlog, in the first quarter of our new financial year provides encouraging evidence that our strategy, of progressing from a period of investing in future growth, to one of increased revenue and profitability, is working well.\" said William Crossland, CEO of Thermal Energy.\n\n\n \n\"Over the last two years we have invested aggressively in all areas of the business including sales, engineering, operations and marketing. We were also proactive in expanding our geographical footprint to include key markets such as Germany, Poland, Texas and the US Gulf Coast. With these sorts of investments normally expected to take at least one to two years to bear fruit, we are now seeking to fully optimize them and maximize the benefit to further grow revenues, strengthen profit margins and deliver ROI.\"\n\n\n \n\"Due to the nature of our business, quarterly gross profit can be easily impacted by project and product mix. In the first quarter last year, results were greatly influenced by the $11 million heat recovery project with Resolute Forest Products, announced December 2017. For the first quarter this year, with the Resolute project complete, revenue is lower but gross profit and net income are both up. Not only that, but the order backlog is significantly higher compared to last year, and showcases a much wider variety of projects across sectors and geography. Importantly, this demonstrates our success at diversifying as a means of maintaining ou...