Pure Technologies Announces 2016 Year End Results

Pure Technologies (TSX:PUR) announced its financial performance for the year and three-month period ended December 31, 2016.
As quoted in the press release:

2016 Year Highlights:

• Revenue of $115.1 million, up 10%, which includes:

  • $4.2 million of first quarter revenue from Wachs Water Services (“WWS”), acquired April 2015;
  • $6.4 million of organic growth, mostly due to a 41% increase in PureHM revenue (oil and gas pipeline integrity division);

• Gross margin percentage increased to 78% (2015 – 76%), due to reduced direct project costs and favourable revenue mix

• Adjusted EBITDA of $15.1 million, up 14%, reflecting:

  • PureHM business growth; improved gross margins; Water Division cost savings
    Offset by:
  • Delayed Americas and International segment activity; increased marketing investment in the Americas segment; and
  • Lower WWS activity during 2016, however, showing signs of improvement (bookings up 31% at the end of 2016)

• Cash flow from operations (before working capital changes) increased to $14.6 million from $11.4 million in 2015 as a result of the aforementioned reasons

• Profit increased to $1.3 million from a $0.1 million loss in 2015

• At year-end, Pure had no debt, $5.4 million of cash, $34.3 million of working capital and a $10 million undrawn credit facility

• View a new corporate video entitled, “2016 Highlights and Beyond” and read the full 2016 Message to Shareholders on Pure’s IR website: https://investors.puretechltd.com/

Click here for the full press release.