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Thermal Energy Reports Third Quarter and Year-to-Date Financial Results and $690,000 Heat Recovery Order
(via TheNewswire) OTTAWA, ONTARIO / TheNewswire / April 23, 2018 - Thermal Energy ...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"Thermal Energy Reports Third Quarter and Year-to-Date Financial Results and $690,000 Heat Recovery Order(via TheNewswire)\n\n \nOTTAWA, ONTARIO / TheNewswire / April 23, 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 months (Q3) and nine months (YTD) ended February 28, 2018. All figures in this news release are in Canadian dollars. \n\n \n \nToday the Company also announced that it has received a $690 thousand heat recovery order from a new Canadian hospital customer. The heat recovery system is expected to provide the hospital with annual energy savings of $200 thousand, while reducing its annual greenhouse gas emissions by approximately 2,000 tonnes. The project is expected to be completed and revenue earned over the next six months. \n\n \n \nWith this latest hospital order, the Company's order backlog is now $16.3 million, more than double the $8.0 million reported at this time last year.\n\n \n \nQ3 and YTD Financial Highlights:\n\n \n \n\n\n- Revenue was $3.2 million for the quarter, in line with a year ago, and up 19.2% to $10.1 million for the YTD;\n\n\n\n- Gross profit decreased 4.5% to $1.6 million for the quarter and 1.8% to $5.0 million for the YTD;\n\n\n\n- Higher operating expenses as a result of continued investment in growing the Company;\n\n\n\n- Net loss was $159 thousand for the quarter and $269 thousand for the YTD;\n\n\n\n- The Company had an order backlog of $16.3 million as at April 23, 2018 compared to $8.0 at this time last year.\n\n\n\n \n \n\"Our strong revenue growth of almost 20% for the year-to-date and our exceptionally high order backlog are a testament to our growth strategy and the ability of our team to execute it,\" said William Crossland, CEO of Thermal Energy. \"This is tracking to be a banner year for us, and given the strong order backlog, our outlook beyond this fiscal year remains very positive. During the third quarter we received the largest order in our history - an $11 million energy efficiency project with Resolute Forest Products. This did not contribute significantly to our third quarter revenue, but will boost our revenue from now into fiscal 2019, and possibly early fiscal 2020.\"\n\n \n \n\"We remain fo...