TSX Symbol: ORI
WOODBRIDGE, ON, Feb. 12 /CNW/ - Organic Resource Management Inc.
("ORMI"), today announced the financial results for its second quarter ended
December 31, 2007, and is pleased to report that it has posted its second
consecutive profitable quarter.
Net income for the second quarter of fiscal 2008 was $82,000, an increase
of $237,000 from the net loss of $155,000 in the second quarter of fiscal
2007. For the six months ended December 31, 2007, net income was $196,000, an
increase of $340,000 over the net loss of $144,000 for the same period last
The Company's core grease interceptor business continues to show strong
growth, recording an increase in revenue of 18% in the quarter over last year.
However, total revenue was essentially the same at $3,800,000 as the Company
continues replacing its large volume, lower margin industrial business with
smaller volume, higher margin grease interceptor business. For the six months
ended December 31, 2007, total revenue of $7,523,000 decreased $133,000 or
1.7% from last year.
As a result of the shift to higher margin business, the gross margin for
the quarter increased 5% or $65,000 to $1,264,000 from $1,199,000 for the same
period last year. For the six months ended December 31, 2007, gross margin was
$2,462,000, 4% or $103,000 less than the same period last year.
The net income for the second quarter and the six months ended
December 31, 2007 reflects the elimination of preferred dividends and
amortization of intangible assets which occurred in the fourth quarter of
The comparative financial statements for the six months ending
December 31, 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, firstname.lastname@example.org