October 7, 2011
Water heating firm Sofame Technologies of Montreal returns to profitability
Sofame Technologies Inc. (TSX-V: SDW) announced this week its net earnings for the three months ended June 30 were $27,530 on revenues of $397,158. The Montreal-based firm predicts an expansion of demand of its Percomax industrial grade direct-contact, natural-gas fired water heater.
The manufacturer filed financial reports for the quarters ending March 31 and June 30. Although it lost $355,070 during the second quarter on revenues of 368.085, it returned to profitability for the third quarter, ending June 30.
For the first nine months of 2011, Sofame lost $575,084 on revenues of $1.368 million. During the same period in 2010 it lost $1.125 million on revenues of $666,223.
In a press release this week, Sofame said it had a confirmed order backlog of about $600,000 in June consisting of the final installation and start-up of a major steam pump project in New Jersey. The product is designed to reduce nitrogen oxide emissions of large gas-fired boilers by pre-heating and humidifying the combustion air.
Sofame, which was founded in 1984 by Luc Mandeville and Michel Dallaire to make a waste water heat recovery system, manufactures direct contact industrial water heating and heat recovery systems. Its products include space heating, process water heating, domestic water heating and fresh air heating.
In its management discussion and analysis released with its financial statements, Sofame stated that during the quarter ending June 30 it “continued to aggressively sell and promote its industrial energy efficiency expertise and products” to customers in the U.S. and Canada.
“The highlight of the quarter was the start-up and testing of the large and complex Sofame Steam Pump project sold in the summer of 2010 to a major public university in the State of New Jersey,” the company reported in its MD&A. “The project took a long time to complete due to its size and complexity. Work by sub-contractors at the job site took longer than expected, however the project has successfully started-up and testing continues over the end of the summer months. ”
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