MONTREAL, March 11 /CNW Telbec/ - Sofame Technologies (TSX-V: SDW), a
leading manufacturer of commercial-industrial heat recovery equipment, has
reported a gross margin improvement for the first quarter of 2008 to 36.3%
from 13.3% in the same period of the previous year.
Net sales of $589,411 recorded in the period were equivalent to net sales
in the first quarter of 2007. Progress payments of $193,000 on one contract
had been previously recorded in the fourth quarter of fiscal 2007 ending
September 30th. All revenues in the first quarter were derived from shipments
of heat recovery equipment to Canadian customers.
Despite significant improvement in gross margin, Sofame recorded an
operating loss of $168,816 in Q1 of 2008 due mainly to costs of reorganization
and expenses related to an issue of debentures.
The Company recorded a net loss of $237,052 for the first quarter ending
December 31, 2007, which is 11.0% greater than the same quarter of the
previous year, after interest on long-term debt of $68,236. On a per share
basis, the loss decreased by 44.4% to $(0.0020), compared to $(0.0036) in 2007
due to the larger number of shares outstanding at December 31, 2007.
Key Financial Data
First quarter ended December 31
Net Sales $ 589,411 $ 589,500
Gross margin 213,909 36.3% 78,560 13.3%
Operating income (168,816) (28,7%) (169,641) (28.8%)
(loss) (237,052) (40,2%) (211,015) (35.8%)
Net and diluted
per share (0,0020) (0,0036)
Total assets 3,172,138 1,137,477
Long-term Debt $4,358,259 $ 924,631
NEW CFO to be announced
Sofame also announced that Thérèse Lirette, who acted as CFO for a number
of years, has moved on after a total of more than fifteen years of loyal
service devoted to the company and to its employees. Ms. Lirette's deep
commitment to the company's success will be remembered.
Recruitment of a new CFO is under way.
Sofame Technologies Inc. custom engineers and manufactures unique,
high-efficiency direct-contact heat recovery and hot water heating systems.
Sofame's products extract up to 99% of heat from flue gases depending on the
application, and also from wastewater, and return the energy in the form of
high temperature hot water or superheated make-up air. In addition to
economically recovering heat from waste energy, Sofame's products also help
customers to significantly reduce greenhouse gas emissions. Using world
leading patented green technology, the Company serves building owners, public
and private infrastructure, institutional, industrial and commercial markets
through a network of dedicated engineering representatives.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Jérôme Cliche, (514) 523-6545 ext. 249,
firstname.lastname@example.org; Kelly Hamblin, (514) 523-6545 ext. 233,
email@example.com; Fax: (514) 524-6183, www.sofame.com