Seprotech announces first quarter fiscal 2011 results

OTTAWA, Feb. 28, 2012 /CNW/ - Seprotech Systems Incorporated (TSXV: SET); "Seprotech" or the "Company", announces the following unaudited results for the first quarter of fiscal 2012 with comparative unaudited results for the first quarter of fiscal 2011, and summary audited results for the fiscal year ended August 31, 2011.

  Three Months Ended
November 30
Year Ended
August 31  
                 
  2011   2010   2011   2010  
                 
  $000   $000   $000   $000  
                 
Revenue 898   1,024   3,089   5,190  
                 
Gross Margin 302   244   1,073   2,056  
                 
Net Loss (154)   (219)   (1,254)   (625)  
                 
Loss per share (0.00)   (0.01)   (0.02)   (0.01)

While first quarter 2012 revenues declined slightly, margins improved on both a consolidated basis and on a product/service basis. The Company has continued its efforts to improve sales across all of its business groups, and is beginning to see progress reflected in its financial performance.

In Q1 2012 revenues from sales of water and wastewater systems increased to $462, which represents a significant improvement. Military contract revenues at $324 were lower, reflecting the Company being at a different phase under the new contract previously announced, as compared to the same period the previous year. Parts and service revenues were significantly lower than targeted, but margins remained satisfactory. Activity in this area has increased subsequent to quarter end.

Operating costs were lower than in each of the two prior quarters, but remain high in relation to reported revenues. This reflects the need to incur immediate additional compensation costs of new hires required to process significant new bookings of water, wastewater treatment and military business.

The net loss of $(154) is comparable with the prior quarter, and is a significant improvement over the comparable quarter in FY 2011.

About Seprotech:

Seprotech is a provider of pre-engineered water and wastewater treatment solutions to the municipal/land development, resource sector and military market place, including Reverse Osmosis water purification systems, ROTORDISK® biological sewage treatment package plants and CrystalBlue™ membrane-based water recycling systems.

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. The TSX Venture Exchange has neither approved nor disapproved of the information contained herein. Some of the statements in this press release, including those relating to the Company's strategies and other statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates" or similar expressions, are forward-looking statements within the meaning of securities laws. Forward-looking statements include, without limitation, the information concerning possible or assumed future results of operations of the Company. These statements are not historical facts but instead represent only the Company's expectations, estimates and projections regarding future events. The Company does not undertake any obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events, except as required by law.

SOURCE Seprotech Systems Incorporated

For further information:

Mr. Ian W. Malone, CFO
Tel: (613) 523-1641
Fax: (613) 731-0851

Profil de l'entreprise

Seprotech Systems Incorporated

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