OTS.v - huge q1 revenue growth and big future potential
Q1 2012 $7.1million revenue vs Q1 2011 $1.25million revenue
Q1 2012 $505k profit vs Q1 ($480k) loss
Cdn Oilfield Technologies earns $505,525 in Q1 2012
2012-05-30 14:00 ET - News Release
Mr. Phil D'Angelo reports
COTS REPORTS MARCH 31, 2012 FINANCIAL RESULTS
Cdn Oilfield Technologies & Solutions Corp. has released the results of its first quarter ended March 31, 2012.
The company reported sales to March 31, 2012, of $7,106,178 up from $1,243,380 for the same three-month period in 2011. Net profit from operations was $505,525 up from a loss of $455,576 in 2011. Funds flow from operations totalled $560,894.
For the three months ended March 31, 2012, the company:
- Showed positive sales growth in Mexico. Both pipe and third party projects have contributed immensely to the growth in the Mexican market. Approximately 50 per cent of the Terra 114 project was completed to March 31, 2012, with 90 per cent complete at today's date. It is anticipated that the expanded project will be completed by June 15, 2012;
- Starting in May, 2011, with the delivery of its first flexible pipe project, the corporation completed a total of 33.7 kilometres of deliveries to March 31, 2012. The first quarter resulted in 6.6 km of deliveries with an additional 8.8 km being delivered in late May;
- CBM showed a drop in sales in the pump business, primarily attributable to low gas prices. Alternative market opportunities are being addressed by management in regard to a continuing restructuring of the business, including product supply, and sales and marketing initiatives;
- Completed the placement in first quarter 2012 of $2-million of 12-per-cent debentures and on April 23, 2012, completed the close of an additional $511,000 of 12-per-cent debentures totalling $2,511,000. In addition, a short-term loan for $700,000 was attained to assist in the expanded scope and size for the Terra 114 construction project. The short-term loan is scheduled to be repaid by June 15, 2012;
- Continued to assess opportunities for expanded business in the United States and Mexico.
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