Welcome!

News Feed Item

STT Enviro Corp. Reports Financial Results for Quarter Ended June 30th, 2014

TORONTO, ONTARIO -- (Marketwired) -- 08/08/14 -- STT Enviro Corp. ("STT" or the "Company") (TSX VENTURE: STT) today reported financial results for its quarter ended June 30th, 2014 of approximately $5.0 million of revenue, $0.36 million of EBITDA and net income after tax of $0.2 million. For the six months ended June 30th, 2014, the Company reported approximately $10.0 million of revenue, $1.0 million of EBITDA and net income after tax of $0.56 million.


Financial Highlights for the Quarter:
----------------------------------------------------------------------------
                                     Quarter ended    Quarter ended       %
                                   June 30th, 2014  June 30th, 2013  Change
----------------------------------------------------------------------------
Revenue                           $      4,982,579        8,122,200     -39%
----------------------------------------------------------------------------
EBITDA                                     359,584          880,586     -59%
----------------------------------------------------------------------------
Net income before tax                      151,163          677,044     -78%
----------------------------------------------------------------------------
Net income after tax                       206,558          494,056     -58%
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Earnings per share - basic &
 diluted                                     0.006            0.019
----------------------------------------------------------------------------
EBITDA per issued common share               0.010            0.033
----------------------------------------------------------------------------

Financial Highlights for the Year:
----------------------------------------------------------------------------
                                        Six Months       Six Months
                                        ended June       ended June       %
                                        30th, 2014       30th, 2013  Change
----------------------------------------------------------------------------
Revenue                           $     10,001,396       16,980,801     -41%
----------------------------------------------------------------------------
EBITDA                                     984,634        1,809,794     -46%
----------------------------------------------------------------------------
Net income before tax                      615,841        1,359,534     -55%
----------------------------------------------------------------------------
Net income after tax                       558,296        1,029,001     -46%
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Earnings per share - basic                   0.018            0.039
----------------------------------------------------------------------------
Earnings per share - diluted                 0.017            0.039
----------------------------------------------------------------------------
EBITDA per issued common share               0.027            0.068
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Closing backlog                   $     12,859,648       17,733,494     -27%
----------------------------------------------------------------------------
Closing working capital                  3,736,961          777,025    +381%
----------------------------------------------------------------------------

David Deacon, Chief Executive Officer, commented "During the quarter, the Company's revenues were at a level slightly lower than anticipated by management. As in the past three quarters we continued to record strong operating margins. Since the end of the second quarter, the Company has experienced a strong uptick in bid activity which we believe should result in our backlog starting to show an increase in the third quarter of this year. For the first time in 12 months we are currently bidding on some mining projects, so although the Company only brought in $1.6 million of new orders in the quarter, and as a result saw a decrease in the backlog to $12.8 million from $17.7 million at June 30th, 2013, we finally have a more positive view of overall market conditions and more promising sales potential."

The Company will hold a conference call to discuss the financial results on August 11, 2014 at 11:00 am Eastern time. The call-in numbers are (416) 204-9641 or 1(877) 314-1234; participant code 9530930.

The financial statements and MD&A are available on SEDAR and have also been posted on the company's website at http://www.sttenvirocorp.com/investor-relations/financial-reporting/.

About STT Enviro Corp

STT Enviro Corp (TSX VENTURE: STT) is an international supplier of industrial processes and environmental solutions specializing in water remediation and emission control systems. The Company assists its clients in subscribing to the highest environmental standards by offering quality products, reliability and cost effective solutions.

The Company's three primary areas of business are in providing engineering support, project management and installation of bulk material handling systems; supplying steel tanks and providing related engineering support and services for liquid storage projects; and the sales of parts and aftermarket services to our customers to assist them in maintaining and improving their systems.

The Company is focused on becoming a leading supplier of environmental solutions by continuing to grow its business organically and, longer term, to make strategic acquisitions at prices that are financially accretive.

