PyroGenesis announces third quarter results

MONTREAL, Nov. 29, 2011 /CNW/ - PyroGenesis Canada Inc.  ("PyroGenesis" or the "Company") (TSX-V: PYR), an environmental solutions company that designs, develops and manufactures plasma waste-to-energy systems and plasma torch products, today announced its financial and operational results for the third quarter ended September 30, 2011. This is PyroGenesis's second reporting period since the Company began trading on the TSX Venture Exchange on July 20, 2011.

Third Quarter Highlights

  • Completed the design, construction and testing of a Plasma Arc Waste Destruction System (PAWDS) for a United States Navy aircraft carrier. The conclusion of this testing is a prerequisite to the PAWDS system being disassembled, packaged and shipped for installation on board the Navy's CVN 78 aircraft carrier;
  • Announced that the U.S. Air Force Special Operations Command (AFSOC) accepted Pyrogenesis' Plasma Resource Recovery System (PRRS), and that the Company received a follow-on contract from AFSOC to operate the PRRS for an initial three-and-a-half month period at Hurlburt Field, Florida, the Air Force base where the system is currently located;
  • Announced that P. Peter Pascali, the Company's president and chief executive officer, accepted an invitation from Foreign Affairs and International Trade Canada to become a member of its Cleantech Advisory Board. The mandate of the Cleantech Advisory Board is to develop the Canadian cleantech sector domestically and abroad;
  • Subsequent to quarter end, disclosed that the Company was awarded a follow-on engineering contract from a multi-national mining and metallurgical company. The follow-on contract is the fifth in an ongoing series of agreements that started in 2009;

"Our third quarter was productive from a commercial perspective," said P. Peter Pascali, President and Chief Executive Officer of PyroGenesis. "The agreements we signed during and subsequent to quarter end, highlight our ability to develop and scale-up novel plasma-based solutions, which act as competitive advantages for our defense industry and public sector customers."

Financial Summary

Revenue

Revenue for the quarter was $1,909,231 compared to $1,928,782 in the third quarter of 2010, a decrease of $19,551. Revenue for the year-to-date period was $3,283,936 compared to $5,786,348 in the prior period, a decrease of $2,502,412. The decline in revenue year-over-year was primarily a result of focusing on the completion of the Company's two major projects, namely the marine based contract with Newport News Shipbuilding ("NNS"), and the land- based contract with the U.S. Air Force; as opposed to focusing its efforts on increasing sales in other areas.

Selling, General and Administrative Expenses

Selling, general and administrative costs for the quarter were $2,022,554 compared to $901,842 for the same period in 2010, an increase of $1,120,712. Selling, general and administrative costs for the year-to-date period were $4,414,769 compared to $2,646,200 in the prior period, an increase of $1,768,569. The higher expenses realized during the first nine months of 2011 can be attributed primarily to the increased staffing levels necessary to support the anticipated growth of the business.

Loss from Operations

The loss from operations during the quarter was $2,165,062 compared to $615,965 for the same period in 2010, an increase of $1,549,097. Loss from operations for the year-to-date period was $5,539,197 compared to $1,743,161 in the prior period, an increase of $3,796,036.

Total Comprehensive Loss

The total comprehensive loss in the third quarter of 2011 was $2,120,423 or $0.04 per basic common share, compared to a total comprehensive loss of $610,016 or $0.01 per share, for the quarter ended September 30, 2010, an increase of $1,510,407. For the year-to-date period, the total comprehensive loss was $5,492,332, or $0.10 per basic share, compared to $1,736,227 or $0.04 per share in the prior period.

Liquidity

As at September 30, 2011, PyroGenesis had cash on hand of $310,967 and negative working capital of $105,860.

About PyroGenesis Canada Inc.

PyroGenesis Canada is an environmental solutions company that designs, develops and manufactures plasma waste-to-energy systems and plasma torch products. PyroGenesis' proprietary plasma technologies utilize the intense energy of plasma to gasify and vitrify virtually any type of waste without producing hazardous by-products. PyroGenesis' patented gasification and vitrification technology is different from incineration because it produces a clean synthetic gas from waste, which can be used for power generation. PyroGenesis' technology can also turn waste into a glassy rock that can be utilized as construction material. PyroGenesis has marquee defense industry and civilian customers that are using its technology in marine and land-based applications. For more information, please visit www.pyrogenesis.com

This press release contains certain forward-looking statements, including, without limitation, statements containing the words "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect", "in the process" and other similar expressions which constitute "forward-looking information" within the meaning of applicable securities laws.  Forward-looking statements reflect the Company's current expectation and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated.  These forward-looking statements involve risks and uncertainties including, but not limited to, our expectations regarding the acceptance of our products by the market, our strategy to develop new products and enhance the capabilities of existing products, our strategy with respect to research and development, the impact of competitive products and pricing, new product development, and uncertainties related to the regulatory approval process.  Such statements reflect the current views of the Company with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Company's ongoing filings with the securities regulatory authorities, which filings can be found at www.sedar.com.  Actual results, events, and performance may differ materially.  Readers are cautioned not to place undue reliance on these forward-looking statements.  The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws.

Neither the 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 PyroGenesis Canada Inc.

For further information:

Pyrogenesis Canada Inc.
P. Peter Pascali
Chief Executive Officer
Phone: 514.937.0002
E-mail: ir@pyrogenesis.com  
      Media and Investor Relations
Adam Peeler
TMX Equicom
Phone: 416.815.0700 ext. 225
E-mail: apeeler@equicomgroup.com

 

Profil de l'entreprise

PyroGenesis Canada Inc.

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