MONTREAL, Jan. 28 /CNW Telbec/ - Sofame Technologies Inc. (TSX-V: SDW), a
leading manufacturer of innovative commercial-industrial heat recovery
equipment, has released its Fourth Quarter and 2008 annual financial reports.
Highlights for fiscal 2008 and through January 23, 2009:
- Major overhaul of Sofame's operations and physical assets was
- The network of Representatives across North America expanded from
four to eleven
- The Sales Funnel increased from $2 million to $41 million
- A significant order was received from a prestigious university in
the United States
- The first US order was shipped to a brand name food processor in
- Sofame's award winning energy efficiency technology was featured
in numerous articles
- André Caillé, former President of Hydro Quebec, joined Sofame as
The company reported annual sales for the Fiscal year ending September
30th 2008 of $1,687,869 versus $2,286,378 for the same period in 2007.
Gross Profit rose to $643,415 (38.1% of sales) for the 2008 fiscal year
versus $411,382 (18.0%) for the same period in 2007.
Total selling, general and administrative expenses increased from
$1,323,362 in 2007 to $1,982,111 in 2008.
Improved job costing and stronger gross margins offset the $598,509
decrease in operating revenue during fiscal 2008. The rise in S,G&A was due to
increased spending on marketing materials, advertising, selling expenses,
trade shows, rebranding and investor relations.
The net loss increased to $2,338,730 for the year ended September 30,
2008, compared to $1,174,727 as at September 30, 2007, or to ($0.0202) per
share in 2008 from ($0.0154) per share in 2007. The 2008 net loss included
commercial and market development expenses of $244,234 in Sofame Europe
S.A.S., stock-based compensation of $395,525 related to option plan accounting
and non-recurring re-organization expenses $46,893.
John Gocek, President and CEO of Sofame stated, "Sofame's restructuring
plan was completed during fiscal 2008 with minimal disruption to operations
despite a thorough overhaul of physical plant, equipment, engineering
software, systems and facilities. Sofame started the year with a $2 million
sales funnel, and finished with over $41 million in active projects under
quotation and an expanded manufacturing capacity. The subsequent significant
confirmed order from a major American university, and another job shipped in
Q1 to a brand name foods company are indications that Sofame's sales plan is
working despite the long sales cycle. Sofame is ideally positioned to benefit
from the upcoming unprecedented investments by both governments and industry
in energy efficiency and reduction of green house gas emissions."
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 pre-heated 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, Sofame serves building owners,
institutional, industrial and commercial markets through a network of
dedicated engineering representatives.
TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release.
For further information:
For further information: Kelly Hamblin, Sofame Investor Relations, (514)
523-6545 ext. 630, firstname.lastname@example.org