Seprotech Announces 2011 Fiscal Year End and Fourth Quarter 2011 Results
15 Dicembre 2011 - 7:24AM
PR Newswire (Canada)
OTTAWA, Dec. 16, 2011 /CNW/ - Seprotech Systems Incorporated
("Seprotech" or the "Company") announces the following unaudited
results for the fourth quarter of 2011 and audited results for the
fiscal year ended August 31, 2011. Three MonthsEnded YearEnded
August 31 August31 2011 2010 2011 2010 $000 $000 $000 $000 Revenue
892 1,440 3,089 5,190 Gross Margin 489 396 1,073 2,056 Net Loss
(149) (552) (1,254) (625) Loss per share (0.00) (0.01) (0.03)
(0.01) While the fiscal year ended August 31, 2011 was a
challenging year for the Company, by the fourth quarter business
operations had moved significantly in the direction of break-even,
as the various corrective measures implemented and reported on
during the year began to have an impact. As a result of the
downturn in activities in both the mining sector (remote
operations) and the housing and municipal development sectors,
revenues for the year from sales of rotating biological contactors
("RBCs") fell 34% from historical normal levels. In response to the
reduction in revenues, management imposed further reviews of
operating expenses, however for the first three quarters these were
not sufficient to offset the revenue decline and as a result the
net loss for the year increased. Despite reduced revenues in the
fourth quarter 2011 the gross margin of 55% was a significant
improvement over the 27% in the same period in 2010, and largely
reflected better spreads on Parts & Service business which
continued to dominate activity through the end of the fiscal year.
Operating expenses incurred in the fourth quarter 2011 decreased by
32% from the equivalent period in 2010. Factors contributing to the
quarter over quarter decline in operating expenses included staff
reductions, which in turn contributed to lower travel expenses,
reduction in commission expenses commensurate with the decline in
sales revenues, and significantly lower write down of assets and
allowance for doubtful accounts than in the prior period. Shortly
after year end the Company successfully completed a $600,000 raise
of equity capital, in addition to exchanging $705,000 of trade debt
for a secured debenture, and forgiveness of a further $106,407 of
payables during regular course of business. While over the earlier
part of the year the revenue contribution from the Company's core
wastewater treatment business unit remained below historical
levels, several new orders were booked in the fourth quarter. These
orders were incremental to the previously reported new contract for
the Canadian military, the latter potentially worth $14.8 million
over five years which will begin execution in the first quarter of
the 2012 fiscal year. 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.
Seprotech Systems Incorporated CONTACT: Mr. Matthew
Anderson, Investor RelationsTel: (613) 523-1641Fax: (613) 731-0851
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