ORMI Reports Fiscal 2012 Third Quarter Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 05/15/12 -- Organic Resource Management Inc. (TSX VENTURE: ORI) ("ORMI" or "the Company"), today announced its financial results for the three and nine month periods ended March 31, 2012.
Q3 2012 Highlights
"Although third quarter revenues were higher and operating results were significantly improved over the same period last year," said Charles Buehler, Chairman and Chief Executive Officer of ORMI, "revenues were none the less impacted by the Company's decision to discontinue servicing several low-margin industrial customers due to the low-energy potential of their residuals and related recycling issues. The Company continues to make significant investments in machinery and equipment at its transfer station in Toronto, in order to upgrade its feedstock for its anaerobic digester partners and improve the decanting process to address the City of Toronto's increased enforcement activity on all grease interceptor discharges to the sewer."
Three months ended March 31
Total revenues were $3,442,000 for the quarter, an increase of 3% from $3,354,000 for the same period last year as increased grease trap and ORRS(1) service revenues more than offset a decrease in industrial organics revenues. Gross margin of $1, 271,000 was $155,000 or 14% higher, mainly due to a reduction in overhead and operating costs, whereas last year's gross margin was impacted by a number of one-time R&D and laboratory feedstock testing expenditures. As a percentage of revenue, gross margin was 37% for the quarter compared to 33% for the same period last year. Total operating expense was $1,363,000 for the quarter, a decrease of $68,000 or 5% from the same period last year. Operating costs for the quarter were impacted by an increase in the provision for wastewater discharge fines, whereas last year's operating costs included one-time consulting fees and a significant bad debt expense.
The net loss for the quarter was $138,000, down $197,000 or 59% from a net loss of $335,000 for the same period last year. EBITDA was $246,000, an increase of $205,000 from $41,000 for the same period last year. The loss per share for the quarter was $0.03 compared to a loss per share of $0.08 for the same period last year.
Nine months ended March 31
Total revenues were $10,539,000 for the nine months ended March 31, 2012, an increase of $92,000 or 1% from $10,447,000 for the same period last year. Gross margin was $4,052,000, an increase of $81,000 or 2% from gross margin of $3,971,000 for the same period last year. As a percentage of revenue, gross margin was 38%, equal to last year. Total operating expense was $3,942,000 for the period, a decrease of $89,000 or 2% from $4,031,000 for the same period last year.
The net loss for the nine months ended March 31, 2012 was $91,000, a decrease of $119,000 or 57% from a net loss of $210,000 for the same period last year. EBITDA was $1,108,000 for the period, an increase of $134,000 or 14% from $974,000 for the same period last year. The loss per share for the period was $0.02, down from $0.05 for the same period last year.
(1) ORRS refers to "organic residuals recovery system", the Company's patent-protected process which grinds produce and other solid food residuals into slurry and then discharges the liquid into a holding tank where it is stored until collected by ORMI's vacuum trucks.
Additional information
The comparative financial statements for the three and nine months ending March 31, 2012 along with other information may be obtained through the Company's website at , or on SEDAR at .
This press release is available on the Company's official on-line investor relations site for investor commentary, feedback and questions. Investors are asked to visit the investor relations section of the Company's website at . Alternatively, investors are asked to e-mail all questions and correspondence to where they can also request addition to the Company's investor e-mail list to receive all future press releases and updates directly.
About Organic Resource Management Inc.
Organic Resource Management is Canada's largest provider of vacuum truck services for the collection, processing and recycling of food-related organic residuals. ORMI services in excess of 10,000 grease interceptors for industrial, commercial and institutional food industry customers across Canada on a regularly-scheduled basis. ORMI also provides ancillary services such as drain flushing, fabrication and installation of its Duratrap brand grease interceptors, ORRS equipment sales, and the repair of grease interceptors and ORRS equipment. ORMI's services are a critical component of current program initiatives in North American landfill waste diversion and wastewater treatment. Most of the residuals collected by ORMI are processed at the Company's transfer stations to produce a clean high-energy feedstock, which is then delivered to anaerobic digesters where it is used to produce biogas. Anaerobic digesters use the biogas to generate renewable electricity which is sold to the power grid. ORMI is currently supplying enough feedstock to generate green energy for over 1,500 households.
Further information about ORMI may be obtained at the Company's web site at .
Non-IFRS Measures
The Company reports its financial results in accordance with IFRS. However, this press release contains references to certain non-IFRS financial measures such as "EBITDA". Non-IFRS financial measures are used by management to evaluate the performance of the Company. Non-IFRS financial measures do not have any meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other reporting issuers. Investors are cautioned that non-IFRS measures, such as those presented herein, should not be construed as an alternative to net income determined in accordance with IFRS as indicators of the Company's performance or to cash flows from operating activities as a measure of liquidity and cash flow.
EBITDA means net income or loss before income taxes, interest, amortization, share based compensation and gains or losses on disposal of property, plant and equipment and intangible assets. In effect, EBITDA is equal to cash flows from operating activities before changes in non-cash operating assets and liabilities.
Forward Looking Statements
Certain information contained in this press release may be forward-looking and therefore subject to unknown risks or uncertainties. The actual results, performance or achievements of Organic Resource Management Inc. may differ materially from the results, performance or achievements of the Company expressed or implied by such forward-looking statements.
Neither the 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.
Contacts:
Organic Resource Management Inc.
Charles Buehler
Chairman and CEO
416-580-8574
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Datum: 15.05.2012 - 20:00 Uhr
Sprache: Deutsch
News-ID 146891
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contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Mining & Metals
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