OTTAWA
,
Jan. 29
/CNW/ - Thermal Energy International Inc. (TSX-V:TMG) (www.thermalenergy.com) (the "Company" or "Thermal Energy") today announced its financial results for the fiscal quarter ending on
November 30, 2009
.
Total sales for the second quarter ended
November 30, 2009
were
$1,564,527
, an increase of 37% compared to
$1,140,563
from the same period in 2008. For the six months ended
November 30, 2009
sales were
$2,869,463
, up 30% compared to
$2,198,881
from the same period in 2008.
Gross profit for the second quarter ended
November 30, 2009
was
$854,989
(55%) compared with
$822,863
(72%) from the same period in 2008. The drop in gross margin on a comparative basis from the same period in 2008 was due to a lesser proportion of revenue coming from GEM sales which tend to have a higher gross margin than waste energy recovery products. For the six months ended
November 30, 2009
gross profit was
$1,869,966
(65%), up 38% compared to
$1,350,966
(61%) from the same period in 2008.
Administration and Selling, Marketing and Business Development expenses in the second quarter ended
November 30, 2009
totalled
$1,472,853
, a decrease of
$2,536
or 0.1% from the
$1,475,389
incurred in the second quarter in 2008. However included in administration costs for the current quarter is a
$180,000
provision against accounts receivable related to amounts owing pursuant to the Thermal-AUD(TM) financed contract and a
$190,000
provision intended to account for possible net liabilities resulting from a claim and a counterclaim with a former President of the Company. Excluding these provisions selling, marketing and business development expenses for the second quarter ended
November 30, 2009
decreased
$372,536
or 25% compared with the same period last year. The decrease in Administration and Selling, Marketing and Business Development expenses is due to cost cutting measures undertaken by the Company.
Loss before income taxes and non-controlling interest for the second quarter ended
November 30, 2009
was
$889,422
, an increase of
$56,091
from the same period last year. Excluding the
$370,000
in provisions noted above the Loss before income taxes and non-controlling interest for the second quarter ended
November 30, 2009
would have been
$519,422
, an improvement of
$313,909
from the same period last year.
For the six months ended
November 30, 2009
the loss before income taxes and non-controlling interest was
$1,457,506
. Excluding the
$370,000
in provisions noted above the loss before income taxes and non-controlling interest for the six months ended
November 30, 2009
would have been
$1,087,506
an improvement of
$359,493
from the same period last year.
Liquidity and Solvency: At
November 30, 2009
, the Company had working capital of
$2,156,069
and the Company's net cash (Cash and cash equivalents less Bank loans) position was
$970,881
, a decrease of
$619,365
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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