CALGARY, March 16 /CNW/ -- CALGARY, March 16 /CNW/ - Pure
Technologies Ltd. ("Pure") (TSXV: PUR) is pleased to announce
strong financial results for the year ended December 31,
2010. Revenue for the year was $48.4 million, a 53% increase
over 2009 and EBITDA of $7.1 million increased by 58% over the
previous year. Net income for the year was $5.5 million, an
increase of 263% over 2009. Earnings per share of $0.13, on a fully
diluted basis, more than tripled compared to 2009. Fourth quarter
results were strong with revenue of $16.5 million, versus $12.9
million in the fourth quarter of 2009. Revenue growth
reflects a significant year-over-year increase in worldwide project
activity, as well as the inclusion of a full quarter of
contribution by the recently acquired Pressure Pipe Inspection
Company ("PPIC"). Net income for the quarter was $3.6
million, compared to $2.4 million for the fourth quarter of
2009. "This has been a tremendous year for Pure as we
achieved record financial results and great success in all elements
of our business", said Jack Elliott, President. "With the
acquisition of PPIC, we broadened our global reach and added to our
technology and services portfolio. The acquisition for the partial
year generated revenues of $9.2 million. We also continued to
expand our business development activities and obtained several
substantial contracts as well as advanced our presence in regions
including Australia, Hong Kong, the Philippines, and Mexico."
Highlights for the year included: -- The PPIC acquisition, which
was a significant milestone for Pure and the international water
technology sector. The integration of the business and resources of
PPIC is essentially complete with sales, marketing, operations and
R&D functions now combined. With this acquisition, we have
accelerated our project delivery capability and research &
development output and we have been successful in securing new or
renewed pipeline monitoring, leak detection and condition
assessment contracts from former clients of PPIC. -- The
establishment of Pure Technologies China Ltd. ("Pure China"), a
joint venture with Balama Prima Engineering Co. Ltd., a
privately-held Hong Kong-based company with business interests in
the infrastructure sector in China. This joint venture extended our
global reach into the Asian market with Pure China representing
Pure's interests in China, Hong Kong, Taiwan and Macau. -- The
acquisition of Aqua Environmental Pty. Ltd. ("Aqua"), a
privately-held company headquartered in Sydney, Australia which
provides pipeline leak detection and condition assessment services
for Australia and New Zealand. This acquisition allows Pure to
build on the established expertise in the region, which holds
significant opportunity. Following the acquisition, Aqua signed a
substantial three-year contract award with Yarra Valley Water in
Melbourne, Australia for leak detection services. -- The
significant increase in revenue from leak detection services. The
scarcity of water in many locations has driven the need to ensure
water loss in transmission distribution networks is minimized. As a
result, the demand for leak detection services including Pure's
Sahara® and Smartball® patented technologies has grown
substantially with several contract and renewal awards. -- The
completion of a $30,100,000 financing. The offering was fully
subscribed and brought new investors from Europe and North America
into our shareholder group. Financial Overview Pure generated $16.7
million in revenue growth over 2009, an increase of 53% in total
revenue. Revenue growth has shown dramatic increases since
2005 followed by increased profitability of the Company. All
product groups saw a minimum of 16% growth over 2009, with the
majority of the growth (343%) coming from inspection
services. This product group represents the revenue from both
the PPIC and Aqua Environmental Pty. Ltd. acquisitions completed in
the year. Gross margin was 64.5% which is slightly lower than
2009 at 65.1%. Expenses as a percentage of revenue increased
slightly from 55% to 57%. This small increase is attributable to
the amortization related to the intangibles recognized within the
purchase price allocation of the acquisitions. Working
capital grew by 56%. Earnings increased from $1.5 million in 2009
to $5.5 million. Overall, the financial results of the Company
continue to strengthen, positioning it to capitalize on its new
markets and technologies. Geographically, all regions experienced
considerable revenue growth. Mexico has led this growth as a
result of the PPIC acquisition combined with the first installation
of an AFO system in the country. The Middle East/Africa
region accounted for approximately $4.0 million of the increase
while business in the U.S. continues to grow and there has been
increased work and interest within Canada. Revenues in Europe
have increased mainly due to SmartBall license agreements that have
been signed or renewed. To date, we have issued nine licenses
for either water or oil pipelines. Marketing and promotion expenses
increased by 44% in 2010, consistent with 2009 as a percentage of
revenue. Acquisitions and the formation of the joint venture
in Hong Kong attributed to 43% of this increase. Also,
additional resources were employed in North America to focus on the
wastewater and power generation markets and coverage of South
America expanded, resulting in favorable contracts that will be
executed in 2011. Marketing efforts of the acquisitions have been
fully integrated into the Company's strategies and expanding
business in all geographical locations will be a focus in 2011.
