Third Quarter Results VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 29, 2013) - Offsetters Climate Solutions Inc. ("OCS" or the "Company", formerly ERA Carbon Offsets Ltd.) (TSX VENTURE:COO)(FRANKFURT:9EA) is pleased to announce its financial results for the quarter ended September 30, 2013.
Third Quarter, 2013 Financial Highlights
- Sales Revenue for the three months ended September 30, 2013 was $2,175,590, delivering gross profit of $1,425,541 and net income of $418,385.
- Year to date revenue of $5,362,323 with gross profit of $3,780,060.
- Monetary assets at September 30, 2013 were $1,755,579 to settle monetary liabilities of $761,110.
The Company's third quarter revenues were derived from sales and services supplied to approximately 50 clients over the period, including long term clients such as Forest Carbon Group AG, Aimia, Harbour Air, Viterra and Hemlock Printers. Approximately 16% of third quarter revenues were from new business and/or clients. Reductions in expenses continue to be realized as a result of operating efficiencies following the consolidation of companies post the December 2012 acquisition.
"We continue to meet our projected financial milestones including revenue and profitability and are pleased with our performance to date," commented Dr. James Tansey, CEO of Offsetters. "We remain on target to meet our 2013 guidance, based on the steady growth of our core business lines in carbon offset project development and sales and sustainability consulting services."
All financial information is prepared in accordance with International Financial Reporting Standards and reported in Canadian dollars unless otherwise noted. The unaudited consolidated interim financial statements and associated notes for the three, six and nine months ended September 30, 2013, along with the related Management's Discussion and Analysis are available on SEDAR at www.sedar.com.
James Tansey, Ph.D., President and CEO
Offsetters Climate Solutions Inc.