As important to the gross revenue increase is the strong growth in sales of Napier’s patented line of environmentally friendly Industrial Chemical Coating Removers known as Sara Technology. This division has recorded growth of 202% with revenue of a $3.62 million up from $1.78 million last year.
What's more impressive is the financial highlights of its most recent quarter ended October 31, 2000 and fiscal year ended July 31, 2000. In summary, the Company's liquidity and capital resources continues to improve, with working capital of over $7 million enabling the planned growth of the business to continue. The increase in working capital was the result of the company completing a $5.2 million financing in September, at a unit price of $2.10, as well as, the exercise of 745,000 warrants converted at a price of $1.25 for an additional $932,250.
Annually sales more than tripled, while maintaining a healthy gross profit of approximately 45% of sales. As the Company works towards profitability, its loss per share, before interest, taxes, depreciation, amortization and non-operating items such as interest income (EBITDA), has decreased from 3c per share for July 1999 to 2c per share for July 2000. First quarter growth was 38% with sales revenue of $1,348,376. Sales revenue for November was $422,984 compared to last years $241,000. Current booked sales for the first week of December are $191,000 compared to last year’s sales for the entire month of $247,000.
Fully filed financials can be reviewed by visiting the SEDAR site or by contacting the company.
I feel it's a good buy for 2001 when the word gets around that this is an effective, environmentally friendly paint stripper which will replace others and have continued growth and sales.
jack |
