Seprotech announces profitable third quarter
July 30 2010 - 7:59AM
PR Newswire (Canada)
OTTAWA, July 30 /CNW/ -- OTTAWA, July 30 /CNW Telbec/ - Seprotech
Systems Incorporated (SET-X; "Seprotech") announces the following
unaudited results for the third quarter 2010. Three Months Ended
Nine Months Ended 31 May 31 May 2010 2009 2010 2009 (unaudited)
(unaudited) (unaudited) (unaudited) $ 000 $ 000 $ 000 $ 000 -----
----- ----- ----- Revenue 1,090,701 1,213,822 4,554,993 6,508,538
Net Income (Loss) 55,992 (553,205) 118,788 (637,252) Earnings
(Loss) per share 0.00 0.00 0.00 0.00 "This is our third consecutive
profitable quarter for this fiscal year," said Martin J. Hauschild,
President & CEO. "Our inquiry rate continues to increase and we
have a good project pipeline that we are executing, which will be
recognized in the coming two quarters. Our clients in the municipal
sector and resource sectors are experiencing recovery and this is
beginning to show in our results. The cost controls and
restructurings that were initiated throughout this fiscal year have
been a major factor in managing Seprotech's post recession
recovery," continued Hauschild. "The critical lack of water is
going to be a major driver in the next economic cycle and Seprotech
recognizes that The Company needs more critical mass in order to be
positioned for success," added Hauschild. "Now that we have several
months of pipeline visibility ahead of us, Management is shifting
attention towards strengthening the balance sheet and growing the
business. To this end, Seprotech has engaged the services of a
company to assist us in securing growth capital and identifying
strategic opportunities," said Hauschild. "There are few mid-sized
companies in the water technology business in North America and
water is a rapidly growing global priority. With our new patents
and technologies largely in place, we are now executing a strategy
squarely aimed at growth in the coming year," concluded Hauschild.
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. Mr. Matthew Anderson, Investor Relations, Tel:
(613) 523-1641, Fax: (613) 731-0851
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