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SEAIR Inc.
9554 Yellowhead Trail
Edmonton, Alberta
T5G 0W4
SEAIR REPORTS THIRD QUARTER PROFIT ON 72% REVENUE INCREASE
Edmonton, Alberta, July 28, 2011. Seair Inc. (SDS:TSX Venture Exchange) today released its unaudited financial statements for the quarter and nine months ending May 31, 2011.
FINANCIAL RESULTS
Revenue for the quarter ending May 31, 2011 was $1,747,387, or 72% higher than the third quarter of fiscal 2010, leading to net income of $276,393 versus a loss of $222,442 in the prior year. The revenue increase stemmed from the continued rebound in Seair’s portable wastewater treatment business as well as equipment sales in oilfield water recycling and oil sands dewatering. Portable wastewater treatment revenue was up 375% from the prior year due to overall sector strengthening coupled with Seair establishing a full-time sales presence in Calgary since December 2010. Revenue from major oil field water treatment projects, including produced water recycling in the United States with R360 Environmental and ongoing oil sands dewatering build out, contributed approximately $1 million in revenue to the quarter.
Gross profit for the quarter ending May 31, 2011 was $1,383,758 (79% of revenue) compared to $720,125 (71% of revenue) in the quarter ending May 31, 2011. This $663,633 increase in gross profit is due to higher revenue, particularly from portable wastewater treatment plant rentals.
Total operating expenses increased by $143,263 to $1,090,255 (15% increase) from fiscal 2010 to fiscal 2011 compared to the 72% and 92% increases to revenue and gross margin, respectively. Portable wastewater fleet equipment expenses, such as service personnel salaries and benefits and treatment unit amortization, increased with improved fleet deployment.
Net income for the quarter ending May 31, 2011 of $276,393 was a 224% improvement over the corresponding quarter in fiscal 2010.
The complete financial statements are available at www.sedar.com.
About Seair
Seair develops proprietary equipment that diffuses gases into liquids. The introduction of oxygen, ozone or carbon dioxide results in a supersaturated solution, that meets environmental standards and customer needs.
Seair’s patented technologies can produce extremely small bubbles which are more efficient than other diffusion technologies. Our technologies are used in a variety of applications in the oil and gas industry. We also service customers in such diverse fields as wastewater treatment, pulp and paper, food processing, aquaculture, agriculture/horticulture, sterilization, golf course irrigation and pond treatment and animal enhancement.
Seair is a leading developer of patent-protected diffusion and sterilization technologies, which allow for the efficient diffusion of gases into liquids, thereby facilitating numerous applications in a wide variety of industries, including wastewater treatment, pulp and paper production, food processing, aquaculture, agriculture/horticulture, sterilization, golf course irrigation and pond treatment, animal enhancement and oil and gas. Seair’s primary focus is developing and selling equipment that diffuses gases, such as oxygen, ozone or carbon dioxide, into a liquid, resulting in a supersaturated solution. The major difference between Seair's and others' diffusion technologies is Seair’s ability to achieve extremely small bubble size, which in turn allows for the mass transfer of gas to fluid. The result is a stable condition, where gases remain in solution for extended periods of time, leading to increased productivity and lower operating costs. Seair provides diffusion-enhanced portable wastewater treatment plants through its subsidiary, Seair Septic.
Parties interested in obtaining further information or receiving news releases and corporate documents from Seair may email such requests to seair@telus.net or visit the Seair website at www.seair.ca.
FOR FURTHER INFORMATION PLEASE CONTACT:
Harold Kinasewich
Seair Inc.
T: 780 477 7188
F: 780 477 6622
E: seair@telus.net
This news release contains forward-looking statements relating to the future operations of the Seair Inc. and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expects” and similar expressions. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Such forward-looking statements are subject to important risks, uncertainties and assumptions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Seair Inc. As a result, we cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this news release are made as of the date of this news release, and Seair Inc. does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.
This press release is not for distribution to United States Newswire Services or for dissemination in the United States.
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