Finally profitable! And in the first quarter. I wonder what their projection might be for the whole year...
Eco Logic Achieves Profitability
15:27 EST Wednesday, May 3, 2000
ROCKWOOD, ONTARIO--ELI Eco Logic Inc. ("Eco Logic" or the "Company") (TSE-ELI) announced today its results
for the three months ended March 31, 2000.
Revenue for the three months ended March 31, 2000 was $2,513,765 (1999 - $1,031,827), a 244% increase over the
same period last year. The net income for the three months ended March 31, 2000 was $223,414 (1999 - net loss of
$1,054,235) or $0.01 per share (1999 - loss of $0.06 per share), a $1,277,649 improvement over the same period last
year.
At March 31, 2000 the Company had current assets of $2,263,721 (1999 - $2,162,046), total assets of $4,509,035
(1999 - $9,107,542), current liabilities of $965,369 (1999 - $919,790), long term debt of nil (1999 - $228,537) and
shareholders' equity of $3,543,666 (1999 - $7,959,215). On March 31, 2000 there were 18,983,758 common shares
issued and outstanding.
Quarter 1, 2000 Quarter 1, 1999
------------------------------------------------------------------
Revenue $ 2,513,765 $ 1,031,827
EBITDA 428,761 (513,021)
Net income/(loss) 223,414 (1,054,235)
Net income/(loss)
per share $ 0.01 $ (0.07)
------------------------------------------------------------------
Dr. Fred T. Arnold, Eco Logic's Chief Executive Officer reported:
"The Company is pleased to announce that it has recorded a profit for the first quarter. We are also pleased to announce
that our working capital has improved to $1,298,352 from the $845,217 at December 31, 1999. During the first quarter of
2000 we continued to benefit from the objectives that we established in 1998 when the Company adopted a new business
strategy, with targeted goals to increase revenue and reduce costs. We believe that the merits of this strategy and our ability
to support its implementation are validated by these positive results.
We continued to improve the Company's platform for future operations. We established a critical prime contractor
relationship with the US Army, which will extend through 2000 to provide support for its chemical weapon demilitarization
initiatives. We identified a qualified and well-positioned firm to expand the Company's technology licensing strategy in
Japan. The benefits of this arrangement to this firm were described positively by an internationally recognized investment
company. We expect to execute a license agreement for this new relationship during the current quarter, and anticipate
commercial opportunities for this firm will benefit from existing permits in Japan. We successfully completed the second
small test and demonstration contract for the incorporation of our technology as the solution to efficient pollution
prevention, which is widely encountered in industrial manufacturing applications. During the remainder of the year, we will
work with this customer, potential clients, and regulators to ensure that Eco Logic's Gas Phase Chemical Reduction
provides the technical solution for this commercial opportunity. We are confident that this will demonstrate that better
environmental stewardship results are attainable at reduced cost. We also continued to make progress toward an efficient
solution for one of our customer's environmental legacy projects as we collaboratively developed and delivered the early
engineering design requirements for the incorporation of our propriety solution for destruction of large hexachlorobenzene
(HCB) stockpiles in Australia."
Eco Logic's business is to solve toxic chemical problems in a safe, permanent, cost effective manner. The Company's
patented process is an innovative technology that converts on-site, organic, hazardous waste into reusable or disposable
products. This non-incineration process has gained high public and regulatory acceptance. Eco Logic's worldwide market
includes pollution prevention for POPs chemicals and hazardous waste destruction for PCBs, hexachlorobenzene (HCB),
pesticides, dioxins, contaminated electrical equipment, contaminated soils, chemical warfare agents, and most
petrochemical wastes. Eco Logic Achieves Profitability
15:27 EST Wednesday, May 3, 2000
ROCKWOOD, ONTARIO--ELI Eco Logic Inc. ("Eco Logic" or the "Company") (TSE-ELI) announced today its results
for the three months ended March 31, 2000.
Revenue for the three months ended March 31, 2000 was $2,513,765 (1999 - $1,031,827), a 244% increase over the
same period last year. The net income for the three months ended March 31, 2000 was $223,414 (1999 - net loss of
$1,054,235) or $0.01 per share (1999 - loss of $0.06 per share), a $1,277,649 improvement over the same period last
year.
At March 31, 2000 the Company had current assets of $2,263,721 (1999 - $2,162,046), total assets of $4,509,035
(1999 - $9,107,542), current liabilities of $965,369 (1999 - $919,790), long term debt of nil (1999 - $228,537) and
shareholders' equity of $3,543,666 (1999 - $7,959,215). On March 31, 2000 there were 18,983,758 common shares
issued and outstanding.
Quarter 1, 2000 Quarter 1, 1999
------------------------------------------------------------------
Revenue $ 2,513,765 $ 1,031,827
EBITDA 428,761 (513,021)
Net income/(loss) 223,414 (1,054,235)
Net income/(loss)
per share $ 0.01 $ (0.07)
------------------------------------------------------------------
Dr. Fred T. Arnold, Eco Logic's Chief Executive Officer reported:
"The Company is pleased to announce that it has recorded a profit for the first quarter. We are also pleased to announce
that our working capital has improved to $1,298,352 from the $845,217 at December 31, 1999. During the first quarter of
2000 we continued to benefit from the objectives that we established in 1998 when the Company adopted a new business
strategy, with targeted goals to increase revenue and reduce costs. We believe that the merits of this strategy and our ability
to support its implementation are validated by these positive results.
We continued to improve the Company's platform for future operations. We established a critical prime contractor
relationship with the US Army, which will extend through 2000 to provide support for its chemical weapon demilitarization
initiatives. We identified a qualified and well-positioned firm to expand the Company's technology licensing strategy in
Japan. The benefits of this arrangement to this firm were described positively by an internationally recognized investment
company. We expect to execute a license agreement for this new relationship during the current quarter, and anticipate
commercial opportunities for this firm will benefit from existing permits in Japan. We successfully completed the second
small test and demonstration contract for the incorporation of our technology as the solution to efficient pollution
prevention, which is widely encountered in industrial manufacturing applications. During the remainder of the year, we will
work with this customer, potential clients, and regulators to ensure that Eco Logic's Gas Phase Chemical Reduction
provides the technical solution for this commercial opportunity. We are confident that this will demonstrate that better
environmental stewardship results are attainable at reduced cost. We also continued to make progress toward an efficient
solution for one of our customer's environmental legacy projects as we collaboratively developed and delivered the early
engineering design requirements for the incorporation of our propriety solution for destruction of large hexachlorobenzene
(HCB) stockpiles in Australia."
Eco Logic's business is to solve toxic chemical problems in a safe, permanent, cost effective manner. The Company's
patented process is an innovative technology that converts on-site, organic, hazardous waste into reusable or disposable
products. This non-incineration process has gained high public and regulatory acceptance. Eco Logic's worldwide market
includes pollution prevention for POPs chemicals and hazardous waste destruction for PCBs, hexachlorobenzene (HCB),
pesticides, dioxins, contaminated electrical equipment, contaminated soils, chemical warfare agents, and most
petrochemical wastes. |
