Thermal Energy sees massive revenue, profit increases in Q2

Revenue was up significantly at Ottawa-based Thermal Energy International (TSXV: TMG) during its second quarter, pushing the company to a profit for the period.

The company, which specializes in energy efficiency and emission reduction solutions, reported revenue of $4 million during the three-month period that ended Nov. 30, 2013.

That’s up from $1.3 million during the same period the year before.

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The increased revenue moved the company into the black. The company reported net income of $238,000 for the quarter, up from a loss of $787,000 during the same period last year.

“While our business is characterized by a long sales cycle, orders received year-to-date and our strong order backlog are evidence that the investment we made in sales and distribution in early fiscal 2013 is bearing fruit,” said William Crossland, the company’s CEO, in a press release.

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