Announces Second Quarter Results: 32% Increase in Revenue
posted on
Apr 29, 2009 09:49AM
Water and wastewater treatment solutions
April 29, 2009 | |
Seprotech Announces Second Quarter Results: 32% Increase in Revenue Over Same Six Month Period Last Year | |
OTTAWA, CANADA--(Marketwire - April 29, 2009) - Seprotech Systems Incorporated (TSX VENTURE:SET)("Seprotech") announces the following unaudited results for the second quarter of fiscal year 2009:Three Months Ended Six Months Ended 28 February 28 February 2009 2008 2009 2008 (unaudited) (unaudited) (unaudited) (unaudited) $ 000 $ 000 $ 000 $ 000 ----------------------------------------------------------------------- Revenue $2,925 $2,349 $5,295 $4,003 Net Income (Loss) (92) (159) (82) (313) Earnings (Loss) per share $(0.00) $(0.00) $(0.00) $(0.01) "Base revenue consistency was aided by the acquisition of Envirosearch Operations Inc. completed in January of this fiscal year. We expect to see the full benefits of the acquisition materialize over the coming year as Envirosearch is fully integrated into Seprotech" said Mr. Hauschild. "This accretive transaction builds on Management's strategy to develop a utility division and is consistent with our core strategy for growing Seprotech into an integrated water treatment solutions provider. There are large technical and regulatory barriers to entry in the water plant operations business, which the acquisition of Envirosearch allows us to quickly hurdle," concluded Hauschild. "We have some short and medium term challenges before us as we work through the negative impact of the current recession but we remain focused on the long-term water business," added Seprotech's new Chairman, Jordan Grant. "The addition of plant operations allows Seprotech to meet the growing demand for turnkey infrastructure models that include water treatment equipment and operations. This ability to meet all aspects of its clients' water and wastewater treatment needs is a clear competitive advantage which provides the Company with many revenue growth opportunities going forward," concluded Mr. Grant. Seprotech is a provider of pre-engineered water and wastewater treatment plants to the land development, resource sector and military market place, including CrystalBlue(TM) membrane-based water recycling systems and the ROTORDISK(R) wastewater treatment systems. |