Seprotech Systems Announces 2011 Fiscal Year End and Fourth Quarter 2011 Results
Seprotech Systems Incorporated (SET.V), a provider of pre-engineered water and wastewater treatment solutions that closed Friday just above a year low 2 cents, announced unaudited results for the fourth quarter of 2011 and audited results for the fiscal year ended August 31, 2011. Net Loss for the fourth quarter was $149,000 compared to $552,000 in the year earlier period. But net loss for the year was $1.25 million compared to $625,000.
"While the fiscal year ended August 31, 2011 was a challenging year for the Company, by the fourth quarter business operations had moved significantly in the direction of break-even, as the various corrective measures implemented and reported on during the year began to have an impact," the company said.
"As a result of the downturn in activities in both the mining sector (remote operations) and the housing and municipal development sectors, revenues for the year from sales of rotating biological contactors fell 34% from historical normal levels. In response to the reduction in revenues, management imposed further reviews of operating expenses, however for the first three quarters these were not sufficient to offset the revenue decline and as a result the net loss for the year increased."
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