Decent EarningsEarnings heading in the right direction.
WEST MOUNTAIN CAPITAL CORP.
TSX VENTURE:
WMT
Nov 09, 2009 09:27 ET
West Mountain Capital Corp. Announces Q3 Results
CALGARY, ALBERTA--(Marketwire - Nov.9, 2009) - West Mountain Capital Corp. (TSX VENTURE:WMT) ("theCompany") today released its financial results for the three and ninemonths ended September 30, 2009.
For the three months ended September 30, 2009, the Companygenerated sales of $2,556,562 and earnings before interest, taxes,depreciation and amortization (EBITDA) of $1,629,688 versus $449,617and ($227,580) respectively for the comparative period in 2008. Netincome for the quarter increased to $1,497,107 from a net loss of($343,441) for the same period in 2008 with the Company's workingcapital increasing by $1,549,656.
"During the third quarter the Company's soil treatment facilitylocated in Wolseley, Saskatchewan processed stockpiles of PCBcontaminated soil that were received from various customers during thesecond quarter," said Paul Antle, President and CEO. "Our staff hasbeen doing an excellent job and our customers are extremely satisfiedas we continue to bid for other remediation projects throughout Canada.We are also pursuing similar opportunities in China."
Highlights and milestones for the third quarter include:
- An EBITDA increase of $1,857,268 over the same period in 2008;
- Earnings per share of $0.043;
- Net income of $1,497,107; and
- The exclusive right to use TPS technology in China.
Selected Financial Data
This summary of selected unaudited and audited financial datashould be read in conjunction with the Management Discussion andAnalysis ("MD&A") and the unaudited and audited financialstatements of the Corporation and related notes thereto, for theperiods indicated.
Three Months Ended Three Months Ended
September 30, 2009 September 30, 2008
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Revenue $2,556,562 $449,617
Net Income (Loss) $1,497,107 $(343,441)
Net Income (Loss) per share $0.043 $(0.010)
Total Shares Outstanding 34,724,667 34,724,667
As at
September 30, 2009 December 31, 2008
-----------------------------------------------
Cash $1,852,586 $783,993
Working Capital $1,880,497 $229,509
Total Assets $6,224,024 $4,467,696
Long Term Liabilities $223,820 $725,701
Share Capital $6,935,817 $6,935,817
At West Mountain's Annual General and Special Meeting ofShareholders held on August 31, 2009 the Shareholders re-elected PaulAntle, Sid Dutchak, Dr. John Wiebe, Grant Kook, Steven Thompson,Anthony Vysniauskas and Brian Kohlhammer as the directors of WestMountain.
In addition, West Mountain's Stock Option Plan was re-approved bythe shareholders at the Meeting and an aggregate of 875,500 stockoptions were subsequently distributed under the Plan to variousdirectors, officers and employees of West Mountain. Of the 875,500options granted, 805,000 options were granted to directors and officersof West Mountain with the balance of options granted to employees. Alloptions have an exercise price of $0.10 per share and expire on August31, 2014. West Mountain has determined that exemptions from the variousrequirements of the TSX Venture Exchange Policy 5.9 are available forthe grant of these options.
About Phase Separation Solutions:
PS2 is an established Canadian environmental solutions companyspecializing in the thermal treatment of a variety of hazardous andnon-hazardous waste streams. It employs a unique indirectly heated,closed loop technology that allows it to extract even the mosthazardous contaminants from soil, industrial sludge and wasteconverting much of it into reusable oil and synthetic natural gas thatit uses to sustain the process. This methodology offers significantopportunity for greenhouse gas reduction over traditional hazardouswaste destruction technologies. PS2's management team maintainsexpertise in hazardous waste management and contaminated siteremediation with experience spanning North America and internationallythroughout 14 countries.
Forward-Looking Statements
This news release contains forward-looking statements andforward-looking information within the meaning of applicable securitieslaws. The use of any of the words "expect", "anticipate", "continue","estimate", "objective", "ongoing", "may", "will", "project", "should","believe", "plans", "intends" and similar expressions are intended toidentify forward-looking information or statements. More particularlyand without limitation, this news release contains forward lookingstatements in respect of the volume of soil to be processed by PS2under its current contract in Western Canada and in general all soilvolumes whether domestic or international from any source. Theforward-looking statements and information are based on certain keyexpectations and assumptions made by West Mountain, includingexpectations and assumptions concerning the plan to remove and treatsuch material. Although West Mountain believes that the expectationsand assumptions on which such forward-looking statements andinformation are based are reasonable, undue reliance should not beplaced on the forward looking statements and information because WestMountain can give no assurance that they will prove to be correct.
Since forward-looking statements and information address futureevents and conditions, by their very nature they involve inherent risksand uncertainties. Actual results could differ materially from thosecurrently anticipated due to a number of factors and risks. Theseinclude, but are not limited to, the risks associated with the removaland treatment of PCB contaminated materials in general, attempting tosecure work, the uncertainty of estimates and projections relating tothe value of the contract, health, safety and environmental risks,transportation costs, environmental risks, risks associated withworking in foreign countries, failure to realize the anticipatedbenefits of the contract, failure to obtain required regulatory andother approvals, and changes in legislation, including but not limitedto environmental regulations. Readers are cautioned that the foregoinglist of factors is not exhaustive. The forward-looking statements andinformation contained in this news release are made as of the datehereof and West Mountain undertakes no obligation to update publicly orrevise any forward-looking statements or information, whether as aresult of new information, future events or otherwise, unless sorequired by applicable securities laws.
Neither TSX VentureExchange nor its Regulation Services Provider (as that term is definedin the policies of the TSX Venture Exchange) accepts the responsibilityfor the adequacy or accuracy of this release.