#Tech
News: PyroGenesis (TSX.V: $PYR) (OTC: $PYRNF) Q3 Results - Revenues Up 40%,
Contracts $11.5
PyroGenesis Canada Inc. (PYR.V/
PYRNF) reported its financial and
operational results for the third quarter of fiscal year 2016.
Second
Quarter Highlights
In Q3 of
Fiscal 2016,
- Revenues increased 40%;
over the same period in 2015;
- Gross margins before
amortization of intangible assets increased to 64.2%; over the
same period in 2015;
- Adjusted EBITDA increased
138% to $253,574 over the same period in 2015.
Financial
Summary
The third
quarter has been positively impacted by the increase in business as over
$11.5MM in contracts have been signed by the Company since June 30, 2016.
Gross
margins before and after amortization of intangible assets, for both the third
quarter and nine months have shown significant improvement over comparable
periods in 2015. Cash flow, as measured by EBITDA (adjusted), is positive for
the quarter ending September 30, 2016.
Operations
for the periods under review reflect a significant improvement over the first
half of the year which saw the Company transition from selling systems that
make powders for Additive Manufacturing to actually making and selling these
same powders.
The first
six months of 2016, and as such the nine months under review here, were
negatively impacted by this decision as work stopped on a previously announced
contract to deliver powder producing systems for approximately $10MM, and as
such significant pressure was placed on revenues and margins during this
period. The strategic decision to produce powders for Additive Manufacturing
(3D printing) was made once it was demonstrated to the board that the revenues
and profits from selling powders from one system alone, far exceeded, on an
annual basis, the onetime profit from selling 10 systems, and as such the
Company announced on October 26, 2015, the strategy to move into this
potentially lucrative market of producing powders for the Additive
Manufacturing industry (3D printing).
Revenues
PyroGenesis
recorded revenue of $1,902,748 in the third quarter of 2016 ("Q3,
2016"), representing an increase of 40% compared with $1,363,077 recorded
in the third quarter of 2015 ("Q3, 2015"). Revenues for the nine
first months of fiscal 2016 were $3,738,590, a decrease of 7% over revenues of
$4,013,221 reported during the same period in 2015.
Revenues
recorded in Q3, 2016 and the nine months of fiscal 2016 were generated
primarily from (i) the intellectual property and development of a vacuum arc
reducing process to convert Silica into high purity Silicon metal; (ii) the
manufacture and further field testing of Tactical PACWADS, the first mobile
plasma system for destruction of chemical warfare agents under contract with an
international military consortium; (iii) the demonstration of the viability of
PyroGenesis' existing plasma chemical warfare agent destruction platform with
locally available materials, for the complete eradication of chemical warfare
agents without creating hazardous by-products; (iv) support services related to
PAWDS-Marine systems supplied to the US Navy, and (v) Drosrite™ sales.
"An
investment in knowledge pays the best interest."
Info Source: www.TSXpennystocks.ca
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