Engineering and operations expenses increased 72% in 2010. As
a percentage of revenue, these expenses have grown from 12% to
13.5%. The 2010 acquisitions accounted for 40% of the increase
while staffing levels added the remaining amount. As a result of
the acquisitions, additional staff training was undertaken during
the latter part of 2010; this will continue into 2011 to ensure
that the operations staff is sufficiently trained in the Company's
technologies to adequately execute the revenue growth. General and
administration expenses increased 42% over 2009. Of the
increase, 54% is attributable to acquisitions and the formation of
the Hong Kong joint venture. The remaining 46% of the
increase is due to the growth of company in terms of required
office space, staff, and third party fees. As a percentage of
revenue, general and administration has remained consistent at 20%
for 2010 and 2009. Significant reductions in G&A have
been made in relation to the PPIC acquisition. These savings
will be realized in 2011 and 2012. Research and development
expenditures increased by 36% for the year; 11% of the increase was
due to the acquisition of PPIC. The remaining increase is due
to projects underway that did not meet our capitalization policy.
In 2010, $553,565 in costs were capitalized in PPIC for the
development of PipeDiver™. In 2009, no development costs were
capitalized. Research grants, in the amount of $80,304 were
offset against development costs. Comparatively, in 2009,
$93,458 of research grants were offset against development
costs. Integration of staff from PPIC's research and
development function occurred during the latter part of 2010.
Depreciation and amortization increased 130% from 2009. The expense
increased between 2008 and 2009 by 25%. Over the last two
years, this expense increase has been attributable in part to the
amortization related to intangibles acquired in the acquisitions.
For 2010, the amortization related to the acquisition intangibles
was $1,438,944. The second factor is the actual depreciation on
assets acquired during 2010 with the purchase of PPIC and Aqua
Environmental which accounts for $379,944 of the
increase. Pure's working capital at
December 31, 2010 was $47.1 million, a 56% increase over
2009. Of the amount, $14.2 million is in cash and cash
equivalents. The value of outstanding accounts receivable
from Libya currently stands at $24 million. Management
expects that these receivables will be collected and is in regular
contact with senior management of the Great Man-Made River
Authority (GMRA). The Company is closely monitoring
developments and updates will be provided to shareholders as the
situation evolves. 2011 Outlook Looking ahead to 2011, the
Company's first quarter results will be adversely affected by the
recent events in Libya. Under our current contract with GMRA,
we had anticipated shipping equipment worth approximately $10.7
million in March 2011. This shipment will now be delayed.
Furthermore, we had anticipated that revenues of approximately $2
million related to the provision of technical support for pipeline
monitoring and $5 million related to Price Brothers UK activities
would occur in 2011. Our backlog of over $44 million plus $5
million in recurring revenue currently includes $12.7 million of
this amount; however all work in Libya will be delayed until
conditions are deemed appropriate for the Company to resume
activities. Although these events will likely affect our
business in the short term, we have pursued a business strategy
over the last two years to diversify our revenues and to make us
less dependent on any one customer. We expect this trend to
continue in 2011. Our business in the Americas has been growing at
a rate of approximately 100% per year over the past two years and
we expect that this growth rate will be maintained in 2011.
Our overseas business has begun to generate meaningful revenues
that we expect will contribute to overall growth in the future as
agencies are increasingly faced with the challenge of addressing
deteriorating infrastructure and shrinking capital budgets.
