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Vancouver, B.C., Canada – January 29, 2020 ‐ Legend Power® Systems Inc. (TSX.V: LPS) (“Legend Power” or the “Company”), a global leader in onsite energy management technology, today releases its Letter to Shareholders from CEO Randy Buchamer. Dear Legend Power Shareholders: Fiscal 2019 was a transitional and transformational year for your company. It was “transitional” in that we completed a tremendous amount of work that is helping us to build our business in 2020. A big part of the transition was identifying all the parties involved in the decision‐making process and modifying strategies for moving into new markets. We spent a lot of time solidifying our standing with these stakeholders, demonstrating our new value proposition (more about that in a moment), and proving our credibility. The year was “transformational” due to strong operations and innovations based upon customer feedback that will give us the ability to scale the business across North America, particularly in the U.S. During the year, we made three significant changes that position us for future success in the United States:
This last point is especially important since Legend’s entire value proposition shifted from being product focused to providing an entire onsite energy management technology platform. While our legacy and upcoming SmartGATE We launched Insights in the last quarter of 2019 as a cost‐effective, stand‐alone device, providing building operators with visibility into what’s really happening within their properties – often for the first time ever – and allowing them to make fact‐based decisions about deploying SmartGATE’s. Insights will also be available in the next generation of our SmartGATE units as well as a retrofit to existing models. We anticipate its contributions will begin in earnest in the second half of the year. As we move into 2020, Insights has shifted your company from a single product sale to a platform and enterprise sale. Our focus now is scaling our business model by:
One additional point I’d like to offer is that going forward, customer decisions to purchase SmartGATE and SmartGATE Insights won’t be driven solely by economic factors. Regulators in the U.S. jurisdictions we are targeting have enacted or are debating laws for greenhouse gas reductions in commercial properties (please refer to our MD&A for more info). Tenant demand for change has also resulted in a shift in the way property owners view greenhouse gas emissions and quality of tenancy. These mandates have created urgency in many boardrooms and executive suites, and data from SmartGATE Insights is the best way that we know to comply with municipal codes and assess individual building needs and shortfalls. Finally, on behalf of the Board, I’d like to thank you for your continued support. Although we have been through a challenging period, we are confident about our platform, strategy, and market positioning. Our balance sheet remains strong, we have regulatory and building code tailwinds, and we have the right people in place. Sincerely, About Legend Power® Systems Inc. For further information, please contact: Steve Vanry, CFO Sean Peasgood, Investor Relations Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements The post Legend Power® CEO Letter to Shareholders appeared first on Legend Power Systems Inc.. via Legend Power Systems Inc. https://ift.tt/2S1yenF
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Vancouver, B.C., Canada – January 29, 2020 ‐ Legend Power® Systems Inc. (TSX.V: LPS) (“Legend Power” or the “Company”), a global leader in onsite energy management technology, today reported its fiscal 2019 financial results for the year ended September 30, 2019. A conference call to discuss the results is set for 10:00am EST today (dial in details below). A complete set of Financial Statements and Management’s Discussion & Analysis has been filed at www.sedar.com. All dollar figures are quoted in Canadian dollars. Financial Highlights for Fiscal 2019
Management Commentary Financial summary for the three and twelve months ended September 30, 2019 and 2018.
1 Certain components of previous year columns have been reclassified to conform with the presentation of fiscal 2019 periods. Revenue for the fourth quarter of 2019 was $485,543, a 62% decrease from $1,283,433 in the fourth quarter of fiscal 2018. Revenue for fiscal 2019 was $2,334,525 down 65% from $6,595,063 in 2018. Gross margin in the fourth quarter of fiscal 2019 was negative 20% down from 16% in the fourth quarter of fiscal 2018. Gross margin for fiscal 2019 and 2018 were similar at 42% and 45% respectively. The significantly lower gross margin experienced in the fourth quarter of 2019 was due primarily to a disproportionate amount of production overhead costs realized in the quarter on lower than forecasted throughput during the year. The lower gross margin realized in the fourth quarter of 2018 was primarily the result of year‐end adjustments to cost of goods sold relating to inventory valuation amounts and a proportionately higher amount of low margin installation revenue recorded during those quarters. Adjusted EBITDA for the fourth quarter of fiscal 2019 decreased by 71% to negative $1,798,936 from negative $1,050,094 in the fourth quarter of fiscal 2018. For the year ended September 30, 2019 adjusted EBITDA was negative $5,265,924, compared to negative $1,981,639 in the year ended September 30, 2018. Net loss for the fourth quarter of fiscal 2019 was $2,243,219, an increase of 105% from $1,181,896 in the fourth quarter of 2018. Net loss for the year ended September 30, 2019 was $6,093,156, an increase of 138% from $2,559,385 in the year ended September 30, 2018. The net loss in both Q4 2019 and fiscal 2019 were impacted by an impairment of intangible assets totaling $772,818. During the fourth quarter of fiscal 2019, the Company tested its product development costs for impairment. The tests were performed using pro‐forma cash flow projections and certain other assumptions. Based on this analysis development costs associated with internally generated technologies was impaired. The Company’s operating expenses for the quarter ended September 30, 2019 were $1,476,683, up from $1,154,348 in the same period of 2018. Fiscal year 2019 operating expenses were $6,351,413 up from $3,758,599 in fiscal 2018. The trend of higher operating expenses is expected to continue during this phase of the Company’s U.S. expansion and then level off when the optimum number of U.S. regions has been established (currently projected at a total of 6 including NY). CONFERENCE CALL DETAILS: DATE: Wednesday, January 29, 2020 About Legend Power® Systems Inc. For further information, please contact: Steve Vanry, CFO Sean Peasgood, Investor Relations Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements The post Legend Power® Reports Fiscal 2019 Financial Results – Investor Conference Call Scheduled for 10am Eastern on January 29 appeared first on Legend Power Systems Inc.. via Legend Power Systems Inc. https://ift.tt/2u119QP Thermal Energy International Announces Record Revenue and Profit with Latest Quarterly Figures1/28/2020 Thermal Energy International Inc. (“Thermal Energy or the “Company”) (TSXV: TMG), an innovative cleantech company and global provider of energy efficiency and emissions reduction solutions, has announced its financial results for the second quarter ended November 30, 2019. All figures are in Canadian dollars.
