Vancouver, BC. July 6, 2011, Smartcool Systems Inc. (TSX-V: SSC) announced its results for the first quarter of 2011, showing revenue of $943,958, an increase of $309,031 or 49%, compared to $634,927 for the first quarter of 2010.

“We anticipate a major surge in revenues from direct sales during the months ahead as our newly acquired UK team carries out a number of roll-outs to major customers such as Sainsbury’s in Europe,” stated George Burnes, President and CEO of Smartcool. “Our first quarter results reflect the adjustment period that we underwent in acquiring Smartcool UK. Our anticipated results for the remainder of 2011 will demonstrate the benefits of the acquisition, as we complete more highly profitable direct sales to major customers than ever before in our company’s history. Thanks to these efforts, we expect to achieve profitability by the third quarter of 2011.”

Highlights:

  • Gross profit for the quarter was $686,681 compared to $339,360 for the same quarter of the previous year.
  • Smartcool’s distribution network maintained its significant growth pace, reaching $674,471 and contributing to 71% of the quarter’s total revenue.
  • The Company had $1,515,348 in cash and cash equivalents at the end of the quarter, compared to $323,241 in cash and cash equivalent at the end of the first quarter of 2010.
  • General and administrative expenses increased to $893,249 from $710,304 for the same quarter of 2010 due to the acquisition of Smartcool UK. Adjusting for this newly acquired subsidiary’s expenses, the quarter’s general and administrative expense total was $752,984, increasing by $42,680 or 6% from the first quarter of 2010 while there was an increase of 49% in revenue.
  • Net loss for the quarter was $578,824, a decrease of $172,933 from $751,757 for the same quarter of the prior year, due to revenue growth. The loss per share (basic and diluted) for the first quarter was $0.01, compared to $0.02 for the same quarter of 2010.
  • The acquisition of Smartcool UK increased intangible assets by $3,768,164 bringing Smartcool’s total assets to $10,771,424 while current liabilities increased by $1,478,936 due to the acquisition.

As of March 31, 2011 the company had 60,154,726 common shares outstanding. The detailed financial statements can be found at www.sedar.com and on Smartcool’s website.

About Smartcool

Smartcool Systems Inc. (TSX-V: SSC) delivers cutting edge energy efficiency and cost reduction solutions for businesses around the world. The ESM™ and ECO3™ are Smartcool's unique retrofit technologies that reduce the energy consumption of compressors in air conditioning, refrigeration and heat pump systems. Energy savings achieved by the ESM™ and ECO3™are quantifiable and the products can qualify for government and utility rebates. The technology has been validatedby rigorous third party testing, government organizations and private business installations.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

 

Investor Inquiries

Mike Kordysz
Tel: +1 604 904 8632
mike.kordysz@smartcool.net

TSX-V: SSC
OTC: SSCFF
Frankfurt: R3W

Latest Press Releases

Smartcool Installs ECO3 at Premier League Football Club Stadium To Provide Energy Savings

The installation at a top UK Premier League Football Club Stadium will provide Energy Reductions and deliver significant Financial and Environmental BenefitsVancouver, B.C. December 12, 2017, Ted Konyi, CEO, Smartcool Systems Inc. (TSXV: SSC OTC: SSCFF) is pleased to announce that the company has...

Smartcool Introduces the ECOhome to the Residential Air Conditioning Market

Savings of up to 40% to the HomeownerVancouver, B.C. December 5, 2017, Smartcool Systems Inc. (TSXV: SSC OTC: SSCFF) is pleased to announce the release of a new product, the ECOhome, which will focus on the lucrative residential air conditioning market.

Smartcool Announces Valor Energia, A New Brazilian Distributor

Vancouver, B.C. November 21, 2017, Steven Martin, Smartcool’s Executive VP EMEA, Smartcool Systems Inc. (TSXV: SSC OTC: SSCFF) is pleased to announce the addition of a new distributor for its Energy Efficiency products in Brazil.

Smartcool Systems Inc. Adds Business Development Manager as Growth Continues to Accelerate in the UK

Vancouver, B.C. November 15, 2017, Steven Martin, Smartcool’s Executive VP EMEA, Smartcool Systems Inc. (TSXV: SSC OTC: SSCFF) is pleased to announce the addition of Julian Sylvester, an experienced Sales Executive who has an extensive background within the energy efficiency market.

Smartcool Continues to add Sales Staff as Growth Accelerates in the UK

Vancouver, B.C. October 25, 2017, Steven Martin, Smartcool’s Executive VP EMEA, Smartcool Systems Inc. (TSXV: SSC OTC: SSCFF) is pleased to announce the addition of a seasoned Sales Executive to the UK team with more to be announced soon. The additional sales executive, Jon Cullum, has an extensiv...

Smartcool Saves 30% Power Consumption At A Quick Serve Restaurant in Jamaica

Customer Operates 60 LocationsVancouver, B.C. October 17, 2017, Smartcool Systems Inc. (TSXV: SSC OTC: SSCFF) is pleased to announce the results from an initial installation at a Quick Serve Restaurant (QSR) in Kingston, Jamaica.

Smartcool Establishes North American Installation Network

Vancouver, B.C. September 26, 2017, Ted Konyi, CEO, Smartcool Systems Inc. (TSXV: SSC OTC: SSCFF) is pleased to announce that the company is establishing an installation and servicing network for its operations in North America.

Anesco Ltd., A Cleantech 100 Co. and Smartcool Progress Their Sustainable Technology and Energy Par…

The UK’s leading energy efficiency solutions provider and Sunday Times Fast Track 100 company, Anesco Ltd, have strengthened their No1 position in the UK by partnering with Smartcool to deliver further energy saving solutions.

Smartcool Distributor Installs at McDonald’s Chain in Riyadh

Achieves 20% Savings on Air-conditioning costs at The Luxury Tiara Hotel RiyadhVancouver, B.C. September 12, 2017, Smartcool Systems Inc. (TSXV: SSC OTC: SSCFF) is pleased to report that Kafaat Energy Company, its distributor in Saudi Arabia has been appointed by Riyadh International Catering C...

Smartcool 2nd Quarter Revenues Grow 300% over 1st Quarter

Vancouver, B.C. August 29, 2017, Smartcool Systems Inc. (TSXV: SSC OTC: SSCFF) is pleased to report that it has filed its Second Quarter Management Discussion and Analysis ("MD&A") and unaudited financial statements for the six-month period ended June 30, 2017, on SEDAR.

Follow Us

Twitter   RSS Feed   YouTube   Linkedin   Facebook

Translate

English French German Italian Portuguese Russian Spanish