Energy Composites Corp., a leading provider of composites-based solutions to the clean-tech sector, announced its financial results for the quarter ended March 31, 2009. The company reported a 48.7% increase in revenues for the quarter compared to the revenues generated during the same period in 2008. Gross profit also had a notable 20.8% increase.
Sam Fairchild, ECCâ€™s CEO, stated, â€œOur expansion and diversification strategy continues apace, with solid core market results in spite of economy-wide weaknesses. We are investing in our WindFiberâ„¢ strategy, and have announced our plans to construct a 350,000 square foot wind blade production plant in Wisconsin Rapids over the next twelve months. We are also investing in a stronger sales and marketing platform as well as more solid in-house capability to prepare bids, design composite solutions, engineer product outcomes and manage contract execution. Upgrading these capabilities has been a priority over the quarter, and we have made great progress against our internal targets.â€
Mr. Fairchild continued, â€œWe are confident that making these platform investments now will pay shareholders substantial dividends throughout the rest of 2009 and during 2010. We are bullish on the 2010 and beyond wind market, as well as demand for cost-effective replacements for wastewater infrastructure. Flue gas desulfurization infrastructure demand is driven by strict regulatory requirements, and we are now seeing a new uptick in activity in petrochemical, mining, biofuels and methane digestors. The rest of 2009 and all of 2010 appears to be very favorable for the value proposition we offer customers in each of our market sectors.â€
â€œWe are pleased with our progress on internal efficiency and production excellence over the quarter,â€ Jamie Mancl, ECCâ€™s founder and President, commented. â€œECC is really turning out superior composite structures. Our recent completion of a large chlor-alkali tank contract allowed us to put some new production concepts into place, as well as put our new home-built vertical winder through its paces. Our Employee-Associates really came through, and many of these new production concepts will help to drive value in the quarters to come.â€