This morning, Ottawa-based cleantech company, Thermal Energy International Inc. (TSX-V: TMG), announced its financial results for its fiscal year ended May 31, 2017.
“Our record highs in revenue and gross profit in fiscal 2017 are the result of the successful execution of our strategy on multiple fronts. We gained new customers; sold more to existing customers; and continued to develop our corporate accounts. We also launched our new ‘Super-Efficient Cogeneration™’ service offering during the year, subsequently announcing our first project under this offering at the end of August. Importantly, this provides us with another complementary service to sell to both existing and prospective customers. We look to build on our momentum and capitalize on the very favourable market conditions we have been witnessing around the world for emission reduction and energy efficiency solutions.” - William Crossland, CEO.
Fiscal Year 2017 Financial Review:
The Company had record high revenue for the fiscal year 2017. Revenue for the year was $13.2 million, representing an increase of 6.4% over revenue of $12.4 million for fiscal 2016. While heat recovery revenue was down 9.4%, GEM revenue increased 28.6% for the year.
Heat recovery revenue for the year included the substantial completion of installations at two major hospitals as well as the substantial completion of an extension project at another major hospital. Other projects included an installation at a global brewing company (announced August 8, 2016), an installation at a leading food products business (announced May 3, 2016), and a second equipment sale to a global mining company. In addition, an equipment sale to a leading producer of industrial and fuel alcohols (announced September 28, 2016) was partially complete by year end.
Higher GEM revenue for the year included an increase in orders from a leading performance materials company, orders from an international textiles manufacturer and a multinational biotech company (as reported in the press release dated September 20, 2016), plus two hospitals.
Gross profit increased 9.5% to a record high $7.4 million compared with $6.8 million the year before. As a percentage of revenue, gross profit increased to 56.4% from 54.8% in fiscal 2016. The higher gross profit and gross profit percentage were due primarily to the higher proportion of GEM sales during the period.
Operating expenses were $6.9 million compared to $6.5 million in fiscal 2016. Despite additional costs associated with new staff and marketing activities mentioned earlier, operating expenses as a percentage of revenue were essentially unchanged at 52.0% for the year, compared to 52.1% a year earlier.
EBITDAS increased 32.9% to $750 thousand compared with $564 thousand in the prior year. Net income increased 51.7% to $393 thousand compared with $259 thousand in the prior year.
Recent Order and Backlog Summary:
Subsequent to year end, the Company had received orders totaling $3.28 million from a leading Fortune 500 food and beverage customer, including a $1.82 million heat recovery order (announced July 6, 2017) and a $1.46 million “Super-Efficient Cogeneration™” project (announced August 31, 2017).
Also subsequent to year end, the Company had received $244 thousand in GEM orders representing repeat business from a leading performance materials company. These orders had not been previously announced.
Including the above mentioned recent orders, the Company had an order backlog of approximately $9.0 million as at September 22, 2017, compared to $7.3 million when it reported fiscal 2016 results a year earlier. The Company includes in “order backlog” the value of projects in respect of which purchase orders have been received but have not yet been reflected as revenue in the Company’s published quarterly financial statements.
About Thermal Energy International Inc.
Thermal Energy International Inc. is an established global supplier of proprietary, proven energy efficiency and emissions reduction solutions to the industrial and institutional sectors. We save our customers money and improve their bottom line by reducing their fuel use and cutting their carbon emissions. Our customers include a large number of Fortune 500 and other leading multinational companies across a wide range of industry sectors.
Thermal Energy is also a fully accredited professional engineering firm and by providing a unique mix of proprietary products together with process, energy and, environmental engineering expertise, Thermal Energy is able to deliver unique turnkey projects with significant financial and environmental benefits for our customers.
Thermal Energy's proprietary products include; GEMTM - Steam traps, FLU-ACE® - Direct contact condensing heat recovery, and Dry-Rex® - Low temperature biomass drying systems.
Thermal Energy International Inc. has offices in Ottawa, Canada as well as Bristol, U.K., United States, Germany, Italy and China. The Company’s common shares are traded on the TSX Venture Exchange (TSX-V) under the symbol TMG.
For more information, visit the Company's website at www.thermalenergy.com and follow them on Twitter at http://twitter.com/GoThermalEnergy.
GUELPH, Ontario, Sept. 25, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that Canadian Solar Infrastructure Fund, Inc. ("CSIF") has obtained approval from the Tokyo Stock Exchange, Inc. (the "TSE") to list its investment units on the TSE's infrastructure investment fund securities market. Similar to the J-REIT market, the TSE established the infrastructure fund market in 2015 for the listing of funds that invest in infrastructure assets including renewable energy facilities. Canadian Solar Projects K.K., a wholly owned subsidiary of Canadian Solar, will be the sole sponsor ("...
