MONTREAL, June 10, 2013 /CNW Telbec/ - Sofame Technologies Inc. (TSXV:
SDW) (OTC: SFMGF) has reported net sales of $251,236 for Q2 ended March
31st of the 2013 fiscal year, a net loss of ($ 69,809) and EBITDA of
$36,946 (14.7%) for the period.
Q2 2013 Net Sales of $ 251,236 compared to $ 519,547 in Q2 2012, and $
414,915 in Q1 2013
Q2 2013 Gross Profit of $ 43,408 (17.2%) compared to $ 255,320 (49.1%)
in Q2 2012
Q2 2013 Net Profit (Loss) was ($ 69,809) (-27.8%) compared to $ 53,792
(10.4%) in Q2 2012
Q2 2013 EBITDA was $ 39,946 (15.9%) versus $ 166,732 (32.1%) in Q2 2012
Note: These are the financial highlights only. Management`s Discussion
and Analysis, the consolidated financial statements, cash flows, and
notes thereto of Sofame Technologies Inc. are available at www.sedar.com.
Comments on the Second Quarter Ended March 31, 2013
Revenues in the second quarter were lower than past quarters due to
delays in the third-party review process of engineering documents for
two boiler heat recovery projects in Montreal, one a pharmaceutical
customer, the other a hospital. This work will carry over into the
third quarter. Management directed its energies to delivering the two
projects already in-house, closing new orders, and refinancing debts to
strengthen the balance sheet. Revenues in 2013 for six months were $
666,151 compared to $ 1,048,747 for the same period in 2012 due to the
cited delays. The Company is in the process of closing two orders
totaling over $900,000 which are required to ship in the current fiscal
year ending September 30th. Additional projects expected to close in 2013 consist of 6 projects
with a total value of $2.9 million. Deliveries would extend into the
2014 fiscal year. Management is confident that annual revenues and
profits will surpass the fiscal 2012 performance despite the delays
experienced in the second quarter.
Maturity of the $250,000 bridge loan was extended from May 29th to September 25th, by 100 percent vote of the lenders.
The Company has received a firm offer from a fund for a $ 3 million
credit line. The offer is being considered by the Board of Directors.
The credit facility would strengthen Sofame's ability to deliver new
contracts, market effectively with its sales partners, and shorten the
purchase order-to-cash cycle.
The Company has raised a total of $430,000 at $0.02 since September 2012
under the special pricing exemptions allowed by the TSX Venture
Exchange. An additional investment of $70,000 will complete the
funding to the $500,000 aggregate limit set by the TSXV. Use of
proceeds of the private placement has been disclosed in separate press
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: SOFAME TECHNOLOGIES INC.
For further information:
President & CEO
(514) 523-6545 x200
Stone Communication Services