Sorel-Tracy, March 31, 2008 - Conporec Inc. ("Conporec" or the "Company") announces today its results for the year ending on December 31, 2007. The Company has generated revenues of $7,6M for the twelve months period of 2007 with a net profit of $2,6M compared to revenues of $8,0M and a net loss of $4,5M for the same period of 2006.
|Net Results||2,6||- 4,5|
The year was highlighted by the debt restructuring resulting in a net positive impact of $6,9M in the first quarter and by the acquisition and construction work done at the La Prade Industrial Park (Bécancour Ca) worth $4,4M in the second quarter. Conporec has also put significant emphasis on securing waste supply contracts for its current and upcoming operating facilities in the following quarters.
The project development team has focused its efforts on submitting six tenders or qualification documents in France, Ontario and Quebec. As well, the negotiations related to the contract with Mindarie Regional Council (Australia) have led last October 25th to the announcement of the imminent construction of the new plant. Finally, the Company was proud to announce during the year, that the Bureau de normalisation du Québec (BNQ) issued a certification for the compost produced at its Sorel-Tracy facility, a first in Quebec and in Canada.
Revenues of $7,6M represent a 5,6% decrease compared with the $8,0M revenues for the same period of 2006. Gross margin in 2007 were at $1,1M or 14% of revenues compared to gross margin of $1,3M or 17% in 2006. This reduction is mainly due to the temporary suspension of construction activities at the Tournan-en-Brie (Fr) project. Sales and administration costs were maintained at $4,4M and are in line with the efforts to increase market share by promoting the Company technology.
The net profit for the period is at $2,6M or $0.21 per common share, fully diluted, compared to a net loss of $4,5M or ($0.77) per common share in 2006. The net profit of 2007 includes the debts and debentures write-off. The shareholders' equity for December 31st, is $13,4M compared to $1,8M for the same date in 2006.
« The efforts carried out throughout 2007 allow us to foresee increasingly positive results. The imminent start of the construction of the Australian facility as well as the optimized operations at the Bécancour and Sorel-Tracy facilities, should allow Conporec to reach its objectives and continue with the implementation of its business plan », stated CEO Jean Beaudoin.
In addition, due to the greater maturity of the Company which will require an increased involvement of its directors, and because of their current occupation, MM. Jacques Putzeys and Jean-Marie Santander presented their resignation to the board of directors. The members of the Board express their sincere appreciation for their contribution. The vacant positions will be replaced soon.
Conporec inc. develops, owns and operates various patented technologies for the treatment and the recycling of residues into valuable resources and energy. The company successfully delivered or is in the process of completing plants in Canada, France, United States and Australia. Conporec is a socially responsible organization listed on the Toronto Stock Exchange (Venture) and the NYSE/Euronext in Paris (Alternext).
Forward-looking statements contained in this press release involve known and unknown risks, uncertainties or other factors that may cause actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
The TSX Venture Exchange has not approved the information contained herein and accepts no responsibility for it, nor the validity of the operation planned.
|Additional information:||Jean Beaudoin
President and CEO
Executive Vice-president and Chief financial officer
418 527.9996, ext. 223
HKDP Communications and public affairs
Tel. : 514.395.0375 - ext. 234
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