QuestAir Technologies Inc. has reported its unaudited financial and operational results for the third quarter of fiscal 2007, announcing increases in revenue for both the quarter and the nine months compared to the same periods last year.
Revenue of $3,616 for the quarter had increased by 203 percent compared to the same period in 2006, while revenue for the nine months had increased by 26 percent to $6,132.
Cash used by operations and capital requirements stood at $2,263 for the quarter, while the cash used by operations and capital requirements for the nine months was $7,577 compared to $5,922 for the previous year. At 30th June 2007, the company had $12,207 in cash and short term investments, including restricted cash of $685, 308.
Johnathan Wilkinson, president and CEO of QuestAir, said, $quot;We are very pleased with our performance in the third quarter. Our quarterly revenues were the highest in the company's history, and our sales order backlog remains strong. Our gross margins recovered during the quarter, reflecting improved margins on sales of gas purification equipment. Overall, the results in the third quarter demonstrate that we are making significant progress in our commercial business.$quot;
During the successful third quarter, the company shipped the prototype H-6200 hydrogen purifier to an ExxonMobil refinery in France, where it will be installed and tested in order to generate additional data to assist with the marketing of the H-6200 to other refineries.
Commenting on this development, Wilkinson said, $quot;During the third quarter of fiscal 2007, we shipped the prototype plant to an ExxonMobil refinery in France. The prototype plant is now being installed at the refinery, and we expect to start up the plant in September.$quot;