TSX Symbol: ORI
WOODBRIDGE, ON, Nov. 12 /CNW/ - Organic Resource Management Inc.
("ORMI"), a leader in the provision of vacuum truck services for the
collection, treatment and disposal of non-hazardous liquid waste, today
announced financial results for its first quarter of fiscal 2008, ended
September 30, 2007.
Net income for the first quarter of fiscal 2008 was $114,000, an increase
of $103,000 from $11,000 in the first quarter of fiscal 2007. The Company's
core grease interceptor business continues to show strong growth, recording an
increase in revenue of 12% in the quarter over last year. However, total
revenue for the quarter of $3,723,000 was $123,000 or 3% lower than for the
same period last year as the Company replaces its large volume, low margin
industrial business with smaller volume, higher margin grease interceptor
During the quarter the Company was forced to transport a significantly
higher percentage of its residuals to out of province third-party recycling
sites. As a result, the gross margin was $1,198,000 for the quarter, a
decrease of 12% or $167,000 from $1,365,000 last year.
The net income in the most recent quarter reflects the elimination of
preferred dividends and amortization of intangible assets which occurred in
the fourth quarter of 2007.
The comparative financial statements for the three months ending
September 30, 2007 along with other information may be obtained through the
Company's website at www.ormi.com, or on SEDAR at www.sedar.com.
This press release is available on the Company's official on-line
investor relations site for investor commentary, feedback and questions.
Investors are asked to visit the investor relations section of the Company's
website at http://www.ormi.com/ORMI_Investor.asp . Alternatively, investors
are asked to e-mail all questions and correspondence to Info@ormi.com where
they can also request addition to the Company's investor e-mail list to
receive all future press releases and updates directly.
About Organic Resource Management Inc.
Organic Resource Management is Canada's largest provider of vacuum truck
services for the collection, treatment and disposal of organic and other
non-hazardous liquid waste. ORMI services in excess of 8,000 commercial,
industrial, institutional and residential customers in Ontario, Quebec, and
British Columbia. Further information about ORMI may be obtained at the
Company's web site at www.ormi.com .
Note: Certain information contained in this press release may be
forward-looking and therefore subject to unknown risks or uncertainties. The
actual results, performance or achievements of Organic Resource Management
Inc. may differ materially from the results, performance or achievements of
the Company expressed or implied by such forward-looking statements.
For further information:
For further information: Corporate Inquiries, Charles H. Buehler, Chief
Executive Officer, email@example.com