QuestAir Technologies Inc. has reported its unaudited financial and operational results for the third quarter of fiscal 2007, announcing increases in revenue for both the quarter and the nine months compared to the same periods last year.
Revenue of $3,616 for the quarter had increased by 203 percent compared to the same period in 2006, while revenue for the nine months had increased by 26 percent to $6,132.
Cash used by operations and capital requirements stood at $2,263 for the quarter, while the cash used by operations and capital requirements for the nine months was $7,577 compared to $5,922 for the previous year. At 30th June 2007, the company had $12,207 in cash and short term investments, including restricted cash of $685, 308.
Johnathan Wilkinson, president and CEO of QuestAir, said, $quot;We are very pleased with our performance in the third quarter. Our quarterly revenues were the highest in the company’s history, and our sales order backlog remains strong. Our gross margins recovered during the quarter, reflecting improved margins on sales of gas purification equipment. Overall, the results in the third quarter demonstrate that we are making significant progress in our commercial business.$quot;
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