Smartcool 2nd Quarter Revenues Grow 300% over 1st Quarter
Tuesday, 29 August 2017
Vancouver, B.C. August 29, 2017, Smartcool Systems Inc. (TSXV: SSC OTC: SSCFF) is pleased to report that it has filed its Second Quarter Management Discussion and Analysis ("MD&A") and unaudited financial statements for the six-month period ended June 30, 2017, on SEDAR.
Sales revenues were $261,784 and $347,741 for the three and six-month periods ended June 30, 2017, respectively. This compares with $26,854 for the three-month period ended June 30, 2016 and $169,351 for the six-month period ended June 30, 2016, representing sales growth of growth of 975% and 205% respectively.
Operating losses were ($211,881) and ($556,083) for the three and six-month periods ended June 30, 2017, respectively. This compares with a loss of ($419,697) for the three-month period ended June 30, 2016 and ($741,008) for the six-month period ended June 30, 2016, representing a reduction of 50% and 25% respectively.
EBITDA (defined below) was ($73,703) and ($279,535) for the three and six-month periods ended June 30, 2017. This compares with ($265,133) for the three-month period ended June 30, 2016 and ($425,533) for the six-month period ended June 30, 2016, an increase of 72% and 34% respectively.
Ted Konyi, Smartcool’s Chief Executive Officer, said that he "attributes these results to the initiation of a direct sales model in North America and the addition of five sales agents. The overall demand for energy efficiency as a function of increasing utility rates and continued concern over global climate change is growing steadily and we are seeing this reflected in our efforts to grow Smartcool’s sales. Rising utility rates emphasize how Smartcool’s suite of products can be financially beneficial by effectively reducing pay back periods and increasing ROI (Return on Investment) for our customers".
Smartcool Systems Inc. (TSX-V: SSC OTC: SSCFF) 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.
Smartcool prepares and releases unaudited quarterly and audited consolidated annual financial results provided in accordance with IFRS. In this earnings release, Smartcool has also disclosed and discussed EBITDA, a non-IFRS financial measure. Smartcool has disclosed this non-IFRS financial measure because management believes it is relevant in evaluating Smartcool’s performance. EBITDA (Earnings Before Interest Taxes Depreciation and Amortization) consists of revenue less cost of goods and general and administrative expenses.
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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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