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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