GIE announces second quarter results



    
    - First half of the year sales up 33%
    - Gross profits for the quarter up 19%
    - Over the past six months net profits increased by 51%
    

    MONTREAL, May 27 /CNW Telbec/ - GIE Environment Technologies Ltd. (TSXV:
GIE), a leading environmental decontamination company, today reported its
second quarter results ended March 31st, 2009. All sales are in Canadian
dollars unless otherwise indicated.
    During the first half of fiscal 2009, GIE's generated $683,041 in
revenues compared to $515,298 over the same period last year, a 33% increase.
Gross profits climbed to $132,450 compared to $94,197 a year earlier. EBITDA
profits were $87,336 versus $50,526 over the same period last year. Net
earnings, for the first half of the year, followed suit and grew significantly
to $68,940 compared to a net profit of $45,567 a year earlier. Though the
company operated in difficult times it has been able to maintain a 10% net
profit margin.
    During the past three months, revenues remained steady at $278,201 versus
$274,195 over the same period last year. Gross profits increased by 19% to
$107,382 versus $90,566 in second quarter of fiscal 2008. Addition Sales and
Marketing Expenditures resulted in a decrease of $22,676 in EBITDA for the
second quarter of fiscal 2009. Net profits followed suit, the company recorded
$21,232 in net earnings for the second quarter of fiscal 2009 compared to
$50,175 a year earlier.

    
                             Financial Highlights
                   (in Canadian dollars, ended March 31st)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                     Second quarter   First half of the year

                                    2009        2008        2009        2008
                              -----------------------  ----------------------
                              -----------------------  ----------------------
    Revenues                     278,201     274,195     683,041     515,298
    Gross profit                 107,382      90,566     209,853     132,154
    EBITDA                        29,953      52,629      87,336      50,526
    Net Earnings                  21,232      50,175      68,940      45,567

    Net Earnings per Share
      Basic                      0.00106     0.00251     0.00345     0.00228
      Diluted                    0.00064     0.00152     0.00209     0.00228

    Total Assets                 298,847     344,654     298,847     344,654
    Basic number of
     outstanding shares       19,958,333  19,958,333  19,958,333  19,958,333
    

    "Traditionally the first half of the year is the most challenging. Our
first quarter of fiscal 2009 was exceptional and though we would like every
quarter to be as extraordinary, our second quarter results were more
reflective of past trends. That said, GIE is still expected to generate solid
top line and bottom line growth this year. We enter our most active and
profitable season with confidence as we look forward to a great finish," said
GIE Environment Technologies President and CEO, Charles Abikhzer.

    
    QUARTERLY HIGHLIGHTS

    - First half of the year sales increased by 33% as a result of GIE's
      relentless sales efforts;
    - Gross profit margins for the quarter increased to 38% vs. 33% a year
      earlier; and
    - GIE delivers another profitable quarter.

    OUTLOOK

    "Top and bottom line organic growth remains GIE's number one objective.
GIE enters the second half of the year with solid revenues and healthy
margins. Though we are conscious of the current economic context, we believe
that once again we can deliver enviable results," concluded Mr. Abikhzer.

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    ABOUT GIE TECHNOLOGIES

    GIE Environment Technologies Ltd. ("GIE") is a Montreal based company
specialized in the treatment of petroleum and other organic soil and water
contaminants. The Company's proprietary technology, known as "bioremediation",
utilizes living organisms to remove pollutants from soil and water with
minimal disturbance to the environment. This eco-friendly and cost effect
decontamination process has been utilized by large and small companies and
municipalities in Canada.
    GIE Environment Technologies consolidated financial statements and the
MD&A for the second quarter ended March 31st 2008, are available on SEDAR
(www.sedar.com).

    CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

    Except for historical information provided herein, this press release may
contain information and statements of a forward-looking nature concerning the
future performance of GIE Environment Technologies. These statements are based
on suppositions and uncertainties as well as on management's best possible
evaluation of future events. The business of the Company and these
forward-looking statements are subject to a number of risks and uncertainties
that could cause actual results to differ from expected results. A description
of risk factors are discussed in the Company's Annual MD&A and Annual
Information Form, filed with the securities regulatory authorities in Canada.
The Company's business, financial condition or operating results could be
materially adversely affected if any of these risks and uncertainties were to
materialize. Given these risks and uncertainties, investors should not place
undue reliance on forward-looking statements as a prediction of actual
results.

    
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.
    




For further information:

For further information: Charles Abikhzer, President and CEO, GIE
Technologies Inc, (514) 284-6085, Facsimile: (514) 284-5229,
cabikhzer@gieinc.com

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GIE ENVIRONMENT TECHNOLOGIES LTD.

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