Business
Thermal Energy Reports First Quarter Revenue with Growth of 120% and a Strong Order Backlog of $9.3 million
(via TheNewswire) OTTAWA, ONTARIO / TheNewswire / October 30, 2018 - Thermal Ener...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"Thermal Energy Reports First Quarter Revenue with Growth of 120% and a Strong Order Backlog of $9.3 million(via TheNewswire)\n \n \nOTTAWA, ONTARIO / TheNewswire / October 30, 2018 - Thermal Energy International Inc. (\"Thermal Energy\" or the \"Company\") (TSXV: TMG), a global provider of proprietary energy and water efficiency, emission reduction and sustainability solutions to the industrial, commercial and institutional sectors, today announced its financial results for the three-month period ended August 31, 2018. All figures are in Canadian dollars.\n\n \n \nHighlights:\n\n\n \nRevenue increased 120% to $6.8 million;\n\n\n \nGross profit for the quarter increased 46% to $2.2 million;\n\n\n \nEBITDAS for the quarter was ($50,736), a $135,533 improvement compared to first quarter last year; \n\n\n \nEBITDAS would have been $167,406, a $353,675 increase compared to last year if we exclude strategic investments in growth and onetime expenses noted below; \n\n\n \nNet loss for the quarter was $49,458, a $131,322 improvement compared to last year;\n\n\n \nThe Company had an order backlog of $9.3 million as at October 30, 2018 compared to $7.8 million when we reported first quarter results last year. \n\n \n \n\"Following our record revenue for all of fiscal year 2018, we achieved record revenue again for the first quarter of fiscal 2019\" said William Crossland, CEO of Thermal Energy. \n\n \n \n\"The ongoing strategic investments we are making in expanding our team, capabilities and product offerings is clearly beginning to pay off. The acquisition of Boilerroom Equipment Inc. in June not only expanded our offering of complementary products but also gave us direct access to significant new sales channels and provides us with a strong United States base of operations. Last week we announced two orders that moved us beyond our traditional thermal energy efficiency market into the broader water efficiency and sustainability markets. As businesses across the globe search for ways they can reduce operating costs and improve sustainability, they will increasingly be looking to suppliers that have a broad range of sustainability capabilities to identify, recommend, and implement the most advantageous solutions.\"\n\n \n \n\"With a strong order book and our expanded team, product offering and market reach, we are well positioned to cont...