Seprotech Announces Second Quarter Fiscal 2011 Results
26 Juillet 2011 - 8:23PM
PR Newswire (Canada)
OTTAWA, July 26, 2011 /CNW/ -- OTTAWA, July 26, 2011 /CNW/ -
Seprotech Systems Incorporated (TSX-V: SET; "Seprotech" or the
"Company") announces the following unaudited results for the third
quarter of fiscal 2011 with comparative unaudited results for the
third quarter of fiscal 2010; and unaudited results for the nine
months ended May 31, 2011, with comparative unaudited results for
the nine months ended May 31, 2010. Three Months Ended Nine Months
Ended May 31 May 31 2011 2010 2011 2010 $000 $000 $000 $000 Revenue
678 1,064 2,197 3,750 Gross Margin 159 554 583 1,660 Net Income
(Loss) (508) 21 (1,105) (73) Loss per share (0.01) (0.00) (0.02)
(0.00) During the quarter ended May 31, 2011 the Company completed
the correction of the customer over-billing problem previously
disclosed, and turned attention to bidding for new contracts, of
which the $14.0 million DND contract announced subsequent to
quarter end was the most significant recent contract award won by
the company. A further contract award of $435,000 for a water
treatment plant at a B.C. mining site was also announced subsequent
to quarter end. Revenues for the interim period ended May 31, 2011
were $678 compared with $1,064 for the prior interim period, a
decline of $386 or 36%. Sales of military, automotive and
industrial installations declined, from $951 in Q3 2010 to $597
(48%) in Q3 2011, and sales of rotating biological contactor
("RBC") units remained unchanged at $23 for the third quarter 2011.
Parts and Service revenues decreased from $90 in Q3 2010 to $58 in
Q3 2011 (36%). The decline in military business reflected a push to
complete contract work during the third quarter of fiscal 2010,
resulting in processing an extra unit compared to the 2011 quarter.
RBC sales continued to reflect a nominal amount of activity,
although the number of projects coming to the market for bids has
been increasing. Gross margins for the interim period ended May 31
2011 were $159 or 23% compared with $534 or 50% during the same
period in 2010, a 27% deterioration. This largely reflected some
RBC legacy costs causing a negative margin on RBC sales, thereby
distorting acceptable margin levels on military work and parts and
service. Staffing levels had been maintained in anticipation of
additional contracts, and in expectation of the over-billing
problem being resolved more quickly than was the case, so operating
expenses remained at relatively high levels, resulting in a net
loss for the quarter of $508 compared with a net income of $21 for
the same period in 2010. Operating costs for the quarter ended May
31, 2011 also reflected higher legal, audit and regulatory costs,
all related to regaining regulatory compliance following the
over-billing issue. Comparative 2010 data has been changed to
reflect discontinued operations in 2010. 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
CrystalBlue™ 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. To view this news release in HTML formatting,
please use the following URL:
http://www.newswire.ca/en/releases/archive/July2011/26/c7593.html p
Mr. Ian Malone, CFObr/ Tel: (613) 523-1641br/ Fax: (613) 731-0851
/p
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