Thermal Energy News Story
Losses mount at Thermal Energy
By Ottawa Business Journal Staff
Wed, Sep 28, 2005 10:00 AM EST
Thermal Energy International is hoping new management and two big contract wins will make 2006 a much better year for the company than 2005.
The company says it lost $1.4 million, or three cents a share, in the fiscal year 2005 that ended May 31, compared to a net loss of $1.1 million, or three cents a share, for fiscal 2004.
Sales dropped more than 25 per cent to $668,000 from $922,000 in 2004.
"These results were disappointing," board chair John Parker said in a statement.
Earlier this year, the company hired Tim Angus as president and CEO from Johnson Controls. It also landed two major deals, worth more than $3 million, for its Flu-Ace waste heat recovery systems
The company says 2006 is looking a lot better.
"Our visibility into the first and second quarters of fiscal 2006 indicates good revenue growth on the road to restoring Thermal Energy to profitability and becoming the company shareholders expect and deserve. We look forward to reporting those results to our shareholders in the coming months," Mr. Parker said.
At the same time, Thernal Energy said it is resuming work on its patented technology for reducing nitrogen oxide emissions from coal-fired electric generating units and large industrial boilers.
The company has appointed Dr. Raymond Belanger as chief scientist to head up the renewed research and development program.
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