Sorel-Tracy, May 13th, 2008 - Conporec Inc. ("Conporec" or the "Company") announces today its results for the first quarter ending on March 31th, 2008. For the period, the Company generated records revenues of $3.0M compared to revenues of $1.8M for the same period in 2007, an increase of 66.4 %.
|CA$M||Three months ending on March 31st2008||Three months ending on March 31st 2007|
(1) Earning before interest, taxes, depreciation and amortization
(2) Excluding non recurrent debt redemption, with which the net result was $5.9M
This increase in revenues combined with a 15 % reduction in general sales and administration costs has improved net results by 40%, i.e.: an increase of $400 000 in comparison with the same period of last year (excluding the non-recurrent debt redemption profit). The loss for this first quarter is $ $0.6M (0.05$ loss per share on a fully diluted base).
The increase in revenues is attributable to the combined production capacity increase of the Sorel-Tracy and Becancour facilities and to the Mindarie Regional Council Recovery Facility(Australia) design/built contract.
The business development team focused its efforts on several proposals and requests for qualification. In Canada, Conporec has been selected and has entered into an exclusive negotiation for a design/build and operations contract of a source separated organics facility. In France, Conporec is in the final stages in four different requests for proposals.
« The increased revenues encourage us to maintain the new production targets at our various facilities, and the focus on our business plan founded on the deployment of our technologies. With the completion of the first operating phase at the Becancour facility, together with the new contracts at the Sorel-Tracy facility and the design/build contract for the Australian facility, we should be in a position to further improve our profit margin», stated the CEO, Mr. Jean Beaudoin.
Conporec is currently in advanced negotiations with an European partner for a $5 M to $ 6M private placement, that was initially planned to be closed at April 30, 2008. The Company has extended the closing date to May 31 2008, in order to finalize negotiations. The proceeds of the placement will be used to complete the Phase 1 works at the Becancour facility, thereby making it fully operational.
The available positions at the board of directors are expected to be filled in the near future.
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 on Alternext by NYSE / Euronext in Paris.
*: All given numbers are in Canadian dollars: CA$1.00 = ¤0.64
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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