Q1-2010 Highlights:
“Company”), through its wholly owned subsidiary, Phase
Separation Solutions Inc. (“PS2”), recorded $2.13 million
in revenues in Q1-2010 compared to nil in Q1-2009. The
increase in revenues was primarily due to a 6,300 tonne
PCB soil remediation contract, which the company
expects to complete by June 2010.
• Net income was $1.34 million (EPS: $0.036) in Q1-2010,
compared to -$0.26 million (EPS: -$0.007) in Q1-2009.
• Revenues were line with expectations, but net income was
above expectations because of higher gross margins.
• West Mountain received the final payment ($0.5 million)
from Bennett Environmental Inc. (TSX: BEV), and all
obligations from the standby agreement have been
fulfilled.
• Additional staff added to target the Chinese PCB market.
• We have maintained our BUY rating and fair value at
$0.70 per share.