Seprotech announces third quarter fiscal 2012 results and operational update
21 6월 2012 - 12:54PM
PR Newswire (Canada)
OTTAWA, June 22, 2012 /CNW/ - Seprotech Systems Incorporated
("Seprotech" or the "Company") announces the following unaudited
results for the three and nine months ended May 31, 2012 with
comparative unaudited results for the equivalent periods in fiscal
2011. Three Months Ended NineMonthsEnded May 31 May 31 2012 2011
2012 2011 $000 $000 $000 $000 Revenue 2,746 678 5,347 2,197 Gross
Margin 669 159 1,323 583 Net Loss (76) (505) (569) (1,088) Loss per
share (0.00) (0.01) (0.01) (0.01) Third quarter 2012 revenues
continued to grow as compared with both the preceding quarter and
the same quarter in 2011. Margins are beginning to recover,
and with the exception of margins on water and wastewater systems,
are returning to historical levels or better. There was strong
revenue growth from each sector of operations. Operating costs were
significantly higher than for both the prior quarter and the
equivalent period in 2011, which largely reflected incremental
hiring costs as required to execute new business, as well as travel
costs arising from business development activities. The net loss of
$76,332 in the quarter and a net loss of $569,296 in the nine
months is a significant improvement over the comparable periods in
2011, with the Company now operating at close to break-even. "These
numbers reflect continued improvement in both our sales efforts and
getting our product out the door," said Harry Marshall, President
and CEO. "We see this trend continuing as we execute on our plan --
fulfilling current orders and building future sales opportunities.
Our new team is focused on this growth strategy to regain
profitability." The Company also announced during the quarter that
it had entered into a non-binding letter of intent to acquire 100%
of privately held WESA in a reverse takeover (the "Transaction").
Upon completion of the Transaction, the combined entity (the
"Resulting Issuer") is expected to be a leading provider of earth
sciences expertise, water resources and environmental engineering
services, and wastewater/water treatment systems. The intent is to
build an integrated product and service organization that provides
intelligent solutions to complex environmental problems both in
Canada and abroad. The merger is subject to shareholder and
regulatory approvals, including the approval of the TSX Venture
Exchange, and is targeted to close by the end of August, 2012.
About Seprotech: Seprotech is a provider of pre-engineered water
and wastewater treatment solutions to the municipal/land
development, resource sector, and military market place.
Products include Reverse Osmosis water purification systems,
ROTORDISK® biological sewage treatment package plants and
CrystalBlue™ membrane-based water recycling systems. Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. The
TSX Venture Exchange has neither approved nor disapproved of the
information contained herein. Some of the statements in this press
release, including those relating to the Company's strategies and
other statements that are predictive in nature, that depend upon or
refer to future events or conditions, or that include words such as
"expects", "anticipates", "intends", "plans", "believes",
"estimates" or similar expressions, are forward-looking statements
within the meaning of securities laws. Forward-looking statements
include, without limitation, the information concerning possible or
assumed future results of operations of the Company. These
statements are not historical facts but instead represent only the
Company's expectations, estimates and projections regarding future
events. The Company does not undertake any obligation to update or
release any revisions to these forward-looking statements to
reflect events or circumstances after the date of this presentation
or to reflect the occurrence of unanticipated events, except as
required by law. Seprotech Systems Incorporated CONTACT: Mr. Ian W.
Malone, CFOTel: (613) 523-1641Fax: (613) 731-0851
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