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Thermal Energy Reports First Quarter Results Highlighted by Revenue Growth of 118%
(via Thenewswire.ca) OTTAWA, ONTARIO / TheNewswire / October 22, 2015 - Thermal Ener...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"Thermal Energy Reports First Quarter Results Highlighted by Revenue Growth of 118%(via Thenewswire.ca)\n \n \nOTTAWA, ONTARIO / TheNewswire / October 22, 2015 - 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 world-wide, today announced its financial results for the three-month period ended August 31, 2015. All figures are in Canadian dollars. \n\n\n \n \n\n\n \nQ1 2016 Highlights (Compared to Q1 2015):\n\n \n \n\n\n-Revenue increased 118% to $2.6 million;\n\n\n\n-Gross profit increased 56.5% to $1.1 million;\n\n\n\n-Net loss narrowed to $453 thousand; \n\n\n\n-Adjusted operating cash flow was negative $336 thousand compared to negative $473 thousand a year ago;\n\n\n\n-Net cash at the end of the quarter was $659 thousand; \n\n\n\n-The Company had an order backlog of approximately $3.7 million as at October 22, 2015 compared to $3.0 million a year earlier.\n\n\n\n \n \n\"Strong heat recovery sales led to our highest first quarter revenue and gross profit in five years,\" said William Crossland, CEO of Thermal Energy. \"We more than doubled our revenue and have a stronger order backlog compared to this time a year ago. During the quarter, we announced orders from new customers, including one in the wine and spirits industry and a district heating cooperative. We also announced repeat business from a Fortune 500 food and beverage leader and our largest GEM order to date, which was repeat business from a world-leading healthcare company. These orders were not included in our first quarter revenue, and are included in our backlog. As we look ahead to the rest of fiscal 2016, our team is working hard to win more business with large, multi-site customers and continuing to roll out our corporate accounts 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 August 31, 2015\n\n\n\n\n3 months ended August 31, 2014\n\n\n\n\nRevenue\n\n\n\n\n$2,557\n\n\n\n\n$1,171\n\n\n\n\nGross profit\n\n\n\n\n$1,100\n\n\n\n\n$703\n\n\n\n\nGross margin\n\n\n\n\n43%\n\n\n\n\n60%\n\n\n\n\nOperating expenses\n\n\n\n\n$1,567\n\n\n\n\n$1,460\n\n\n\n\nEBITDAS\n\n\n\n\n$(401)\n\n\n\n\n$(658)\n\n\n\n\nNet income (loss)\n\n\n\n\n$(453)\n\n\n\n\n$(668)...