CALGARY, Aug. 9 /CNW/ -- CALGARY, Aug. 9 /CNW/ - Pure Technologies
Ltd., TSX-V: PUR, today reported total revenues of $12.8 million
for the quarter ended June 30, 2010 and net income of $2.9 million.
EBITDA for the quarter was $3.2 million. For the first half of
2010, the Company generated revenues of $18.5 million and EBITDA of
$1.9 million compared to $14.9 million and $2.6 million
respectively for the corresponding period in 2009. Gross margins
for the quarter were 63% compared to 67% in 2009, which was higher
than normal due to a few specific projects. Our second quarter
results greatly improved over the first quarter as the expected
equipment shipment to Libya was completed, and our monitoring
program with the Washington Suburban Sanitary Commission (WSSC)
continues to generate positive results. Current confirmed backlog
is in excess of $29 million. Pure has also received verbal
notification of projects worth more than $4.4 million, which are
subject to the normal contract review process and final
documentation. Annualized revenue from licenses, monitoring and
technical support revenue under contract is currently in excess of
$5.2 million. As we recently announced, we have signed an agreement
to purchase The Pressure Pipe Inspection Company (PPIC) with
closing expected by August 31, 2010. We expect the highly
complementary expertise and technologies resulting from the
acquisition of PPIC to allow us to offer one of the most
comprehensive suites of proprietary solutions to water and
wastewater agencies around the world. Throughout the remainder of
the year, we will be working to realize capital and operating
efficiencies that we expect will result in cost synergies. We will
be taking the necessary steps to ensure the profitability of our
business long-term. Financial Highlights Overall, revenue increased
by 89% in the second quarter compared to the same period in 2009.
Year-to-date revenues have increased by 24%. Gross margins were 63%
compared to 67% in the second quarter of 2009 and 62% versus 69%
year-to-date. Equipment sales have shown an increase of 200% for
the quarter and 30% year-to-date; the quarterly increase is due to
the June shipment under the Great Man-Made River Authority (GMRA)
contract. The next shipment is expected to be completed in
September. Inspection service revenue has shown a decrease of 28%
in the quarter and a 1% decrease year-to-date. The quarterly
decrease is due to a significant international project in 2009 that
was completed in April. SmartBall continues to dominate the leak
detection market and is expected to increase throughout the year.
Consulting services for the second quarter of 2010 decreased 4%
mainly due to foreign exchange. Overall, consulting services have
increased by 14% year-to-date due to work with the WSSC and the
acquisition of Jason Consultants. Revenue from monitoring and
technical support increased by 7% in the quarter and by 35% over
2009. The quarterly increase reflects the new monitoring systems
that have been installed over the last year, and the largest
contributing factor to the year-to-date increase is SmartBall
licenses that commenced in 2010 and the annual renewal fees for
these licenses signed in previous years. Gross profit increased by
77% for the quarter and 11% on a year-to-date basis. Gross margins
for the quarter were 63% compared to 67% in 2009, which was higher
than normal due to a few specific projects. We also incurred
additional expenses in the quarter as a result of implementing
enhanced maintenance protocols for monitoring sites which should
result in increased long-term operational efficiencies. It is
expected that margins will return to historic levels over the
balance of the year. Marketing and promotion expenses for the
quarter have increased by 25% over 2009 and 20% year-to-date. These
expenses are consistent with the prior quarter and reflect our
increased presence in the international market. Engineering and
operations expenses have increased by 42% over the second quarter
of 2009 and by 37% year-to-date, primarily due to the
above-mentioned maintenance protocols for monitoring sites. General
and administrative expenses for the quarter have increased 6% and
by 10% year-to-date and are consistent with the prior year overall.
