MONTREAL, June 8, 2016 /CNW Telbec/ - Sofame Technologies Inc. (TSXV: SDW) (OTC: SFMGF) has filed its 2014 annual financial reports. Financial highlights for the fiscal year ending September 30, 2014were as follows:
- 2014 Net Sales of $ 1,063,478 compared to $ 1,603,413 in 2013, an decrease of 33.7%
- 2014 Gross Loss of ($ 184,973) (-17.4%) compared to Gross Profit of $ 399,935 in 2013 (24.9%)
- 2014 Operating Expenses of $ 698,404 compared to $ 503,057 in 2013
- 2014 Financing and other costs of $ 561,352 versus $ 147,012 in 2013
- 2014 Net Loss of ($ 1,350,829) compared to ($ 277,686) in 2013
Note: These are the financial highlights only. Management`s Discussion and Analysis, the consolidated financial statements, cash flows, and notes thereto of Sofame Technologies Inc. are available at www.sedar.com.
Comments on the year ended September 30, 2014
In 2014, significant non-operational charges were incurred. Research and Development Costs of $257,781 for the Percofrac water heating system were reclassified to Cost of Sales, and financing costs of $312,323 one year after the disbursement of the revolving note facility were recognized as expenses. The operations were hard hit by the collapse of oil prices which resulted in decimation of the Company's frac water heating projects.
Accounts receivable were $ 105,424 at year end compared to $729,149one year earlier. As of September 30, 2014, Sofame had a confirmed order backlog of approximately $167,511 compared to $473,976 atSeptember 30, 2013. The Order Backlog consisted of four contracts in progress in Montreal for a pharmaceutical plant, a hospital expansion project, a dairy plant and a textile plant.
Annual Meeting Set for June 17, 2016
The Annual Meeting is scheduled for June 17, 2016. Details are available on SEDAR. Sham Ahmed has indicated that he will not stand for re-election as a Director. Sham joined the Board in 2011, bringing four decades of leadership experience in the HVAC industry. His steadfast belief in the value of Sofame's energy efficiency technology, and Sham's strategic guidance at the Board level during critical negotiations will both be missed. The Board wishes Sham success in his new Canadian venture with TMI Climate Solutions, a subsidiary of MiTek, a Berkshire Hathaway, Inc. company.
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SOURCE Sofame Technologies Inc.