FORT WAYNE, IN, Nov. 11 /CNW/ - WaterFurnace Renewable Energy, Inc. is
pleased to confirm its pre-release earnings on October 10 by releasing its
detailed third quarter results today. Bruce Ritchey, President and CEO, said,
"The Company had sales of $39,964,000 and earnings per share of $0.43 for the
quarter which was the highest quarter for sales and profit in Company history.
Sales were up 40.8% and Net Income was up 56.4% versus the same quarter last
year."
Ritchey went on to note, "Despite tight credit markets and a depressed
residential new construction market, more consumers are buying geothermal
systems. The high price of fossil fuels make geothermal systems a compelling
investment in a time when people are very concerned about the environment and
about the cost of living in their homes."
Board Chairman Tim Shields noted, "The board is very pleased with the
outstanding financial results for the quarter and year to date. We are
particularly pleased to see continued success in a very tough U.S. residential
market."
The Board has approved the regular $0.18 quarterly dividend to be paid on
December 2, 2008 to shareholders of record as of November 21, 2008. Management
will conduct a web cast covering the results of the quarter at 4:00 p.m.
Eastern Time on Wednesday, November 12th. Interested parties can listen live
or to the recorded version at
http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=2427480 or at the
Company's website at www.waterfurnace.com.-------------------------------------------------------------------------
WaterFurnace Renewable Energy, Inc.
Consolidated Statements of Income
Prepared using Canadian generally accepted accounting principles
(Unaudited - Thousands of U.S.$ except per share data)
Three months ended Nine months ended
September 30, September 30,
------------------------ ------------------------
2008 2007 2008 2007
----------- ----------- ----------- -----------
Sales $ 39,964 $ 28,383 $ 95,107 $ 75,200
Cost of sales 25,230 18,964 62,544 51,849
----------- ----------- ----------- -----------
Gross profit 14,734 9,419 32,563 23,351
Operating expenses 5,741 3,777 15,249 11,896
Research and
development expenses 490 482 1,434 1,513
----------- ----------- ----------- -----------
Income before interest
and income taxes 8,503 5,160 15,880 9,942
Interest income 35 75 128 210
Interest on
long-term debt (12) (13) (30) (39)
----------- ----------- ----------- -----------
Income before income
taxes 8,526 5,222 15,978 10,113
Income taxes 3,278 1,867 5,723 3,686
----------- ----------- ----------- -----------
Net income $ 5,248 $ 3,355 $ 10,255 $ 6,427
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
Basic and diluted
earnings per share
U.S.$ $ 0.43 $ 0.28 $ 0.85 $ 0.53
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
-------------------------------------------------------------------------
-------------------------------------------------------------------------
WaterFurnace Renewable Energy, Inc.
Consolidated Balance Sheets
Prepared using Canadian generally accepted accounting principles
(Unaudited - Thousands of U.S.$)
September 30, December 31,
2008 2007
----------- -----------
Assets
Current assets
Cash and cash equivalents $ 8,629 $ 2,021
Short-term investments - 6,410
Receivables 20,730 13,846
Inventory 8,150 4,932
Other current assets 1,946 1,762
----------- -----------
Total current assets 39,455 28,971
Capital assets 4,563 4,596
Other assets 2,011 1,527
----------- -----------
Total Assets $ 46,029 $ 35,094
----------- -----------
----------- -----------
Liabilities
Current liabilities
Payables and accruals $ 10,543 $ 6,716
Income taxes payable 1,917 353
Provision for warranty claims - current portion 1,769 1,483
Long-term debt - current portion 130 130
----------- -----------
Total current liabilities 14,359 8,682
Long-term debt 765 830
Deferred compensation 1,695 1,160
Provision for warranty claims 5,331 4,087
----------- -----------
Total Liabilities 22,150 14,759
----------- -----------
----------- -----------
Shareholders' Equity
Share capital 14,865 14,831
Retained earnings 9,014 5,504
----------- -----------
Total Shareholders' Equity 23,879 20,335
----------- -----------
----------- -----------
Total Liabilities & Shareholders' Equity $ 46,029 $ 35,094
----------- -----------
----------- -----------
-------------------------------------------------------------------------More Information: Additional information is available on the Company's
web site: www.waterfurnace.com. WaterFurnace Renewable Energy, Inc. is traded
on the Toronto Stock Exchange under the symbol WFI.
Risk and Uncertainties: This press release contains certain
forward-looking statements that may or may not be realized. Investors should
not rely solely on this information to make investment decisions. The
Company's sales are related to the cost and stability of electricity, fuel
oil, propane and natural gas. Federal, state and provincial building codes and
energy incentives can also impact sales. The Company is subject to standard
risks associated with most companies, such as normal competitive pressures.
For further information: WaterFurnace Renewable Energy, Inc. (formerly
WFI Industries Ltd.), Bruce Ritchey, President and CEO, 9000 Conservation Way,
Fort Wayne, IN, 46809-9794, (260) 479-3224
