N-Viro International Corporation Financials

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Comparison of 2010 and 2011 Year End Financial Results

                  • Revenue increased $372,000, or 7%, to $5,594,000 for the year ended December 31, 2011 from $5,222,000 for the year ended December 31, 2010.
          • Our gross profit increased $28,000, or 3%, to $1,033,000 for the year ended December 31, 2011 from $1,004,000 for the year ended December 31, 2010.
          • The gross profit margin decreased to 18.5% from 19.2% for the same periods.

 

Florida Operations
An increase in total revenue and gross margin from our Florida operation.

Daytona 12.08 006

The total revenue attributable to Florida in 2011 was $4,442,000, an increase of $583,000 from 2010. This revenue was generated at a gross margin of 20%, up from 17% in 2010. Florida contributed $869,000 of gross profit, an increase of $223,000 over the same period in 2010. A majority of this increase in Florida’s gross profit was from the increased revenue from sludge management fees, which were realized at a lower cost percentage as a result of economies of scale and increased efficiency in sludge handled at the facility.

Pennsylvania Mobile N-Viro FuelLaboratory for Testing
An increase in total revenue of $18,000 from our start up in April 2011, but which sustained a gross loss of $231,000 for the year.

OCT 10 Pa Mobile 055Mobile Mixer and Silo

The mobile pilot unit is located at the Allegheny Clarion Valley Industrial Park in Emlenton, Pennsylvania.
  • Our operating expenses decreased $252,000, or 7%, to $3,516,000 for the year ended December 31, 2011- from $3,767,000 for the year ended December 31, 2010.
  • The decrease was primarily due to decreases of $799,000 in consulting fees and expenses, $56,000 in office and miscellaneous expenses, $35,000 in legal and related fees and $15,000 of gain on the disposal of assets, offset by an increase of $386,000 in payroll and related costs and $267,000 in director costs. Of the total net decrease of $146,000 in consulting, director and payroll costs. $71,000 were non-cash costs relating to the issuances of stock and stock options.
  • December 31, 2011 actual cash outlays in these categories decreased by a total of $75,000 over the same period in 2010. As a result of the foregoing factors, we recorded an operating loss of $2,483,000 for the year ended December 31, 2011 compared to an operating loss of $2,763,000 for the year ended December 31, 2010, a decrease in the loss of $280,000.
  • Our net non-operating income (expense) increased by $1,049,000 to net non-operating income of $843,000 for the year ended December 31, 2011 from net non-operating expense of $206,000 for the similar period in 2010.
  • The increase in net non-operating income was primarily due to an increase of $873,000 from the gain recorded on warrants issued whose value and number of shares outstanding had decreased from the issuance date, an increase of $93,000 in the gain on extinguishment of certain liabilities no longer due, a decrease of $48,000 in amortization of the stock discount on convertible debentures issued and a decrease of $33,000 from 2010 to 2011 in the gain on the modification of certain debt. Included in the increase in the gain on extinguishment of certain liabilities no longer due is $174,000 of gain recognized for the reversal of a recorded sales tax liability management determined in the fourth quarter 2011 is no longer due.
    GAAP 2011 2010
    Net Loss $ (1,640,000) $ (2,969,000)
    Depreciation + Amortization $ 540,000 $ 449,000
    Net cash out for fixed assets capitalized or sold $ (71,000) $ (15,000)
    Stock, stock options and warrants expense $ 2,216,000 $ 2,286,000
    Amortization of discount on debentures $ 28,000 $ 108,000
    Loss (gain) on market price change of stock warrants issued $ (732,000) $ 140,000
    Loss (gain) on bad debts recovered or liabilities written off $ (174,000) $ 20,000
    Debt service payments $ (496,000) $ (464,000)
    “Adjusted cash loss –(Non-GAAP)” $ (329,000) $ (445,000)
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About nvirointernational
N-Viro’s customer-driven solutions allow publically owned wastewater treatment facilities to leverage the strength of the company’s leading-edge processes, which include alternative fuel technology proven to reduce GHG emissions and advanced fertilizer products. Our manufacturing facility is in full scale operation producing considerable volumes of finished materials for a variety of customers.

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