MONTREAL,
June 5, 2014 /CNW Telbec/ - Sofame
Technologies Inc. (TSXV: SDW) (OTC: SFMGF) has reported net sales
of $333,386 for the second quarter of
fiscal 2014 ended March 31, 2014, and
a net loss of ($45,767). EBITDA
was $39,792 for the quarter.
- Q2 2014 Net Sales of $ 333,386
compared to $ 251,236 in Q2 2013, an
increase of 32.6%
- Q2 2014 Gross Profit of $ 120,052
(36.0%) compared to $ 48,308 (19.2%)
in Q2 2013
- Receivables of $850,000 on
contracts worth $ 2.7 million with
$480,000 remaining in sales
funnel
- Q2 2014 Operating Profit of $
14,139 (4.2%) versus Loss of ($
34,923) (-13.9%) in Q2 2013
- Net Loss in Q2 2014 of ($ 45,767)
(-13.7%) compared to Net Loss of ($
69,809) (-27.8%) in Q2 2013
- EBITDA in Q2 2014 was $ 39,792
(11.9%) versus $ 36,946 (14.7%) in Q2
2013
Note: |
These are the financial highlights only. Management`s
Discussion and Analysis, the consolidated statements of financial
position, cash flows, and notes thereto of Sofame Technologies Inc.
are available at www.sedar.com.
|
Key Developments During the Second Quarter
Ended March 31, 2014
Negotiations for a Significant Order of
PercofracTM Equipment
Sofame began selling the 100% efficient
PercofracTM 10 MMBTU and 30 MMBTU mobile water
heaters in the summer of 2013. Witness testing of the units
in the gas fields after they were mounted on trailers equipped with
pumps, generators and propane vaporizers went very well.
There is discussion of orders for multiple units to serve the
burgeoning fracking business. Developments will be promptly
reported.
Negotiations to Acquire a Company in the Same
Industry
Sofame began negotiations in 2012 to acquire a
company operating in the same industry. These negotiations have
progressed further, and an acquisition will occur if the required
debt financing can be negotiated. Discussions are under way with
several potential lenders. Any concrete developments will be
reported promptly.
Financing and Cash Flow
As negotiations on the building sale and
leaseback continued into 2014, the secured bridge loan maturity was
extended twice, by consent of the investors, to May 30, 2014. The bridge loan investors will have
to consent to any further extension of the maturity date. As part
of the refinancing negotiations, the Company is attempting to repay
both secured lenders with a new financing tied to its acquisition
strategy, and also by securing contracts for significant orders of
the new Percofrac frac water heating system. Continuing
operation of the Company depends on its ability to consistently
generate revenues and profits, and successful negotiation of
sufficient supplementary financing as may be required to meet cash
flow requirements. The Company may seek financing by various means
including the issue of common shares and/or by debt.
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.
SOURCE Sofame Technologies Inc.