Gas Turbine Efficiency Swings To 2009 Loss, Seeks Additional Funding

30th Jun 2010 09:11

LONDON (Dow Jones)--Gas Turbine Efficiency PLC (GTE.LN), a provider of proprietary cleantech systems for enhancing the performance of industrial and aviation turbines, reported Wednesday a swing into pretax loss for 2009 and said it has sought additional interim funding from certain major shareholders. MAIN FACTS: -Revenue for the year ended Dec. 31, 2009, $37.1 million (2008: $35.1 million) -Pretax loss $5.9 million (2008: profit $0.9 million) -Diluted loss per share of 0.052 cents (2008: EPS 0.007 cents) -Loss before interest, taxes, depreciation and amortization $3.4 million (2008: EBITDA $1.7 million) -Gross profit margins before warranty decreased to 35% (2008: 41%) -Cash and cash equivalents at end of the year $3.6 million (2008: $5.4 million) -Board is confident that the market will gradually improve and global economic demand will increase for GTE's products. -During the first half of 2010 GTE has been in discussions with various parties with a view to raising significant permanent funding that would be used to repay the outstanding shareholder loans and provide a solid financial footing to support its future growth. -As these discussions have not yet been completed, GTE has sought additional interim funding from certain major shareholders and a new investor to provide the operational and commercial flexibility to properly position GTE for the future. -Generation IM Climate Solutions Fund LP, Cleantech Europe 1 (A) LP and Cleantech Europe 1 (B) LP and certain other shareholders, together with a new investor, Afikim Investments Ltd, have agreed final terms to subscribe for up to $10 million of Loan Notes. -Financing is expected to be finalized shortly; Proceeds from the issue of the Loan Notes will be used to finance the company's working capital and development funding programs. -Shares at 0808 GMT down 0.6 pence or 6.7%, at 8.6 pence, valuing the company at GBP8.8 million. -By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448, [email protected] (END) Dow Jones Newswires June 30, 2010 04:11 ET (08:11 GMT)