Business
Thermal Energy Reports Record Revenue: First Half Revenue Growth of 76%
(via TheNewswire) OTTAWA, ONTARIO / TheNewswire / January 29, 2019 - Thermal En...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"Thermal Energy Reports Record Revenue: First Half Revenue Growth of 76%(via TheNewswire)\n\n \nOTTAWA, ONTARIO / TheNewswire / January 29, 2019 - Thermal Energy International Inc. (\"Thermal Energy or the \"Company\") (TSXV: TMG), an innovative cleantech company and provider of proprietary, energy efficiency and emissions reduction solutions to companies worldwide, has announced its financial results for the three-month (the \"second quarter\") and six-month (the \"first half\" or \"year-to-date\") periods ended November 30, 2018. All figures are in Canadian dollars. \n\n \n \nHighlights:\n\n \n \n\n\n- Revenue increased 39% to $5.2 million for the second quarter and 76% to $12.0 million for the first half of FY 2019;\n\n\n\n- Gross profit increased 13% to $2.1 million for the second quarter and 28% to $4.3 million for year-to-date period;\n\n\n\n\n \n\n\n- EBITDAS for the second quarter and first half were ($67,995) and ($118,731) respectively but would be $75,505 and $242,911 respectively if strategic investments in the future growth of the Company (expanding our team, capabilities and global presence) and the one-time acquisition related expenses (as described below) were excluded. \n\n\n\n\n \n\n\n- The Company has an order book (confirmed orders with revenue yet to be recognized) of $10.4 million as of January 29, 2019.\n\n\n\n \n \n\"Our year to date figures represent a continuation of our strong growth pattern with new record levels of both revenue and gross profit\" said William Crossland, CEO of Thermal Energy. \n\n \n \n\"In line with our growth strategy to expand the business both organically and by acquisition, these results reflect the ongoing investments in the business we have made over the last few years and the positive impact these investments are having on the Company as a whole.\"\n\n \n \n\"The acquisition of Boilerroom Equipment Inc. in June 2018 was a key part of our plan to grow via accretive acquisition. It has not only expanded our offering of complementary products but also given us direct access to new alternate sales channels as well as a strong United States base of operations. This diversification of product portfolio and sales and distribution networks strengthens our market reach and competitive position.\"\n\n \n \nSummary Financial Results\n\n \n\nIn thousands except\n\n\n\n% data\n\n\n\n\n3 mo...