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Pure Technologies announces third quarter results and declares quarterly dividend
Calgary -- ure Technologies Ltd. ('Pure' or the 'Company') (TSX: PUR) announces its financial results for the three and nine-month periods ended September 30, 2014. For the third quarter, the Company recorded revenue of $17.1 million, adjusted EBITDA of $2.1 million and a loss of $0.2 million. This compares to revenue of $15.1 million, adjusted EBITDA of $2.7 million and a loss of $0.8 million in the third quarter of 2013.
'Pure delivered solid financial results while managing several strategic initiatives to enable additional business growth in both the water sector, and in the oil and gas pipeline sector through our newly established oil and gas division,' said Jack Elliott, President and CEO of Pure. 'We recently announced the business acquisition of Hunter McDonnell Pipeline Services, Inc. ('HM') which is expected to dramatically increase our presence in the oil and gas pipeline sector. HM's rapidly growing business will be reflected in our fourth quarter results. Work with water pipeline customers continued during the recent quarter along with project planning in preparation for an extremely busy fourth quarter, historically the busiest period for the Company. Additionally, we made further investments through the hiring of new technical personnel and through ongoing improvements to our internal processes to ensure we can manage the growth we are experiencing. We look forward to achieving our financial targets for 2014.'
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