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Legend Power Announces Purchase Orders for 8 Systems; Sales Include New and Repeat Orders Across 3 Key Market Verticals
Legend Power Announces Purchase Orders for 8 Systems
Sales Include New and Repeat Orders Across 3 Key Market Verticals
Vancouver, Canada, September 13, 2017 – Legend Power Systems Inc. (TSXV: LPS), a global leader in voltage reduction and optimization technology, today announced orders for Harmonizer systems in 3 key market verticals; commercial real estate, municipalities, and retirement homes. A total of 8 systems* were sold, with 4 units purchased as repeat orders from 3 different commercial real estate companies, 1 municipal system purchased by a new customer, and 3 units deployed in 3 different seniors retirement facilities. Selling systems to 7 different customers in 3 different industries opens the door to more repeat orders, and acts as a proof of concept to unlock industry-wide opportunities.
“The Harmonizer is a great fit for a wide range of building types and industries,” stated Randy Buchamer, Legend Power’s President and CEO. “There are thousands of buildings in the Ontario commercial real estate sector, and 3 major players purchased follow-on orders. Retirement homes also represent a strong opportunity in North America with over 2,000 facilities in Ontario alone. The municipal project is our first ice rink that not only out-performed expectations, but also represents a small-scale proof of concept for stadium applications.”
The Harmonizer is a multi-industry proven technology for reducing energy consumption and saving money on power. The commercial real estate, municipal, and retirement home verticals represent massive, untapped opportunity for Legend in North America.
*All or a portion of the systems announced may have been previously recognized in revenue during the company’s recently completed financial period.
About Legend Power Systems Inc.
Legend Power Systems Inc. (www.legendpower.com) is changing the way buildings around the world use power. The company’s patented and proprietary technology reduces overvoltage, a natural condition present in power grids around the world. Overvoltage inflates energy costs, damages electrical equipment, and increases the negative impact a building has on the environment. Legend’s utility-proven Harmonizer improves the power efficiency of an entire building to reduce total energy consumption and power costs, while maximizing equipment life. The solution provides customers risk free energy savings, improves the value of their physical assets, and enhances their sustainability efforts. As an application with demand side benefits, Legend is also a key contributor toward utility conservation goals. In 2015 Legend was recognized as the top performing cleantech company on the TSX Venture Exchange.
For further information, please contact:
Randy Buchamer, CEO and President
+ 1 778 945 1501
Sean Peasgood, Investor Relations
+ 1 416 565 2805
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
This Press Release may contain statements which constitute “forward-looking information”, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including the Company’s quarterly and annual Management’s Discussion & Analysis, which may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements other than as may be required by applicable law.
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Canadian Solar Subsidiary Recurrent Energy Inks 100 Megawatt Power Purchase Agreement with Peninsula Clean Energy
REDWOOD CITY, Calif. and GUELPH, Ontario, Canada, Sept. 12, 2017 /PRNewswire/ -- Recurrent Energy and Peninsula Clean Energy ("PCE") today announced a 15-year Power Purchase Agreement ("PPA") for 100 megawatts of new solar power. Recurrent Energy is a wholly-owned subsidiary of Canadian Solar, Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), and PCE is the community choice energy agency serving San Mateo County. Electricity will be delivered to PCE from Recurrent Energy's Mustang Two solar photovoltaic project in Kings County, in central California. The project is expected to reach commercial operation in 2019. Following commercial operation, the project will begin delivering po...
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GUELPH, Ontario, Sept. 8, 2017 /PRNewswire/ -- Canadian Solar Inc. (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it is scheduled to attend the 5th Annual ROTH Solar and Storage Symposium on Tuesday September 12, 2017 at the Mandalay Bay Convention Center in Las Vegas. During the conference, Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer and Ms. Mary Ma, Senior Supervisor of Investor Relations will be available to meet with institutional investors. About Canadian Solar Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltai...
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GUELPH, Ontario, Sept. 6, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced an acquisition of an 80.6 MWp solar photovoltaic (PV) project in Guimarania, in the state of Minas Gerais, Brazil. Canadian Solar will build the project and provide the modules from its local factory in Brazil.
The Guimarania project received a 20-year Power Purchase Agreement from the second Reserve Energy Auction at R$290.00/MWh (approximately US$91.77/MWh). Once connected to the grid, the plant will generate approximately 143,664 MWh of electricity per year, which will be sold to CCEE (Electrical Energy Commercialization Chamber). Construction will start in early 2018 and reach commercial operation in Q4 2018.
"The Guimarania project is an exciting addition to our attractive utility-scale project pipeline in Brazil." commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. "We will continue to evaluate additional opportunities in this important emerging market so as to accelerate the adoption of the affordable, reliable and clean solar energy across the country."