Xebec cuts Q2 2013 net loss

Aug 15, 2013 - Canadian clean energy firm Xebec Adsorption Inc (TSE:XBC) yesterday said it had slightly narrowed its second-quarter net loss to CAD 400,000 (USD 388,000/EUR 292,000) from CAD 500,000 a year ago, while gross margin fell and costs declined.

The company, which provides biogas upgrading, natural gas and hydrogen purification solutions for the clean energy market, said its loss per share had remained unchanged at CAD 0.01.

Loss before interest, tax, depreciation and amortisation stood at CAD 151,600, compared with a loss of CAD 384,200 a year earlier. The result improved due to a milestone payment related to a previous sale of intellectual property (IP) to sector firm Air Products.

Gross margin declined to 16.3% from 26.8% and sales in the April-June slipped by 34.7% on the year to CAD 2.8 million as the company signed less contracts in the gas purification product line.

For the first half of 2013, Xebec posted a CAD-1.5-million net loss, after a profit of CAD 2.7 million a year before. Still, revenues improved to CAD 6.6 million from CAD 5.7 million.

On August 14 Xebec’s order backlog amounted to CAD 5.6 million, down from CAD 13.1 million on August 2, 2012.

(CAD 1.0 = USD 0.969/EUR 0.729)

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