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EDMONTON, April 26, 2012 /CNW/ - Seair Inc. (SDS:TSX Venture Exchange) today released its unaudited financial statements for the quarter and six months ending February 29, 2012.
Revenue for the quarter ending February 29, 2012 was $2,752,208, the highest amount ever reported by Seair, marking a 143% increase over the prior year. Seair's fleet of portable wastewater treatment units was fully deployed through most of the quarter, resulting in record revenue. Deployment prospects look strong after spring breakup and continued positive results are expected from the portable fleet. Seair is seeing an increasing number of longer-term rental contracts, particularly with the oil sands sector.
Gross profit for the quarter ending February 29, 2012 was $1,864,781 compared to $787,063 in the quarter ending February 28, 2011. This $1,077,718 increase in gross profit is due to higher revenue from portable wastewater treatment plant rentals. Gross profit percentage remained consistent at 68% of revenue.
Total operating expenses increased by $335,911 to $1,503,333 (29% increase) from fiscal 2011 to fiscal 2012 compared to the 143% and 137% increases to revenue and gross margin, respectively. In general operating costs remained largely unchanged in spite of the significant increase in activity levels and revenue. Operating expenses include significant work to advance business development and sales outside of the portable wastewater treatment units. Revenue is expected to increase from these sources, particularly from initiatives such as the oil field water treatment collaboration with R360 Environmental, international sales via TechnoVita and rural wastewater treatment plants similar to the Wolf Creek reference site.
Net income for the quarter ending February 29, 2012 was $361,664, a $738,072 improvement over the $376,408 loss for the same quarter in fiscal 2011.
The complete financial statements are available at www.sedar.com.
Seair develops proprietary equipment that diffuses gases, such as oxygen, ozone and carbon dioxide, into liquids. Seair's patented technologies can produce extremely small bubbles which are more efficient than other diffusion technologies. The result is a stable condition, where gases remain in solution for extended periods of time, leading to increased productivity and lower operating costs. This, in turn, facilitates gas-based treatment of complex and challenging wastewater and allows Seair to provide full water reuse and closed loop systems.
Seair applications include frac and produced water treatment, efficient aeration of industrial ponds, mine dewatering, end-to-end sewage treatment for permanent residential communities and remote work camps, golf course irrigation and pond treatment, and oil sands/SAGD water solutions.
Parties interested in obtaining further information or receiving news releases and corporate documents from Seair may email such requests to [email protected] or visit the Seair website at www.seair.ca.
This news release contains forward-looking statements relating to the future operations of the Seair Inc. and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expects" and similar expressions. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Such forward-looking statements are subject to important risks, uncertainties and assumptions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Seair Inc. As a result, we cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this news release are made as of the date of this news release, and Seair Inc. does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.
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