TMG Q1 revenue up 45%; Order backlog $7.8MillionOTTAWA, ONTARIO – October 23, 2017 –
Thermal Energy International Inc. (“Thermal Energy” or the “Company”) (TSXV:
TMG), a global provider of proprietary energy efficiency solutions to the industrial, commercial and institutional sectors, today announced its financial results for the three-month period ended August 31, 2017. All figures are in Canadian dollars.
Highlights: - First quarter revenue increased 45.1% to $3.1 million compared with $2.1 million for the same quarter a year earlier;
- Gross profit for the quarter increased 4.3% to $1.5 million compared to the first quarter last year;
- Net loss for the quarter was $181 thousand versus a loss of $80 thousand for the same period last year;
- The Company had an order backlog of $7.8 million as at October 19, 2017.