Vista Quarterly Revenues Increase 40%, Company Swings to Gross Profit
DENVER, CO -- (Marketwired) -- 08/13/13 -- Vista International Technologies, Inc. (OTCQB: VVIT), a pioneer in efficient Waste-to-Energy technology, is pleased to give investors an update on the Company's operating results in its most recent fiscal quarter. The information in this release is based on estimates by the Company's accounting department. Quarterly results are subject to review by the Company's independent auditor and are expected to be released August 15, 2013. Full results will be available on the EDGAR database.
For the quarter ending June 30, 2013 the Company saw revenues increase by roughly 42% over the year ago period, topping $235,000. This increase was mainly due to strong sales of processed tire material at the Company's tire processing facility in Hutchins, Texas and the recognition of gasification revenue from the Company's pilot WTE project. Revenues at the tire facility have also been extremely consistent, topping $60,000 in each month from January to May 2013. June revenue was slightly lower as TDF operations were down for a portion of the month due to planned maintenance on the facility's equipment.
The Company has also made considerable progress with regard to removal of tire material from the Hutchins site. Income generated from the reduction of environmental remediation expense increased 74% for the most recent quarter, exceeding $22,000. Since removal operations began in early 2012, the Company has seen a net removal of over 5000 tons of material from the site, including over 1000 tons in the most recent quarter. This removal of tire material has decreased the Company's environmental remediation expenses by over $125,000 since the commencement of these operations.
While total revenue and income generated from removal of tire material both increased substantially in the most recent quarter, cost of revenue declined by 2%, significantly boosting gross profit margin. For the three months ended June 30, 2013 gross profit exceeded $64,000, versus a loss in the year ago period.
Vista International Technologies, Inc. has been producing Waste-to-Energy gasification systems for over twenty years, with installations across three continents. The Company's technology has low costs of installation and operation, and allows for the processing of virtually any hydrocarbon-based waste product, including municipal solid waste, waste tires, waste coal, sewage waste, and biomass, among others. The company's Waste-to-Energy systems are emission friendly and extremely efficient, and can be used to produce heat, steam, and/or electricity.
For more information on Vista or this release, please visit www.vvit.us, or call 303-690-8300.
Vista International Technologies, Inc Email Contact 303-690-8300
Source: Vista International Technologies, Inc