For more information, please visit our website at www.sttenvirocorp.com.

Caution Regarding Forward-Looking Information and Non-IFRS Measures

Forward-Looking Information

This news release contains certain forward-looking statements. These statements relate to future events or future performance and reflect management's current expectations and assumptions regarding the growth, results of operations, performance, and business prospects and opportunities. Such forward-looking statements reflect management's current beliefs and expectations and are based on information currently available to management of the Company. In particular, statements regarding the future operating results and economic performance are forward-looking statements. Forward-looking statements involve significant risks and uncertainties. A number of factors could cause actual events or results to differ materially from the events and results discussed in the forward-looking statements, including risks outlined under "Risk Factors" in our Annual Information Form, which is posted at www.sedar.com. In evaluating these statements, investors should specifically consider various factors, including such risks as Investment Risk; Business Valuations; Condition of Capital Markets; Dependence on Key Personnel; General Economic Factors; Interest Rate Risk; Competition; and Reliance on Key Suppliers. One or more of these "Risk Factors" could cause actual events or results to differ materially from any forward-looking statement. These factors should not be considered exhaustive. Although the forward-looking statements contained in this press release are based on what management of the Company considers to be reasonable assumptions based on information currently available to them, there can be no assurance that actual events or results will be consistent with these forward-looking statements, and management's assumptions may prove to be incorrect. These forward-looking statements are made as of the date of this press release, and none of STT nor its directors assume any obligation to update or revise them to reflect new events or circumstances. Undue reliance should not be placed on forward-looking statements.

Non-IFRS Measures

The term "EBITDA" is a financial measure used in this document which is not a standard measure under International Financial Reporting Standards ("IFRS"). The Company's method of calculating EBITDA may differ from the methods used by other issuers. Therefore, STT's measure of EBITDA, as presented in this press release, may not be comparable to similar measures presented by other issuers. EBITDA refers to net earnings determined in accordance with IFRS before depreciation, amortization of intangible assets, gain or loss on disposal of property and equipment, interest expense, accretion expense, special charges and recoveries, stock compensation expense and income tax expense. Management believes that EBITDA is a useful supplemental measure of cash available for debt service, working capital, capital expenditures, income taxes, and distribution. Investors are cautioned that EBITDA, as a non-IFRS measure, is not an alternative to measures under IFRS and should not, on its own, be construed as an indicator of performance or cash flows, a measure of liquidity or as a measure of actual return.

The term "backlog" is a financial measure used in this document which is not a standard measure under IFRS. The Company's method of calculating backlog may differ from the methods used by other issuers. Therefore, STT's measure of backlog, as presented in this press release, may not be comparable to similar measures presented by other issuers. Backlog is the value of revenue remaining to be earned from purchase orders received from customers. The projects represented in backlog are executed according to a schedule agreed with each customer, which could range in duration from one month to eighteen months. Revenues are earned on a percentage of completion basis. Management uses this measure to i) monitor the Company's success in securing new orders, and ii) gauge the likelihood of meeting revenue objectives in future periods.

Investors are cautioned that backlog, as a non-IFRS measure, is not an alternative to measures under IFRS and should not, on its own, be construed as an indicator of performance or cash flows, a measure of liquidity or as a measure of actual return.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
In his session at Cloud Expo, Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, will provide economic scenarios that describe how the rapid adoption of software-defined everything including cloud services, SDDC and open networking will change GDP, industry growth, productivity and jobs. This session will also include a drill down for several industries such as finance, social media, cloud service providers and pharmaceuticals.
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effi...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
SYS-CON Events announced today that MangoApps will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, explained how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
“delaPlex Software provides software outsourcing services. We have a hybrid model where we have onshore developers and project managers that we can place anywhere in the U.S. or in Europe,” explained Manish Sachdeva, CEO at delaPlex Software, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, discussed using predictive analytics to mon...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor – all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.