Thermal Energy International saw record highs in gross profit, net income and cash flow on near-record revenues in its 2014 fiscal year, the company reported Monday.
CEO William Crossland said fourth-quarter triple-digit growth in the company’s heat recovery systems and GEM Condensate return systems helped boost the firm's fiscal 2014 numbers.
“Energy efficiency remains the low-hanging fruit for industrial, institutional and commercial operations looking to reduce their energy spending and greenhouse gas emissions,” he said in a statement. “Our proven and proprietary solutions with their high return on investment and short, compelling payback continue to be well received by our growing list of multinational customers.”
Fourth-quarter revenue was up 151 per cent from the same quarter last year, to $4.7 million. Revenue for the full year came in at $13.2 million, up 60 per cent from a year ago.
Gross profit was up 267 per cent for the quarter, and 40 per cent for the year, at $2.7 million and $7.0 million respectively.
The company’s net income for the three months ending May 31, 2014 was $697,000, compared with a $2.7-million loss for the same period last year. For the year, net income was $634,000, compared with a $2.8-million loss for the 2013 fiscal year.
Adjusted operating cash flow at year’s end was $1.3 million. The year before it was negative $1.4 million.
Mr. Crossland said Thermal Energy is investing in expanding its sales and distribution capabilities and launching a new sales training and development program, but added revenue, in the short term, will continue to be affected by the timing of large orders.
With cash balances and an unused borrowing capacity of about $2.2 million, the company said it has enough capital to fund its existing operations and anticipated capital requirements in fiscal 2015.