Seprotech Announces Second Quarter Results: 32% Increase in Revenue Over Same Six Month Period Last Year
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OTTAWA, CANADA, Apr 29 (MARKET WIRE) --
Seprotech Systems Incorporated (TSX VENTURE: SET)("Seprotech") announces
the following unaudited results for the second quarter of fiscal year
2009:
Three Months Ended Six Months Ended
28 February 28 February
2009 2008 2009 2008
(unaudited) (unaudited) (unaudited) (unaudited)
$ 000 $ 000 $ 000 $ 000
-----------------------------------------------------------------------
Revenue $2,925 $2,349 $5,295 $4,003
Net Income (Loss) (92) (159) (82) (313)
Earnings (Loss)
per share $(0.00) $(0.00) $(0.00) $(0.01)
"I am pleased to report that Seprotech's strong order backlog entering
into the current fiscal year has translated into revenues up 32% over the
same six month period last year," said Martin Hauschild, President & CEO
of Seprotech. "However the economic environment remains difficult and it
will be challenging to maintain growth until the global economy turns.
Management has implemented cost savings measures in keeping with the
continued downturn and is working to address the Company's working
capital requirements going forward into the second half of the year".
"Base revenue consistency was aided by the acquisition of Envirosearch
Operations Inc. completed in January of this fiscal year. We expect to
see the full benefits of the acquisition materialize over the coming year
as Envirosearch is fully integrated into Seprotech" said Mr. Hauschild.
"This accretive transaction builds on Management's strategy to develop a
utility division and is consistent with our core strategy for growing
Seprotech into an integrated water treatment solutions provider. There
are large technical and regulatory barriers to entry in the water plant
operations business, which the acquisition of Envirosearch allows us to
quickly hurdle," concluded Hauschild.
"We have some short and medium term challenges before us as we work
through the negative impact of the current recession but we remain
focused on the long-term water business," added Seprotech's new Chairman,
Jordan Grant. "The addition of plant operations allows Seprotech to meet
the growing demand for turnkey infrastructure models that include water
treatment equipment and operations. This ability to meet all aspects of
its clients' water and wastewater treatment needs is a clear competitive
advantage which provides the Company with many revenue growth
opportunities going forward," concluded Mr. Grant.
Seprotech is a provider of pre-engineered water and wastewater treatment
plants to the land development, resource sector and military market
place, including CrystalBlue(TM) membrane-based water recycling systems
and the ROTORDISK(R) wastewater treatment systems.
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.
Contacts:
Seprotech Systems Incorporated
Mr. Robert J. Searle, CFO
Investor Relations
613-523-1641
613-731-0851 (FAX)
Copyright 2009, Market Wire, All rights reserved.
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