WaterFurnace Renewable Energy, Inc. Announces Third Quarter Results: (U.S.$) FORT WAYNE, IN, Nov. 4 /CNW/ - WaterFurnace Renewable Energy, Inc.
(WFI:TSX) announced third quarter results today. Tom Huntington, President and
CEO stated, "Sales for the third quarter of 2009 were 9% lower as compared to
record third quarter 2008 sales. We are pleased that we were able to maintain
an earnings level in line with these lower sales. We continue to make
strategic investments in technology, product development and expansion of our
sales channels. As we enter the fourth quarter, we are seeing an uptick in
sales orders, but do not expect to meet the record sales pace set last year." Chairman of the Board Tim Shields added, "While every business is feeling the effects of a slow economy and tighter credit markets, the Board is pleased with the Company's overall performance and supports continued investment in expanding the Company's business base and infrastructure. Both the Board and management are excited about the future and continue to ensure that WaterFurnace is well positioned to continue its leadership role as the premiere geothermal manufacturer." The Board of Directors approved a dividend of $0.19 per share to be paid December 1, 2009, to shareholders of record at the market close of November 18, 2009. The complete quarterly report is posted on the Company's website: www.waterfurnace.com. Management will conduct a webcast covering the results of the quarter at 11:00 am Eastern Daylight Time on Friday, November 6th. Interested parties can listen live or to the recorded version at www.newswire. ca/en/webcast/viewEvent.cgi?eventID=2855380 or at the Company's website: www.waterfurnace.com. ------------------------------------------------------------------------- WaterFurnace Renewable Energy, Inc. Consolidated Statements of Income Prepared using Canadian generally accepted accounting principles (Unaudited - Thousands of U.S.$ except per share data) Three months ended Nine months ended September 30, September 30, ------------------------ ------------------------ 2009 2008 2009 2008 ----------- ----------- ----------- ----------- Sales $ 36,209 $ 39,964 $ 89,655 $ 95,107 Cost of sales 22,962 25,230 58,416 62,544 ----------- ----------- ----------- ----------- Gross profit 13,247 14,734 31,239 32,563 Operating expenses 4,865 5,741 15,115 15,249 Research and development expenses 507 490 1,722 1,434 ----------- ----------- ----------- ----------- Income before interest and income taxes 7,875 8,503 14,402 15,880 Interest income 29 35 37 128 Interest expense (7) (12) (15) (30) ----------- ----------- ----------- ----------- Income before income taxes 7,897 8,526 14,424 15,978 Income taxes 2,950 3,278 4,999 5,723 ----------- ----------- ----------- ----------- Net income $ 4,947 $ 5,248 $ 9,425 $ 10,255 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- Basic and diluted earnings per share U.S.$ $ 0.41 $ 0.43 $ 0.78 $ 0.85 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ------------------------------------------------------------------------- ------------------------------------------------------------------------- WaterFurnace Renewable Energy, Inc. Consolidated Balance Sheets Prepared using Canadian Generally Accepted Accounting Principles (Unaudited--Thousands of U.S.$) September 30, December 31, 2009 2008 ----------- ----------- Assets Current assets Cash and cash equivalents $ 3,761 $ 6,029 Short-term investments 10,368 5,316 Receivables 16,823 18,797 Inventory 6,360 8,714 Other current assets 2,709 2,433 ----------- ----------- Total current assets 40,021 41,289 Capital assets 4,854 4,643 Other assets 2,727 2,080 ----------- ----------- Total Assets $ 47,602 $ 48,012 ----------- ----------- ----------- ----------- Liabilities Current liabilities Payables and accruals $ 8,178 $ 10,542 Income taxes payable 272 2,027 Provision for warranty claims - current portion 2,138 1,824 ----------- ----------- Total current liabilities 10,588 14,393 Capital leases 150 - Deferred compensation 261 1,085 Provision for warranty claims 7,599 5,827 ----------- ----------- Total Liabilities 18,598 21,305 ----------- ----------- ----------- ----------- Shareholders' Equity Share capital 14,865 14,865 Retained earnings 14,139 11,842 ----------- ----------- Total Shareholders' Equity 29,004 26,707 ----------- ----------- ----------- ----------- Total Liabilities & Shareholders' Equity $ 47,602 $ 48,012 ----------- ----------- ----------- ----------- -------------------------------------------------------------------------WaterFurnace Renewable Energy, Inc. is traded in both Canadian dollars and U.S. dollars on the Toronto Stock Exchange under the symbol WFI for Canadian dollars and WFI.U for U.S. dollars. Risk and Uncertainties: This news release contains certain forward-looking statements that may or may not be realized. Investors should not rely solely on this information to make investment decisions. The Company's sales are related to the cost and stability of electricity, fuel oil, propane and natural gas. Federal, state and provincial building codes and energy incentives can also impact sales. The Company is subject to standard risks associated with most companies, such as normal competitive pressures. For further information Additional information is available on the Company's website: www.waterfurnace.com. Source: WaterFurnace Renewable Energy, Inc.
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