Sofame Reports 2013 Annual Earnings Results
MONTREAL, Feb. 13, 2014 /CNW Telbec/ - Sofame Technologies Inc. (TSXV:
SDW) (OTC: SFMGF) has reported net sales of $1,603,413 for the 2013
fiscal year ended September 30th, and a net loss of ($ 296,398) for the year.
- 2013 Net Sales of $ 1,603,413(a) compared to $ 1,802,080 in 2012, a decrease of 11%
- 2013 Gross Profit of $ 329,770 (20.5%) compared to $ 368,820 (20.6%) in 2012
- Nine orders totalling $ 2.7 million were received between August 2012 and December 31, 2013
- Op. Ex. declined 12.4% to $ 451,604 in 2013 from $ 515,428 in 2012 compared to $ 849,058 in 2011
- 2013 Operating Loss was ($ 121,834) (7.6%) compared to ($146,608) in 2012 and ($ 980,780) in 2011
- Net Loss in 2013 was ($ 296,398) compared to Net Earnings of $ 119,974 in 2012
- In 2012 the Company recorded an extraordinary gain on conversion of debt to shares of $ 444,202
EBITDA in 2013 was $ 151,942 versus $ 587,575 in 2012
|(a)||Deferred revenues includes an increase of $ 174,560 representing engineering work on two projects which was completed and paid for, but not booked as sales because the equipment portion of the contract was not yet in process as of September 30, 2013.|
|(b)||These are the financial highlights only. Management`s Discussion and Analysis, the consolidated statements of financial position, cash flows, and notes thereto of Sofame Technologies Inc. are available at www.sedar.com.|
Key Development During the Year Ended September 30, 2013
$ 3 Million Revolving Credit Line
In 2013, the Company signed a Letter of Intent with a lender in New York for a $ 3 million revolving line of credit to be secured by all assets of the Company. The first disbursement of US$ 400,000 occurred in September 2013, four months later. Further disbursements will be secured by increases in trade accounts receivable.
Negotiations for a Significant Order of Percofrac™ Equipment
Sofame began selling the 100% efficient Percofrac™ 10 MMBTU and 30 MMBTU mobile water heaters in the summer of 2013. Witness testing of the units in the gas fields after they were mounted on trailers equipped with pumps, generators and propane vaporizers went very well. There is discussion of orders for multiple units to serve the burgeoning fracking business. Developments will be promptly reported.
Negotiations to Acquire a Company in the Same Industry
Sofame began negotiations in 2012 to acquire a company operating in the same industry. These negotiations have progressed further and an acquisition is within the realm of possibility, if the required debt financing can be negotiated. Discussions are under way with several potential lenders. Any concrete developments will be reported promptly.
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.
SOURCE Sofame Technologies Inc.For further information:
President & CEO
(514) 523-6545 x200
Stone Communication Services