Business
Thermal Energy Reports Record First Quarter Revenue with Growth of 45% and a Strong Order Backlog of $7.8 million
(via TheNewswire) OTTAWA, ONTARIO / TheNewswire / October 23, 2017 - Thermal Ener...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"Thermal Energy Reports Record First Quarter Revenue with Growth of 45% and a Strong Order Backlog of $7.8 million(via TheNewswire)\n \n \nOTTAWA, ONTARIO / TheNewswire / October 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-month period ended August 31, 2017. All figures are in Canadian dollars. \n\n \n \nHighlights:\n\n \n \n\n\n-First quarter revenue increased 45.1% to $3.1 million compared with $2.1 million for the same quarter a year earlier;\n\n\n\n-Gross profit for the quarter increased 4.3% to $1.5 million compared to the first quarter last year;\n\n\n\n-Net loss for the quarter was $181 thousand versus a loss of $80 thousand for the same period last year;\n\n\n\n-The Company had an order backlog of $7.8 million as at October 19, 2017.\n\n\n\n \n \n\"Following our record revenue for all of fiscal year 2017, we achieved record revenue again for the first quarter of fiscal 2018 with growth of 45.1%,\" said William Crossland, CEO of Thermal Energy. \"Four hospital projects and the early stages of a project for our leading Fortune 500 food and beverage customer contributed to a strong increase in heat recovery revenue during the quarter. Also of significance during the quarter, we announced a $1.46 million 'Super-Efficient Cogeneration(TM)' heat recovery project with the same Fortune 500 food and beverage customer. Our order backlog remains strong at $7.8 million, and we remain focused on executing our business plan, growing the company and capitalizing on the positive market outlook for industrial energy efficiency and emissions reduction solutions worldwide.\"\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\nAugust 31, 2017\n\n\n\n\n3 months ended\n\n\n\nAugust 31, 2016\n\n\n\n\nRevenue\n\n\n\n\n$3,098\n\n\n\n\n$2,135\n\n\n\n\nGross profit\n\n\n\n\n$1,518\n\n\n\n\n$1,456\n\n\n\n\nGross margin\n\n\n\n\n49.0%\n\n\n\n\n68.2%\n\n\n\n\nOperating expenses\n\n\n\n\n$1,738\n\n\n\n\n$1,491\n\n\n\n\nEBITDAS\n\n\n\n\n$(186)\n\n\n\n\n$3\n\n\n\n\nNet income (loss)\n\n\n\n\n$(181)\n\n\n\n\n$(80)\n\n\n\n \nQ1 2018 Financial Review:\n\n\n \nRevenue for the quarter...