30 November 2011
Revenues at plasma gasification specialist, PyroGenesis Canada are down as the company focuses on completing existing military projects, according to its recently published financial and operational results for the third quarter.
Revenue for the quarter was $1,909,231 compared to $1,928,782 in the third quarter of 2010, while revenue for the year-to-date was $3,283,936 compared to $5,786,348 in the prior period, a decrease of $2,502,412.
The company attributed the decline primarily to focusing on the completion of the its two major projects – a land based contract with the U.S. Air Force and a marine based contract with Newport News Shipbuilding.
Third quarter highlights for the company include:
- Completed the design, construction and testing of a Plasma Arc Waste Destruction System (PAWDS) for a U.S. Navy aircraft carrier. The conclusion of this testing is a prerequisite to the PAWDS system being disassembled, packaged and shipped for installation on board the Navy’s CVN 78 aircraft carrier
- The U.S. Air Force Special Operations Command (AFSOC) accepted the company’s Plasma Resource Recovery System (PRRS). The Company said it has received a follow-on contract from AFSOC to operate the PRRS for an initial three and a half month period at Hurlburt Field, Florida, the Air Force base where the system is currently located
- Subsequent to quarter end, the Company was awarded a follow-on engineering contract from a multi-national mining and metallurgical company. The follow-on contract is the fifth in an ongoing series of agreements that started in 2009.
P. Peter Pascali, president and chief executive officer of PyroGenesis commented: “The agreements we signed during and subsequent to quarter end, highlight our ability to develop and scale up novel plasma based solutions, which act as competitive advantages for our defense industry and public sector customers.”
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