Thermal Energy Reports Financial Results for the Fiscal Quarter and Year
ended May 31, 2010
OTTAWA, Sept. 28 /CNW Telbec/ - Thermal Energy International Inc. (TSX-V:TMG) (www.thermalenergy.com) (the "Company" or "Thermal Energy") today announced its financial results for the fiscal quarter and year ended May 31, 2010.
Total sales for the fourth quarter ended May 31, 2010 were $1,636,644, an increase of $558,944 or 52% compared to the same period last year. For the year ended May 31, 2010 sales were $5,812,655 an increase of $1,853,733 or 47% compared to the same period last year. Sales to Kruger Products Limited pursuant to the contract with Kruger Products Limited announced December 23, 2009, were $485,091 for the year ended May 31, 2010.
Gross profit for the fourth quarter ended May 31, 2010 was $875,019 (53%), an increase of $158,029 or 22% compared with $716,990 (66%) from the same period in 2009. For the year ended May 31, 2010 gross profit was $3,557,307 (61%), up 50% or $1,193,678 compared to $2,363,629 (60%) from the same period in 2009.
Loss before income taxes and non-controlling interest for the fourth quarter ended May 31, 2010 was $893,131, an increase of $317,920 from the same period last year. However the fourth quarter included $593,213 in onetime non-cash provisions consisting of $296,433 against accounts receivable balances owing from the joint venture in China, $103,400 relating to a previous project, and a $193,380 write down against the net investment in lease following the signing of a new 30 month agreement with Fortress Paper. Excluding these onetime provisions, the Loss before income taxes and non-controlling interest for the fourth quarter ended May 31, 2010 was $299,918.
For the year ended May 31, 2010 the loss before income taxes and non-controlling interest was $2,978,361, an improvement of $220,342 from the same period last year. Excluding the onetime provisions of $593,213 in the fourth quarter and the $370,000 in provisions taken in the second quarter the Loss before income taxes and non-controlling interest for the year ended May 31, 2010 was $2,183,793.
Liquidity and Solvency: At May 31, 2010, the Company had working capital of $1,168,863 and the Company's net cash (Cash and cash equivalents less Bank loans) position was $422,400, a decrease of $146,921 during the quarter.
All figures are in Canadian dollars. Full financial results including Management's Discussion and Analysis and accompanying notes to the financial results, are available on www.SEDAR.com and www.thermalenergy.com.
About Thermal Energy
Thermal Energy International Inc. is an innovative technology company providing custom energy and emission reduction, and bioenergy solutions. Headquartered in Ottawa, Canada, TEI is a designer, design build developer, fabricator, owner, operator and supplier of proprietary and patented energy conservation, renewable energy and environmental technology solutions. Thermal Energy is a fully accredited professional engineering firm, and offers advanced process and applications engineering services. The Company is a proud member of the Chicago Climate Exchange (CCX). FLU-ACE(TM), DRY-REX(TM), THERMALONOx(TM), THERMAL AUD(TM) and GEM(R) are trademarks of Thermal Energy International.
To find out more about Thermal Energy International Inc. (TSX-V: TMG), visit our website at http://www.thermalenergy.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information: William Crossland, President and CEO, 613-723-6776
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