- First half of the year sales up 21%
- Quarterly gross profits margins improve to 25%
- Q3 net profits before extraordinary gains increased by 52%
MONTREAL, Aug. 11 /CNW Telbec/ - GIE Environment Technologies Ltd. (TSXV: GIE.V), a regional leading environmental decontamination company, today reported its third quarter results ended June 30th, 2009. All sales are in Canadian dollars unless otherwise indicated.
During the first nine months of fiscal 2009, GIE's generated $984,379 in revenues compared to $812,886, a 21% increase over the same period last year. Gross profits soared by 28% to $284,581 compared to $222,078 a year earlier. EBITDA profits were up close to 50% to $132,443 versus $88,420 over the same period last year. Net earnings, before extraordinary items totalled $123,908 versus $81,258 for the same period last year. GIE maintained an overall profit margin of 13%, a noteworthy achievement give the current state of the economy. Net earnings increased by an addition $108,012 which was the result of one time debt settlement. As a result overall net earning totalled $231,920 compared to $81,258 a year earlier.
Third quarter revenues remained steady at $301,338 versus $297,588 over the same period last year. GIE maintained its gross profit margins to close to 25%, gross profits increased to $74,728 versus $72,195 a year earlier. Tighter costs controls enabled the company to generate a larger EBITDA margin of 15% compared to 13% over the same period last year. Net earnings before extraordinary items improved by over 50% and totalled $54,968. Including GIE's extraordinary gain the Company recorded a net profit of $162,980 compared to $35,694 a year earlier.
Financial Highlights
(in Canadian dollars, ended June 30th)
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Nine months
Third quarter of the year
2009 2008 2009 2008
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Revenues 301,338 297,588 984,379 812,886
Gross profit 74,728 72,195 284,581 222,078
EBITDA 45,107 37,894 132,443 88,420
Net Earnings 162,980 35,694 231,920 81,258
Net Earnings per Share
Basic 0.00817 0.00179 0.01162 0.00407
Diluted 0.00495 0.00108 0.00704 0.00247
Total Assets 445,615 434,106 445,615 434,106
Basic number of
outstanding shares 19,958,333 19,958,333 19,958,333 19,958,333
"We are entering our last quarter of fiscal 2009, a quarter that historically has been our strongest. We expect to reach our 2009 objectives as our top and bottom line numbers remain on target. To date, we have maintained a 21% top line growth and an over 50% bottom line increase. These achievements are the result of GIE's relentless efforts to acquire new business and to manage its costs and resources effectively," said GIE Environment Technologies President and CEO, Charles Abikhzer.
QUARTERLY HIGHLIGHTS
- First nine months of the year sales increased by 21% as a result of
GIE's relentless sales efforts;
- Gross profit margins for the quarter remained enviable at close to 25%;
and
- GIE net earnings before extraordinary items surpassed the 18% mark for
the quarter.
OUTLOOK
"GIE's outlook remains positive as we continue to make headway with existing and new customers. Though the economic context has not helped we've continued to enhance our financial position. As the economy improves, we foresee additional commercial projects that will require environment decontamination services and GIE will be there to capitalize on its experience and reputation," concluded Mr. Abikhzer.
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ABOUT GIE TECHNOLOGIES
GIE Environment Technologies Ltd. ("GIE") is a Montreal based company specialized in the treatment of petroleum and other organic soil and water contaminants. The Company's proprietary technology, known as "bioremediation", utilizes living organisms to remove pollutants from soil and water with minimal disturbance to the environment. This eco-friendly and cost effect decontamination process has been utilized by large and small companies and municipalities in Canada.
GIE Environment Technologies consolidated financial statements and the MD&A for the third quarter ended June 30th 2009, are available on SEDAR (www.sedar.com).
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of GIE Environment Technologies. These statements are based on suppositions and uncertainties as well as on management's best possible evaluation of future events. The business of the Company and these forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ from expected results. A description of risk factors are discussed in the Company's Annual MD&A and Annual Information Form, filed with the securities regulatory authorities in Canada. The Company's business, financial condition or operating results could be materially adversely affected if any of these risks and uncertainties were to materialize. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
ContactsCharles Abikhzer GIE Technologies Inc
President and CEO
(514) 284-6085
Facsimile: (514) 284-5229
cabikhzer@gieinc.com
158.94 (1.43%)
