Smartcool Announces 1st Quarter Results
Friday, 01 June 2018
Smartcool Systems Inc (TSX-V: SSC, OTCQB: SSCFF, FSE: R3W) is pleased to announce that it has filed its Condensed Consolidated Financial Statements for the three month period ended March 31, 2018 on SEDAR.
Ted Konyi, the Company’s Chief Financial Officer, commented, "I am very pleased to report that the 1 st Quarter financials continued the positive progress that we saw with our fiscal 2017 annual results. Based on the work we have in the pipeline, including various initiatives commenced in 2017, and our plans for the balance of the year, we expect to see this positive trend continue for the balance of 2018."
Revenue for the 1 st Quarter grew from $85,957 in Q1 2017 to $314,363 in Q1 2018, an increase of 265% and the highest quarterly revenue for the Company since the 1 st Quarter 2014.
Net loss for the period, net of tax, was $238,116 compared to a net loss of $360,949 for the 1 st quarter of 2017, a reduction of approximately 33%. This reduction in net loss was due primarily to an increase in gross sales and higher gross margins.
General and administrative expenses for the period were $519,098, compared to $265,646 for the 1 st quarter of 2017, representing an increase of approximately 95%. This increase was due to investments made during the period relating primarily to product development and preparations to launch the ECOHome Residential product.
For more information please see the Company’s Interim Financial Statements and Quarterly MD&A, both of which can be found at www.sedar.com
The Company also announces the retirement of Kim Nguyen, its Chief Financial Officer for the past 12 years, effective immediately. The Company wishes to thank Kim for her 12 years of dedicated service. Theodore Konyi has assumed the role of interim Chief Financial Officer temporarily until a suitable replacement can be found.
Smartcool Systems Inc. (TSX-V: SSC OTC: SSCFF FSE: R3W) provides cutting edge energy efficient and energy cost reduction solutions for businesses around the world. The ECO3 and ESM are Smartcool’s unique retrofit technologies that reduce the energy consumption of compressors in air conditioning, refrigeration and heat pump systems by up to 40%, giving customers a return on investment in as little as 12 months.
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Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Forward looking statements in this release include those concerning the size and timing of the Offering and the proposed use of proceeds. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, as well as other factors beyond the Company’s control. These forward-looking statements are made as of the date of this news release.
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