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Thermal Energy International's Year End Financial Results Highlighted by Strong Growth in Revenue and Profitability
(via Thenewswire.ca) OTTAWA, ONTARIO / TheNewswire / September 20, 2016 - Thermal...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"Thermal Energy International's Year End Financial Results Highlighted by Strong Growth in Revenue and Profitability(via Thenewswire.ca)\n \n \nOTTAWA, ONTARIO / TheNewswire / September 20, 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-month and twelve-month periods ended May 31, 2016. All figures are in Canadian dollars. \n\n \n \nFY 2016 Financial Highlights (Compared to FY 2015):\n\n \n \n\n\n-Revenue increased 82.4% to $12.4 million, with higher heat recovery systems and GEMTM Condensate return systems sales;\n\n\n\n-Gross profit increased 87.3% to $6.8 million;\n\n\n\n-Net income of $259 thousand, representing an improvement of $2.4 million;\n\n\n\n-Positive adjusted operating cash flow of $710 thousand, representing an improvement of $2.1 million.\n\n\n\n \n \n\"Fiscal 2016 was a strong year for both our heat recovery and GEMTM businesses,\" said William Crossland, CEO of Thermal Energy. \"After a disappointing fiscal 2015, our revenue rebounded, increasing more than 82% and resulting in the second most profitable year in the history of our company. Importantly, we have made solid progress in growing our base business, thus relying less on mega projects, which we define as orders valued at or above $2 million. Our revenue has grown at a compounded annual rate of 17.6% since 2009 when we acquired the GEM business. This past year, we continued to pursue client opportunities with potential for cross-selling and other repeat business, and executed a sector-based approach to our sales and marketing. While hospitals and food and beverage customers were the largest sources of revenue for the year, we continue to see applications for, and orders from, a variety of other sectors. Additionally, as we look ahead to fiscal 2017, we have a healthy order backlog of approximately $7.3 million, up from $5.9 million a year ago.\"\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\nMay 31, 2016\n\n\n\n\n3 months ended\n\n\n\nMay 31, 2015\n\n\n\n\n12 months ended\n\n\n\nMay 31, 2016\n\n\n\n\n12 months ended\n\n\n\nMay 31, 2015\n\n\n\n\nRevenue\n\n\n\n\n$4,123\n\n\n\n\n$2,52...