Well, here are the most recent financials on H2O… :-P
http://biz.yahoo.com/cnw/060530/e_h2o_innov_3rdq_resu.html?.v=1
H2O announces the results of its third quarter
QUEBEC, May 30 /CNW Telbec/ - The management of H2O Innovation (2000) inc. (“H2O”) announces the presentation of its third quarter results for the 2005-2006 financial year.
During the financial year, an important sales force was deployed involving a sales increase of $660,817 (27%) compared to the corresponding period last year. Consequently, the cumulated sales rise to $3.07M. For the current quarter, H2O operating results show an Earning Before Interest, Taxes, Depreciation and Amortization (EBITDA) of $70,138 compared to $121,878 for the corresponding period last year. For the nine month period, the EBITDA stands at $85,747 compared to $117,715 for the corresponding period last year.
H2O shows a net loss of $98,285 for the current quarter, an important improvement compared to the loss of $311,585 last year at the same quarter. This reduction of net loss is attributed to two main factors: the sales growth and an average gross margin increasing to 40% in 2006 compared to 21% in 2005. The sales growth involve a rise of $175,354 sales expenses. In pratical terms, H2O hired an additional person in Business Development following the acquisition of Biosor Technologies Inc., and added two more employees in Manitoba and Atlantic Provinces. Moreover, administrative expenses show an increase of $105,414 due to important legal fees to settle certain litigations and a provision for bad debts during the first quarter.
With a similar goal and as announced on May 10, 2006, H2O still has the intention to complete a $10M equity financing. The proceeds of the private placement will be applied to the acquisition of MSC, the reimboursment of all long term debts and the improvement of its working capital. Significant savings in interest expenses are anticipated during next financial periods.
About H2O
H2O’s mission is to develop, manufacture and market innovative, environmentally friendly products, intended for production of drinking water and treatment of sewage and industrial process water.
This press release may contain prospective disclosures representing current expectations of H2O and are subject to certain risks and uncertainties. H2O rejects any obligation to revise or update the prospective disclosures contained in this press release.