Smartcool Systems Sees 2009 Revenues Jump Greater Than 100% Over Previous Year
VANCOUVER, April 21 /PRNewswire-FirstCall/ - SMARTCOOL SYSTEMS INC. (the "Company") (SSC-TSX:V) today announced that year end revenues rose to $2.40 million compared to $1.17 million for the previous year. This represents a 104% increase or $1.22 million.
The audited financial statements for the year ended December 31st, 2009 and the related Management Discussion & Analysis are available for viewing at www.sedar.com.
Year End 2009 Financial Result Highlights
Cost of sales as a percentage of revenues improved in 2009 to 30% versus 36% in 2008.
General and Administrative Expenses in 2009 also improved, falling to slightly more than $4 million compared to $4.4 million in 2008. The net loss for the year was $3.29 million ($0.08/share) versus $4.62 million ($0.11) in 2008.
The weighted average number of shares at year end was 42.8 million and 39.4 million at year end 2008.
The company had approximately $248 thousand in cash, cash equivalents and short-term investments at the end of the year, compared to $2.3 million in cash, cash equivalents and short-term investments at the end of the previous year.
Highlights of 2009:
- Smartcool achieves record revenue growth in second, third and fourth
quarter of 2009 with revenues reaching $1 million in the final
quarter of the year.
- Smartcool launched its new ECO3(TM) product selling 2350 single
controllers and 350 dual to customers such as 7 Eleven in
Philippines, ABC Stores in Hawaii, National Australian Bank, and
California Utility through its expanded distribution network. The
sale of the ECO3(TM) represents 24% of product revenue.
- Smartcool signed exclusive distribution agreements for sale of the
ESM(TM) in South Africa, Greece, Malta, Cypress, Switzerland and non
exclusive agreements for sale of the ECO3(TM) with agents in
Australia, Mexico, Brazil, Thailand, India and numerous states in
USA.
- US Chillers evaluated the Smartcool Liquid chiller control technology
(IIM) at Palm district Cooling Company in Dubai UAE and recorded
impressive results.
- Smartcool obtained critical Australian Green star Certification.
- The U.S. Government awarded Smartcool with General Services
Administration contract.
- Smartcool successfully completed the first installation with Dell
International in Bangalore, India.
- TSX Venture Exchange recognizes Smartcool as a recipient of the 2010
TSX Venture 50 Spotlight, more specifically in the Top 10 companies
in the Clean Tech sector.
George Burnes, President and CEO of Smartcool Systems Inc., noted that, "with revenues showing consistent quarter over quarter growth in 2009, our expectation is for that trend to continue in 2010. Our objective is to double revenues this year over 2009 and to reach a cash flow positive position on an annualized basis within the final half of this year."
For further information, visit www.smartcool.net.
About Smartcool Systems Inc.
The Company (SSC: TSX.V) manufactures and distributes the Smartcool Energy Saving Module (ESM)(TM) and the ECO(3)(TM), which make refrigeration and air conditioning systems more efficient, resulting in proven cost savings, reduced energy consumption, and a smaller carbon footprint. The Smartcool ESM(TM) can be retrofitted to existing refrigeration and air conditioning systems and is compatible with all known control systems. More than 26,000 units have been installed worldwide for customers such as supermarkets, food distributors, telecommunications companies, hospitals, and hotels. Smartcool's new ECO(3)(TM) provides the same environmental and cost-saving benefits to residential and commercial customers using one and two compressor cooling systems.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
SOURCE SmartCool Systems Inc.
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