Ridgeline Energy Services Inc [TSX-V:RLE] - RIDGELINE REPORTS 24.8% INCREASE IN REVENUE AND 117% INCREASE IN GROSS PROFIT FOR FISCAL 2011
RIDGELINE REPORTS 24.8% INCREASE IN REVENUE AND 117% INCREASE IN GROSS PROFIT FOR FISCAL 2011
Provides update on successful commercialization of
breakthrough frac flowback water treatment technology
CALGARY, Alberta – August 29, 2011 - Ridgeline Energy Services Inc. ("Ridgeline") (TSXV:RLE) announces that it has filed its Audited Financial Statements for the fiscal year ending March 31, 2011. The Company also provided an update on the progress of its acquisition of Danzik Hydrological Sciences, LLC (“DHS”) as well as the commercial rollout of its new technology for onsite treatment of produced water and hydraulic fracturing (“frac” or “fracking”) flowback water for major oil and gas producers.
Fiscal 2011 Financial Highlights:
• Revenue increased 24.8% to $11.2 million from $9.0 million in 2010
• Gross profit increased 117.0% to $3.9 million from $1.8 million in 2010
• Gross margin increased to 34.8% from 20.0% in 2010
• Operating loss declined by 48.3% to $0.6 million from $1.2 million in 2010
• Net loss improved to $0.7 million, or $0.01 per share, compared to a loss of $1.1 million, or $0.04 per share in 2010
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