JER Envirotech Announces Record Q4 2008 and Quarter Over Quarter Revenue Growth
September 09 2008 - 5:00PM
Marketwired
JER Envirotech International Corp. (TSX-V: JER) (FRANKFURT: KFTB)
("JER") is pleased to announce that its preliminary unaudited
revenues for Q4 2008 (ended August 31, 2008) reached $1,126,515 up
94% over the same quarter in fiscal 2007 at $581,964. These
revenues were also up 72% over Q3 2008 at $653,979.
For fiscal 2008, JER's revenues totaled $2,601,209 which was up
193% over fiscal 2007 at $886,888.
"We are very pleased with our performance during Q4 2008, as it
was the first quarter where our revenues surpassed $1M," states Ed
Trueman, JER's President and CEO. "With polymer prices now nearly
double from just one year ago, an enormous strain has been placed
on all industries that use this material in the production of their
products. As a biocomposite manufacturer offering a cost-effective,
direct replacement for pure polymers, we are in an enviable
position.
"We enable our customers to manufacture high quality products
while protecting profit margins. In addition, the use of our
compounds is a socially responsible decision that they can
effectively market as a product differentiator. These factors,
combined with the expanding reach of our sales and marketing team,
are contributing to strong revenue growth, as evidenced by the 72%
increase we experienced from Q3 to Q4 of the current fiscal
year."
During Q4 2008, JER's compound business unit met management's
performance expectations. The Company is also pleased to report
that its extruded sheeting business unit had its first significant
impact in current quarterly performance, accounting for
approximately 10% of overall sales.
Quarter over quarter revenue performance for fiscal 2008, 2007
and 2006 was as follows:
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From an operational standpoint, JER significantly reduced its
cost of operations during Q4 2008, primarily through economies of
scale in production, strategic purchasing of raw materials, a
reduction in facilities overhead, and more efficient staffing. "We
remain focused on moving the Company towards breakeven as early as
possible," continues Trueman.
JER anticipates the release of its audited financial statements
for fiscal 2008, along with management's discussion and analysis,
on or about November 12, 2008.
About JER Envirotech International Corporation
JER is a global supplier of thermoplastic biocomposite compounds
and sheeting. The Company's patented technology utilizes waste or
by-product materials, such as wood fibre or rice hulls, to produce
environmentally friendly alternative products for applications in
the construction, transport, automotive and toy industries. The
Company currently has a range of biocomposite formulations which it
developed in collaboration with the National Research Council -
Industrial Materials Institute of Canada.
JER is publicly traded on the TSX Venture Exchange (TSX) under
the symbol "JER" and on the Frankfurt Stock Exchange under the
symbol "KFTB." For more information, visit www.jerenvirotech.com or
contact:
JER ENVIROTECH INTERNATIONAL CORPORATION
"Ji Yoon"
Mr. Ji Yoon
Chief Financial Officer
International: +1 (604) 940-9262
jyoon@jerenvirotech.com
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release. This news release contains
certain forward-looking statements that reflect the current views
and/or expectations of JER Envirotech International Corp. with
respect to its performance, business and future events. Investors
are cautioned that all forward-looking statements involve risks and
uncertainties including, without limitation, those relating to
changes in the market, potential downturns in economic conditions,
foreign exchange fluctuations, demand for thermoplastic
biocomposites, competition and our ability to implement our
business plans and strategies in a timely manner or at all. These
risks, as well as others, could cause actual results and events to
vary significantly. JER Envirotech International Corp. does not
undertake any obligations to release publicly any revisions for
updating any voluntary forward-looking statements.
(2008-09 #20)
Distributed by Filing Services Canada and retransmitted by
Marketwire
Mr. Ji Yoon Chief Financial Officer International: +1 (604)
940-9262 Email Contact Investor Relations: Mr. Mark Komonoski VP
Corporate Communications Toll-Free: 1-877-255-8483 International:
+1 (403) 470-8384 Email Contact
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