We continue to look for opportunities to grow our business
organically and through strategic acquisitions. The Company
will also file its Annual Information Form and Annual Report on
SEDAR. 2010 Financial Highlights (Unaudited) Consolidated Three
months ended Twelve months ended Statement of Operations Dec. 31,
2010 Dec. 31, 2009 Dec. 31, 2010 Dec. 31, 2009 Equipment 5,035,000
9,461,000 21,942,000 18,740,000 sales Inspection 8,065,000 838,000
14,655,000 3,310,000 services Consulting 2,012,000 1,635,000
6,860,000 5,892,000 services Monitoring 1,409,000 932,000 4,895,000
3,731,000 and technical support Total Revenue 16,521,000 12,866,000
48,352,000 31,673,000 Cost of sales 4,999,000 5,096,000 17,180,000
11,041,000 Marketing 1,830,000 1,005,000 5,871,000 4,071,000
Engineering 2,246,000 1,058,000 6,532,000 3,809,000 and operations
General and 3,707,000 2,169,000 9,597,000 6,751,000 administration
Research and 247,000 465,000 2,033,000 1,498,000 development
Depreciation 1,549,000 428,000 3,291,000 1,434,000 and amortization
Foreign (472,000) (251,000) (400,000) exchange loss (1,549,000)
Interest 32,000 7,000 108,000 income 85,000 Net income 1,503,000
2,401,000 3,554,000 1,605,000 (loss) before income taxes Income
taxes (2,062,000) 37,000 (1,908,000) 100,000 Net income 3,565,000
2,364,000 5,462,000 1,505,000 (loss) Net income (loss) per share --
basic $0.09 $0.07 $0.13 $0.05 -- diluted $0.09 $0.07 $0.13 $0.04
Weighted average number of shares outstanding -- basic 44,545,529
33,477,914 41,020,760 33,261,069 -- diluted 45,505,852 34,237,141
41,948,040 33,935,273 Consolidated Balance Dec. 31, 2010 Dec. 31,
2009 Sheet (Unaudited) Assets Current assets: Cash and cash
14,173,000 15,565,000 equivalents Accounts receivable 41,394,000
17,297,000 Inventory 4,313,000 1,475,000 Prepaid expenses 1,203,000
819,000 Net investment in 36,000 75,000 lease 61,119,000 35,231,000
Property and equipment 5,813,000 2,859,000 Goodwill 24,533,000
1,988,000 Intangible assets 11,466,000 1,977,000 Future tax asset
1,251,000 - Net investment in 38,000 lease - 104,182,000 42,093,000
Liabilities and Shareholders' Equity Current liabilities: Accounts
payable and 6,180,000 4,812,000 accrued liabilities Acquisition
holdback 4,250,000 - payable Deferred revenue 3,546,000 125,000
13,976,000 4,937,000 Future income taxes 239,000 - Shareholders'
equity: Share capital 91,360,000 45,576,000 Contributed surplus
2,496,000 1,591,000 Share Purchase 993,000 - Warrants Accumulated
other (46,000) (191,000) comprehensive loss Deficit (4,597,000)
(10,059,000) 90,206,000 36,916,000 104,182,000 42,093,000 About
Pure Technologies Ltd. Pure Technologies Ltd. is an international
asset management technology and services company which has
developed patented technologies for inspection, monitoring and
management of critical infrastructure around the world.
Pure's business model incorporates four distinct but complementary
business streams: -- Sales of proprietary monitoring technologies
for pipelines, bridges and structures (SoundPrint®, SoundPrint®
AFO); -- Recurring revenue from data analysis and site maintenance
for these technologies, and from technology licensing; -- Premium
technical services including inspection, leak detection and
condition assessment (P-Wave®, SmartBall®, Sahara®, PipeDiver™,
PureRobotics™); -- Specialized engineering services in areas
related to asset management, primarily in the area of pipeline
condition assessment for water and wastewater infrastructure
(Openaka Corp., Price Brothers UK Ltd, and Jason Consultants).
Forward-Looking Statements This release contains forward-looking
statements. Forward-looking statements, without limitation,
may contain the words "believes", "expects", "anticipates",
"estimates", "intends", "plans", or similar expressions.
Forward-looking statements are not guarantees of future
performance. They involve risks, uncertainties and
assumptions and the Company's actual results could differ
materially from those anticipated. Forward-looking statements
are based on the opinions and estimates of Management at the date
the statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking statements. In the context of any
forward-looking information please refer to risk factors detailed
in, as well as other information contained in, the Company's
filings with Securities Regulators (www.sedar.com). ® Registered
Trademarks, property of Pure Technologies Ltd. "The TSX Venture
Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release" To view this news release
in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/March2011/16/c3600.html
pTo find out more about Pure Technologies Ltd. (TSX-V: PUR), visit
our website at a
href="http://www.puretechltd.com"www.puretechltd.com/a. Or
contact James E. Paulson, Chairman or Karen Keebler, Chief
Financial Officer at (403) 266-6794 or e-mail to a
href="mailto:info@puretechnologiesltd.com"info@puretechnologiesltd.com/a./p
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