somewhat NEWS out...
MONTREAL, March 4, 2014 /CNW Telbec/ - Sofame Technologies Inc. (TSXV: SDW) (OTC: SFMGF) has reported net sales of $367,179 for the first quarter of fiscal 2014 ended December 31, 2013, and a net loss of ($ 21,534). EBITDA was $40,525 for the quarter.
- Q1 2014 Net Sales of $ 367,179 compared to $ 414,915 in Q1 2013
- Q1 2014 Gross Profit of $ 131,504 (35.8%) compared to $ 110,808 (26.7%) in Q1 2013
- Nine orders totalling $ 2.7 million were received between August 2012 and December 31, 2013
- Q1 2014 Operating Profit was $ 14,872 (4.1%) compared to $ 36,759 (8.9%) in Q1 2013
- Net Loss in Q1 2014 was ($ 21,534) (-5.9%) compared to Net Earnings of $ 3,928 (0.9%) in Q1 2013
- EBITDA in Q1 2014 was $ 40,525 versus $ 103,357 in Q1 2013
| Note: |
These are the financial highlights only. Management`s Discussion and Analysis, the consolidated statements of financial position, cash flows, and notes thereto of Sofame Technologies Inc. are available at www.sedar.com. |
Key Development During the First Quarter Ended December 31, 2013
Negotiations for a Significant Order of PercofracTM Equipment
Sofame began selling the 100% efficient PercofracTM 10 MMBTU and 30 MMBTU mobile water heaters in the summer of 2013. Witness testing of the units in the gas fields after they were mounted on trailers equipped with pumps, generators and propane vaporizers went very well. There is discussion of orders for multiple units to serve the burgeoning fracking business. Developments will be promptly reported.
Negotiations to Acquire a Company in the Same Industry
Sofame began negotiations in 2012 to acquire a company operating in the same industry. These negotiations have progressed further, and an acquisition will occur if the required debt financing can be negotiated. Discussions are under way with several potential lenders. Any concrete developments will be reported promptly.
Aline Belanger Joins Sofame Technologies Board
As of February 26, 2014, we are pleased to welcome Aline Belanger to Sofame's Board of Directors. Ms. Bélanger has over 20 years of experience in finance and accounting at companies including enGlobe, AVESTOR, CAE Inc., Bell Canada International, Pricewaterhouse Coopers, Ernst & Young and Cycle Capital Management. During her career, Aline has participated in more than a billion dollars of debt financing, and overseen acquisitions totalling more than $500 million. She has also participated in about $100 million of venture capital financing, the latter focusing on clean technologies. Aline will greatly enhance the diversity of expertise on our board. She is widely recognized for her planning and financial analysis capabilities, clearly evident in her extensive track record in managing corporate restructuring, mergers and acquisitions. She brings to Sofame the in-depth expertise we need as we move forward.