decreased by 16.2% in the quarter to $5,049,538 down from $6,022,824 during thecorresponding period of the previous fiscal year.
For the quarter, net earnings reached $3,014,608 or $0.07 per share, representing a 26.4%
decrease over net earnings of $4,094,390 or $0.09 per share, for the first quarter of the previous
fiscal year.
The backlog of orders expected to translate into sales over the following twelve months stood at
a record level of $56,964,321 which represents a 6.2% increase over its level of $53,646,727 one
year earlier.
Jacques L’Ecuyer, President and Chief Executive officer said, “Results of our first quarter ended
August 31, 2009, reflect a continuing strong demand for our solar grade products but also a
weakening of our sales of all other products as a result of a more challenging economic
environment. The strong demand for our solar grade products enabled us to increase our
supply commitments to our main customer in this market and extend the duration of such
commitments as we announced on June 24, 2009. The decrease in sales of other products
reduced our profitability which was also negatively impacted by the significant acquisition
related charges for uncompleted acquisition projects.”