Second quarter and year-to-date highlights:
“This has been a hugely positive quarter for Thermal Energy. Not only has it delivered the highest revenue for a single quarter in the company’s history – an increase of 51% ($2.6 million) from last year – it has also fed into record revenue and profit year to date results.” said William Crossland, CEO of Thermal Energy. “In line with quarter one, our revenue in quarter two has continued to grow, giving the Company a year-to-date revenue figure of $12.8 million – up $820 thousand (7%) compared to the first two quarters of FY2019. However, when we take into consideration that the results for the same period last year included $6.6 million in revenue from the $11 million Resolute Forest Products order, the figures from this year to date are even more impressive. To put this in perspective, if we were to exclude the Resolute project, the current year-to-date revenue has actually increased by 139% ($7.4 million).” “In terms of profit, half year net income is $626 thousand and EBITDAS is $1.1 million; that’s $788 thousand ahead of net income and $1.3 million ahead EBITDAS from the half year point last year. These figures are three and four times the best half year EBITDAS and net income that the Company has ever recorded. In short, these are by far the strongest results in our company’s history and are a clear indication of the success of our growth strategy.” “As we enter the second half of our financial year, continuing to diversify is key to our objective of maintaining strong revenue and margins. We are seeing increasing success with this approach as demonstrated by the growing number of heat recovery projects we are securing – especially in Europe – as well as the effective integration of BEI products in our turn key solutions.” “Following three years of intense investment across all areas of the business including sales, engineering, operations, and marketing, we are working to maximize the return on the investments we have made. This includes taking a proactive approach in various key markets, including Germany, Poland and the US Gulf coast, in order to further propel the business forward. Our order backlog remains strong with $8.2 million in secured orders at the end of the quarter. This value is 67% higher than that of the same period the year prior. This is further confirmation of how our strategy is driving revenue and profitability and delivering our unique offering in an engaging market.” Financial Review: Quarterly revenue was $7.8 million, delivering a gross profit of $2.9 million - up 59% compared to the same quarter last year. This resulted in a gross margin of 37.2%. Both revenue and gross profit in last year were impacted by the Resolute project. Quarterly EBITDAS is reported at $709 thousand this year compared to a negative $68 thousand last year, an increase of $777 thousand. Net income for the six months ending November 30, 2019 was $626 thousand, to a net loss of $162 thousand for the same period the year prior. Operating Expenses for the year to date total $4.3 million. Working capital increased by $417 thousand to $2.4 million at November 30, 2019 compared to $2.0 million at May 31, 2019. The Company’s net cash position was $5.0 million as of November 30, 2019, compared to $4.2 million at May 31, 2019, representing an increase of $857 thousand. Business Outlook and Order Backlog Summary The Company ended the quarter with an order backlog of $8.2 million compared to $4.9 million last year, 67% higher than same time last year. The Company defines its order book or backlog as the value of projects for which purchase orders have been received, but that have not yet been fully reflected as revenue in the Company’s published quarterly financial statements. These include:
Full financial results including Management’s Discussion and Analysis and accompanying notes to the financial results, are available on www.SEDAR.com and www.thermalenergy.com/financialreports.html. Enhanced Legend Power Systems Platform Mitigates Voltage Sags and Swells in Commercial Buildings1/9/2020 Vancouver, B.C., Canada – Legend Power® Systems Inc. (TSX-V: LPS) has continued enhancing its groundbreaking SmartGATE Voltage sags and swells (defined as a short-term decrease or increase in voltage of more than 10% of nominal), momentary interruptions and other power quality issues are not new; they have been a frustration with electric power systems for a hundred years. What has changed is that the loads customers connect to today’s electric distribution systems include advanced, sensitive equipment. This is coupled with the increasing integration of microcomputers in process control and for building automation. The result is that yesterday’s grid is causing unnecessary wear and tear, or breakdowns, in today’s buildings. Said Mark Petersen, VP of Engineering for Legend Power Systems, “The most visible impact of voltage swells is elevator service interruptions. While less frequent than voltage sags, the inconvenience or potential danger to building occupants makes managing this a priority. With sags and swells impacting sensitive electronics like computers, Legend first assesses the issues with SmartGATE Insights According to the Electric Power Research Institute (EPRI), voltage sags and swells combined account for 48% of power quality problems. Of the two, voltage sags are more frequent, with a typical facility experiencing 45 voltage sags per year in the U.S. according to the EPRI Distribution Power Quality study. Voltage swells place additional stress on motor windings, leading to failure. Capacitors used in all electronic systems have a specific recommended voltage at which they are designed to operate, and every voltage swell – or high-voltage event – shortens the useful life of costly and valuable equipment. Since all of these events appear to be random failures, costs are often absorbed by the business and are budgeted as an ongoing, recurring expense. In fact, as they are linked to poor power quality, these issues are manageable or even avoidable costs. About Legend Power® Systems Inc. For further information, please contact: Steve Vanry, CFO Sean Peasgood, Investor Relations Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements The post Enhanced Legend Power® Systems Platform Mitigates Voltage Sags and Swells in Commercial Buildings appeared first on Legend Power Systems Inc.. via Legend Power Systems Inc. https://ift.tt/2t0uE4V |
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