MONTREAL, March 5, 2012 /CNW Telbec/ - Sofame Technologies Inc. (TSXV: SDW), a leading manufacturer of environmentally efficient industrial water heaters and cost effective heat recovery systems for traditional boilers, is pleased to announce that it will report revenues of $ 529,200 for the first quarter ending December 31, 2011 and a net profit of $ 72,294 (12%). Gross profit of $ 225,587 represents a gross margin of 37% in the first quarter. EBITDA was $159,000 or 30% of net sales.
Sales for the same period in 2010 were $602,276, generating a gross profit of only $ 3,695 (1%) and a net loss of ($ 267,544) (-44%). EBITDA for Q1 a year earlier was ($ 155,850). Sofame plans to issue the first quarter reports later this month within the time limit set for compliance with International Financial Reporting Standards (IFRS).
According to John Gocek, Sofame's President and CEO, "Sofame has received orders for five industrial heat recovery systems in the last seven months, valued at $1.78 million. Four of these projects are being built or installed right now. Moreover, the improvement in margins and profits is due not only to recent sales, but also to cost reductions achieved over the last two years."
Sofame has set March 30, 2012 as the annual meeting date for the fiscal year ending September 30, 2011.
Sofame is currently seeking to refinance a $250,000 bridge loan. Gocek adds, "We are confident that the re-financing will occur soon. Investors who have been patient and supportive are starting to see the desired results."
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.
For further information:
Sofame Technologies Inc.
(514) 523-6545 x200
Stone Communication Services