Backlog of $44,000,000 CAD $25,000,000.00 GBP | = | $44,366,291.16 CAD |
15 MAY 2009TURBO POWER SYSTEMS INC. (TPS) ANNOUNCES RESULTS FOR
THE FIRST QUARTER ENDED 31 MARCH 2009
Highlights
• Production and development income for the quarter of £2.7 million (2008: £2.0 million)
• Total revenues in Q1 increased by 39% over Q4 2008
• Losses reduced to £0.37 million in the quarter (2008: £2.29 million loss) giving a quarterlyEBITDA loss of £0.06 million (2008: EBITDA loss £2.0 million).
• Operating Cash outflow of £0.5 million (2008: £1.8million).
• US$10 million of orders announced since 1 January 2009 for motor technology, rail andindustrial laser power supplies.
Paul Summers, CEO, said:
“Good progress continues to be made with further reductions in development spend and
increased production compared to Q4 08. We have managed our cash balances through a difficult
time in the business cycle and believe that our cash position will strengthen during the year as
production volumes increase on our major programmes.
“The majority of our markets are still proving to be resilient to the current economic turmoil,
despite some slow down experienced in the industrial sector. Order intake has been strong since
the beginning of the year bringing our total order book to in excess of £25 million.”