Q2Thermal Energy Reports Record Financial Results for the Fiscal Quarter and Six Months Ended November 30, 2011
OTTAWA, Jan. 30, 2012 /CNW/ - Thermal Energy International Inc. (TSX-V: TMG) (www.thermalenergy.com) (the "Company" or "Thermal Energy") today announced its financial results for the fiscal quarter and six months ended November 30, 2011.
"Thermal Energy continues to build on the solid growth of the last two years generating record levels of revenue, profit and cash flow this quarter" commented William Crossland, President and CEO, adding "I am very proud of the results the Company has achieved to date and encouraged by the continued strength of our order backlog".
Sales for the quarter ended November 30, 2011 were a record $4,676,322, an increase of 59% or $1,738,191 compared to the same quarter last year. Sales of GEM® condensate return systems decreased by $285,322 over the same period in the previous year, while sales of waste energy recovery systems increased by $2,023,513. The decrease in GEM® Condensate return systems sales resulted from reduced sales to a major pharmaceutical company. The increase in sales of waste energy recovery systems is as a result of revenues from the Fibrek and St. Georges projects previously announced. For the six months ended November 30, 2011, revenues were $6,108,008 compared to $5,923,798 for the same period of the previous year.
Gross profit for the quarter ended November 30, 2011 was a record $2,123,687 an increase of $847,843 compared to the same period last year. Gross margin (gross profit expressed as a percentage of sales) for the period was 45% this year vs. 43% last year. For the six months ending November 30, 2011 gross profit was $2,926,699, an increase of $447,195 compared to last year while gross margin for the six months was 48% compared to 42% last year. Gross margin can vary from quarter to quarter depending on sales volume and product mix.