Seprotech Systems Incorporated

Seprotech Systems Incorporated

April 29, 2009 09:21 ET

Seprotech Announces Second Quarter Results: 32% Increase in Revenue Over Same Six Month Period Last Year

OTTAWA, CANADA--(Marketwire - April 29, 2009) - Seprotech Systems Incorporated (TSX VENTURE:SET)("Seprotech") announces the following unaudited results for the second quarter of fiscal year 2009:

Three Months Ended Six Months Ended
28 February 28 February
2009 2008 2009 2008
(unaudited) (unaudited) (unaudited) (unaudited)

$ 000 $ 000 $ 000 $ 000

Revenue $2,925 $2,349 $5,295 $4,003

Net Income (Loss) (92) (159) (82) (313)

Earnings (Loss)
per share $(0.00) $(0.00) $(0.00) $(0.01)

"I am pleased to report that Seprotech's strong order backlog entering into the current fiscal year has translated into revenues up 32% over the same six month period last year," said Martin Hauschild, President & CEO of Seprotech. "However the economic environment remains difficult and it will be challenging to maintain growth until the global economy turns. Management has implemented cost savings measures in keeping with the continued downturn and is working to address the Company's working capital requirements going forward into the second half of the year".

"Base revenue consistency was aided by the acquisition of Envirosearch Operations Inc. completed in January of this fiscal year. We expect to see the full benefits of the acquisition materialize over the coming year as Envirosearch is fully integrated into Seprotech" said Mr. Hauschild. "This accretive transaction builds on Management's strategy to develop a utility division and is consistent with our core strategy for growing Seprotech into an integrated water treatment solutions provider. There are large technical and regulatory barriers to entry in the water plant operations business, which the acquisition of Envirosearch allows us to quickly hurdle," concluded Hauschild.

"We have some short and medium term challenges before us as we work through the negative impact of the current recession but we remain focused on the long-term water business," added Seprotech's new Chairman, Jordan Grant. "The addition of plant operations allows Seprotech to meet the growing demand for turnkey infrastructure models that include water treatment equipment and operations. This ability to meet all aspects of its clients' water and wastewater treatment needs is a clear competitive advantage which provides the Company with many revenue growth opportunities going forward," concluded Mr. Grant.

Seprotech is a provider of pre-engineered water and wastewater treatment plants to the land development, resource sector and military market place, including CrystalBlue™ membrane-based water recycling systems and the ROTORDISK® wastewater treatment systems.

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein. Some of the statements in this press release, including those relating to the Company's strategies and other statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates" or similar expressions, are forward-looking statements within the meaning of securities laws. Forward-looking statements include, without limitation, the information concerning possible or assumed future results of operations of the Company. These statements are not historical facts but instead represent only the Company's expectations, estimates and projections regarding future events. The Company does not undertake any obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events, except as required by law.

Contact Information

  • Seprotech Systems Incorporated
    Mr. Robert J. Searle, CFO
    Investor Relations
    613-731-0851 (FAX)