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Pure Technologies Ltd. announces results for second quarter ended June 30, 2010

^{Published on 2010-08-09 13:10:46 - Market Wire}
 

 Consolidated Three months ended: Six months ended: Statement of June 30, June 30, June 30, June 30, Operations 2010 2009 2010 2009 ------------------------------------------------------------------------- Revenue Equipment sales 9,490,000 3,157,000 11,210,000 8,599,000 Inspection services 757,000 1,048,000 1,670,000 1,689,000 Consulting services 1,649,000 1,719,000 3,336,000 2,934,000 Monitoring and technical support 901,000 840,000 2,306,000 1,706,000 ------------------------------------------------------- Total Revenue 12,797,000 6,764,000 18,522,000 14,928,000 Cost of sales 4,799,000 2,233,000 7,119,000 4,676,000 Marketing 1,273,000 1,016,000 2,497,000 2,084,000 Engineering and operations 1,327,000 935,000 2,502,000 1,829,000 General and administration 1,641,000 1,549,000 3,433,000 3,111,000 Research and development 552,000 349,000 1,095,000 581,000 Depreciation and amortization 463,000 333,000 907,000 650,000 Foreign exchange (gain) loss (135,000) 735,000 (5,000) 594,000 Interest income (24,000) (16,000) (40,000) (56,000) ------------------------------------------------------- Net income (loss) before income taxes 2,901,000 (370,000) 1,014,000 1,459,000 Income taxes 70,000 25,000 78,000 28,000 ------------------------------------------------------- Net income (loss) 2,831,000 (395,000) 936,000 1,431,000 ------------------------------------------------------- ------------------------------------------------------- Net income (loss) per share - basic $ 0.07 $ (0.01) $ 0.02 $ 0.04 - diluted $ 0.07 $ (0.01) $ 0.02 $ 0.04 ------------------------------------------------------- ------------------------------------------------------- Weighted average number of shares outstanding - basic 40,544,547 33,167,415 38,443,017 33,064,973 - diluted 41,438,218 33,758,607 39,358,269 33,696,493 ------------------------------------------------------- As at As at (unaudited) June 30, December 31, Consolidated Balance Sheet 2010 2009 ------------------------------------------------------------------------- Assets Current assets Cash $ 37,260,000 $ 15,565,000 Accounts receivable 22,389,000 17,297,000 Inventory 3,082,000 1,475,000 Prepaid expenses 767,000 819,000 Net investment in lease 75,000 75,000 --------------------------- 63,573,000 35,231,000 Property and equipment 2,949,000 2,859,000 Goodwill 1,988,000 1,988,000 Intangible Assets 1,663,000 1,977,000 Net investment in lease 0 38,000 --------------------------- $ 70,173,000 $ 42,093,000 Liabilities and Equity Current liabilities Accounts payable $ 3,420,000 $ 4,812,000 Deposits on sales contracts 75,000 125,000 Future income taxes 199,000 239,000 --------------------------- 3,694,000 5,176,000 Shareholders' equity Share capital 72,785,000 45,576,000 Contributed surplus 2,102,000 1,591,000 Warrants 993,000 - Accumulated other comprehensive loss (278,000) (191,000) Deficit (9,123,000) (10,059,000) --------------------------- $ 70,173,000 $ 42,093,000