Atlantic reports 2nd quarter results - Sales more than doubled from the previous year, and profitability continued to improve significantly Results highlight 18 consecutive quarters of improvement
TORONTO, Aug. 21, 2014 /PRNewswire/ -- Atlantic Wind & Solar (OTC: AWSL) reports financial results on operations and records second quarter profit.
The trend of higher sales and increased profitability continued, making this the 18th quarter of improvement. Atlantic more than doubled its sales (up 231%) from the previous year, and sales for the first 6 months of 2014 reached $3,415,090 putting the company on track to also doubling 2013 revenues.
More impressively, management recorded earnings of $705,206 or approximately $.02 per share. This represents a complete turn around from the previous years loss of $174,900 for the same period.
Strengthening the company's balance sheet further, management retired 455,733 Preferred Shares during the quarter.
Management expects the balance of the year to report similarly positive results.
Commenting on the results, Chairman, CEO Gilles Trahan stated:
"We previously stated one of our goals as being the improvement of the balance sheet. We are happy to have reduced payables plus retired 455,733 Preferred Shares in the quarter. To this end we look forward to finalizing the Ecuador deal which will add significant earnings and more than a decade of cashflow."
To read the full report and/or sign up for news alerts and updates, visit the company's web site, at: www.AtlanticWindandSolar.com
About Atlantic Wind and Solar Inc: Atlantic is a developer of utility scale renewable energy plants with over 450 MW's of projects at various stages of development in Canada, South America and the Caribbean.
For stock quotes, charts and our financial filings and reports visit: http://www.otcmarkets.com/stock/AWSL/quote
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SOURCE Atlantic Wind & Solar