MUMBAI, India, April 11, 2012 /PRNewswire/ -- Groupe Athena, Inc. (Pink sheets GATA.PK) announced they have released their financial results for the third quarter which ended March 31, 2012. Total revenue for the period was $10,378,928 which is 140% greater than the same period in 2011. Net income rose to $1,184,000 compared to $731,644.
For the nine months the company also reported record revenue of $34,558,560 compared to $17,893,325. Net income for the first three quarters of the current fiscal year has more than doubled to $3,524,218 or $.075 per fully diluted share.
The company's cash increased to more than $3.5 million including the special escrow for the anticipated new facility acquisition. They are extremely excited to have been able to maintain this healthy cash position while still adding $3.61 million worth of new equipment in the last 12 months with no shareholder dilution or assumption of debt.
The company reiterates the recent guidance update which stated annualized revenue should increase to exceed $44 million. Earnings are also expected to increase similarly.
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In other news the company announced they have purchased a medical incinerator which is designed to destroy type 4 pathological waste and infectious, contaminated "red bag" surgical dressings, plastic test devices and other hazardous medical waste. The benefits to the company from the purchase of this device are:
a) Fast, complete, efficient waste disposal.
b) Heavy duty refractory lined (rated 1550 deg C), cylindrical primary and secondary chamber.
c) 250 kg capacity per batch load.
d) Integral 300 litre fuel tank.
e) Primary chamber temperatures in excess of 1000 deg C and secondary chamber temperatures of above 900 deg C with a 2.0 second gas retention time.
The company expects to be able to substantially reduce the cost of their waste disposal as much as 70% by eliminating the need for outside services and incinerating their waste onsite.
In addition to the cost savings associated with incineration of their own internal waste products, they are studying the market in Western India and are developing plans to start their own incineration plant with 3 to 4 additional incineration machines which would allow the company to incinerate over 2000 pounds of hazardous waste per batch load. The company believes that as more medical product development comes to the region and as the Indian population grows, the opportunity to profit in the medical waste remediation industry is extremely promising. Current EPA estimates of medically generated hazardous waste products are approximately 16 to 20 lbs per patient per day in the U.S. and the market is estimated to be $1 billion annually. The Indian population is 3 times the size of the domestic market and is increasing.
About Groupe Athena, Inc.
Groupe Athena Inc. was incorporated in June 2008 and began operations on July 1 of that year. The company is a research and testing organization and helps various pharmaceutical and medical products and devices companies in India and Southeast Asia to get regulatory approvals and facilitate exports of their products to the United States. The Company accomplishes this by assisting clients from concept through development, providing consultation on regulatory requirements, filings and processes.
The company has a research and marketing facility in India that currently employs 16 consultants and marketing personnel and is working towards aggressively expanding its presence in the Indian pharmaceutical industry. The Company's web address is www.groupeathena.com
The Indian pharmaceutical industry is increasingly focusing on exports to the United States and GATA is well positioned to help them get their products approved by the FDA for sales in the U.S. All of these are potential clients and the Company believes it has an advantage over competitors due to the facilities based in India, and their ability to deliver quick feedback to clients that could result in expedited order generation. With recent additions to equipment, the company will continue to take on additional contracts and continue to anticipate further growth.
For more information contact:
Corporate Shareholder Relations, Inc.
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SOURCE Groupe Athena, Inc.