OAK BROOK, IL, April 26 /PRNewswire-FirstCall/ - Primary Energy Recycling Corporation (TSX: PRI), (the "Company") a clean energy company that generates revenue from capturing and recycling waste energy from industrial processes, today announced its financial and operational results for the first quarter ended March 31, 2010.
Highlights for the first quarter:
- Increased revenues by 4.3% for the three months ended March 31, 2010 to $15.3 million versus the same period a year ago, and increased operating income to $1.7 million compared to a $0.4 million in the first quarter of 2009; - Continued to benefit from an ongoing recovery in the steel industry.; - Moved forward on contract renewal discussions with the host at the Company's North Lake project, which comes due in 2011; - Subsequent to quarter end, announced the appointment of Mr. Don Pether, current Chair of the Board of McMaster University and former CEO and Chair of Dofasco Inc., to the Company's Board of Directors. During his tenure at Dofasco, the company earned a reputation as a premier North American steel organization.
"The positive momentum that we saw in the steel industry at the end of the year continued in the first quarter of 2010 and was ultimately reflected in our financials results," said John Prunkl, President and Chief Executive Officer of Primary Energy Recycling. "Steel production, which results in large amounts of wasted heat and energy, is an ideal process to benefit from our energy recycling technology. Looking beyond steel, we see significant opportunity for growth in recycled energy and combined heat and power in other industries. Going forward, we intend to focus on paying down our
|SOURCE Primary Energy Recycling Corporation|
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