|By Marketwired .||
|November 22, 2012 02:50 PM EST||
TORONTO, ONTARIO -- (Marketwire) -- 11/22/12 -- Organic Resource Management Inc. (TSX VENTURE:ORI) ("ORMI" or "the Company"), today announced its financial results for the three month period ended September 30, 2012.
-- Total revenues of $3,628,000, an increase of $55,000 or 2% from $3,573,000 last year. -- Total gross margin of $1,428,000 or 39% of revenue, an increase of $76,000 or 6% from $1,352,000 or 38% of revenue last year. -- Total operating expense of $1,309,000, a decrease of $22,000 or 2% from $1,331,000 last year. -- Net income of $45,000, an increase of $88,000 from a net loss of $43,000 last year. -- Income per share of $0.01 compared to a loss per share of $0.01 last year. -- EBITDA of $462,000, an increase of $105,000 or 29% from $357,000 last year.
"Higher revenues, improved gross margin and lower operating costs all contributed to positive financial results for the quarter," said Charles Buehler, Chairman and Chief Executive Officer of ORMI. "As a result, net income was $45,000 for the quarter, an increase of $88,000, and EBITDA was $462,000, an increase of $105,000 or 29%. This performance was achieved in spite of the significant one-time legal and other corporate costs which were incurred as part of the proceedings related to the potential sale of the Company, as announced on October 17, 2012."
Total revenues were $3,628,000, an increase of $55,000 or 2% over Q1 2012 revenues, mainly due to a 2% volume increase in residuals collected from customers. Gross margin was $1,428,000, an increase of $76,000 or 6%, to 39% as a percentage of revenues compared to 38% for Q1 2012. Total operating expense was $1,309,000 for the quarter, a decrease of $22,000 or 2% from Q1 2012. Operating expense includes approximately $78,000 in one-time legal and other corporate costs related to the potential sale of the Company. Interest expense was $58,000 for the quarter, a decrease of $6,000 or 10% from Q1 2012.
The comparative financial statements for the three months ending September 30, 2012 along with other information may be obtained through the Company's website at www.ormi.com, or on SEDAR at www.sedar.com.
This press release is available on the Company's official on-line investor relations site for investor commentary, feedback and questions. Investors are asked to visit the investor relations section of the Company's website at www.ormi.com/ir/index.php. Alternatively, investors are asked to e-mail all questions and correspondence to [email protected] where they can also request addition to the Company's investor e-mail list to receive all future press releases and updates directly.
About Organic Resource Management Inc.
Organic Resource Management is Canada's largest provider of vacuum truck services for the collection, processing and recycling of food-related organic residuals into feedstock for biogas renewable energy production. ORMI services in excess of 10,000 grease interceptors for industrial, commercial and institutional food-industry customers across Canada on a regularly-scheduled basis. These services are a critical component of current program initiatives in North American landfill waste diversion and wastewater treatment. Further information about ORMI may be obtained at the Company's web site at www.ormi.com.
The Company reports its financial results in accordance with IFRS. However, this press release contains references to certain non-IFRS financial measures such as "EBITDA". Non-IFRS financial measures are used by management to evaluate the performance of the Company. Non-IFRS financial measures do not have any meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other reporting issuers. Investors are cautioned that non-IFRS measures, such as those presented herein, should not be construed as an alternative to net income determined in accordance with IFRS as indicators of the Company's performance or to cash flows from operating activities as a measure of liquidity and cash flow.
EBITDA means net income or loss before income taxes, interest, amortization, share based compensation and gains or losses on disposal of property, plant and equipment and intangible assets. In effect, EBITDA is equal to cash flows from operating activities before changes in non-cash operating assets and liabilities.
Forward Looking Statements
Certain information contained in this press release may be forward-looking and therefore subject to unknown risks or uncertainties. The actual results, performance or achievements of Organic Resource Management Inc. may differ materially from the results, performance or achievements of the Company expressed or implied by such forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SYS-CON Events announced today that SD Times | BZ Media has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. BZ Media LLC is a high-tech media company that produces technical conferences and expositions, and publishes a magazine, newsletters and websites in the software development, SharePoint, mobile development and commercial UAV markets.
Mar. 25, 2017 09:15 AM EDT Reads: 4,072
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Mar. 25, 2017 08:30 AM EDT Reads: 1,909
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Mar. 25, 2017 08:00 AM EDT Reads: 3,973
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
Mar. 25, 2017 08:00 AM EDT Reads: 1,705
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Mar. 25, 2017 08:00 AM EDT Reads: 13,897
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
Mar. 25, 2017 06:45 AM EDT Reads: 1,024
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
Mar. 25, 2017 06:45 AM EDT Reads: 717
SYS-CON Events announced today that HTBase will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. HTBase (Gartner 2016 Cool Vendor) delivers a Composable IT infrastructure solution architected for agility and increased efficiency. It turns compute, storage, and fabric into fluid pools of resources that are easily composed and re-composed to meet each application’s needs. With HTBase, companies can quickly prov...
Mar. 25, 2017 06:45 AM EDT Reads: 2,695
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Mar. 25, 2017 06:30 AM EDT Reads: 1,503
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Mar. 25, 2017 05:30 AM EDT Reads: 1,364
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Mar. 25, 2017 03:00 AM EDT Reads: 5,680
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Mar. 25, 2017 01:45 AM EDT Reads: 1,474
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Mar. 25, 2017 12:15 AM EDT Reads: 1,641
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
Mar. 25, 2017 12:00 AM EDT Reads: 544
TechTarget storage websites are the best online information resource for news, tips and expert advice for the storage, backup and disaster recovery markets. By creating abundant, high-quality editorial content across more than 140 highly targeted technology-specific websites, TechTarget attracts and nurtures communities of technology buyers researching their companies' information technology needs. By understanding these buyers' content consumption behaviors, TechTarget creates the purchase inte...
Mar. 24, 2017 10:15 PM EDT Reads: 4,186
With the introduction of IoT and Smart Living in every aspect of our lives, one question has become relevant: What are the security implications? To answer this, first we have to look and explore the security models of the technologies that IoT is founded upon. In his session at @ThingsExpo, Nevi Kaja, a Research Engineer at Ford Motor Company, will discuss some of the security challenges of the IoT infrastructure and relate how these aspects impact Smart Living. The material will be delivered i...
Mar. 24, 2017 10:00 PM EDT Reads: 1,918
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
Mar. 24, 2017 08:15 PM EDT Reads: 372
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, will provide a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services ...
Mar. 24, 2017 06:30 PM EDT Reads: 4,162
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
Mar. 24, 2017 06:30 PM EDT Reads: 2,683
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
Mar. 24, 2017 04:45 PM EDT Reads: 1,828