Seprotech announces first quarter fiscal 2011 results
February 28 2012 - 12:32AM
PR Newswire (Canada)
OTTAWA, Feb. 28, 2012 /CNW/ - Seprotech Systems Incorporated ;
"Seprotech" or the "Company", announces the following unaudited
results for the first quarter of fiscal 2012 with comparative
unaudited results for the first quarter of fiscal 2011, and summary
audited results for the fiscal year ended August 31, 2011. Three
MonthsEnded YearEnded November 30 August 31 2011 2010 2011 2010
$000 $000 $000 $000 Revenue 898 1,024 3,089 5,190 Gross Margin 302
244 1,073 2,056 Net Loss (154) (219) (1,254) (625) Loss per share
(0.00) (0.01) (0.02) (0.01) While first quarter 2012 revenues
declined slightly, margins improved on both a consolidated basis
and on a product/service basis. The Company has continued its
efforts to improve sales across all of its business groups, and is
beginning to see progress reflected in its financial performance.
In Q1 2012 revenues from sales of water and wastewater systems
increased to $462, which represents a significant improvement.
Military contract revenues at $324 were lower, reflecting the
Company being at a different phase under the new contract
previously announced, as compared to the same period the previous
year. Parts and service revenues were significantly lower than
targeted, but margins remained satisfactory. Activity in this area
has increased subsequent to quarter end. Operating costs were lower
than in each of the two prior quarters, but remain high in relation
to reported revenues. This reflects the need to incur immediate
additional compensation costs of new hires required to process
significant new bookings of water, wastewater treatment and
military business. The net loss of $(154) is comparable with the
prior quarter, and is a significant improvement over the comparable
quarter in FY 2011. 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, including Reverse Osmosis water purification systems,
ROTORDISK® biological sewage treatment package plants and
CrystalBlueâ„¢ 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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