Company News
Organic Resource Management Reports Second Consecutive Quarterly Profit
download pdfOrganic Resource Management Inc.
3700 Steeles Avenue West, Suite 601
Woodbridge, Ontario L4L 8K8
TEL: (905) 264-7700 FAX: (905) 264-7273
E-mail: info@ormi.com
Website: www.ormi.com
February 12, 2008 TSX Symbol: ORI
NEWS RELEASE
Organic Resource Management Reports Second Consecutive Quarterly Profit
Woodbridge, Ontario - February 12, 2008. Organic Resource Management Inc. ("ORMI"), today announced the financial results for its second quarter ended December 31, 2007, and is pleased to report that it has posted its second consecutive profitable quarter.
Net income for the second quarter of fiscal 2008 was $82,000, an increase of $237,000 from the net loss of $155,000 in the second quarter of fiscal 2007. For the six months ended December 31, 2007, net income was $196,000, an increase of $340,000 over the net loss of $144,000 for the same period last year.
The Company's core grease interceptor business continues to show strong growth, recording an increase in revenue of 18% in the quarter over last year. However, total revenue was essentially the same at $3,800,000 as the Company continues replacing its large volume, lower margin industrial business with smaller volume, higher margin grease interceptor business. For the six months ended December 31, 2007, total revenue of $7,523,000 decreased $133,000 or 1.7% from last year.
As a result of the shift to higher margin business, the gross margin for the quarter increased 5% or $65,000 to $1,264,000 from $1,199,000 for the same period last year. For the six months ended December 31, 2007, gross margin was $2,462,000, 4% or $103,000 less than the same period last year.
The net income for the second quarter and the six months ended December 31, 2007 reflects the elimination of preferred dividends and amortization of intangible assets which occurred in the fourth quarter of fiscal 2007.
The comparative financial statements for the six months ending December 31, 2007 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 http://www.ormi.com/ORMI_Investor.asp . Alternatively, investors are asked to e-mail all questions and correspondence to Info@ormi.com 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, treatment and disposal of organic and other non-hazardous liquid waste. ORMI services in excess of 8,000 commercial, industrial, institutional and residential customers in Ontario, Quebec, and British Columbia. Further information about ORMI may be obtained at the Company's web site at www.ormi.com .
Note: 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.
CONTACT INFORMATION
Corporate Inquiries
Charles H. Buehler,
Chief Executive Officer
info@ormi.com
download pdfback