GIE announces third quarter results



    
    - First half of the year sales up 21%
    - Quarterly gross profits margins improve to 25%
    - Q3 net profits before extraordinary gains increased by 52%
    

    MONTREAL, Aug. 11 /CNW Telbec/ - GIE Environment Technologies Ltd. (TSXV:
GIE), a regional leading environmental decontamination company, today reported
its third quarter results ended June 30th, 2009. All sales are in Canadian
dollars unless otherwise indicated.
    During the first nine months of fiscal 2009, GIE's generated $984,379 in
revenues compared to $812,886, a 21% increase over the same period last year.
Gross profits soared by 28% to $284,581 compared to $222,078 a year earlier.
EBITDA profits were up close to 50% to $132,443 versus $88,420 over the same
period last year. Net earnings, before extraordinary items totalled $123,908
versus $81,258 for the same period last year. GIE maintained an overall profit
margin of 13%, a noteworthy achievement give the current state of the economy.
Net earnings increased by an addition $108,012 which was the result of one
time debt settlement. As a result overall net earning totalled $231,920
compared to $81,258 a year earlier.
    Third quarter revenues remained steady at $301,338 versus $297,588 over
the same period last year. GIE maintained its gross profit margins to close to
25%, gross profits increased to $74,728 versus $72,195 a year earlier. Tighter
costs controls enabled the company to generate a larger EBITDA margin of 15%
compared to 13% over the same period last year. Net earnings before
extraordinary items improved by over 50% and totalled $54,968. Including GIE's
extraordinary gain the Company recorded a net profit of $162,980 compared to
$35,694 a year earlier.

    
                             Financial Highlights
                   (in Canadian dollars, ended June 30th)
    -------------------------------------------------------------------------
                                                              Nine months
                                     Third quarter            of the year
                                    2009        2008        2009        2008
                             -------------------------  ---------------------
    Revenues                     301,338     297,588     984,379     812,886
    Gross profit                  74,728      72,195     284,581     222,078
    EBITDA                        45,107      37,894     132,443      88,420
    Net Earnings                 162,980      35,694     231,920      81,258

    Net Earnings per Share
      Basic                      0.00817     0.00179     0.01162     0.00407
      Diluted                    0.00495     0.00108     0.00704     0.00247

    Total Assets                 445,615     434,106     445,615     434,106
    Basic number of
     outstanding shares       19,958,333  19,958,333  19,958,333  19,958,333
    

    "We are entering our last quarter of fiscal 2009, a quarter that
historically has been our strongest. We expect to reach our 2009 objectives as
our top and bottom line numbers remain on target. To date, we have maintained
a 21% top line growth and an over 50% bottom line increase. These achievements
are the result of GIE's relentless efforts to acquire new business and to
manage its costs and resources effectively," said GIE Environment Technologies
President and CEO, Charles Abikhzer.

    QUARTERLY HIGHLIGHTS

    
    - First nine months of the year sales increased by 21% as a result of
      GIE's relentless sales efforts;
    - Gross profit margins for the quarter remained enviable at close to 25%;
      and
    - GIE net earnings before extraordinary items surpassed the 18% mark for
      the quarter.
    

    OUTLOOK

    "GIE's outlook remains positive as we continue to make headway with
existing and new customers. Though the economic context has not helped we've
continued to enhance our financial position. As the economy improves, we
foresee additional commercial projects that will require environment
decontamination services and GIE will be there to capitalize on its experience
and reputation," 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 third quarter ended June 30th 2009, 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, GIE Technologies Inc,
President and CEO, (514) 284-6085, Facsimile: (514) 284-5229,
cabikhzer@gieinc.com

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GIE ENVIRONMENT TECHNOLOGIES LTD.

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