VANCOUVER, Aug. 26 /CNW/ - Smartcool Systems Inc. (The Company) (SSC - TSX V) today announced three and six month results ended June 30th for 2010 that far exceeded financial results for the corresponding periods of 2009. First half sales are now 74% of that achieved for all of 2009. Sales for the second quarter of 2010 represented a record for the Company.
- Revenues were $1.137 million, representing a 120% increase over the
$510 thousand reported in the second quarter of last year.
- Operating expenses declined slightly to just over $1 million, down
from $1.176 million in Q2, 2009.
- The quarterly loss fell dramatically to $249 thousand compared to
$929 thousand in the second quarter of last year.
- Revenues were $1.772 million, representing a 140% increase over the
$736 thousand reported for the first half of 2009.
- Operating expenses fell significantly to slightly more than
$2 million, down from $2.69 million for the first six months of 2009.
- The first half loss was $917 thousand representing a major
improvement over the $2.33 million reported for the same period of
- The Company had $514 in cash and equivalents and $688 thousand in
receivables as of June 30th.
- The weighted average number of shares at the end of the period was
The Company remains focused on generating positive cash flow in the fourth quarter of 2010.
The detailed financial statements can be found at www.sedar.com.
The growth in revenue reflects the continuation of multiple site roll-outs with three major clients world-wide directly managed by SSC. The next phase of rollout with these customers will be completed throughout the balance of the year. In addition distribution channels are progressing with development of increasing sales funnels that are being converted to equipment purchases and installation success.
About Smartcool Systems Inc.
Smartcool Systems Inc. (TSX-V: SSC) manufactures and distributes the Energy Saving Module (ESM)(TM) and the ECO(3)(TM), which make refrigeration and air conditioning systems more efficient, resulting in proven cost savings, reduced energy consumption, and a smaller carbon footprint. More than 26,000 units have been installed worldwide for customers such as supermarkets, food distributors, telecommunications companies, hospitals, and hotels.
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SOURCE Smartcool Systems Inc.
For further information: For further information: Jeff Walker, The Howard Group, (888) 221-0915, firstname.lastname@example.org; George Burnes, President & CEO, (604) 669-1388 ext. 102, email@example.com