Q3 Highlights........$0.50/share in CashHighlights of the quarter included:
- Delivery of all systems sold to SK Engineering & Construction (half
during the current quarter and the second half at the beginning of
the next quarter);
- Highest revenues ever recorded;
- Increased the potential from the portfolio of quotations;
- Generated a high level of activity in the Middle-East;
- Successful commissioning and start-up of the Triton platform systems;
- Achieved successful field trial results in the Middle-East; and
- Strengthen our international sales team.
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"This is a quarter we are very proud of. Not only have we generated the highest ever revenues, but the 160,000 BPD system sold for the Triton Platform in the North Sea has started-up; and we have just recently completed the delivery of our 260,000 BPD system to be used in Kuwait. The potential from our portfolio of quotations has grown and requests for trials are increasing," said Alain Ferland, Chief Executive Officer of TORR Canada. "We believe this momentum and positive developments will bring additional attention on the Company from key players of the Oil and Gas industry."
Q3 Financial Results
Revenues were $16,414,696 in Q3-2007 compared to $2,855,757 in Q3-2006. Most revenues were generated by the delivery of five of the seven systems sold to SK Engineering & Construction. Delivery of the last systems occurred in early April so related revenues and costs will be recognized during the next quarter.
TOR had $22.5 million in cash and liquid investments at the end of Q3, or about $0.50 per share.
TOR is rapidly moving out of the R & D development stages to commercialization of its unique technologies, as evidenced by the $26 + million in revenues generated in Q3.
The addition of PURE, with its $20 + million in gross sales and stong connections with the international Oil and Gas sector thru its parent, Statoil, and strong synergies, should boost sales and earnings over the next few years to the $250 million level, and smooth out the inter-quarterly variability in revenues.