OTTAWA, Oct. 30 /CNW Telbec/ - Thermal Energy International Inc. (TSX-V:TMG) (www.thermalenergy.com) (the "Company" or "Thermal Energy") today announced its financial results for the fiscal quarter ending on August 31, 2009.
Thermal Energy recorded revenues of $1,304,936 in the quarter, an increase of 23% over the same period the prior year. Gross profit for the quarter was $1,014,977 or 78% of revenue versus $528,103 or 50% of revenue in the same period the prior year. The increase is due to the higher revenue and a higher proportion of revenue from GEM(TM) condensate return systems. Expenses increased primarily due to higher selling, marketing and business development expenses, legal fees and audit fees. The net loss for the quarter was $570,530 compared to $616,086 for the same period the prior year. Cash and cash equivalents less bank loans decreased $1,106,179 in the quarter but non-cash operating working capital increased $573,692. All figures are in Canadian dollars. Full financial results including Management's Discussion and Analysis and accompanying notes to the financial results, are available on www.SEDAR.com and www.thermalenergy.com.
About Thermal Energy
Thermal Energy International Inc. is an innovative technology company providing custom energy and emission reduction, and bioenergy solutions. Headquartered in Ottawa, Canada, TEI is a designer, design build developer, fabricator, owner, operator and supplier of proprietary and patented energy conservation, renewable energy and environmental technology solutions. Thermal Energy is a fully accredited professional engineering firm, and offers advanced process and applications engineering services. The Company is a proud member of the Chicago Climate Exchange (CCX). FLU-ACE(TM), DRY-REX(TM), THERMALONOx(TM), THERMAL AUD(TM) and GEM(R) are trademarks of Thermal Energy International.
To find out more about Thermal Energy International Inc. (TSX-V: TMG), visit our website at http://www.thermalenergy.com.
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SOURCE Thermal Energy International Inc.
For further information: For further information: William Crossland, President and CEO, (613) 723-6776