WaterFurnace Renewable Energy, Inc. Announces Third Quarter Results: (U.S.$)
Chairman of the Board
The Board of Directors approved a dividend of
------------------------------------------------------------------------- WaterFurnace Renewable Energy, Inc. Consolidated Statements of Income Prepared using Canadian generally accepted accounting principles (Unaudited - Thousands of U.S.$ except per share data) Three months ended Nine months ended September 30, September 30, ------------------------ ------------------------ 2009 2008 2009 2008 ----------- ----------- ----------- ----------- Sales $ 36,209 $ 39,964 $ 89,655 $ 95,107 Cost of sales 22,962 25,230 58,416 62,544 ----------- ----------- ----------- ----------- Gross profit 13,247 14,734 31,239 32,563 Operating expenses 4,865 5,741 15,115 15,249 Research and development expenses 507 490 1,722 1,434 ----------- ----------- ----------- ----------- Income before interest and income taxes 7,875 8,503 14,402 15,880 Interest income 29 35 37 128 Interest expense (7) (12) (15) (30) ----------- ----------- ----------- ----------- Income before income taxes 7,897 8,526 14,424 15,978 Income taxes 2,950 3,278 4,999 5,723 ----------- ----------- ----------- ----------- Net income $ 4,947 $ 5,248 $ 9,425 $ 10,255 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Basic and diluted earnings per share U.S.$ $ 0.41 $ 0.43 $ 0.78 $ 0.85 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ------------------------------------------------------------------------- ------------------------------------------------------------------------- WaterFurnace Renewable Energy, Inc. Consolidated Balance Sheets Prepared using Canadian Generally Accepted Accounting Principles (Unaudited--Thousands of U.S.$) September 30, December 31, 2009 2008 ----------- ----------- Assets Current assets Cash and cash equivalents $ 3,761 $ 6,029 Short-term investments 10,368 5,316 Receivables 16,823 18,797 Inventory 6,360 8,714 Other current assets 2,709 2,433 ----------- ----------- Total current assets 40,021 41,289 Capital assets 4,854 4,643 Other assets 2,727 2,080 ----------- ----------- Total Assets $ 47,602 $ 48,012 ----------- ----------- ----------- ----------- Liabilities Current liabilities Payables and accruals $ 8,178 $ 10,542 Income taxes payable 272 2,027 Provision for warranty claims - current portion 2,138 1,824 ----------- ----------- Total current liabilities 10,588 14,393 Capital leases 150 - Deferred compensation 261 1,085 Provision for warranty claims 7,599 5,827 ----------- ----------- Total Liabilities 18,598 21,305 ----------- ----------- ----------- ----------- Shareholders' Equity Share capital 14,865 14,865 Retained earnings 14,139 11,842 ----------- ----------- Total Shareholders' Equity 29,004 26,707 ----------- ----------- ----------- ----------- Total Liabilities & Shareholders' Equity $ 47,602 $ 48,012 ----------- ----------- ----------- ----------- -------------------------------------------------------------------------
WaterFurnace Renewable Energy, Inc. is traded in both Canadian dollars and U.S. dollars on the
Risk and Uncertainties: This news release contains certain forward-looking statements that may or may not be realized. Investors should not rely solely on this information to make investment decisions. The Company's sales are related to the cost and stability of electricity, fuel oil, propane and natural gas. Federal, state and provincial building codes and energy incentives can also impact sales. The Company is subject to standard risks associated with most companies, such as normal competitive pressures.
For further information: Additional information is available on the Company's website: www.waterfurnace.com.
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