Very good quarter, still undervalued...Here what a find on sedar...
Q2 2015 Results
The Company achieved record financial results for its quarter ended June 30, 2015 of approximately $11.2 million of revenue, $1,155,912 of EBITDA and net income after tax of $602,243. For the same quarter in 2014, the Company reported approximately $5.0 million of revenue, $359,584 of EBITDA and net income after tax of $206,558.
As well, the Company’s backlog is $25,076,216 at June 30, 2015, compared to $12,859,648 at the end of the same quarter in 2014.
Sales Outlook
We had a relatively strong quarter for new order intake at $5 million plus, and certainly our sales funnel is quite full. The Tanks & Industrial group is seeing a great deal of bid activity and we expect that some smaller projects will be awarded in the third quarter, but most awards will occur in the fourth quarter of 2015. The Systems & Solutions group saw significant new orders in the first quarter (over $12 million), but is also of the view that late in the third quarter or sometime in the fourth quarter is the likely timing for their next orders. The Solutions part of that business remains strong and year over year growth is once again anticipated, with the service side of the business starting to get more traction as retrofit and other more complex solutions are sold.
The main difference in our sales funnel today, as opposed to the last several years, is that while we are still seeing many potential orders in the $500,000 to $3 million size range, we are now tracking approximately a dozen projects from $3 million to $15 million in scope. In the past we rarely had more than two or three of these large projects in our sales funnel. Projects of this scale offer their own set of challenges, as winning a couple more than anticipated can create stress on our current personnel and stress our recruiting, hiring and onboarding processes.
Much of this sales growth opportunity is in the new area of transload systems used for the off load (from railcars or trucks), storage (in bolted steel silos) and download (to trucks) of dry materials or chemicals. We are certainly on a learning curve, but the systems are significantly less complex than the chemical storage and make-down systems our Systems & Solutions group normally designs, and therefore lend themselves very well to our in-house engineering and design expertise