Business
Thermal Energy Reports First Half Revenue Growth of 31% and Record Order Backlog of $17.5 Million
(via TheNewswire) OTTAWA, ONTARIO / TheNewswire / January 29, 2018 - Thermal Ener...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"Thermal Energy Reports First Half Revenue Growth of 31% and Record Order Backlog of $17.5 Million(via TheNewswire)\n \n \nOTTAWA, ONTARIO / TheNewswire / January 29, 2018 - Thermal Energy International Inc. (\"Thermal Energy\" or the \"Company\") (TSXV: TMG), a global provider of industrial and institutional energy efficiency solutions, today announced its financial results for the three-month (the \"quarter\") and six-month (the \"first half\" or \"year-to-date\") periods ended November 30, 2017. All figures are in Canadian dollars. \n\n \n \nHighlights:\n\n \n \n\n\n-Revenue increased 21% to $3.7 million for the quarter and 31% to $6.8 million for the first half of the year;\n\n\n\n-Gross profit comparable to the same periods a year ago as a higher proportion of heat recovery sales resulted in lower gross margins of 49.7% for the quarter and 49.4% year-to-date;\n\n\n\n-Higher operating expenses as a result of continued investment in growing the Company;\n\n\n\n-The Company had net income of $70.5 thousand for the quarter and a net loss of $110.3 thousand for the year-to-date;\n\n\n\n-Order backlog currently at $17.5 million.\n\n\n\n \n \n\"Fiscal 2018 is shaping up to be a banner year for Thermal Energy International,\" said William Crossland, CEO of Thermal Energy. \"We are experiencing strong demand for our proprietary energy efficiency solutions and our reported order backlog is at an all-time high. Heat recovery revenue in particular was up 132.4% in the first half of the year and we received our largest order on record - an $11 million energy efficiency project with Resolute FP Canada - subsequent to the end of the second quarter. We've also had several recent GEM(TM) orders, including four from two multinational consumer products companies, both of whom are part of our corporate account development strategy.\" \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, 2017\n\n\n\n\n3 months ended\n\n\n\nNov. 30, 2016\n\n\n\n\n6 months ended\n\n\n\nNov. 30, 2017\n\n\n\n\n6 months ended\n\n\n\nNov. 30, 2016\n\n\n\n\nRevenue\n\n\n\n\n$3,729\n\n\n\n\n$3,079\n\n\n\n\n$6,827\n\n\n\n\n$5,213\n\n\n\n\nGross profit\n\n\n\n\n$1,854\n\n\n\n\n$1,929\n\n\n\n\n$3,371\n\n\n\n\n$3,385\n\n\n\n\nGross margin\n\n\n\n\n49.7%\n\n\n\n\n62.7%\n\n\n\n\n49.4%\n\n\n\n\n64.9%\n\n\n\n\nOper...