Business
Thermal Energy Reports 23% Revenue Growth and Significantly Improved Profitability for the Second Quarter of Fiscal 2017
(via TheNewswire) OTTAWA, ONTARIO / TheNewswire / January 23, 2017 - Thermal Energy ...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"Thermal Energy Reports 23% Revenue Growth and Significantly Improved Profitability for the Second Quarter of Fiscal 2017(via TheNewswire)\n \n \nOTTAWA, ONTARIO / TheNewswire / January 23, 2017 - 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, 2016. All figures are in Canadian dollars. \n\n \n \nHighlights:\n\n \n \n\n\n-Revenue grew 23% for Q2 and 3% YTD;\n\n\n\n-Gross profit increased 19% for Q2 and 25% YTD;\n\n\n\n-The Company was profitable for Q2 and the YTD, with strong improvements to EBITDAS, net income and adjusted cash flow;\n\n\n\n-YTD EBITDAS, net income and adjusted cash flow increased $606 thousand, $522 thousand and $446 thousand respectively;\n\n\n\n-Working capital improved to $1.3 million as at November 30, 2016, up $284 thousand since May 31, 2016;\n\n\n\n-Net cash position was $1.5 million as at November 30, 2016, an increase of $379 thousand since May 31, 2016\n\n\n\n\n \n\n\n-Order backlog was $7.1 million as at January 19, 2017 compared to $6.9 million a year ago.\n\n\n\n \n \n\"We had a strong first half of fiscal 2017 and have a healthy order backlog,\" said William Crossland, CEO of Thermal Energy. \"Following the impressive gross profit increase we achieved in the first quarter, both our heat recovery and GEM(TM) sales were up in the second quarter and we continued to improve our profitability, with significant increases to gross profit, EBITDAS and our bottom line. Importantly, our market fundamentals are as strong as ever and we have only just begun to build our business in our key markets.\"\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, 2016\n\n\n\n\n3 months ended\n\n\n\nNov. 30, 2015\n\n\n\n\n6 months ended\n\n\n\nNov. 30, 2016\n\n\n\n\n6 months ended\n\n\n\nNov. 30, 2015\n\n\n\n\nRevenue\n\n\n\n\n$3,079\n\n\n\n\n$2,502\n\n\n\n\n$5,213\n\n\n\n\n$5,058\n\n\n\n\nGross profit\n\n\n\n\n$1,929\n\n\n\n\n$1,617\n\n\n\n\n$3,385\n\n\n\n\n$2,717\n\n\n\n\nGross margin\n\n\n\n\n62.7%\n\n\n\n\n64.6%\n\n\n\n\n64.9%\n\n\n\n\n53.7%\n\n\n\n\nOperating expenses\n\n\n\n\n$1,687\n\n\n\n\n$...