Research and development expenses increased by 58% in the quarter
and by 88% year-to-date. The increase is due to ongoing efforts to
bring new technologies to the Company. Depreciation and
amortization for 2010 increased by 39% compared to the second
quarter of 2009, reflecting increased asset levels, particularly in
the robotics area, as well as the amortization of intangible assets
realized on the acquisition of Jason Consultants. EBITDA has
increased 369% for the second quarter while down approximately 29%
for the year. While this is a function of both revenue and
expenses, it is expected that we will continue to grow EBITDA
throughout the remainder of the year with the level of projects
scheduled to be completed during the year and continued focus on
cost control. 2010 Q2 Financial Highlights (unaudited) Consolidated
Three months ended: Six months ended: Statement of June 30, June
30, June 30, June 30, Operations 2010 2009 2010 2009
-------------------------------------------------------------------------
Revenue Equipment sales 9,490,000 3,157,000 11,210,000 8,599,000
Inspection services 757,000 1,048,000 1,670,000 1,689,000
Consulting services 1,649,000 1,719,000 3,336,000 2,934,000
Monitoring and technical support 901,000 840,000 2,306,000
1,706,000 -------------------------------------------------------
Total Revenue 12,797,000 6,764,000 18,522,000 14,928,000 Cost of
sales 4,799,000 2,233,000 7,119,000 4,676,000 Marketing 1,273,000
1,016,000 2,497,000 2,084,000 Engineering and operations 1,327,000
935,000 2,502,000 1,829,000 General and administration 1,641,000
1,549,000 3,433,000 3,111,000 Research and development 552,000
349,000 1,095,000 581,000 Depreciation and amortization 463,000
333,000 907,000 650,000 Foreign exchange (gain) loss (135,000)
735,000 (5,000) 594,000 Interest income (24,000) (16,000) (40,000)
(56,000) -------------------------------------------------------
Net income (loss) before income taxes 2,901,000 (370,000) 1,014,000
1,459,000 Income taxes 70,000 25,000 78,000 28,000
------------------------------------------------------- Net income
(loss) 2,831,000 (395,000) 936,000 1,431,000
-------------------------------------------------------
------------------------------------------------------- Net income
(loss) per share - basic $ 0.07 $ (0.01) $ 0.02 $ 0.04 - diluted $
0.07 $ (0.01) $ 0.02 $ 0.04
-------------------------------------------------------
------------------------------------------------------- Weighted
average number of shares outstanding - basic 40,544,547 33,167,415
38,443,017 33,064,973 - diluted 41,438,218 33,758,607 39,358,269
33,696,493 -------------------------------------------------------
As at As at (unaudited) June 30, December 31, Consolidated Balance
Sheet 2010 2009
-------------------------------------------------------------------------
Assets Current assets Cash $ 37,260,000 $ 15,565,000 Accounts
receivable 22,389,000 17,297,000 Inventory 3,082,000 1,475,000
Prepaid expenses 767,000 819,000 Net investment in lease 75,000
75,000 --------------------------- 63,573,000 35,231,000 Property
and equipment 2,949,000 2,859,000 Goodwill 1,988,000 1,988,000
Intangible Assets 1,663,000 1,977,000 Net investment in lease 0
38,000 --------------------------- $ 70,173,000 $ 42,093,000
Liabilities and Equity Current liabilities Accounts payable $
3,420,000 $ 4,812,000 Deposits on sales contracts 75,000 125,000
Future income taxes 199,000 239,000 ---------------------------
3,694,000 5,176,000 Shareholders' equity Share capital 72,785,000
45,576,000 Contributed surplus 2,102,000 1,591,000 Warrants 993,000
- Accumulated other comprehensive loss (278,000) (191,000) Deficit
(9,123,000) (10,059,000) --------------------------- $ 70,173,000 $
42,093,000 About Pure Technologies Ltd. Pure Technologies Ltd. is
an international technology and services company which has
developed patented technologies for inspection, monitoring and
management of critical infrastructure around the world. Pure
operates from its headquarters in Calgary, Canada and through
subsidiaries in Maryland, New Jersey, Ohio, and the UK. Pure's
proprietary product portfolio includes SoundPrint(R), a continuous
acoustic structural monitoring system for buildings, bridges and
structures; SoundPrint(R) AFO, a fiber-optic distributed acoustic
sensing system for monitoring and surveillance of pipelines; and
SmartBall(R), a revolutionary new leak detection technology for
water, wastewater and hydrocarbon pipelines. Forward-Looking
Statements This release contains forward-looking statements.
Forward-looking statements, without limitation, may contain the
words believes, expects, anticipates, estimates, intends, plans, or
similar expressions. Forward-looking statements are not guarantees
of future performance. They involve risks, uncertainties and
assumptions and the Company's actual results could differ
materially from those anticipated. Forward looking statements are
based on the opinions and estimates of Management at the date the
statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking statements. In the context of any forward-looking
information please refer to risk factors detailed in, as well as
other information contained in, the Company's filings with
Securities Regulators (www.sedar.com). (R) Registered Trademarks,
property of Pure Technologies Ltd. "The TSX Venture Exchange has
not reviewed and does not accept responsibility for the adequacy or
accuracy of this release" %SEDAR: 00006060E To find out more about
Pure Technologies Ltd. (TSX-V: PUR), visit our website at
www.puretechnologiesltd.com; contact James E. Paulson, Chairman or
Karen Keebler, Chief Financial Officer at (403) 266-6794; or e-mail
to: info@puretechnologiesltd.com
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