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QUEBEC CITY, June 30, 2022 (GLOBE NEWSWIRE) - H2O Innovation announced the successful acquisition of Leader Evaporator Co., Inc., a company specialized in maple farming equipment for over 130 years. This strategic investment aims to enhance H2O Innovation's capacity to support maple syrup producers by offering a wider range of products and technologies. The Quebec maple syrup industry shows strong growth, with over 211 million pounds produced in 2022. This acquisition allows for increased manufacturing capacity and an expanded distribution network across the U.S.
H2O Innovation Inc. has renewed its O&M contract with Monroe County, Georgia, valued at $3.3 million for five years. This contract boosts the company’s O&M backlog to $131.5 million. Monroe County, a fast-growing area with over 3,800 customers, continues to rely on H2O Innovation’s services. The renewal includes annual CPI increases and the addition of one employee, indicating the company’s strong presence and customer service in Georgia.
H2O Innovation has successfully completed its first production run of specialty acidic cleaner Genesol 721 at its newly expanded Cheshire facility in the UK. This expansion is expected to increase production capacity for specialty chemicals, which cater to a growing demand for environmentally friendly cleaning solutions. Additionally, Genesys-PWT has secured new business contracts with mining sites in North America, providing products designed for complex water challenges. These initiatives underscore H2O Innovation's commitment to innovation and sustainability in the water treatment sector.
H2O Innovation Inc. announced the award of three new water and wastewater treatment projects totaling $7.9 million, raising the backlog for its Water Technologies & Services division to $40.4 million. Key projects include a 3.6 MGD municipal drinking water system in Georgetown, Texas, a double-pass reverse osmosis system for a Wisconsin industrial client, and a membrane bioreactor system capable of 276,000 GPD for another Texas client. The projects highlight the company’s strategic focus on diversifying its portfolio and leveraging its innovative FiberFlexTM technology.
H2O Innovation reported a strong Q3-FY2022, achieving 32.6% revenue growth to reach $51.9 million, up from $39.2 million in Q3-FY2021. This growth was fueled by organic revenue expansion of $6.0 million (15.3%) and acquisition growth of $6.7 million (17.3%). Adjusted EBITDA stood at $5.3 million (10.3% of revenues), while adjusted net earnings increased to $3.4 million ($0.038 per share). The company also secured a new $55.5 million contract with Gulfport, Mississippi, enhancing its O&M backlog to $131.0 million.
H2O Innovation Inc. will release its third-quarter financial results for FY 2022 on May 12, 2022, at 8:00 a.m. EDT. A conference call will follow at 10:00 a.m. EDT, where management will present the results and answer questions from financial analysts and investors. The presentation slides will be available on the company’s website.
H2O Innovation focuses on water solutions through its Water Technologies & Services, Specialty Products, and Operation & Maintenance divisions, aiming to simplify water management for municipal and industrial clients.
H2O Innovation Inc. has announced a binding letter of intent to acquire Leader Evaporator Co., a long-standing supplier of maple farming equipment in the U.S., with over 130 years in the industry. This strategic acquisition aims to enhance H2O Innovation's market share in the maple industry, particularly in the U.S., while expanding its manufacturing capabilities by adding a facility in Swanton, Vermont. The deal is expected to increase revenue from maple products by 60% to 70%. The transaction should close before July 1, 2022.
H2O Innovation has renewed its contract with Gulfport, Mississippi, valued at $13.9 million per year, expanding services to include solid waste collection and fleet management. The four-year contract totals $55.5 million and increases the company's operation and maintenance backlog to $131 million. This renewal marks a continued partnership since 2011, reflecting successful project outcomes. The City of Gulfport has the option to extend the contract for up to four additional two-year periods, potentially lengthening the total duration to 12 years.
H2O Innovation Inc. announced a significant expansion of its specialty chemical business in Cheshire, UK, doubling the facility's size to 30,000 ft² with a production capacity of 1,000 tons/year of powdered membrane cleaners. This $1.7 million investment aims to meet the growing demand for Genesys-PWT powdered membrane cleaners, which are environmentally friendly and reduce freight costs. The project created two new jobs and was completed in just 10 months, despite challenges posed by the COVID-19 pandemic.
H2O Innovation Inc. announced that its common shares will start trading on the Toronto Stock Exchange (TSX) under the symbol HEO on March 22, 2022. The shares will be delisted from the TSX Venture Exchange concurrently. In relation to this transition, the company amended its stock option plan to comply with TSX requirements, allowing for a maximum of 8 million shares under options, with 3,932,334 options already granted. A webcast and conference call is scheduled for March 22 at 10:00 a.m. EDT to discuss key topics in the water sector.