Viridis Energy Cuts Q1 Loss by 31.4%

By Rich Christianson | Posted: 06/17/2013 7:12PM

 

VANCOUVER, BC - Viridis Energy Inc., a manufacturer and distributor of wood pellets, reported an operational loss of $561,000 on revenues of $2.3 million for the first quarter ended March 31.

Viridis Energy Wood PelletsViridis This represents a 31.4% improvement from the same period a year ago when Viridis posted a loss of $818,000 on $2.4 million in revenues. Approximately $192,000 of the company's Q1 expenses are related to its general administrative costs of restarting the aquired Scotia Atlantic Biomass plant

Christopher Robertson, chairman and CEO of Viridis pointed to increased utilization of production capacity, improved market conditions and higher market prices for wood pellets contributed to the company's improved bottom line.

Last month, Viridis secured financing to re-start wood pellet operations in Nova Scotia.

 

About the Author

Rich Christianson

Rich Christianson is Associate Publisher and Editor at Large of Woodworking Network. During his 25+ years covering the wood products industry, Rich has toured hundreds of manufacturing plants throughout North America, Europe and Asia. His reporting has covered everything from the state of the industry and impact of wood imports to technology and environmental issues. In his current capacity he is responsible for editing the daily Woodworking Network Update newsletter and coordinating events including the annual Cabinets & Closets Conference & Expo and Canada’s biennial Woodworking Machinery & Supply Expo. He can be contacted at rchristianson@woodworkingnetwork.com

Read more of Rich Christianson's blogs.


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